Iceco Inc. (7698) AI Stock Analysis

• Market Cap: ¥8.11B
• Dividend Yield: 0.94%
• Average Volume (3M): 7.64K
• Price to Earnings (P/E): 16.7
• Beta (1Y): 0.43
• Revenue Growth: 6.68%
• EPS Growth: 45.01%
• Country: JP
• Employees: 752
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Distribution
• EPS (TTM): 44.54
• Shares Outstanding: 3,911,900
• 10 Day Avg. Volume: 12,160
• 30 Day Avg. Volume: 7,636
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ¥2,002.00
• Price Target Upside: -3.38% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 70 Outperform
• Price Target: ¥2,002.00 ▼(-3.38% Downside)

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. Business Overview & Revenue Model

Company Description

Iceco Inc. engages in the wholesale of ice creams and frozen foods. The company sells ice creams and frozen foods for commercial use at retail stores, such as drugstores and food supermarkets. It also operates stores and supermarkets focusing on fresh products comprising fruits and vegetables, fresh fish, and meat under the Super Senkan TAIGA name. Iceco Inc. was founded in 1948 and is headquartered in Yokohama, Japan.

How the Company Makes Money

Iceco 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	54.72B	54.72B	50.50B	44.89B	42.26B	40.55B
Gross Profit	9.57B	9.57B	8.66B	7.80B	7.58B	7.45B
EBITDA	1.10B	1.10B	813.61M	579.80M	725.54M	1.25B
Net Income	481.59M	481.66M	318.87M	144.38M	255.25M	523.87M
Balance Sheet
Total Assets	17.36B	17.36B	16.76B	15.12B	14.86B	14.32B
Cash, Cash Equivalents and Short-Term Investments	1.47B	1.47B	2.44B	2.00B	2.34B	1.73B
Total Debt	2.47B	2.47B	2.82B	2.92B	3.38B	4.00B
Total Liabilities	13.52B	13.52B	13.33B	11.96B	11.79B	11.98B
Stockholders Equity	3.84B	3.84B	3.43B	3.17B	3.07B	2.34B
Cash Flow
Free Cash Flow	0.00	-561.67M	526.18M	82.85M	657.26M	875.20M
Operating Cash Flow	0.00	178.63M	1.67B	391.99M	992.40M	1.11B
Investing Cash Flow	0.00	-729.12M	-1.09B	-199.71M	-234.09M	-312.36M
Financing Cash Flow	0.00	-414.72M	-145.32M	-512.17M	-148.25M	-347.30M

Iceco Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2072.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 2072 is above the 20-day moving average (MA) of 1923.50, above the 50-day MA of 1857.40, and above the 200-day MA of 1799.69, indicating a bullish trend. The MACD of 58.76 indicates Negative momentum. The RSI at 79.50 is Negative, neither overbought nor oversold. The STOCH value of 85.83 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2708	75 Outperform	¥8.74B	6.08	22.15%	0.76%	5.02%	-25.87%
7687	75 Outperform	¥3.56B	12.90	―	1.51%	14.39%	22.21%
3160	71 Outperform	¥8.69B	19.35	8.21%	2.36%	4.62%	-29.55%
7698	70 Outperform	¥8.11B	16.65	―	0.94%	6.68%	45.01%
3541	69 Neutral	¥12.42B	82.71	10.53%	―	20.21%	138.50%
8039	60 Neutral	¥7.95B	22.44	4.39%	0.99%	5.89%	82.20%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%