Iceco Inc. (7698) AI Stock Analysis

• Market Cap: ¥7.10B
• Dividend Yield: 1.04%
• Average Volume (3M): 8.06K
• Price to Earnings (P/E): 14.6
• Beta (1Y): 0.41
• Revenue Growth: 6.68%
• EPS Growth: 45.01%
• Country: JP
• Employees: 752
• Sector: Consumer Defensive
• Sector Strength: 59
• Industry: Food Distribution
• EPS (TTM): 44.54
• Shares Outstanding: 3,905,900
• 10 Day Avg. Volume: 6,560
• 30 Day Avg. Volume: 8,060
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ¥1,964.00
• Price Target Upside: 7.09% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 67 Neutral
• Price Target: ¥1,964.00 ▲(7.09% Upside)

Iceco Inc. benefits from strong revenue growth and improved leverage management. However, concerns about profitability margins and cash flow variability weigh on the score. Technical indicators suggest stability without a strong trend, and valuation metrics are reasonable.

Iceco Inc. Business Overview & Revenue Model

Company Description

Iceco 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 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. exhibits strong revenue growth and improved profit margins, indicating positive financial health. The balance sheet shows a healthy leverage position and improved ROE. However, the cash flow statement highlights areas for improvement in cash generation, which slightly dampens the overall financial performance score.

Income Statement

Iceco Inc. shows strong revenue growth with an increase from 2024 to 2025 by 8.36%. The gross profit margin for 2025 is 17.50%, indicating efficient cost management. The net profit margin improved significantly to 0.88% in 2025 from 0.63% in 2024, reflecting better profitability. EBIT and EBITDA margins also showed positive trends, reinforcing operational improvements.

Balance Sheet

The debt-to-equity ratio decreased to 0.65 in 2025, improving the company's leverage profile. Return on equity (ROE) improved to 12.55%, showing enhanced profitability relative to equity. The equity ratio stands at 22.12%, reflecting a stable asset-financing structure with room for improvement in equity financing.

Cash Flow

Free cash flow declined significantly to -561.67 million JPY in 2025, indicating challenges in cash generation. The operating cash flow to net income ratio dropped to 0.37 in 2025, suggesting operational cash flow inefficiencies. However, the company maintains a cautious approach to capital expenditures, reflected in reduced capital outflows.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	54.72B	50.50B	44.89B	42.26B	40.55B
Gross Profit	9.57B	8.66B	7.80B	7.58B	7.45B
EBITDA	1.10B	813.61M	579.80M	725.54M	1.25B
Net Income	481.66M	318.87M	144.38M	255.25M	523.87M
Balance Sheet
Total Assets	17.36B	16.76B	15.12B	14.86B	14.32B
Cash, Cash Equivalents and Short-Term Investments	1.47B	2.44B	2.00B	2.34B	1.73B
Total Debt	2.47B	2.82B	2.92B	3.38B	4.00B
Total Liabilities	13.52B	13.33B	11.96B	11.79B	11.98B
Stockholders Equity	3.84B	3.43B	3.17B	3.07B	2.34B
Cash Flow
Free Cash Flow	-561.67M	526.18M	82.85M	657.26M	875.20M
Operating Cash Flow	178.63M	1.67B	391.99M	992.40M	1.11B
Investing Cash Flow	-729.12M	-1.09B	-199.71M	-234.09M	-312.36M
Financing Cash Flow	-414.72M	-145.32M	-512.17M	-148.25M	-347.30M

Iceco Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1834.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 1834 is above the 20-day moving average (MA) of 1806.85, above the 50-day MA of 1816.60, and above the 200-day MA of 1769.96, indicating a bullish trend. The MACD of 8.50 indicates Negative momentum. The RSI at 66.12 is Neutral, neither overbought nor oversold. The STOCH value of 75.76 is Neutral, 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	¥7.73B	5.38		0.86%	6.35%	-12.65%
7687	75 Outperform	¥3.56B	12.95		1.46%	14.39%	22.21%
3541	73 Outperform	¥12.05B	83.74		―	20.21%	138.50%
Sector *	68 Neutral	¥221.32B	22.43	8.23%	2.16%	4.86%	-0.08%
3160	68 Neutral	¥8.50B	16.25		2.41%	6.21%	-31.20%
7698	67 Neutral	¥7.10B	14.62		1.04%	6.68%	45.01%
8039	60 Neutral	¥8.00B	22.57		0.98%	5.89%	82.20%