Fujimak Corporation (5965) AI Stock Analysis

• Market Cap: ¥14.99B
• Dividend Yield: 4.2%
• Average Volume (3M): 10.61K
• Price to Earnings (P/E): 6.0
• Beta (1Y): 0.74
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 1,141
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 80.67
• Shares Outstanding: 14,272,000
• 10 Day Avg. Volume: 8,480
• 30 Day Avg. Volume: 10,606
• PEG Ratio: 1.74
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.29
• P/FCF Ratio: -16.66
• 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: 69 Neutral
• Price Target: ¥1,209.00 ▲(15.25% Upside)
• Action: N/A Date: 02/18/26
• Date: Action: N/A 02/18/26

The score is driven primarily by solid profitability and a low-leverage balance sheet, tempered by weak and volatile cash-flow conversion (negative free cash flow in 2025). Valuation is a major positive (low P/E and ~3.6% yield), while technical signals are broadly neutral.

Positive Factors

Integrated equipment + services business model

Fujimak’s model bundles product sales, project-based system delivery and recurring after-sales services. That mix creates higher customer switching costs, recurring revenue from maintenance and spare parts, and stronger lifetime value per client—supporting steadier revenue over multiple quarters.

Conservative balance sheet and improving ROE

Low leverage and growing equity give Fujimak financial flexibility to invest in projects or weather downturns without undue refinancing risk. The material rebound in ROE shows improving capital efficiency, which supports sustained investment in operations and long-term competitiveness.

Stable gross margins and revenue rebound

A clear revenue recovery combined with steady gross margins indicates durable demand for Fujimak’s solutions and an ability to maintain pricing and cost structure in core products. Stable margins across a rebound reduce risk that growth erodes profitability long-term.

Negative Factors

Weak and volatile cash-flow conversion

Material swings in operating and free cash flow point to working-capital volatility and uneven conversion of earnings into cash. Negative FCF in 2025 raises funding and execution risk for project delivery and capex, limiting durable cash-generation reliability.

Softening operating profitability in 2025

Declines in operating margins, even if modest, suggest pressure on core operating efficiency or higher project costs. If sustained, weaker operating margins could erode the benefits of margin stability at gross level and compress long-term return on invested capital.

Revenue cyclicality tied to customer capex

Dependence on institutional capex and lumpy project wins makes revenue and cash flow uneven across periods. Large, discrete contracts can concentrate execution risk, increase working-capital swings, and make multi-quarter visibility and planning more challenging.

Fujimak Corporation Business Overview & Revenue Model

Company Description

Fujimak Corporation manufactures, sells, and services kitchen equipment in Japan and internationally. The company offers heating equipment, including combi oven series, VarioCooking center series, ovens, gas and induction heating stoves, griddles/salamanders, fryers, steamers, noodle boilers, dumpling grillers, warmers, package cookers, braising pans/rotary cooking kettles, and Chinese ranges, as well as electric ranges, tables, and stoves. It also provides cooling equipment, such as blast chillers and freezers, showcases, foods coolers, prefabricated refrigerators, and other cooling equipment; bakery equipment, such as convection and deck ovens, dough conditioners and proofers, mixers, molders, and reverse seat and shaping machine; rice cookers, storage/washers, and warmer/table top rice cooker equipment; washing and sterilizing equipment, such as dish washers and sterilizer cabinets; vacuum packing machines; and carts. The company serves institutions, schools, hospitals, hotels, restaurants, amusement parks, fast foods, convenience stores, factories/CK, canteens, ship kitchens, and others, as well as the government/public fields. Fujimak Corporation was founded in 1950 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Fujimak Corporation Financial Statement Overview

Summary

Profitability and revenue growth are solid with a conservative balance sheet (low leverage and improving ROE), but cash-flow quality is a key concern: 2025 operating cash flow weakened sharply and free cash flow turned negative, with a volatile multi-year pattern.

Income Statement

Profitability and growth look solid overall. Revenue expanded meaningfully in 2025 (annual) after a strong multi-year rebound from 2020’s weak base, while gross margin stayed fairly stable in the low-to-mid 30% range. Operating profitability softened modestly in 2025 versus 2024 (lower EBITDA and EBIT margins), but net margin held steady around ~5%, indicating resilient bottom-line performance despite some pressure above net income.

Balance Sheet

The balance sheet appears conservative with low leverage: debt-to-equity stayed around ~0.18–0.21 across recent years, and equity has been building as the business recovered. Return on equity improved materially from near-zero in 2020 to roughly high-single-digits by 2024, supporting healthier capital efficiency. A key watch-out is that assets and equity rose alongside growth, so sustaining returns will depend on keeping margins and utilization from slipping.

Cash Flow

Cash generation is the weakest part of the profile. Operating cash flow fell sharply in 2025 (annual) versus 2024 and covered only a small portion of net income, while free cash flow turned negative—suggesting working-capital drag and/or elevated investment needs. The history is also volatile (free cash flow swinging from strongly positive in 2021 to negative in 2022 and 2025), which increases execution risk even with improving earnings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	34.72B	47.44B	45.64B	32.38B	29.39B	21.40B
Gross Profit	11.88B	15.36B	15.30B	10.90B	10.15B	7.09B
EBITDA	3.32B	3.98B	4.45B	2.33B	1.97B	771.67M
Net Income	1.82B	2.34B	2.27B	992.59M	649.58M	11.71M
Balance Sheet
Total Assets	45.15B	45.86B	45.52B	35.73B	34.44B	31.69B
Cash, Cash Equivalents and Short-Term Investments	8.83B	7.65B	9.54B	8.47B	9.34B	8.94B
Total Debt	5.33B	4.73B	5.03B	3.68B	3.86B	3.83B
Total Liabilities	20.25B	19.42B	21.10B	15.62B	15.37B	13.20B
Stockholders Equity	24.81B	26.31B	24.33B	20.11B	19.07B	18.50B
Cash Flow
Free Cash Flow	0.00	-839.21M	1.08B	-360.57M	2.19B	-169.36M
Operating Cash Flow	0.00	944.36M	3.14B	290.48M	2.60B	1.13B
Investing Cash Flow	0.00	-2.03B	-2.70B	-446.18M	-1.93B	-1.74B
Financing Cash Flow	0.00	-906.85M	70.42M	-450.54M	-445.90M	366.47M

Fujimak Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5947	76 Outperform	¥549.39B	11.76	8.51%	2.25%	3.33%	9.57%
7955	75 Outperform	¥37.69B	3.81	―	3.56%	3.03%	160.39%
7981	72 Outperform	¥188.06B	8.20	―	3.41%	6.17%	61.39%
5965	69 Neutral	¥14.99B	5.97	―	4.20%	―	―
5946	67 Neutral	¥68.24B	31.55	1.61%	2.27%	1.82%	-32.79%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
5909	56 Neutral	¥29.07B	3.93	―	2.94%	0.41%	-51.02%