Almado, Inc. (4932) AI Stock Analysis

• Market Cap: ¥9.66B
• Dividend Yield: 5.92%
• Average Volume (3M): 37.80K
• Price to Earnings (P/E): 19.2
• Beta (1Y): 0.97
• Revenue Growth: 22.86%
• EPS Growth: -32.11%
• Country: JP
• Employees: 55
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 63.72
• Shares Outstanding: 10,394,000
• 10 Day Avg. Volume: 24,640
• 30 Day Avg. Volume: 37,796
• PEG Ratio: -4.25
• Price to Book (P/B): 5.08
• Price to Sales (P/S): 1.12
• P/FCF Ratio: -38.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ¥1,041.00 ▼(-7.30% Downside)
• Action: Reiterated Date: 10/25/25
• Date: Action: Reiterated 10/25/25

Almado, Inc. has a solid financial foundation with strong revenue growth and stable margins, but increased leverage and negative cash flow are concerns. The technical indicators suggest a bearish trend, but the valuation is reasonable with a high dividend yield, offering income potential.

Positive Factors

Revenue Growth

Sustained high revenue growth (~24% reported) signals expanding customer adoption and market traction for Almado's services. Over 2-6 months this supports scale economics, stronger bargaining power with partners, and capacity to reinvest in product development and sales to sustain growth.

Margin Sustainability

Robust gross margins together with stable EBIT/EBITDA indicate durable cost structure and operational efficiency. This suggests Almado can protect profitability as revenue scales, giving time to absorb investments while preserving core margins over the medium term.

Recurring Revenue Model

A subscription-heavy model plus partner integrations creates recurring, predictable revenue and higher lifetime customer value. Structural recurring streams reduce revenue volatility, improve forecasting, and enable long-term customer relationships and cross-sell opportunities.

Negative Factors

Higher Leverage

Rising leverage elevates financial risk and interest obligations. If sustained, higher debt can constrain strategic flexibility, limit capacity for M&A or capex, and amplify downside in an economic slow-down unless cash generation improves materially in the coming months.

Weak Cash Generation

A substantial drop in free cash flow driven by negative operating cash flow threatens liquidity and the firm's ability to self-fund growth, pay down debt, or sustain dividends. Without operational recovery, reliance on external funding could increase over the medium term.

Profitability Pressure

Negative EPS growth and a slight decline in net margin point to margin pressure or rising costs relative to revenue. Persistent earnings contraction can erode retained earnings and limit reinvestment capacity, making it harder to execute long-term strategic initiatives.

Almado, Inc. Business Overview & Revenue Model

Company Description

Almado, Inc. engages in the planning, development, and sale of cosmetics and supplements in Japan. The company offers basic cosmetics, makeup cosmetics, supplements, and quasi-drugs under the TO-II, Ode, CELLULA, Type III, AMF, Almado La Dina, and other brands. It also operates online stores for its products. The company was incorporated in 2000 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Almado, Inc. generates revenue through multiple key streams. Primarily, the company earns money by offering subscription-based cloud services which provide clients with scalable storage and computing power. Additionally, Almado charges for custom software development projects, allowing businesses to tailor applications to their specific needs. Revenue is also generated from digital marketing services, where Almado helps clients improve their online presence through targeted campaigns and analytics. Strategic partnerships with technology firms and integration with popular platforms further enhance Almado's market position, contributing to consistent revenue growth.

Almado, Inc. Financial Statement Overview

Summary

Almado, Inc. shows strong revenue growth and stable margins, but increased leverage and recent negative cash flow are concerns. The company has a solid equity position and potential for recovery if cash flow management improves.

Income Statement

Almado, Inc. has demonstrated strong revenue growth over the past years, with a notable increase from 2024 to 2025. The gross profit margin remains robust, indicating effective cost management. However, the net profit margin has slightly decreased, suggesting increased expenses or other cost pressures. EBIT and EBITDA margins are stable, reflecting consistent operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased, indicating higher leverage, which could pose a risk if not managed properly. However, the equity ratio remains healthy, and return on equity is strong, suggesting effective use of shareholder funds. The increase in total assets and equity over time reflects a solid financial position.

Cash Flow

Almado, Inc. experienced a significant decline in free cash flow in 2025, primarily due to negative operating cash flow. This raises concerns about cash generation capabilities. However, the company has previously shown strong free cash flow growth, and the operating cash flow to net income ratio indicates potential for recovery if operational challenges are addressed.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.24B	8.48B	7.54B	6.53B	5.37B	4.55B
Gross Profit	6.51B	5.89B	5.07B	4.35B	3.32B	2.80B
EBITDA	699.11M	982.63M	983.22M	855.74M	853.59M	558.82M
Net Income	460.97M	650.41M	695.46M	585.80M	582.21M	367.96M
Balance Sheet
Total Assets	4.83B	4.72B	3.83B	3.67B	3.36B	2.98B
Cash, Cash Equivalents and Short-Term Investments	1.18B	1.57B	1.51B	1.39B	1.18B	1.13B
Total Debt	3.31B	2.11B	1.00B	551.89M	72.79M	73.66M
Total Liabilities	4.16B	2.85B	1.95B	1.34B	675.56M	667.67M
Stockholders Equity	669.08M	1.87B	1.88B	2.33B	2.69B	2.32B
Cash Flow
Free Cash Flow	0.00	-243.98M	834.63M	704.62M	250.50M	640.85M
Operating Cash Flow	0.00	-189.09M	846.27M	711.75M	260.42M	653.96M
Investing Cash Flow	0.00	-108.06M	-1.58M	-7.13M	-9.72M	-13.11M
Financing Cash Flow	0.00	354.84M	-720.19M	-492.02M	-208.23M	-50.84M

Almado, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1123.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4932, the sentiment is Negative. The current price of 1123 is above the 20-day moving average (MA) of 1059.25, above the 50-day MA of 1102.94, and above the 200-day MA of 1104.60, indicating a bearish trend. The MACD of -56.94 indicates Positive momentum. The RSI at 33.20 is Neutral, neither overbought nor oversold. The STOCH value of 41.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4932.

Almado, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4933	71 Outperform	¥20.03B	7.98	―	0.91%	13.12%	27.53%
4932	68 Neutral	¥9.66B	19.19	―	5.92%	22.86%	-32.11%
4925	63 Neutral	¥6.94B	10.29	―	2.38%	-0.79%	―
4936	63 Neutral	¥9.38B	24.70	―	2.65%	11.87%	-31.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4926	58 Neutral	¥5.82B	24.38	―	1.68%	8.46%	―
4934	52 Neutral	¥7.12B	15.32	―	―	-19.42%	―