Almado, Inc. (4932) AI Stock Analysis

• Market Cap: ¥8.60B
• Dividend Yield: 5.92%
• Average Volume (3M): 37.80K
• Price to Earnings (P/E): 4.4
• Beta (1Y): 0.94
• 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: -4.19
• 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: 59 Neutral
• Price Target: ¥889.00 ▼(-20.84% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is driven by strong valuation (low P/E and high dividend yield) offset by heightened financial risk from sharply higher leverage and a recent reversal to negative operating/free cash flow. Technicals further weigh on the score due to a clear downtrend, despite oversold signals.

Positive Factors

High gross & operating margins

High gross margins (~67–70%) and healthy operating margins indicate durable profitability and pricing power in its product portfolio. This margin buffer supports reinvestment in brand and distribution, helps absorb input-cost volatility, and underpins long-term cash generation when operations normalize.

Consistent top-line growth

Revenue expanded across 2022–2025 (Fundamentals.RevenueGrowth ~24.3%), showing sustained demand and distribution traction. Structural top-line growth supports scale economies, enables further product or channel investments, and provides a foundation for lasting market-share gains even as growth moderates.

Strong ROE / capital efficiency

Stable equity with strong returns on equity signals efficient capital allocation and management quality. Robust ROE suggests the company can generate attractive returns from its asset base, supporting shareholder distributions and funding for strategic initiatives without excessive equity dilution over the medium term.

Negative Factors

Sharply higher leverage

Total debt more than doubled in 2025, pushing leverage above 1x debt/equity. This material step-up in leverage reduces financial flexibility, increases interest and refinancing risk, and amplifies earnings volatility sensitivity—limiting strategic optionality during downturns.

Negative operating and free cash flow

Operating and free cash flow turned negative in 2025 after prior years of strong cash generation. Persistent negative cash conversion undermines the firm’s ability to self-fund operations and capex, forces reliance on external financing or working-capital fixes, and raises liquidity and execution risk.

Margin compression and net income decline

The 2025 period shows margin compression and a net income decline despite higher revenue, implying rising costs or adverse mix. If sustained, margin erosion will weaken profitability resilience and, combined with higher leverage, increase the risk that operating shocks impair solvency and capital allocation plans.

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.

Almado, Inc. Financial Statement Overview

Summary

Income statement is a strength (high ~67–70% gross margins and healthy operating margins), but the latest annual period shows higher financial risk: debt rose sharply (debt-to-equity moving above 1x) and cash generation deteriorated materially with negative operating and free cash flow.

Income Statement

Top-line momentum is solid, with revenue growing from 2022–2025 annual (mid-to-high teens in 2022–2023, then moderating to ~3.5% in 2025). Profitability remains a clear strength: gross margins are high (~67–70%) and operating margins are healthy, supporting consistent profitability. That said, 2025 annual shows some margin compression versus 2024 and net income declined despite higher revenue, indicating rising costs or less favorable mix/operating leverage.

Balance Sheet

The balance sheet has become notably more leveraged. Total debt rose sharply in 2025 annual (to ~2.1B) from 2024 (~1.0B), pushing debt relative to equity to above 1x, a meaningful step-up in financial risk versus prior years when leverage was modest. Equity is roughly stable, and returns on equity are strong, but the higher leverage reduces balance-sheet flexibility if earnings or cash flow soften.

Cash Flow

Cash generation weakened materially in 2025 annual, with operating cash flow turning negative and free cash flow also negative, a sharp reversal from strong positive cash flow in 2023–2024. This creates a mismatch versus reported profitability and increases reliance on financing or working-capital normalization to fund operations. The prior-year track record (2023–2024) was strong, but the latest year’s cash flow volatility is a key concern.

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	6.50B	5.89B	5.06B	4.33B	3.30B	2.78B
EBITDA	697.09M	978.24M	976.55M	847.45M	852.31M	548.27M
Net Income	461.63M	650.41M	695.46M	585.80M	582.21M	367.96M
Balance Sheet
Total Assets	4.83B	4.72B	3.83B	3.67B	3.37B	2.99B
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	679.65M	670.28M
Stockholders Equity	669.08M	1.87B	1.88B	2.33B	2.69B	2.32B
Cash Flow
Free Cash Flow	0.00	-243.98M	837.29M	711.75M	0.00	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: Negative
• RSI: Positive
• STOCH: Positive

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 897.80, above the 50-day MA of 1027.68, and above the 200-day MA of 1089.29, indicating a bearish trend. The MACD of -44.61 indicates Negative momentum. The RSI at 24.39 is Positive, neither overbought nor oversold. The STOCH value of <0.01 is Positive, 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
4925	69 Neutral	¥6.80B	12.52	―	2.38%	-0.79%	―
4933	64 Neutral	¥18.88B	33.88	―	0.91%	13.12%	27.53%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4932	59 Neutral	¥8.60B	4.41	―	5.92%	22.86%	-32.11%
4926	58 Neutral	¥5.69B	-33.12	―	1.68%	8.46%	―
4936	58 Neutral	¥7.79B	-49.92	―	2.65%	11.87%	-31.02%
4934	52 Neutral	¥5.25B	42.42	―	―	-19.42%	―