Ushio (6925) AI Stock Analysis

• Market Cap: $226.36B
• Dividend Yield: 3.06%
• Average Volume (3M): 267.32K
• Price to Earnings (P/E): 68.8
• Beta (1Y): 0.69
• Revenue Growth: -3.70%
• EPS Growth: -38.72%
• Country: JP
• Employees: 5,439
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 34.83
• Shares Outstanding: 92,500,000
• 10 Day Avg. Volume: 212,510
• 30 Day Avg. Volume: 267,316
• PEG Ratio: -0.95
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 26.40
• Enterprise Value/Market Cap: 0.63
• Enterprise Value/Revenue: 0.80
• Enterprise Value/Gross Profit: 2.29
• Enterprise Value/Ebitda: 6.49
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ¥2,394.00 ▲(4.52% Upside)

Ushio's overall stock score is primarily influenced by its stable financial foundation and low leverage, which provide a solid base. However, the lack of revenue growth and inconsistent cash flow are significant concerns. Technical indicators suggest weak momentum, and the high P/E ratio indicates potential overvaluation. The dividend yield offers some compensation, but overall, the stock faces challenges that need addressing to improve its attractiveness.

Ushio Business Overview & Revenue Model

Company Description

Ushio Inc. (6925) is a Japanese company specializing in the development, manufacturing, and sale of light sources and related products. The company operates primarily in sectors such as industrial lighting, medical equipment, and electronics. Ushio's core products include high-intensity discharge lamps, specialized light sources for various applications, and LED lighting solutions, catering to diverse industries including entertainment, healthcare, and manufacturing.

How the Company Makes Money

Ushio generates revenue through multiple streams, primarily from the sale of its lighting products, including traditional and LED lighting solutions. The company has established significant partnerships with various sectors, providing customized lighting solutions for industrial applications and specialized markets, such as cinema and medical lighting. Additionally, Ushio earns income from its semiconductor and electronics segments, which include the production of photolithography equipment and materials. The company's focus on innovation and technological advancement allows it to maintain competitive pricing and capture market share, contributing positively to its overall earnings.

Ushio Financial Statement Overview

Summary

Ushio demonstrates a stable financial foundation with low leverage, reflected in strong balance sheet metrics. While profitability metrics indicate moderate performance, the company has shown efficiency in its operations. However, revenue growth has been stagnant, and cash flow has been inconsistent. Overall, Ushio is financially stable but faces growth challenges that need addressing to enhance future profitability and cash flow consistency.

Income Statement

Ushio has shown a mixed performance over the examined period. The recent gross profit margin is around 35%, and the net profit margin stands at approximately 3.8%. These margins indicate moderate profitability. Revenue has declined slightly by about 1% from the previous year, suggesting a need for growth stimulation. However, the company maintains a solid EBIT margin of 5% and an EBITDA margin of 12.6%, reflecting efficient operations despite the revenue dip.

Balance Sheet

The balance sheet shows a robust equity structure with a debt-to-equity ratio of 0.21, indicating low leverage and financial stability. The equity ratio is approximately 67.5%, reflecting strong asset backing. Return on equity is modest at about 3.4%, suggesting room for improving shareholder returns. Overall, the company maintains a strong financial position with low risk of financial distress.

Cash Flow

Ushio's cash flow performance has been volatile. The company achieved a substantial increase in free cash flow to ¥6.78 billion, marking a significant turnaround from the previous negative figures. The operating cash flow to net income ratio is 3.0, indicating healthy cash generation relative to income. However, the free cash flow to net income ratio is 1.0, showing that free cash flow is closely aligned with net earnings, which could limit reinvestment capacity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	178.43B	177.62B	179.42B	175.03B	148.82B	118.56B
Gross Profit	62.26B	62.22B	64.92B	63.22B	54.03B	39.84B
EBITDA	22.03B	22.32B	24.43B	28.22B	23.19B	7.92B
Net Income	3.67B	6.80B	10.79B	13.70B	12.61B	-687.00M
Balance Sheet
Total Assets	286.94B	297.30B	337.55B	323.62B	321.10B	290.27B
Cash, Cash Equivalents and Short-Term Investments	56.34B	63.55B	69.77B	66.81B	93.62B	76.58B
Total Debt	41.17B	41.40B	32.85B	8.32B	18.59B	24.63B
Total Liabilities	96.05B	96.79B	100.57B	79.52B	85.90B	79.10B
Stockholders Equity	190.88B	200.50B	236.96B	244.09B	235.12B	211.10B
Cash Flow
Free Cash Flow	0.00	6.78B	-1.04B	-7.24B	15.44B	7.73B
Operating Cash Flow	0.00	20.42B	8.97B	871.00M	21.63B	14.52B
Investing Cash Flow	0.00	2.72B	5.39B	-1.18B	-5.52B	-3.42B
Financing Cash Flow	0.00	-24.99B	-13.49B	-26.81B	-10.63B	-784.00M

Ushio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2290.50
• 50DMA: Negative
• 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:6925, the sentiment is Negative. The current price of 2290.5 is below the 20-day moving average (MA) of 2431.75, below the 50-day MA of 2326.06, and above the 200-day MA of 1974.97, indicating a neutral trend. The MACD of 41.95 indicates Positive momentum. The RSI at 39.87 is Neutral, neither overbought nor oversold. The STOCH value of 32.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6925.

Ushio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6407	76 Outperform	¥225.50B	17.37	―	2.35%	10.27%	35.69%
6508	76 Outperform	€295.81B	16.06	14.28%	2.23%	8.03%	23.50%
6622	76 Outperform	¥235.16B	18.77	―	1.61%	14.49%	-21.17%
6507	74 Outperform	¥297.39B	24.90	―	0.95%	14.47%	30.85%
6420	68 Neutral	¥152.62B	12.04	―	2.08%	13.93%	-1.88%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
6925	59 Neutral	$226.36B	68.82	2.20%	3.06%	-3.70%	-38.72%

Ushio Corporate Events

Ushio Inc. Reports Decline in First Half Financial Results

Ushio Inc. reported a decline in its consolidated financial performance for the first six months of the fiscal year ending March 31, 2026, with net sales and profits showing a year-on-year decrease. Despite the downturn, the company maintains its dividend forecast and anticipates a modest profit for the full fiscal year, reflecting cautious optimism in its future operations.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2606.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Inc. Reports Progress on Treasury Share Repurchase Plan

Ushio Inc. has announced the status of its ongoing treasury share repurchase plan, initially resolved by the Board of Directors on August 5, 2025. As of October 31, 2025, the company has purchased 811,300 common shares for a total of 1,962,500,000 Yen through market purchases on the Tokyo Stock Exchange. This is part of a larger plan to repurchase up to 15,000,000 shares by April 2026, with the aim of enhancing shareholder value.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2606.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Completes Treasury Stock Disposal to Employee Association

Ushio Inc. announced the completion of payment procedures for the disposal of treasury stock to its Employee Stockholding Association using restricted stock. The number of shares disposed of was adjusted due to partial forfeiture, reflecting the final number of consenting members. This change will not affect the company’s business forecast for the fiscal term ending March 2026.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2606.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Inc. to Receive $40 Million Dividend from Subsidiary

Ushio Inc. has announced that it will receive a dividend of 40 million USD from its consolidated subsidiary, Ushio International B.V. This dividend will be recorded as non-operating income in the company’s individual financial statements for the fiscal year ending March 2026, with no impact on the consolidated results. This move indicates a strategic financial maneuver to enhance the company’s financial standing without affecting its overall consolidated financial performance.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2606.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Inc. Updates on Treasury Share Repurchase Progress

Ushio Inc. announced the status of its treasury share repurchase plan, which was resolved at the Board of Directors meeting in August 2025. During September 2025, the company purchased 664,900 common shares for approximately 1.48 billion Yen through market transactions on the Tokyo Stock Exchange. This move is part of a larger plan to repurchase up to 15 million shares by April 2026, reflecting the company’s strategic focus on enhancing shareholder value.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2128.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Inc. Reports Progress on Treasury Share Repurchase Plan

Ushio Inc. announced the status of its treasury shares purchase as part of a repurchase plan initiated on August 5, 2025. The company purchased 3,971,300 common shares for a total of 7,608,696,800 Yen between August 6 and August 31, 2025, through market purchasing on the Tokyo Stock Exchange. This move is part of a larger plan to repurchase up to 15,000,000 shares by April 2026, potentially impacting the company’s stock value and shareholder equity.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2128.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.

Ushio Inc. Announces Treasury Stock Disposal to Employee Association

Ushio Inc. has announced the disposal of treasury stock to its Employee Stockholding Association using restricted stock, with a determined disposal price of 2,143 yen per share. This move is based on a resolution by the Board of Directors and aims to align with shareholder interests by setting a price that reflects the market value, thus ensuring fairness and transparency in the transaction.

The most recent analyst rating on (JP:6925) stock is a Hold with a Yen2150.00 price target. To see the full list of analyst forecasts on Ushio stock, see the JP:6925 Stock Forecast page.