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Ushio
(6925)
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Rating:64Neutral
Price Target:
¥4,447.00
▲(24.15% Upside)
Action:Downgraded
Date:07/02/26
The score is driven primarily by solid but mixed financial quality: strong 2026 revenue growth and ongoing profitability are tempered by rising leverage and uneven free cash flow. Technicals are supportive with a clear uptrend and healthy momentum, but the high P/E and modest yield weigh on the overall attractiveness.
Positive Factors
Revenue rebound and growth momentum
A sharp 2026 revenue rebound (+43.6%) indicates durable demand recovery across Ushio's industrial and visual imaging end markets. Sustained top-line growth improves scale economics, supports reinvestment in R&D and systems, and strengthens operating leverage over the coming months.
Negative Factors
Rising leverage increases financial risk
Total debt jumped materially year-over-year, raising interest expense and reducing capital flexibility. Higher leverage makes the company more exposed to cyclical downturns and harder to pursue opportunistic investments or accelerate buybacks without first improving cash conversion or EBITDA.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound and growth momentum
A sharp 2026 revenue rebound (+43.6%) indicates durable demand recovery across Ushio's industrial and visual imaging end markets. Sustained top-line growth improves scale economics, supports reinvestment in R&D and systems, and strengthens operating leverage over the coming months.
Read all positive factors
Ushio (6925) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥334.33B
Dividend Yield1.68%
Average Volume (3M)275.19K
Price to Earnings (P/E)41.8
Beta (1Y)1.24
Revenue Growth6.39%
EPS Growth366.86%
CountryJP
Employees5,898
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)98.90
Shares Outstanding83,500,000
10 Day Avg. Volume251,540
30 Day Avg. Volume275,190
Financial Highlights & Ratios
PEG Ratio0.85
Price to Book (P/B)1.20
Price to Sales (P/S)1.32
P/FCF Ratio24.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥5,250.00Price Target Upside46.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)131.13
Revenue Forecast (FY)¥211.93B
Ushio Business Overview & Revenue Model
Company Description
Ushio Inc., founded in 1949 and headquartered in Tokyo, Japan, operates as a global manufacturer and supplier, distributing its diverse product portfolio across Japan, the wider Asian continent, Europe, North America, and other international terri...
How the Company Makes Money
Ushio primarily makes money by selling light-source products and photonics-based systems to industrial and visual imaging customers, generating revenue from a combination of product sales, system/equipment sales, and recurring aftermarket demand t...
Ushio Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 179.21B | 177.62B | 179.42B | 175.03B | 148.82B |
| Gross Profit | 65.52B | 62.22B | 64.92B | 63.22B | 54.03B |
| EBITDA | 24.41B | 22.32B | 24.43B | 28.22B | 23.19B |
| Net Income | 8.00B | 6.80B | 10.78B | 13.70B | 12.61B |
Balance Sheet | |||||
| Total Assets | 331.08B | 297.30B | 337.55B | 323.62B | 321.10B |
| Cash, Cash Equivalents and Short-Term Investments | 77.98B | 63.55B | 69.77B | 66.81B | 93.62B |
| Total Debt | 74.61B | 41.40B | 32.85B | 8.32B | 18.66B |
| Total Liabilities | 132.74B | 96.79B | 100.57B | 79.51B | 85.89B |
| Stockholders Equity | 198.32B | 200.50B | 236.96B | 244.09B | 235.12B |
Cash Flow | |||||
| Free Cash Flow | 9.54B | 6.78B | 1.03B | -6.90B | 15.67B |
| Operating Cash Flow | 18.14B | 20.42B | 8.97B | 871.00M | 21.63B |
| Investing Cash Flow | -14.11B | 2.72B | 5.39B | -1.18B | -5.52B |
| Financing Cash Flow | 4.20B | -24.99B | -13.49B | -26.81B | -10.63B |
Ushio Technical Analysis
Positive
3582.00
Price Trends
4214.92
Negative
3771.23
Positive
3182.40
Positive
Market Momentum
-47.52
Negative
51.78
Neutral
62.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6925, the sentiment is Positive. The current price of 3582 is below the 20-day moving average (MA) of 4015.25, below the 50-day MA of 4214.92, and above the 200-day MA of 3182.40, indicating a neutral trend. The MACD of -47.52 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 62.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6925.
Ushio Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ¥171.52B | 17.18 | ― | 3.39% | 6.16% | 15.40% | |
68 Neutral | ¥489.54B | 17.65 | 15.55% | 2.40% | 12.05% | 57.34% | |
64 Neutral | ¥334.33B | 41.83 | 4.12% | 1.95% | 6.39% | 366.86% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | ¥138.69B | 71.44 | ― | 2.72% | 21.25% | -53.79% | |
54 Neutral | ¥302.45B | 21.42 | ― | 1.65% | 5.19% | 13.96% | |
51 Neutral | ¥614.16B | 206.81 | 2.07% | 0.30% | 11.76% | -21.18% |
* Industrials Sector Average
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Ushio Corporate Events
Ushio Delivers Strong Q1 Rebound and Confirms Full-Year Outlook
Aug 4, 2026
Ushio reported a strong rebound in its first-quarter results for the fiscal year ending March 31, 2027, with net sales rising 27.7% year on year to ¥48.99 billion and operating profit surging more than fourfold to ¥4.95 billion. Profit a...
Ushio Discloses Reduction in Stake Held by Major Shareholder M&G
Jul 8, 2026
Ushio Inc. has reported a change in one of its major shareholders following a regulatory filing in Japan by MG Investment Management Limited and its joint holder MG Investments (Singapore) Pte. Ltd. The disclosure indicates that these institutiona...
Ushio Sets Fair-Market Price for Treasury Share Disposal to Employee Stock Plan
May 22, 2026
Ushio has set the disposal price for treasury shares to be allotted as restricted stock to its employee stockholding association at ¥4,179 per share, for a total disposal value of ¥169.75 million. The move is part of a previously approve...
Ushio to Dispose of Treasury Stock for Employee Restricted Share Plan
May 14, 2026
Ushio Inc. has approved the disposal of up to 40,620 shares of treasury stock as restricted stock to its employee stockholding association, with pricing set at ¥3,439 per share or the highest qualifying market close later in May, via third-pa...
Ushio Lifts Profit in FY2026 and Eyes Double-Digit Growth for FY2027
May 14, 2026
Ushio reported fiscal year 2026 consolidated net sales of ¥179.2 billion, up 0.9% year on year, with operating profit surging 35.5% to ¥12.0 billion and profit attributable to owners of parent rising 17.6% to ¥8.0 billion, reflectin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.