AS ONE (7476) AI Stock Analysis

• Market Cap: ¥160.93B
• Dividend Yield: 2.6%
• Average Volume (3M): 216.80K
• Price to Earnings (P/E): 18.0
• Beta (1Y): 0.55
• 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

A 64.68% jump in free cash flow and strong conversion ratios (operating cash flow to net income 1.13; FCF to net income 0.99) indicate durable cash-generation. This strengthens financing flexibility, funds reinvestment/dividends, and reduces dependence on external capital over the medium term.

Balance Sheet Strength

Very low leverage (D/E 0.11) and a high equity ratio (66.6%) provide a conservative capital structure that supports resilience to shocks, lower interest burden, and capacity for strategic investments or acquisitions without materially increasing financial risk.

Revenue and Margin Stability

Consistent revenue growth and healthy gross (~30%) and net (~7.9%) margins reflect effective pricing and cost control across a recurring consumables and equipment distribution model. Stable margins support predictable free cash flow and the ability to invest in service and channel expansion.

Negative Factors

Declining Cash Reserves

The balance-sheet note about declining cash reserves is a structural caution: if cash balances continue to fall, the company may face tighter short-term liquidity, reduced shock absorption, or need to raise external funds, which would weaken financial flexibility despite strong FCF generation.

Moderate Top-Line Growth

Single-digit organic growth suggests constrained expansion potential in core markets. As a distributor in mature scientific and medical sectors, sustained upside will likely require share gains, service diversification, or geographic expansion rather than relying on rapid market growth.

Supplier and Model Concentration Risk

A distribution-heavy model dependent on third-party suppliers exposes AS ONE to supplier pricing pressure, margin compression, and supply-chain disruptions. Limited upstream control can constrain margin improvement and makes durable differentiation harder without added value services.

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 primarily makes money through the distribution and sale of products used in laboratories, healthcare, and industrial research and production environments. Its core revenue stream is product sales: the company procures items from manufacturers and suppliers and sells them to end users (e.g., universities, public research organizations, hospitals, and private-sector R&D and manufacturing companies), earning gross profit on the spread between purchase cost and selling price. A significant portion of sales is typically driven by recurring, high-frequency demand for consumables and everyday lab supplies (e.g., containers, gloves, pipettes, general labware), complemented by larger-ticket, lower-frequency purchases of instruments and equipment (e.g., measurement/analysis devices, lab apparatus, and facility-related equipment). The company also generates revenue from value-added services tied to its sales activities—such as product selection support, sourcing, logistics, delivery/installation coordination, and after-sales support—where applicable as part of customer supply contracts. Partnerships with a wide range of upstream manufacturers and brand owners (as an authorized distributor/agent for numerous product lines) and a broad customer base across academia, healthcare, and industry support its earnings by enabling wide product coverage and repeat purchasing through catalog and procurement channels. More specific breakdowns (e.g., exact segment revenue percentages, named major partners, or fee-based service revenue amounts) are null.

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: Negative
• 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 Negative. The current price of 2470 is above the 20-day moving average (MA) of 2255.35, above the 50-day MA of 2337.83, and above the 200-day MA of 2427.15, indicating a bearish trend. The MACD of -12.24 indicates Negative momentum. The RSI at 41.92 is Neutral, neither overbought nor oversold. The STOCH value of 24.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥456.27B	5.40	6.92%	2.69%	5.11%	-20.51%
7476	76 Outperform	¥160.93B	17.99	12.55%	2.60%	6.48%	12.88%
3360	75 Outperform	¥213.92B	15.29	9.53%	2.19%	8.90%	-3.71%
6849	65 Neutral	¥248.66B	36.37	―	1.92%	4.31%	96.31%
8086	62 Neutral	¥242.85B	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	¥125.33B	28.05	2.42%	3.73%	0.04%	―

AS ONE Corporate Events

AS ONE Posts February Sales Growth on Strong Scientific and Industrial Demand

AS ONE Corporation reported a 5.1% year-on-year increase in February 2026 net sales per day, underscoring solid growth in its core scientific and industrial supply businesses. The company highlighted that consumables demand is sensitive to the number of operating days, and it uses non-consolidated, preliminary figures to help investors track underlying sales momentum.

Growth was driven by a 6.4% rise in the Scientific Sector and a 6.6% gain in the Industrial Sector, supported by expanding e-commerce sales and successful capture of year-end projects. In contrast, the Hospital and Nursing Care Sector saw a 2.2% decline as sluggish demand for supplies offset robust online orders for consumables, and AS ONE plans to begin disclosing these monthly results on a regular basis from next month to enhance transparency for stakeholders.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2562.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE to Cancel Treasury Shares in Capital Efficiency Move

AS ONE CORPORATION announced it will cancel 340,000 shares of its common stock, representing 0.45% of its issued shares, under Article 178 of the Companies Act of Japan, with the effective date set for March 31, 2026. Following the cancellation, the company will have 75,012,540 issued shares and treasury stock equal to 4.99% of the total, a move that modestly reduces share count and may enhance capital efficiency and shareholder value.

The post-cancellation treasury stock figure includes shares held in trust accounts for director stock benefit plans and an ESOP-type scheme, indicating AS ONE’s continued use of equity-based compensation while still tightening its overall share base. This action underscores a disciplined approach to capital management and signals to investors an ongoing commitment to optimizing its balance sheet without materially altering its ownership structure.

The most recent analyst rating on (JP:7476) stock is a Buy with a Yen2495.00 price target. To see the full list of analyst forecasts on AS ONE stock, see the JP:7476 Stock Forecast page.

AS ONE Posts 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.