Endo Lighting Corporation (6932) AI Stock Analysis

• Market Cap: ¥35.17B
• Dividend Yield: 2.83%
• Average Volume (3M): 62.59K
• Price to Earnings (P/E): 6.6
• Beta (1Y): 1.15
• Revenue Growth: 2.27%
• EPS Growth: 24.78%
• Country: JP
• Employees: 1,552
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): N/A
• Shares Outstanding: 14,776,321
• 10 Day Avg. Volume: 36,420
• 30 Day Avg. Volume: 62,593
• PEG Ratio: 1.31
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.38
• P/FCF Ratio: -16.39
• 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: 69 Neutral
• Price Target: ¥2,606.00 ▲(6.85% Upside)

Endo Lighting Corporation's stock score is driven by strong financial performance and attractive valuation metrics. The company's robust income statement and balance sheet are offset by cash flow challenges. Technical analysis indicates weak momentum, which may pose short-term risks. However, the low P/E ratio and high dividend yield suggest potential value for long-term investors.

Positive Factors

Profitability & Margins

Sustained mid-high gross and EBITDA margins indicate durable pricing power and efficient project execution in commercial lighting. These margins support reinvestment and dividend capacity over cycles, helping the company maintain profitability through normal demand fluctuations.

Balance Sheet Conservatism

Conservative leverage and a strong equity ratio provide financial flexibility for project financing, capital spending, and downturn resilience. A solid ROE suggests effective capital use, reducing refinancing risk and supporting strategic investments without jeopardizing solvency.

Diversified Commercial Business Model

A mix of product sales, project-based solution delivery, and channel distribution creates multiple revenue streams tied to new construction and renovations. This structural diversification helps stabilize revenues across commercial cycles and supports repeat business from facilities customers.

Negative Factors

Negative Free Cash Flow

Recent negative FCF driven by heavy capital expenditures reduces internal funding for growth, dividends, or debt repayment. If sustained, weak cash conversion constrains strategic flexibility and may force external financing or cutbacks during slower demand periods, raising liquidity risk.

Rising Liabilities to Monitor

Even with low current leverage, increasing liabilities may signal rising short- or long-term obligations that erode the capital cushion. Continued liability growth alongside heavy capex could pressure interest and repayment capacity, reducing balance sheet resilience over time.

Modest Revenue Growth

Low-single-digit top-line growth suggests limited market expansion or pricing upside. In a mature commercial lighting market, modest revenue gains can cap earnings growth and make margin improvements the primary driver of returns, limiting long-term scalability without new products or market entry.

Endo Lighting Corporation Business Overview & Revenue Model

Company Description

ENDO Lighting Corporation plans, designs, manufactures, and sells light fixtures in Japan and internationally. The company offers various LED products, including downlights, spotlights, linear lights, and underwater lighting products. It also sells interior furnishings and supplies. The company delivers its lighting products to department stores, offices, factories, public facilities, and other properties, as well as various specialty stores. ENDO Lighting Corporation was founded in 1967 and is headquartered in Osaka, Japan.

How the Company Makes Money

Endo Lighting Corporation generates revenue primarily through the sale of its lighting products, which include LED lamps, fixtures, and control systems. The company operates through various sales channels, including direct sales to businesses, partnerships with distributors, and online sales platforms. Key revenue streams include sales from commercial lighting projects, residential lighting solutions, and specialized industrial lighting applications. Additionally, Endo Lighting engages in strategic partnerships with construction firms and other businesses to provide customized lighting solutions for large-scale projects, further enhancing its revenue potential. The focus on energy-efficient products also positions the company favorably in markets that prioritize sustainability, contributing to its overall earnings.

Endo Lighting Corporation Financial Statement Overview

Summary

Endo Lighting Corporation demonstrates strong growth and profitability with a solid income statement and balance sheet. The company's revenue and profit margins are robust, supported by efficient operational management. While the balance sheet shows financial stability with low leverage and strong equity ratios, cash flow challenges, particularly negative free cash flow, highlight potential liquidity risks.

Income Statement

Endo Lighting Corporation's income statement shows strong performance with a consistent revenue growth from the previous year (3.92%). The gross profit margin stands at 38.74% and the net profit margin at 8.93%, indicating solid profitability. Additionally, the company maintains a healthy EBIT margin of 9.17% and EBITDA margin of 16.44%, reflecting effective cost management and operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial position with a low debt-to-equity ratio of 0.30, suggesting conservative use of leverage. The return on equity is a robust 10.89%, indicating effective use of shareholder funds. The equity ratio is 65.08%, highlighting strong equity financing and long-term stability. However, a slight increase in total liabilities from the previous year requires monitoring.

Cash Flow

Cash flow analysis reveals challenges with a negative free cash flow of -1.24 billion yen, primarily due to significant capital expenditures. The operating cash flow to net income ratio is 0.61, suggesting moderate cash conversion efficiency. Despite a substantial increase in free cash flow in previous years, recent negative free cash flow poses potential liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	54.46B	53.73B	51.71B	45.73B	40.64B	35.42B
Gross Profit	21.51B	20.82B	19.89B	15.99B	15.91B	13.26B
EBITDA	9.36B	8.83B	9.01B	6.52B	7.65B	5.39B
Net Income	5.26B	4.80B	4.65B	2.96B	3.33B	1.28B
Balance Sheet
Total Assets	66.93B	67.67B	62.75B	57.34B	55.59B	50.55B
Cash, Cash Equivalents and Short-Term Investments	17.14B	16.33B	16.37B	12.05B	10.79B	10.06B
Total Debt	13.61B	13.08B	12.41B	16.02B	16.01B	17.89B
Total Liabilities	23.34B	23.61B	24.19B	25.81B	27.35B	27.01B
Stockholders Equity	43.58B	44.05B	38.57B	31.53B	28.24B	23.54B
Cash Flow
Free Cash Flow	0.00	-1.24B	7.09B	826.00M	1.75B	3.47B
Operating Cash Flow	0.00	2.92B	10.15B	3.90B	5.03B	5.84B
Investing Cash Flow	0.00	-4.32B	-2.90B	-2.79B	-3.06B	-2.48B
Financing Cash Flow	0.00	-6.00M	-4.09B	-461.00M	-2.13B	-2.33B

Endo Lighting Corporation Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2439.00
• 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:6932, the sentiment is Neutral. The current price of 2439 is below the 20-day moving average (MA) of 2460.75, above the 50-day MA of 2341.70, and above the 200-day MA of 2165.69, indicating a neutral trend. The MACD of 7.92 indicates Positive momentum. The RSI at 44.26 is Neutral, neither overbought nor oversold. The STOCH value of 26.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:6932.

Endo Lighting Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6484	81 Outperform	¥19.74B	8.32	―	3.46%	3.87%	5.89%
7989	80 Outperform	¥40.76B	12.10	―	2.52%	2.47%	6.88%
7955	78 Outperform	¥32.24B	12.77	―	3.56%	3.03%	160.39%
6932	69 Neutral	¥35.17B	6.56	―	2.83%	2.27%	24.78%
7874	63 Neutral	¥35.45B	15.78	―	1.90%	6.70%	53.04%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
6612	51 Neutral	¥5.35B	-9.61	―	―	-23.54%	-14.54%

Endo Lighting Corporation Corporate Events

Endo Lighting Lifts Profits and Plans Sharp Dividend Increase for FY2025

Endo Lighting reported consolidated net sales of ¥39.4 billion for the nine months ended 31 December 2025, up 1.7% year on year, with operating profit rising 20.1% to ¥3.64 billion and profit attributable to owners of parent climbing 26.1% to ¥2.72 billion, reflecting improved profitability despite modest top-line growth. The balance sheet remained solid with total assets of ¥74.2 billion and an equity ratio of 63.1%, and the company plans to significantly increase shareholder returns, forecasting a full-year dividend of ¥84 per share for the fiscal year ending March 2026—up sharply from ¥50 in the prior year—while maintaining its full-year guidance for modest sales and profit growth and a slight year-on-year decline in net profit, signaling confidence in cash generation and financial stability.

The most recent analyst rating on (JP:6932) stock is a Hold with a Yen2562.00 price target. To see the full list of analyst forecasts on Endo Lighting Corporation stock, see the JP:6932 Stock Forecast page.

Endo Lighting Corporation Reports Improved Financial Performance for H1 2025

Endo Lighting Corporation reported its consolidated financial results for the six months ended September 30, 2025, showing a slight increase in net sales by 0.8% to ¥25,138 million. The company saw a significant improvement in operating profit, which rose by 24.2% to ¥2,076 million, and a 26.8% increase in profit attributable to owners of the parent, reaching ¥1,616 million. These results indicate a positive trend in the company’s financial health, potentially strengthening its market position and offering promising implications for stakeholders.

The most recent analyst rating on (JP:6932) stock is a Buy with a Yen2421.00 price target. To see the full list of analyst forecasts on Endo Lighting Corporation stock, see the JP:6932 Stock Forecast page.