Mani, Inc. (7730) AI Stock Analysis

• Market Cap: ¥149.95B
• Dividend Yield: 2.73%
• Average Volume (3M): 283.94K
• Price to Earnings (P/E): 30.3
• Beta (1Y): 0.89
• Revenue Growth: 5.10%
• EPS Growth: -26.13%
• Country: JP
• Employees: 4,154
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 19.25
• Shares Outstanding: 107,003,280
• 10 Day Avg. Volume: 284,170
• 30 Day Avg. Volume: 283,943
• PEG Ratio: -1.02
• Price to Book (P/B): 2.28
• Price to Sales (P/S): 4.12
• P/FCF Ratio: 206.29
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ¥1,774.00 ▲(18.23% Upside)

The score is primarily driven by strong profitability and an exceptionally conservative balance sheet, offset by weak recent free-cash-flow conversion and some net-margin softening. Technicals are positive but look overextended, and valuation is relatively high given the current earnings and cash-flow momentum.

Positive Factors

High gross and operating margins

Sustained high gross margin (~64%) and strong EBIT margin (~27%) indicate durable product-level economics and pricing power in medical consumables. This supports long-term reinvestment in R&D, stable operating cash generation, and resilience to input-cost swings over months.

Conservative, very low-leverage balance sheet

An exceptionally conservative balance sheet with near-zero debt provides financial flexibility to fund capex, absorb demand shocks, and pursue strategic investments without refinancing risk. Over 2–6 months this lowers insolvency risk and preserves optionality for growth actions.

Consumables business model with repeat purchasing

A consumables-heavy revenue mix creates recurring, predictable demand from dental clinics and hospitals. Repeat purchasing supports steady revenue visibility, improves customer lifetime value, and underpins durable cash flows and distribution relationships across domestic and overseas channels.

Negative Factors

Highly volatile and compressed free cash flow

Sharp swings and recent compression in free cash flow reduce the company's ability to fund dividends, buybacks, or opportunistic M&A without tapping equity or reserves. Over the medium term, inconsistent FCF undermines capital-allocation flexibility and investor confidence in cash generation.

Declining net margin

A meaningful drop in net margin from prior years suggests rising non-operating costs, tax or financing pressure, or lower below-the-line efficiency. Even with strong gross/EBIT margins, weaker net conversion diminishes retained earnings and long-term returns to shareholders.

Slowing top-line growth in 2025

Growth slowing to +2.7% in 2025 after stronger expansion earlier may signal maturation in core markets or increased competitive pressure. Without new product introductions or geographic expansion, slower revenue gains could limit future operating leverage and long-term margin improvement.

Mani, Inc. Business Overview & Revenue Model

Company Description

Mani, Inc. (7730) is a Japanese company specializing in the manufacturing and sale of precision instruments and medical devices. The company is primarily involved in the dental and surgical instrument sectors, providing high-quality products used in medical procedures globally. Mani, Inc. is recognized for its innovative and reliable solutions that cater to the needs of healthcare professionals, ensuring optimal performance and safety.

How the Company Makes Money

Mani, Inc. generates revenue through the sale of its precision instruments and medical devices to healthcare providers, dental practitioners, and hospitals. The company's revenue streams are primarily driven by its extensive product portfolio, which includes dental instruments like files and reamers, as well as surgical instruments such as needles and sutures. Mani, Inc. benefits from a strong global distribution network and partnerships with medical distributors, enabling it to reach a wide customer base. Additionally, the company invests in research and development to maintain its competitive edge and meet the evolving demands of the medical industry, thereby ensuring a steady flow of income from its innovative product offerings.

Mani, Inc. Financial Statement Overview

Summary

Strong fundamentals overall: steady multi-year revenue growth and high profitability (gross margin ~64%, EBIT margin ~27%) supported by an exceptionally conservative balance sheet (minimal debt, rising equity). Offsetting this, net margin declined to ~17% in 2025 and free cash flow has been volatile and recently compressed versus 2022–2023, weakening cash conversion.

Income Statement

Revenue has grown steadily over the last five annual periods (from 15.2B in 2020 to 30.0B in 2025), with 2025 still positive (+2.7%) but clearly slowing versus the stronger growth in 2021–2023. Profitability is a major strength: 2025 gross margin is ~64% and operating profitability remains solid (EBIT margin ~27%). The main weakness is the recent earnings softness—net margin fell to ~17% in 2025 from ~22–26% in 2021–2024, indicating pressure below the operating line despite healthy gross profitability.

Balance Sheet

The balance sheet is exceptionally conservative with minimal debt (debt-to-equity ~0.0014 in 2025) and a steadily rising equity base (equity up from ~36.6B in 2020 to ~54.1B in 2025). Returns on equity are respectable for a low-leverage profile (~9.5% in 2025), though they have come down from ~12% levels in 2022–2024. Overall risk from leverage appears very low, with the key trade-off being a modest recent decline in profitability returns.

Cash Flow

Operating cash generation is consistently positive and covers net income by ~2.0x in 2024–2025, supporting earnings quality. However, free cash flow is the weak spot: it has been highly volatile and recently compressed sharply (free cash flow of ~0.13B in 2024 and ~0.60B in 2025 versus ~4.31B in 2023 and ~4.62B in 2022). Free cash flow relative to net income is low in 2024–2025, suggesting heavier investment/working-capital needs or other cash uses that are limiting cash available to shareholders.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	29.86B	29.97B	28.51B	24.49B	20.42B	17.19B
Gross Profit	19.16B	19.32B	17.90B	15.42B	12.57B	11.01B
EBITDA	10.44B	9.56B	10.70B	9.94B	9.17B	7.55B
Net Income	5.37B	4.64B	6.29B	5.95B	5.29B	4.29B
Balance Sheet
Total Assets	58.54B	58.54B	57.18B	54.98B	50.11B	42.69B
Cash, Cash Equivalents and Short-Term Investments	18.73B	18.73B	21.66B	25.43B	22.73B	18.89B
Total Debt	76.00M	76.00M	83.00M	58.00M	117.00M	128.00M
Total Liabilities	4.43B	4.43B	4.85B	5.15B	4.70B	3.49B
Stockholders Equity	54.11B	54.11B	52.33B	49.83B	45.41B	39.20B
Cash Flow
Free Cash Flow	-1.16B	599.00M	129.00M	4.31B	4.62B	2.52B
Operating Cash Flow	2.01B	7.02B	7.81B	8.03B	6.56B	6.38B
Investing Cash Flow	-1.29B	-7.15B	-6.64B	-4.02B	-2.17B	-3.44B
Financing Cash Flow	-801.50M	-3.90B	-3.70B	-3.25B	-2.44B	-2.23B

Mani, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1500.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7730, the sentiment is Positive. The current price of 1500.5 is below the 20-day moving average (MA) of 1542.85, above the 50-day MA of 1480.76, and above the 200-day MA of 1315.94, indicating a neutral trend. The MACD of 22.50 indicates Positive momentum. The RSI at 48.42 is Neutral, neither overbought nor oversold. The STOCH value of 9.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7730.

Mani, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7817	76 Outperform	¥189.51B	21.67	6.47%	3.16%	1.96%	22.78%
7780	74 Outperform	¥123.17B	23.76	5.97%	1.78%	3.17%	7.07%
7730	71 Outperform	¥149.95B	30.34	―	2.73%	5.10%	-26.13%
7979	69 Neutral	¥65.59B	14.36	―	2.83%	3.69%	1.86%
7747	68 Neutral	¥681.88B	45.64	10.09%	0.82%	13.53%	-7.39%
7716	66 Neutral	¥182.50B	27.08	5.66%	2.66%	5.43%	-20.67%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%