OXIDE Corp. (6521) AI Stock Analysis

• Market Cap: ¥27.40B
• Dividend Yield: N/A
• Average Volume (3M): 145.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• Revenue Growth: 36.90%
• EPS Growth: -311.02%
• Country: JP
• Employees: 395
• Sector: Technology
• Sector Strength: 88
• Industry: Electrical Equipment & Parts
• EPS (TTM): -3.65
• Shares Outstanding: 11,563,113
• 10 Day Avg. Volume: 134,850
• 30 Day Avg. Volume: 144,996
• PEG Ratio: -0.01
• Price to Book (P/B): 2.46
• Price to Sales (P/S): 1.58
• P/FCF Ratio: -17.15
• 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: 52 Neutral
• Price Target: ¥2,243.00 ▲(43.78% Upside)

The score is primarily held back by weak financial fundamentals—ongoing losses, negative free cash flow, and high leverage. Technicals are a key positive with strong uptrend and momentum, but overbought signals add near-term risk. Valuation is also a concern because the company is loss-making and lacks dividend support.

Positive Factors

Revenue Growth

Consistent high revenue growth (18%+) signals expanding product adoption across end markets. Durable top-line expansion provides scale benefits, supports longer-term R&D and capacity investments, and gives management time to fix profitability without immediately needing dilution.

Improving Operating Cash Flow

Improving operating cash flow indicates better conversion of sales into cash and operational progress. If sustained, this reduces reliance on external financing, supports incremental capex and working capital needs, and is a structural step toward achieving positive free cash flow.

Diversified Revenue Streams

Multiple revenue channels — direct sales, distribution, licensing and R&D contracts — lower single-customer risk and create mix flexibility. Licensing and contracts can yield higher-margin, recurring-like revenues, improving long-term cash stability and resilience across industry cycles.

Negative Factors

High Leverage

Elevated debt-to-equity increases financial risk and reduces strategic flexibility. With material leverage, interest and covenant pressures can limit the firm’s ability to invest in R&D or capacity, amplify stress during revenue slowdowns, and raise refinancing risk over the medium term.

Negative Free Cash Flow

Persistent negative free cash flow means the business burns cash after capex, forcing external financing or asset sales to fund growth. This constrains reinvestment, can lead to dilutive capital raises, and makes deleveraging harder absent sustained improvement in cash generation.

Ongoing Losses and Weak Profitability

Continued net losses and negative EBITDA show core operations are not yet profitable. This erodes equity, depresses returns on capital, and limits internal funding for expansion. Long-term viability depends on margin recovery or structural cost reductions to reach sustainable profitability.

OXIDE Corp. Business Overview & Revenue Model

Company Description

Oxide Corporation offers crystals and optical devices. It also provides lasers, optical measurement systems, and components. The company was founded in 2000 and is based in Hokuto, Japan.

How the Company Makes Money

OXIDE Corp. generates revenue through multiple streams, primarily by selling its semiconductor products to manufacturers in various industries. The company engages in direct sales to large clients and also utilizes distribution partnerships to reach a broader market. In addition to product sales, OXIDE Corp. earns revenue from licensing its proprietary technologies to other companies, which allows them to integrate OXIDE's innovations into their own products. Furthermore, the company may benefit from research and development contracts with government agencies or private sector firms seeking advanced semiconductor solutions. Strategic partnerships with key industry players enhance OXIDE's market presence, driving sales and contributing to its overall earnings.

OXIDE Corp. Financial Statement Overview

Summary

Strong revenue growth is offset by weak profitability (negative net income and EBITDA), high leverage (elevated debt-to-equity), and continued negative free cash flow despite improving operating cash flow.

Income Statement

OXIDE Corp. has shown significant revenue growth over the years, with a notable increase from 2024 to 2025. However, the company is struggling with profitability, as evidenced by a negative net income and EBITDA in 2025. The gross profit margin has been relatively stable but the EBIT and net profit margins remain under pressure, indicating operational challenges.

Balance Sheet

The company's balance sheet shows a high debt-to-equity ratio, which indicates significant leverage and potential financial risk. Although stockholders' equity has decreased over the years, the equity ratio remains positive, suggesting some stability in asset financing through equity. The return on equity has been negatively impacted by the net losses, highlighting profitability concerns.

Cash Flow

OXIDE Corp. has faced challenges with cash flow, as evidenced by negative free cash flow in recent years. While operating cash flow has improved since 2024, it remains insufficient to cover capital expenditures, resulting in negative free cash flow. The company’s cash flow to net income ratios indicate inefficiencies in converting income into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.79B	8.39B	6.61B	5.75B	4.76B	3.58B
Gross Profit	3.61B	3.06B	1.88B	2.28B	1.63B	1.08B
EBITDA	1.13B	-1.67B	558.00M	1.03B	890.92M	653.30M
Net Income	-2.72B	-2.70B	-422.30M	557.39M	495.74M	310.46M
Balance Sheet
Total Assets	17.51B	18.21B	19.25B	10.79B	8.71B	6.57B
Cash, Cash Equivalents and Short-Term Investments	2.56B	2.25B	1.63B	1.44B	2.15B	1.18B
Total Debt	10.36B	10.37B	9.21B	3.68B	2.62B	3.79B
Total Liabilities	12.46B	12.79B	11.64B	5.56B	4.12B	5.05B
Stockholders Equity	5.05B	5.41B	7.61B	5.23B	4.59B	1.51B
Cash Flow
Free Cash Flow	0.00	-775.41M	-2.72B	-1.62B	-382.82M	281.26M
Operating Cash Flow	0.00	885.16M	-953.77M	-119.25M	443.38M	568.30M
Investing Cash Flow	0.00	-1.54B	-6.14B	-1.73B	-849.16M	-300.64M
Financing Cash Flow	0.00	1.28B	7.30B	1.12B	1.38B	241.38M

OXIDE Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1560.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6521, the sentiment is Positive. The current price of 1560 is below the 20-day moving average (MA) of 1771.40, below the 50-day MA of 1610.58, and below the 200-day MA of 1767.76, indicating a bullish trend. The MACD of 133.28 indicates Negative momentum. The RSI at 78.60 is Negative, neither overbought nor oversold. The STOCH value of 86.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6521.

OXIDE Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6763	80 Outperform	¥26.06B	14.73	―	3.16%	12.72%	53.85%
6643	78 Outperform	¥22.08B	9.85	―	3.12%	6.60%	0.27%
6994	77 Outperform	¥30.16B	12.72	―	2.35%	5.15%	480.70%
6668	70 Outperform	¥13.79B	7.91	―	1.66%	12.23%	65.42%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6521	52 Neutral	¥27.40B	-457.29	―	―	36.90%	-311.02%
6619	41 Neutral	¥9.75B	-0.74	―	―	―	―

OXIDE Corp. Corporate Events

OXIDE Lifts Revenue and Operating Outlook as Core Businesses Outperform, Plans Exit from Loss-Making Israeli Unit

OXIDE Corporation has revised its full-year consolidated earnings forecast, projecting a roughly 13.6% increase in revenue driven by strong standalone performance at OXIDE despite declining orders at its Israeli subsidiary Raicol Crystals. Robust demand in the Semiconductor business—particularly for deep ultraviolet lasers, single crystals, and next-generation laser development contracts—alongside increased shipments of Faraday rotators for data centers in its Frontier Tech segment, is expected to lift operating profit about 12.5% above the previous forecast and significantly boost ordinary profit, even as Raicol incurs an operating loss due to geopolitical and cost pressures. However, the company now expects a net loss for the year, reflecting the planned transfer of all Raicol shares and related loan receivables and other below-operating-line impacts, highlighting a strategic shift to refocus on OXIDE’s higher-growth, more profitable core businesses while exiting a loss-making overseas operation.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1825.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE to Divest Israeli Subsidiary Raicol Crystals After Conflict-Driven Downturn

OXIDE Corporation has decided to transfer all shares and loan receivables of its Israeli consolidated subsidiary Raicol Crystals Ltd., removing it from the scope of consolidation and recognizing an extraordinary loss. Raicol, acquired in 2023 to expand OXIDE’s product portfolio and European sales network, has seen a sharp business deterioration following the outbreak of the Israel conflict, with employee mobilization, boycotts of Israeli products in markets such as Turkey and parts of Europe, and a resulting collapse in orders across key applications; despite cost-cutting measures, Raicol is now expected to post a significant operating loss, prompting OXIDE to exit the business to limit further financial and operational drag.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1825.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE Lifts Sales and Operating Outlook but Projects Net Loss on Raicol Exit

OXIDE Corporation revised its full-year consolidated forecast for the fiscal year ending February 2026, projecting higher revenue and operating profit driven by stronger demand in its core Semiconductor business and the launch of a new Faraday rotator project for data centers in its Frontier Tech segment. However, despite an expected boost to ordinary profit from foreign exchange gains and an income tax benefit tied to increased deferred tax assets, the company now anticipates a net loss of ¥500 million for the year due to a roughly ¥1.7 billion extraordinary loss from the transfer of all shares and loans related to its subsidiary Raicol, highlighting both the operational momentum in its core businesses and the financial impact of portfolio restructuring on shareholders.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1825.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE Maintains Earnings Forecast as Israeli Subsidiary Raicol Drags on Group Profit

OXIDE Corporation reported that while standalone sales for the nine months ended November 30, 2025 rose 11% year-on-year and remained profitable, its Israeli subsidiary Raicol continues to post operating losses, weighing on consolidated results. Management attributed Raicol’s ongoing losses to a persistently challenging external environment, including regional boycotts linked to the Israel conflict and higher inflation-driven raw material and other costs, which worsened the profit structure despite revenue growth in the third quarter. Due to these uncertainties, the company stated it is extremely difficult to forecast Raicol’s future performance but, supported by recovery initiatives at the standalone OXIDE business, it sees no need to revise its full-year earnings forecast at this time. The company emphasized that restoring Raicol’s profitability is a key management issue and said it is exploring a broad range of strategic options to maximize overall group corporate value, signaling potential structural or strategic changes ahead for the subsidiary.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1785.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE Corp Books ¥162 Million Forex Gain but Keeps Earnings Outlook Unchanged

OXIDE Corporation has reported non-operating income in the form of foreign exchange gains for the third quarter of its fiscal year ending February 28, 2026, driven primarily by the revaluation of intra-group loans to an overseas subsidiary. The company booked a foreign exchange gain of JPY 101 million in the third quarter alone and, combined with gains recorded in the second quarter, reported a cumulative foreign exchange gain of JPY 162 million for the current consolidated period; however, management has decided not to revise its existing full-year earnings forecast at this time, noting that such gains are sensitive to currency movements and indicating that any future revisions will be disclosed if conditions warrant.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1785.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE Narrows Losses on Higher Sales and Maintains Forecast for Return to Profit in FY2025

OXIDE Corporation reported consolidated net sales of ¥6.36 billion for the nine months ended November 30, 2025, an 11.1% year-on-year increase, while narrowing its loss, with operating loss improving to ¥258 million and net loss to ¥313 million compared with a much larger deficit a year earlier. Total assets declined slightly to ¥17.33 billion and the capital adequacy ratio rose to 30.7%, while the company maintained a zero-dividend policy for the current fiscal year; management left its full-year forecast unchanged, projecting a return to profitability with ¥8.71 billion in sales and ¥409 million in operating profit, signaling a gradual recovery trajectory that, if achieved, would improve earnings per share and financial stability for shareholders after consecutive loss-making periods.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1785.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.

OXIDE Reduces Potential Dilution as 3rd-Series Stock Options Expire and Are Partially Exercised

OXIDE Corporation reported the December 2025 exercise status of its 3rd series stock acquisition rights, with 7,000 shares delivered through the exercise of seven stock option units during the month. The 3rd series options reached the end of their exercise period on December 22, 2025, leaving 62 unexercised rights (equivalent to 62,000 shares) that were extinguished, thereby reducing the company’s potential dilutive shares by the same amount. As of the end of December, the company had 11,563,113 issued shares excluding dilutive securities and 572,000 remaining dilutive shares from stock acquisition rights, for a total of 12,135,113 shares on a fully diluted basis, providing investors with updated visibility into its equity base and dilution profile.

The most recent analyst rating on (JP:6521) stock is a Hold with a Yen1578.00 price target. To see the full list of analyst forecasts on OXIDE Corp. stock, see the JP:6521 Stock Forecast page.