Mamiya-Op Co.,Ltd (7991) AI Stock Analysis

• Market Cap: ¥14.77B
• Dividend Yield: 5.73%
• Average Volume (3M): 69.71K
• Price to Earnings (P/E): 7.8
• Beta (1Y): 0.92
• Revenue Growth: -27.22%
• EPS Growth: -62.64%
• Country: JP
• Employees: 1,519
• Sector: Industrials
• Sector Strength: 72
• Industry: Business Equipment & Supplies
• EPS (TTM): 7.43
• Shares Outstanding: 10,508,670
• 10 Day Avg. Volume: 30,320
• 30 Day Avg. Volume: 69,710
• PEG Ratio: 0.53
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.43
• P/FCF Ratio: 2.33
• 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: 76 Outperform
• Price Target: ¥1,703.00 ▲(4.10% Upside)
• Action: Reiterated Date: 11/07/25
• Date: Action: Reiterated 11/07/25

Mamiya-Op Co., Ltd's strong financial performance and attractive valuation are the primary drivers of its stock score. While the technical indicators suggest short-term bearishness, the company's low P/E ratio and high dividend yield provide a compelling investment case. Historical financial volatility remains a risk factor.

Positive Factors

Balance Sheet Strength

High equity ratio and low leverage give the company durable financial flexibility to fund capex, R&D or dividends without heavy refinancing. A healthy ROE (~18.8%) indicates efficient equity use, supporting long-term solvency and resilience to cyclical downturns.

Free Cash Flow Recovery

A dramatic rise in free cash flow and positive operating cash flow to net income signals sustainable cash generation capacity. Strong cash conversion supports internal funding of growth initiatives, reduces funding risk, and enables shareholder returns over the medium term.

Improved Profitability

Broad margin expansion and double-digit operating profitability indicate durable operational strength and pricing or cost advantages. Consistent margin levels underpin sustained free cash flow and ROE, enabling reinvestment and competitive positioning over multiple quarters.

Negative Factors

Historic Top-line/EPS Volatility

Material historical declines in revenue and EPS highlight volatile demand or concentrated revenue streams. Even with recent recovery, such variability raises execution and forecasting risk, making sustained growth dependent on diversification or repeatable demand drivers.

Past Periods of Net Losses

Episodes of net losses demonstrate sensitivity to operational or market shocks and imply the business can swing materially negative. This pattern can constrain strategic investment, increase caution in capital allocation, and pressure management to prioritize near-term stability.

Historical Cash-Flow Weakness

Prior negative operating and free cash flows show the company faced periods of cash scarcity, requiring external funding or belt-tightening. Recurrence would threaten the ability to self-fund growth and could force dilutive or costly financing under stress.

Mamiya-Op Co.,Ltd Business Overview & Revenue Model

Company Description

Mamiya-OP Co., Ltd. manufactures and sells electronic and sports equipment in Japan and internationally. The company provides CR units; ticket-vending machines; banknote transfer system equipment; bill validators; medal and coin hoppers; IC card readers/writers; thin film thickness gauges; and physical random number generators. It also offers golf shafts, blocking rods, pole vault poles, arrows, and bows. In addition, the company is involved in the buying, selling, brokerage, and management of real estate properties. Further, it provides automatic lawn mowers; system solutions; and mobile order system, as well as engages in ICT and system integration business. Mamiya-OP Co., Ltd. was founded in 1931 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Mamiya-Op generates revenue through the sale of its imaging products, which include cameras, lenses, and various accessories. The company targets both consumer and professional markets, allowing it to tap into diverse customer bases. Key revenue streams include direct sales through retail channels, online platforms, and international distributors. Mamiya-Op also benefits from partnerships with photography schools and professionals, which can lead to bulk purchases and brand loyalty. Additionally, the company may engage in collaborations with other firms in the photography industry, contributing to its earnings through co-branded products and joint marketing efforts.

Mamiya-Op Co.,Ltd Financial Statement Overview

Summary

Mamiya-Op Co., Ltd demonstrates strong financial health with impressive revenue and profit growth, robust profitability margins, and a solid balance sheet. However, historical fluctuations and prior periods of losses indicate potential risks that require careful management to ensure sustained performance.

Income Statement

Mamiya-Op Co., Ltd has shown strong revenue growth with a 23% increase from 2024 to 2025, alongside improvements in profitability margins. The gross profit margin improved to 31.3%, and the net profit margin rose to 14.0% in 2025, indicating operational efficiency and cost management. The EBIT and EBITDA margins are robust at 19% and 20.8% respectively, reflecting strong core business performance. However, past volatility in profitability, as seen with net losses in 2021, suggests potential risks in maintaining consistent growth.

Balance Sheet

The company's balance sheet reflects solid equity strength with an equity ratio of 61.8% in 2025, indicating financial stability. The debt-to-equity ratio is moderate at 0.31, suggesting a conservative leverage strategy. Return on Equity (ROE) at 18.8% is healthy, showing effective utilization of equity capital. However, the historical fluctuations in total liabilities and equity levels point to potential risks in maintaining long-term stability.

Cash Flow

The cash flow position of Mamiya-Op Co., Ltd has significantly strengthened, with a dramatic increase in free cash flow from 2024 to 2025, registering a growth rate of 266.6%. The operating cash flow to net income ratio is positive, reflecting efficient cash generation relative to net profits. Historical challenges with negative operating and free cash flows, particularly in 2021 and 2020, suggest the need for vigilance in cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	32.58B	33.71B	27.39B	15.91B	12.87B	9.62B
Gross Profit	9.75B	10.55B	8.56B	4.86B	4.16B	2.65B
EBITDA	5.88B	7.01B	5.81B	2.60B	1.04B	-852.88M
Net Income	3.90B	4.72B	3.85B	1.99B	634.24M	-1.49B
Balance Sheet
Total Assets	40.23B	40.63B	38.47B	31.17B	23.15B	22.28B
Cash, Cash Equivalents and Short-Term Investments	13.02B	14.24B	8.20B	6.21B	6.57B	5.50B
Total Debt	7.68B	7.89B	7.55B	7.67B	6.59B	7.45B
Total Liabilities	15.18B	15.51B	17.88B	14.65B	10.67B	10.27B
Stockholders Equity	25.04B	25.11B	20.58B	16.51B	12.46B	12.00B
Cash Flow
Free Cash Flow	0.00	6.28B	1.71B	-634.70M	152.66M	-595.54M
Operating Cash Flow	0.00	6.68B	2.64B	-237.08M	416.71M	-449.69M
Investing Cash Flow	0.00	-1.63B	-1.84B	-978.94M	178.59M	-283.90M
Financing Cash Flow	0.00	119.78M	1.24B	695.49M	433.98M	-147.59M

Mamiya-Op Co.,Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1636.00
• 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:7991, the sentiment is Negative. The current price of 1636 is above the 20-day moving average (MA) of 1517.60, above the 50-day MA of 1606.18, and above the 200-day MA of 1594.74, indicating a bearish trend. The MACD of -42.89 indicates Negative momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 53.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:7991.

Mamiya-Op Co.,Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7991	76 Outperform	¥14.77B	7.83	―	5.73%	-27.22%	-62.64%
7975	70 Neutral	¥4.21B	20.15	―	2.03%	3.24%	―
7999	66 Neutral	¥34.84B	79.91	―	4.37%	0.33%	-65.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
7962	58 Neutral	¥23.49B	43.98	―	1.69%	-2.71%	―
7957	50 Neutral	¥2.28B	-0.84	―	5.27%	0.34%	―
7992	42 Neutral	¥3.41B	-15.38	―	―	4.11%	33.06%