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Iceco Inc. (JP:7698)
:7698
Japanese Market
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Iceco Inc. (7698) AI Stock Analysis

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JP:7698

Iceco Inc.

(7698)

Rating:70Outperform
Price Target:
¥2,002.00
▲(7.17% Upside)
Iceco Inc. demonstrates strong revenue growth and operational efficiency, supported by positive technical indicators. However, low profitability margins and cash flow variability are concerns. Valuation is fair but not particularly compelling.

Iceco Inc. (7698) vs. iShares MSCI Japan ETF (EWJ)

Iceco Inc. Business Overview & Revenue Model

Company DescriptionIceco Inc. (7698) is a company specializing in the design and manufacturing of portable refrigeration solutions, primarily serving the outdoor, automotive, and camping sectors. The company offers a diverse range of products, including portable freezers, coolers, and accessories that cater to both consumer and commercial markets. With a focus on innovation and quality, Iceco aims to provide reliable and energy-efficient cooling solutions that enhance outdoor and adventure experiences.
How the Company Makes MoneyIceco Inc. generates revenue primarily through the sale of its portable refrigeration products. The company's revenue model is centered around direct sales to consumers via e-commerce platforms, as well as partnerships with retailers and distributors that expand its reach in the market. Key revenue streams include sales of portable freezers and coolers, which are offered in various sizes and specifications to meet different customer needs. Additionally, Iceco benefits from significant partnerships with outdoor and camping gear retailers, which help drive brand visibility and sales. The company also engages in promotional activities and seasonal discounts to stimulate demand during peak outdoor activity periods, contributing further to its earnings.

Iceco Inc. Financial Statement Overview

Summary
Iceco Inc. shows consistent revenue growth and improved operational efficiency. However, low profitability margins and cash flow variability are concerns. The balance sheet is stronger with reduced leverage.
Income Statement
75
Positive
Iceco Inc. has shown consistent revenue growth over the past years, with a notable increase from ¥36.7 billion in 2020 to ¥54.7 billion in 2025. The gross profit margin has remained stable, averaging around 17% over the years. However, the net profit margin is relatively low, averaging around 1%, indicating potential cost management issues. The EBIT and EBITDA margins have shown improvement, reflecting better operational efficiency.
Balance Sheet
70
Positive
The company's debt-to-equity ratio has improved, decreasing from 2.36 in 2020 to 0.64 in 2025, suggesting better leverage management. The return on equity (ROE) has been relatively low, averaging around 10%, indicating moderate profitability. The equity ratio has improved, reflecting a stronger equity position relative to assets.
Cash Flow
65
Positive
Iceco Inc. has experienced fluctuations in free cash flow, with a significant decline in 2025. The operating cash flow to net income ratio has been volatile, indicating inconsistencies in cash generation relative to net income. The free cash flow to net income ratio has also shown variability, suggesting potential challenges in converting earnings into cash.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue54.72B54.72B50.50B44.89B42.26B40.55B
Gross Profit9.57B9.57B8.66B7.80B7.58B7.45B
EBITDA1.10B1.10B813.61M579.80M725.54M1.25B
Net Income481.59M481.66M318.87M144.38M255.25M523.87M
Balance Sheet
Total Assets17.36B17.36B16.76B15.12B14.86B14.32B
Cash, Cash Equivalents and Short-Term Investments1.47B1.47B2.44B2.00B2.34B1.73B
Total Debt2.47B2.47B2.82B2.92B3.38B4.00B
Total Liabilities13.52B13.52B13.33B11.96B11.79B11.98B
Stockholders Equity3.84B3.84B3.43B3.17B3.07B2.34B
Cash Flow
Free Cash Flow0.00-561.67M526.18M82.85M657.26M875.20M
Operating Cash Flow0.00178.63M1.67B391.99M992.40M1.11B
Investing Cash Flow0.00-729.12M-1.09B-199.71M-234.09M-312.36M
Financing Cash Flow0.00-414.72M-145.32M-512.17M-148.25M-347.30M

Iceco Inc. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1868.00
Price Trends
50DMA
1821.00
Positive
100DMA
1821.28
Positive
200DMA
1778.23
Positive
Market Momentum
MACD
13.04
Negative
RSI
62.38
Neutral
STOCH
84.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7698, the sentiment is Positive. The current price of 1868 is above the 20-day moving average (MA) of 1840.80, above the 50-day MA of 1821.00, and above the 200-day MA of 1778.23, indicating a bullish trend. The MACD of 13.04 indicates Negative momentum. The RSI at 62.38 is Neutral, neither overbought nor oversold. The STOCH value of 84.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7698.

Iceco Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
¥8.54B5.94
0.78%5.02%-25.87%
75
Outperform
¥3.68B13.33
1.42%14.39%22.21%
71
Outperform
¥8.71B16.64
2.36%6.21%-31.20%
70
Outperform
¥7.30B15.01
1.02%6.68%45.01%
66
Neutral
¥8.07B22.76
0.98%5.89%82.20%
63
Neutral
$20.52B14.79-2.72%3.09%1.95%-4.74%
60
Neutral
¥11.48B76.41
20.21%138.50%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JP:7698
Iceco Inc.
1,868.00
332.63
21.66%
JP:2708
Kuze Co., Ltd.
1,913.00
444.50
30.27%
JP:3160
Oomitsu Co., Ltd.
593.00
1.88
0.32%
JP:3541
Nousouken Corp.
521.00
217.00
71.38%
JP:7687
Micreed Co., Ltd.
558.00
167.95
43.06%
JP:8039
Tsukiji Uoichiba Company, Limited
3,570.00
403.35
12.74%
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.Date of analysis: Aug 19, 2025