PhoenixBio Co., Ltd. (6190) AI Stock Analysis

• Market Cap: ¥1.85B
• Dividend Yield: N/A
• Average Volume (3M): 360.67K
• Price to Earnings (P/E): 6.1
• Beta (1Y): 0.54
• Revenue Growth: -6.92%
• EPS Growth: -144.96%
• Country: JP
• Employees: 70
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 19.91
• Shares Outstanding: 4,076,933
• 10 Day Avg. Volume: 91,460
• 30 Day Avg. Volume: 360,670
• PEG Ratio: <0.01
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.97
• P/FCF Ratio: -15.84
• 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: 56 Neutral
• Price Target: ¥468.00 ▼(-3.31% Downside)
• Action: Reiterated Date: 12/10/25
• Date: Action: Reiterated 12/10/25

PhoenixBio Co., Ltd. shows strong technical momentum, which is the most significant positive factor. However, financial performance and valuation are concerning due to negative profitability and cash flow issues, as well as a negative P/E ratio. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Proprietary platform (PXB-mice)

PhoenixBio's proprietary PXB-mice and hepatocyte product platform is a durable competitive asset for preclinical drug metabolism and safety testing. The specialized model creates high switching costs and recurring service/licensing demand from pharma/biotech customers, supporting steady long-term service revenue.

Stable balance sheet / equity base

A healthy equity ratio and moderate leverage give PhoenixBio financial flexibility to fund operations and R&D without excessive refinancing risk. This structural balance reduces bankruptcy risk and supports multi-quarter investments in lab capacity and platform maintenance during cyclical revenue periods.

Positive recent revenue growth

Reported revenue growth of ~4.5% indicates continued commercial demand for the company's specialized services. Sustained top-line growth, even if modest, supports scale benefits and underpins service pipeline visibility for the next several quarters, aiding planning and capacity utilization.

Negative Factors

Negative operating cash flow

Persistent negative operating and free cash flows constrain PhoenixBio's ability to self-fund R&D, facility upgrades, and working capital. Over a multi-quarter horizon, this increases reliance on external financing, which can dilute equity or raise interest expense and limits strategic optionality.

Ongoing unprofitability / negative margins

Negative operating and net margins reflect structural challenges converting specialist revenue into profits. If margins remain depressed, reinvestment capacity and returns to stakeholders will be impaired, and the company may need to prioritize margin recovery over growth initiatives.

Revenue decline and asset contraction

A notable revenue decline in 2025 and shrinking total assets signal demand or operational setbacks that may persist. Reduced scale can erode margin sustainability and platform utilization, making it harder to cover fixed lab costs and undermining medium-term growth prospects.

PhoenixBio Co., Ltd. Business Overview & Revenue Model

Company Description

PhoenixBio Co., Ltd. provides contract study services for drug discovery and development primarily in Japan. The company uses PXB-mouse, a chimeric mouse with a humanized liver for use in drug development experiments; and in vitro studies using fresh human hepatocytes taken from PXB-cells. The chimeric mouse model with a humanized liver is used for in vivo studies in gene therapeutics, NASH/NAFLD drug development programs, anti-viral therapeutic tests, DMPK/toxicity studies, and custom transplantations. The company was founded in 2002 and is headquartered in Higashihiroshima, Japan.

How the Company Makes Money

PhoenixBio makes money primarily by monetizing its proprietary humanized animal model platform and related research offerings. Key revenue streams include: (1) Sales and licensing/usage fees for its humanized mouse models and associated biological materials (e.g., hepatocyte-related products) used in preclinical research; (2) Fee-for-service contract research, where the company conducts studies for customers (such as drug metabolism, pharmacokinetics, toxicity/safety, or other liver-related evaluations) using its in-house models and laboratory capabilities and charges study-based service fees; and (3) Other revenue related to providing research support and specialized testing tied to its platform. Specific details on the breakdown by segment, major customer concentration, or named strategic partnerships are null.

PhoenixBio Co., Ltd. Financial Statement Overview

Summary

PhoenixBio Co., Ltd. faces challenges in profitability and cash generation, with declining revenues and negative margins. The balance sheet is stable with moderate leverage, but the company's ability to generate cash from operations is concerning.

Income Statement

PhoenixBio Co., Ltd. has experienced fluctuations in its revenue with a significant decline in 2025. Gross profit margins have been strong historically, but the company faced a negative EBIT and EBITDA margin in 2025, indicating operational challenges. Net profit margins have also been negative in recent years, reflecting ongoing profitability issues.

Balance Sheet

The company's balance sheet shows a relatively stable equity base with a moderate debt-to-equity ratio. However, total assets have decreased over the years. The equity ratio remains healthy, suggesting that the company is not overly reliant on debt financing.

Cash Flow

PhoenixBio's cash flow statement reveals negative operating cash flows in recent years, indicating challenges in generating cash from operations. Free cash flow has also been negative, which could constrain future growth investments. The operating cash flow to net income ratio has been unfavorable, reflecting the difficulty in converting profits into cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.49B	1.54B	1.72B	2.12B	1.32B	1.01B
Gross Profit	1.09B	1.11B	1.20B	1.56B	727.79M	588.14M
EBITDA	-245.63M	-396.12M	87.94M	537.42M	-305.81M	-167.27M
Net Income	-448.70M	-445.65M	26.38M	493.33M	-387.97M	-238.00M
Balance Sheet
Total Assets	2.23B	2.31B	2.74B	3.02B	2.28B	2.52B
Cash, Cash Equivalents and Short-Term Investments	1.04B	1.15B	1.39B	1.56B	1.33B	1.33B
Total Debt	503.59M	565.36M	723.93M	1.13B	1.04B	1.04B
Total Liabilities	860.05M	944.82M	946.58M	1.50B	1.45B	1.42B
Stockholders Equity	1.37B	1.37B	1.80B	1.51B	828.15M	1.09B
Cash Flow
Free Cash Flow	0.00	-94.24M	-118.08M	265.12M	9.63M	-284.23M
Operating Cash Flow	0.00	-73.00M	-79.31M	277.49M	16.40M	-101.91M
Investing Cash Flow	0.00	-27.98M	115.36M	-156.34M	-6.97M	-184.78M
Financing Cash Flow	0.00	-128.00M	-244.88M	86.63M	-34.66M	-160.19M

PhoenixBio Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 484.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6190, the sentiment is Negative. The current price of 484 is above the 20-day moving average (MA) of 469.40, above the 50-day MA of 474.32, and above the 200-day MA of 453.27, indicating a neutral trend. The MACD of -3.94 indicates Negative momentum. The RSI at 45.71 is Neutral, neither overbought nor oversold. The STOCH value of 44.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6190.

PhoenixBio Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2342	56 Neutral	¥4.59B	-828.32	―	―	-0.77%	-288.43%
4978	56 Neutral	¥16.02B	120.78	―	―	1.24%	-33.41%
6190	56 Neutral	¥1.85B	6.09	―	―	-6.92%	-144.96%
7774	54 Neutral	¥24.81B	-34.16	―	―	-5.65%	-469.19%
4974	52 Neutral	¥138.12B	-8.84	―	2.18%	-0.16%	-802.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7776	49 Neutral	¥12.00B	-8.14	―	―	-42.49%	-2.37%