Airtech Japan,Ltd. (6291) AI Stock Analysis

• Market Cap: ¥13.99B
• Dividend Yield: 4.14%
• Average Volume (3M): 36.44K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.72
• Revenue Growth: 10.34%
• EPS Growth: 31.01%
• Country: JP
• Employees: 302
• Sector: Industrials
• Sector Strength: 72
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 17.64
• Shares Outstanding: 10,538,420
• 10 Day Avg. Volume: 37,180
• 30 Day Avg. Volume: 36,443
• PEG Ratio: 4.53
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 17.78
• 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: 74 Outperform
• Price Target: ¥1,504.00 ▲(29.77% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial stability (very low leverage) and supportive technical momentum (price above major moving averages with a positive MACD). Valuation also contributes positively with a moderate P/E and strong dividend yield, while the main offset is historically inconsistent cash-flow generation and margin compression versus prior peak years.

Positive Factors

Conservative leverage

Very low reported leverage (debt ~0.11x equity) provides durable financial flexibility. This reserve capacity supports capital expenditure, R&D, dividends and resilience through demand cycles, reducing refinancing risk and enabling opportunistic investments or M&A without stressing the balance sheet.

Cash-flow rebound in 2025

The 2025 rebound to positive operating and free cash flow, with strong FCF growth, indicates the company can generate internal funding after a weak period. If sustained, improved cash conversion supports organic investment, steady dividends and reduces reliance on external financing.

Stable revenue base

Broad revenue stability and modest growth in 2025 signal steady demand for contamination-control and air-filtration products. A reliable revenue base tied to regulated and industrial end markets (labs, healthcare, manufacturing) underpins predictable order flow and long-term planning.

Negative Factors

Volatile cash conversion

Historic swings into negative operating and free cash flow through 2022–2024 highlight inconsistent cash conversion. Such volatility can strain working-capital management, limit the ability to fund growth from operations, and make capital allocation and dividend sustainability more uncertain.

Margin compression

Notable compression from prior peak margins and year-to-year unevenness reduce earnings resilience. Persistent margin pressure can erode operating leverage, constrain reinvestment capacity, and reflect structural pricing or input-cost challenges in filtration and equipment markets.

Moderate returns on equity

Despite a strong capital base, only moderate ROE suggests the business may not fully leverage assets or pricing power. This limits long-term shareholder return potential absent operational improvements, higher margins, or strategic moves that increase capital efficiency.

Airtech Japan,Ltd. Business Overview & Revenue Model

Company Description

Airtech Japan, Ltd. designs, manufactures, and sells clean air systems in Japan and internationally. The company offers clean rooms, air showers/pass boxes, clean booths/FFUs, clean benches/biosafety cabinets/isolators, infection control equipment and facilities, insect control facilities, cleanroom facilities, cleaning supplies, and dust and chemical dust removers/deodorizers. It offers its products for electronics/semiconductor/FPD industry, food manufacturers, pharmacies/cosmetic markets, universities/laboratories, hospitals, and regenerative medicine markets. The company was founded in 1973 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Airtech Japan generates revenue through the sale of its air filtration products and systems, which are offered to a diverse clientele across multiple sectors. The company has established key revenue streams from both direct sales to end-users and partnerships with distributors and contractors who integrate Airtech's solutions into larger projects. Additionally, Airtech earns recurring income through maintenance services and replacement filter sales, further enhancing its revenue stability. Strategic partnerships with environmental agencies and participation in governmental contracts also contribute to its earnings, as these collaborations often lead to large-scale projects that require extensive air quality management solutions.

Airtech Japan,Ltd. Financial Statement Overview

Summary

Strong, low-debt balance sheet (debt ~0.11x equity) supports financial flexibility, and profitability remains positive with ~8% net margin in 2025. However, margins are compressed versus prior peaks and cash-flow conversion has been volatile, with a notable 2024 weakness despite improvement in 2025.

Income Statement

Revenue has been broadly stable with modest growth in 2025 (about +3.9%) following a flat/soft 2024, but the longer-term trend shows volatility versus the stronger 2020–2021 period. Profitability remains positive, with 2025 net margin around 8% and operating profitability in a similar range, though margins have compressed versus 2021 levels and were uneven year-to-year (notably weaker in 2023 and lower EBITDA margin in 2025 versus 2024). Overall: steady earnings base, but the margin trajectory is a key watch item.

Balance Sheet

The balance sheet appears conservatively levered: debt is low relative to equity (roughly 0.11x in 2025, and even lower in prior years), providing meaningful financial flexibility. Equity has also trended up over time, supporting a solid capital base. The main drawback is that returns on equity (where provided) are moderate rather than exceptional, suggesting profitability is not fully leveraging the strong balance sheet.

Cash Flow

Cash generation has been volatile. After strong cash flow and positive free cash flow in 2020–2021, the company saw weaker conversion in 2022–2023, including negative free cash flow, and 2024 featured negative operating cash flow and deeply negative free cash flow. 2025 rebounded to positive operating cash flow and positive free cash flow with strong free-cash-flow growth, but free cash flow still covers less than half of net income, indicating only moderate cash conversion and potential working-capital or investment-related swings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.63B	14.16B	13.52B	13.63B	13.17B	14.29B
Gross Profit	3.09B	3.57B	3.50B	3.06B	3.24B	4.19B
EBITDA	1.21B	1.39B	1.75B	1.21B	1.56B	2.36B
Net Income	731.84M	1.13B	1.14B	731.84M	1.02B	1.58B
Balance Sheet
Total Assets	19.60B	19.88B	18.51B	19.59B	19.98B	19.97B
Cash, Cash Equivalents and Short-Term Investments	5.39B	3.71B	2.75B	5.39B	6.37B	7.82B
Total Debt	541.73M	1.57B	543.47M	541.73M	660.83M	874.42M
Total Liabilities	5.49B	5.10B	4.21B	5.48B	6.05B	6.51B
Stockholders Equity	14.11B	14.77B	14.30B	14.11B	13.93B	13.46B
Cash Flow
Free Cash Flow	378.19M	658.75M	-1.69B	-119.25M	-409.06M	1.36B
Operating Cash Flow	378.19M	1.63B	-667.59M	454.24M	228.02M	1.80B
Investing Cash Flow	0.00	-900.66M	-884.18M	-774.76M	-915.24M	-458.94M
Financing Cash Flow	0.00	324.42M	-964.33M	-675.83M	-866.81M	-71.51M

Airtech Japan,Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1159.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6291, the sentiment is Positive. The current price of 1159 is below the 20-day moving average (MA) of 1301.05, below the 50-day MA of 1237.99, and above the 200-day MA of 1143.00, indicating a bullish trend. The MACD of 18.43 indicates Positive momentum. The RSI at 59.93 is Neutral, neither overbought nor oversold. The STOCH value of 64.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6291.

Airtech Japan,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5951	82 Outperform	¥16.96B	10.18	―	2.30%	9.86%	119.10%
6484	81 Outperform	¥20.55B	8.72	―	3.46%	3.87%	5.89%
7955	75 Outperform	¥38.40B	12.06	―	3.56%	3.03%	160.39%
6291	74 Outperform	¥13.99B	11.94	―	4.14%	10.34%	31.01%
7981	72 Outperform	¥202.02B	13.57	―	3.41%	6.17%	61.39%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
5909	56 Neutral	¥32.31B	44.40	―	2.94%	0.41%	-51.02%