AS ONE (7476) AI Stock Analysis

• Market Cap: ¥164.49B
• Dividend Yield: 2.6%
• Average Volume (3M): 216.80K
• Price to Earnings (P/E): 18.0
• Beta (1Y): 0.53
• Revenue Growth: 6.48%
• EPS Growth: 12.88%
• Country: JP
• Employees: 711
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): 60.38
• Shares Outstanding: 75,352,540
• 10 Day Avg. Volume: 233,440
• 30 Day Avg. Volume: 216,803
• PEG Ratio: 1.86
• Price to Book (P/B): 2.49
• Price to Sales (P/S): 1.60
• P/FCF Ratio: 20.48
• 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): 126.57
• Revenue Forecast (FY): ¥109.23B

• Rating: 76 Outperform
• Price Target: ¥2,528.00 ▲(2.35% Upside)
• Action: Reiterated Date: 10/31/25
• Date: Action: Reiterated 10/31/25

AS ONE's overall stock score is driven primarily by its strong financial performance, which is supported by robust revenue growth, profitability, and a stable balance sheet. The technical analysis indicates a positive trend, while the valuation is fair, reflecting the company's solid market position. The absence of earnings call data and corporate events does not impact the score.

Positive Factors

Cash generation / Free cash flow

A 64.7% improvement in free cash flow and FCF-to-net-income near 1.0 indicate durable cash conversion from operations. This strengthens capacity to fund capex, sustain dividends, pay down debt, or pursue selective strategic investments without stressing the balance sheet over the next several quarters.

Margin sustainability and profitability

Healthy gross and net margins reflect structural pricing power and efficient cost control in distribution of lab and medical supplies. Consistent operating and EBITDA margins imply the business can maintain profitability through routine volume fluctuations and supports reinvestment in service capabilities and product breadth.

Conservative balance sheet / low leverage

Very low leverage and a high equity ratio provide financial flexibility and reduce refinancing and interest rate risk. A solid ROE around 12% shows effective capital use; together these traits allow AS ONE to withstand cyclical demand, invest in logistics or catalogs, and pursue opportunistic M&A if desired.

Negative Factors

Declining cash reserves / liquidity risk

The balance-sheet note that cash reserves have fallen introduces a structural liquidity consideration despite strong FCF. Persistent declines in cash buffers can constrain working-capital flexibility in a distribution business with inventory and receivables, increasing funding reliance during seasonal or demand shocks.

Limited forward guidance / visibility

Absence of formal guidance and limited earnings-call disclosure reduces visibility for revenue and margin trajectory. For a business driven by recurring institutional procurement cycles, weaker forward disclosure can hinder stakeholders' ability to assess demand trends, capital allocation plans, and near-term operational priorities.

Modest top-line growth

Single-digit revenue growth suggests business expansion is steady but modest. In a mature distribution market, sustained low-to-mid single-digit growth may limit scale economies and puts pressure on management to expand services, increase penetration in higher-growth segments, or pursue acquisitions to materially accelerate long-term growth.

AS ONE Business Overview & Revenue Model

Company Description

AS ONE Corporation engages in the sale of research instruments and equipment, nursing and care products, and other scientific instruments in Japan and internationally. It offers scientific instruments comprising temperature/humidity control and measuring/surveying instruments, as well as universal products used for cooling, heating, mixing, absorption, pressurization, and conveyance; microscopes, glass slides, and tissue culture products for biotechnology; magnifying glasses indispensable for precision work, plus filters, and dispensing devices required for analysis technology; equipment indispensable for research facilities, such as experimental platforms, fume hoods, and pharmaceutical depositories, as well as storage equipment, wagons, laboratory chairs, and conveyance equipment; containers required for storage or preservation of samples, reagents, materials, and others; glass or plastic beakers, flask indispensables, hoses, tubes, and joints; tapes and labels; and timers, packaging machines, tools, office supplies, and other equipment for laboratories. The company also provides industrial instruments, such as dehumidifying storage products; equipment for organization, conveyance, etc.; equipment for sterilization/disinfecting and cleaning, including ultrasonic cleaners for washing/drying, detergents, and drying tools; glasses, masks, and gloves; and tools and containers used in clean rooms, as well as dust-proof and anti-static products comprising clean room clothes and mats indispensable. In addition, it offers hospital/nursing instruments, such as white gowns, masks, and gloves; rack systems to be installed in nursing stations; various products, supplies, and equipment required for hospital nursing or care; and sterilizers and sterilization lockers, as well as care cars and beds, and bathing and sanitary products. The company was founded in 1933 and is headquartered in Osaka, Japan.

How the Company Makes Money

AS ONE generates revenue through a multi-faceted business model that includes direct sales of industrial products and tools through both physical stores and an online platform. The company has established key revenue streams from its diverse product offerings, including machinery, safety gear, and maintenance supplies, which are essential for various industries. Additionally, AS ONE benefits from strong partnerships with manufacturers, allowing it to offer competitive pricing and a broad selection of high-quality products. The company's focus on customer service and support, along with its efficient logistics and supply chain management, further contributes to its profitability.

AS ONE Financial Statement Overview

Summary

AS ONE has demonstrated strong financial performance with robust revenue growth, healthy profitability margins, and a stable balance sheet. The low debt-to-equity ratio and strong equity position provide a solid foundation for future growth. The significant improvement in free cash flow further strengthens the financial outlook.

Income Statement

AS ONE has demonstrated strong revenue growth with a 8.61% increase from the previous year and consistent profitability. The gross profit margin is healthy at approximately 30.2%, and the net profit margin is robust at 7.93%. This indicates effective cost management and strong market position. EBIT and EBITDA margins are also solid, reflecting efficient operations and a strong ability to generate operating profits.

Balance Sheet

The balance sheet of AS ONE is stable with a low debt-to-equity ratio of 0.11, indicating low financial leverage and prudent financial management. The return on equity is strong at 12.34%, showing effective utilization of shareholder equity to generate profits. The equity ratio of 66.6% reflects a solid financial base, although the decrease in cash reserves could pose a future liquidity concern.

Cash Flow

AS ONE has shown a significant improvement in free cash flow, with a 64.68% growth rate, highlighting strong cash generation capabilities. The operating cash flow to net income ratio of 1.13 indicates efficient conversion of income to cash, and the free cash flow to net income ratio of 0.99 demonstrates the ability to maintain healthy cash flow after capital expenditures.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	105.22B	103.75B	95.54B	91.42B	86.95B	81.61B
Gross Profit	31.93B	31.32B	29.25B	28.45B	25.54B	25.93B
EBITDA	14.11B	13.64B	12.65B	13.32B	12.18B	10.65B
Net Income	8.55B	8.23B	7.50B	8.11B	7.20B	5.99B
Balance Sheet
Total Assets	96.79B	100.14B	95.83B	97.48B	96.11B	94.23B
Cash, Cash Equivalents and Short-Term Investments	20.52B	22.57B	13.89B	18.61B	19.22B	17.85B
Total Debt	6.58B	7.19B	3.60B	6.19B	3.10B	4.70B
Total Liabilities	29.24B	33.43B	31.17B	33.51B	29.95B	31.46B
Stockholders Equity	67.55B	66.71B	64.66B	63.97B	66.15B	62.76B
Cash Flow
Free Cash Flow	0.00	8.11B	4.92B	5.82B	7.69B	3.19B
Operating Cash Flow	0.00	9.31B	6.50B	6.97B	8.84B	5.38B
Investing Cash Flow	0.00	850.00M	-1.93B	-367.98M	591.15M	-2.12B
Financing Cash Flow	0.00	-659.00M	-9.04B	-7.28B	-5.16B	11.31M

AS ONE Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2470.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7476, the sentiment is Neutral. The current price of 2470 is above the 20-day moving average (MA) of 2269.80, above the 50-day MA of 2349.62, and above the 200-day MA of 2425.17, indicating a neutral trend. The MACD of -7.33 indicates Negative momentum. The RSI at 54.82 is Neutral, neither overbought nor oversold. The STOCH value of 78.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:7476.

AS ONE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2784	78 Outperform	¥477.17B	5.40	6.92%	2.69%	5.11%	-20.51%
7476	76 Outperform	¥164.49B	17.99	12.55%	2.60%	6.48%	12.88%
3360	75 Outperform	¥217.40B	15.29	9.53%	2.19%	8.90%	-3.71%
6849	65 Neutral	¥257.59B	36.37	―	1.92%	4.31%	96.31%
8086	62 Neutral	¥250.52B	5.59	4.38%	2.03%	6.04%	733.13%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
6523	51 Neutral	¥129.51B	28.05	2.42%	3.73%	0.04%	―

AS ONE Corporate Events

AS ONE Posts 6.8% January Sales Gain on Strong Scientific and Industrial Demand

AS ONE reported that January 2026 non-consolidated net sales rose 6.8% year on year, with particularly strong performances in the Scientific and Industrial sectors. Scientific sector sales climbed 10.6% and Industrial sector sales grew 4.9%, supported by expanding e-commerce channels and an 18% increase in high-value projects, underscoring the company’s solid demand base in research and industrial markets.

In contrast, the Hospital and Nursing Care sector saw a 4.1% decline in sales as robust consumables turnover was offset by weak inquiries for supplies, signaling uneven momentum across business lines. Management continues to highlight net sales per day as a key indicator, reflecting the sensitivity of consumables demand to business-day variations and providing investors with a clearer view of underlying operational trends.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2822.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE Extends Record Profit Streak on Strong E-Commerce and Scientific Instrument Demand

AS ONE reported a 5.1% year-on-year rise in net sales and a 6.2% increase in gross profit for the third quarter of the fiscal year ending March 2026, with gross margin improving by 0.3 percentage points on better profitability in long-tail and imported products and high-value order projects. Growth was led by the Research and Industrial Instruments Division, particularly the scientific and industrial sectors, and by strong expansion in e-commerce, web-only and original products, and overseas business, while the Medical Instruments Division and fee-based T21 system use declined modestly. Despite higher SG&A expenses from rising real estate rents, logistics investments, and depreciation tied to new facilities such as the Nakanoshima Qross Lab and Kyushu distribution center, AS ONE achieved record-high levels of net sales and profits for multiple consecutive years and is broadly on track with its medium-term management plan targets, underscoring continued operational resilience and strengthened logistics and digital capabilities.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2898.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE Delivers Higher Nine-Month Profits and Confirms Full-Year Outlook

AS ONE reported consolidated net sales of ¥79.2 billion for the nine months ended December 31, 2025, up 5.1% year on year, with operating profit rising 12.4% to ¥9.4 billion and profit attributable to owners of parent increasing 12.4% to ¥6.7 billion, underscoring improved profitability and higher comprehensive income. The balance sheet remained robust, with total assets of about ¥99.9 billion and an equity-to-asset ratio of 68.4%, while the company kept its full-year forecast unchanged, projecting modest sales and profit growth and maintaining a progressive dividend stance with a planned annual payout of ¥63 per share for the year ending March 31, 2026, signaling confidence in earnings stability and continued shareholder returns.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2898.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE Posts 9% December Sales Growth on Strong Scientific and Medical Demand

AS ONE reported strong non-consolidated net sales for December 2025, with overall sales rising 9.0% year on year, supported by growth in all three of its core sectors. The Scientific Sector led performance with a 12.1% increase driven by the expansion of e-commerce channels, the Industrial Sector grew 4.9%, and the Hospital and Nursing Care Sector posted a 4.0% gain on robust demand for low-priced consumables, marking a second consecutive month of quarter-on-quarter growth; these trends underscore the company’s continued momentum in demand for research, industrial, and medical consumables despite fluctuations in operating days.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2898.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE CORPORATION Completes Stock Repurchase Program

AS ONE CORPORATION announced the completion of its stock repurchase program, buying back 157,500 common shares for approximately JPY 386.12 million between December 1, 2025, and December 17, 2025. This initiative, part of a broader resolution approved in May 2025, highlights the company’s strategic efforts to manage its capital structure and enhance shareholder value, demonstrating its commitment to efficient corporate governance and financial growth.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2860.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.