HOKUETSU INDUSTRIES CO., LTD. (6364) AI Stock Analysis

• Market Cap: ¥55.61B
• Dividend Yield: 3.18%
• Average Volume (3M): 32.17K
• Price to Earnings (P/E): 10.0
• Beta (1Y): 0.68
• Revenue Growth: 2.98%
• EPS Growth: 10.15%
• Country: JP
• Employees: 761
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): N/A
• Shares Outstanding: 30,165,419
• 10 Day Avg. Volume: 26,420
• 30 Day Avg. Volume: 32,166
• PEG Ratio: -2.39
• Price to Book (P/B): 1.29
• Price to Sales (P/S): 0.96
• P/FCF Ratio: 17.23
• 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: 84 Outperform
• Price Target: ¥2,258.00 ▲(23.79% Upside)

The score is driven primarily by strong financial performance (profitability, low leverage, and improving free cash flow) and supported by attractive valuation (low P/E and solid dividend yield). Technicals add a positive but secondary contribution, with price above major moving averages and supportive momentum indicators.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and demand for the company's products, supporting long-term business expansion.

Balance Sheet Health

A strong equity position and low debt levels enhance financial stability, providing flexibility for future investments and growth.

Cash Flow Management

Efficient cash flow management supports sustainable operations and the ability to reinvest in business opportunities, driving long-term success.

Negative Factors

EPS Decline

A decline in EPS growth can indicate challenges in profitability, potentially impacting investor confidence and future earnings potential.

Profit Margin Pressure

While margins are healthy, any pressure on profit margins could affect overall profitability, challenging the company's ability to maintain its competitive edge.

Earnings Volatility

Earnings volatility can signal uncertainty in financial performance, potentially affecting investor sentiment and the company's ability to forecast future results accurately.

HOKUETSU INDUSTRIES CO., LTD. Business Overview & Revenue Model

Company Description

Airman Corporation engages in the manufacture and sale of construction machinery, including construction equipment for heavy machinery and industrial machinery in Japan and internationally. The company also engages in the manufacture and sale of air compressors under the AIRMAN brand. In addition, the company offers engine compressors, engine generators, aerial work platforms, motor compressors, emergency generators, scissors lifters, and mini excavators. The company was formerly known as Hokuetsu Industries Co., Ltd. and changed its name to Airman Corporation in April 2025. The company was incorporated in 1938 and is headquartered in Tsubame, Japan.

How the Company Makes Money

HOKUETSU INDUSTRIES generates revenue through multiple streams, primarily focused on the sale of industrial machinery and equipment. The company earns significant income from the sale of concrete production machinery, which is essential for the construction industry. Additionally, HOKUETSU offers maintenance and repair services for its machinery, contributing to its revenue through service contracts. The company also engages in partnerships with construction firms and government projects, which provide stable income sources through long-term contracts. Their focus on innovation and technological advancements allows them to maintain a competitive edge, attracting more clients and increasing sales volume.

HOKUETSU INDUSTRIES CO., LTD. Financial Statement Overview

Summary

Strong overall fundamentals: solid revenue growth (5.64% in 2025), healthy profitability (gross margin 26.76%, net margin 8.78%), conservative leverage (debt-to-equity 0.19) and high equity ratio (63.65%), plus improving free cash flow (up 71.97% from 2024 to 2025) with decent cash conversion (operating cash flow to net income 0.81).

Income Statement

Hokuetsu Industries demonstrates strong financial performance with consistent revenue growth, evidenced by a 5.64% increase in 2025. The company maintains solid profitability with a gross profit margin of 26.76% and a net profit margin of 8.78% for 2025. Additionally, EBIT and EBITDA margins have shown healthy trends at 12.62% and 14.82%, respectively, indicating efficient operational management. The income statement reflects robust growth and stability.

Balance Sheet

The balance sheet of Hokuetsu Industries is robust, with a high equity ratio of 63.65% in 2025, indicating a strong equity position and financial stability. The debt-to-equity ratio remains low at 0.19, showcasing conservative leverage practices. Return on equity is solid at 11.78%, reflecting effective utilization of equity to generate profits. Overall, the company exhibits a strong balance sheet with minimal risks.

Cash Flow

Hokuetsu Industries displays a positive cash flow trajectory, with a 71.97% growth in free cash flow from 2024 to 2025. The operating cash flow to net income ratio stands at 0.81, reflecting healthy cash conversion capabilities. The free cash flow to net income ratio at 0.64 suggests efficient management of capital expenditures. The cash flow statement indicates solid cash management, though there is room for improvement in converting income to cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	54.83B	54.83B	51.90B	49.00B	36.65B	32.93B
Gross Profit	14.69B	14.67B	13.46B	11.52B	9.55B	8.21B
EBITDA	5.92B	8.13B	8.43B	6.33B	5.09B	3.85B
Net Income	4.35B	4.81B	5.10B	3.75B	2.75B	1.94B
Balance Sheet
Total Assets	64.06B	64.20B	56.35B	53.24B	45.83B	43.38B
Cash, Cash Equivalents and Short-Term Investments	18.52B	19.25B	11.65B	12.84B	10.94B	11.38B
Total Debt	7.77B	7.92B	1.29B	1.27B	100.00M	1.07B
Total Liabilities	22.69B	23.16B	18.77B	19.04B	14.52B	13.42B
Stockholders Equity	41.20B	40.87B	37.41B	34.04B	31.16B	29.83B
Cash Flow
Free Cash Flow	0.00	3.06B	1.78B	1.76B	1.15B	2.11B
Operating Cash Flow	0.00	3.91B	3.97B	2.87B	2.28B	4.10B
Investing Cash Flow	0.00	-1.08B	-2.76B	-867.94M	-615.90M	-2.02B
Financing Cash Flow	0.00	4.37B	-2.49B	-158.97M	-2.22B	-1.73B

HOKUETSU INDUSTRIES CO., LTD. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1824.00
• 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:6364, the sentiment is Positive. The current price of 1824 is below the 20-day moving average (MA) of 1849.40, above the 50-day MA of 1817.22, and below the 200-day MA of 1904.88, indicating a bullish trend. The MACD of 5.13 indicates Positive momentum. The RSI at 61.55 is Neutral, neither overbought nor oversold. The STOCH value of 33.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6364.

HOKUETSU INDUSTRIES CO., LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6364	84 Outperform	¥55.61B	9.98	―	3.18%	2.98%	10.15%
6517	78 Outperform	¥72.81B	15.15	―	2.63%	-6.00%	-13.74%
5982	77 Outperform	¥58.36B	12.00	―	3.43%	5.51%	13.00%
6237	76 Outperform	¥58.53B	12.87	―	2.79%	2.85%	3.17%
6381	75 Outperform	¥65.78B	15.35	―	3.95%	-1.67%	-4.39%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
6363	62 Neutral	¥56.75B	16.19	―	3.09%	6.35%	-34.20%

HOKUETSU INDUSTRIES CO., LTD. Corporate Events

AIRMAN Launches Share Buyback to Support Medium-Term Shareholder Return Targets

AIRMAN CORPORATION has approved a new share buyback as part of its capital policy, resolving to repurchase up to 250,000 common shares, or about 0.9% of its outstanding stock (excluding treasury shares), for a maximum of ¥400 million via market purchases on the Tokyo Stock Exchange between February 2 and March 31, 2026. The move aligns with the company’s Medium-Term Vision 2027, which targets a 70% total shareholder return by the fiscal year ending March 31, 2028 through dividends and share repurchases of around ¥10 billion, underscoring a continued emphasis on shareholder returns and capital efficiency at a time when the group already holds a sizable treasury stock position.

The most recent analyst rating on (JP:6364) stock is a Buy with a Yen2000.00 price target. To see the full list of analyst forecasts on HOKUETSU INDUSTRIES CO., LTD. stock, see the JP:6364 Stock Forecast page.

AIRMAN Delivers Higher Profits and Steady Growth in Nine-Month Results

AIRMAN CORPORATION reported solid results for the nine months ended December 31, 2025, with net sales rising 3.8% year on year to ¥42.8 billion and profit attributable to owners of parent increasing 11.3% to ¥4.35 billion, driven by improved profitability and higher operating and ordinary income. The company’s financial position also strengthened, with total assets and net assets both up and the equity ratio improving to 64.9%, while it maintained its dividend policy and left full-year guidance unchanged, projecting modest full-year growth in sales and earnings for the fiscal year ending March 31, 2026, signaling stable operations and continued shareholder returns.

The most recent analyst rating on (JP:6364) stock is a Buy with a Yen2000.00 price target. To see the full list of analyst forecasts on HOKUETSU INDUSTRIES CO., LTD. stock, see the JP:6364 Stock Forecast page.

AIRMAN CORPORATION Reports Modest Growth in First Half of 2025

AIRMAN CORPORATION reported a modest increase in net sales by 2.6% to ¥27,866 million for the six months ended September 30, 2025, compared to the previous year. Despite a decrease in operating profit by 3.2%, the company saw a rise in ordinary profit by 7.5% and profit attributable to owners of the parent by 8.5%. The company maintains a strong equity-to-asset ratio of 65.4%, indicating robust financial health. The forecast for the fiscal year ending March 31, 2026, anticipates slight growth in net sales and profits, reflecting stable market positioning.

The most recent analyst rating on (JP:6364) stock is a Buy with a Yen2150.00 price target. To see the full list of analyst forecasts on HOKUETSU INDUSTRIES CO., LTD. stock, see the JP:6364 Stock Forecast page.