Mizuno (8022) AI Stock Analysis

• Market Cap: ¥319.96B
• Dividend Yield: 1.81%
• Average Volume (3M): 250.66K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 1.18
• Revenue Growth: 5.29%
• EPS Growth: 16.34%
• Country: JP
• Employees: 3,584
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 65.19
• Shares Outstanding: 79,734,726
• 10 Day Avg. Volume: 259,690
• 30 Day Avg. Volume: 250,656
• PEG Ratio: 0.67
• Price to Book (P/B): 0.42
• Price to Sales (P/S): 0.28
• P/FCF Ratio: 17.76
• 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: ¥3,800.00
• Price Target Upside: 10.79% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 221.63
• Revenue Forecast (FY): ¥258.14B

• Rating: 74 Outperform
• Price Target: ¥4,452.00 ▲(29.80% Upside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is primarily supported by strong financial performance—improving margins and a low-leverage, equity-strong balance sheet—partly tempered by weaker cash flow conversion and a notable decline in free cash flow. Technicals remain bullish on trend but are overbought, which adds near-term risk. Valuation is reasonable with a modest dividend yield.

Positive Factors

Balance Sheet Strength

Mizuno's very low leverage and high equity ratio provide durable financial flexibility. Low debt reduces refinancing and interest-rate risk, preserving capacity for capex, inventory and strategic investments, and gives resilience through demand slowdowns and industry cycles.

Improving Profitability and Margins

Sustained margin expansion signals better cost control and pricing power in core products. Higher gross and net margins improve internal funding for R&D, retail and marketing, and create a buffer for competitive price pressure, supporting longer-term earnings durability.

Diversified Product & Channel Mix with Steady Revenue

Mizuno's multi-category portfolio and multi-channel distribution (wholesale, owned retail, e‑commerce, institutional) reduce reliance on any single sport or channel. Combined with steady revenue growth, this diversification supports more predictable demand and long-term market reach.

Negative Factors

Declining Free Cash Flow

A notable year-over-year drop in free cash flow is a durable concern: lower FCF limits the firm's ability to self-fund capital expenditures, inventory build or shareholder returns. Persistent declines would pressure strategic flexibility and may increase reliance on external financing.

Weak Cash Conversion

Low conversion of accounting earnings into cash makes reported profits less durable for funding operations and growth. Over time this heightens sensitivity to working-capital swings, constrains reinvestment, and can force trade-offs between growth initiatives and liquidity preservation.

Seasonal / Sport-Cycle Demand Exposure

Structural seasonality tied to sport cycles creates recurring revenue volatility and inventory management challenges. This necessitates higher working capital buffers and precise marketing timing, increasing the risk of margin pressure and uneven cash flow across reporting periods.

Mizuno Business Overview & Revenue Model

Company Description

Mizuno Corporation manufactures and sells sports products in Japan, Europe, the Americas, the rest of Asia, and Oceania. The company offers baseball products, sportswear, sports shoes, and golf products; and equipment related to the operation of sports facilities. Mizuno Corporation was founded in 1906 and is headquartered in Osaka, Japan.

How the Company Makes Money

Mizuno generates revenue through several key streams, primarily by selling sports equipment, apparel, and footwear. The company earns money from direct sales to consumers through its retail stores and online platforms, as well as wholesale distribution to various sporting goods retailers. Additionally, Mizuno benefits from partnerships with professional athletes and sports teams, which enhance brand visibility and credibility. Licensing agreements and collaborations with other brands also contribute to its revenue. The company's focus on research and development allows it to innovate and maintain a competitive edge, attracting customers and driving sales.

Mizuno Financial Statement Overview

Summary

Strong profitability and operating efficiency (gross margin up to 39.8% and net margin up to 6.3% in 2025) alongside a stable, low-leverage balance sheet (debt-to-equity 0.086, equity ratio 71.6%). The main offset is weaker cash generation: free cash flow remained positive but fell sharply, with moderate cash conversion (operating cash flow to net income 0.46).

Income Statement

Mizuno's income statement reveals strong financial performance with consistent revenue growth over the years. The Gross Profit Margin improved, reaching 39.8% in 2025. The Net Profit Margin also increased to 6.3% in 2025, indicating improved profitability. Revenue growth was robust with a 4.6% increase in 2025 compared to 2024, showcasing the company's positive growth trajectory. EBIT and EBITDA margins have improved, signaling effective cost management and operational efficiency.

Balance Sheet

The balance sheet of Mizuno reflects a stable financial position. The Debt-to-Equity ratio is low at 0.086, indicating low financial leverage and a strong equity base. Return on Equity (ROE) is healthy at 9.7% in 2025, showing effective use of equity to generate profit. The Equity Ratio is solid at 71.6%, denoting a strong equity position relative to total assets. This stability is a positive indicator for investors, although a slight increase in total debt should be monitored.

Cash Flow

Mizuno's cash flow statement presents mixed results. Free Cash Flow in 2025 is positive, although it decreased significantly compared to 2024. The Operating Cash Flow to Net Income ratio is 0.46, suggesting moderate cash conversion efficiency. The Free Cash Flow to Net Income ratio of 0.24 indicates room for improvement in cash generation relative to net income. The decline in operating cash flows from 2024 to 2025 could be a concern that requires careful monitoring.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	243.08B	240.34B	229.71B	212.04B	172.74B	150.42B
Gross Profit	97.14B	95.57B	90.95B	81.02B	71.57B	60.60B
EBITDA	24.02B	25.10B	23.43B	16.60B	13.83B	8.98B
Net Income	14.99B	15.24B	14.31B	9.91B	7.72B	3.75B
Balance Sheet
Total Assets	214.91B	218.48B	206.15B	197.52B	166.36B	157.14B
Cash, Cash Equivalents and Short-Term Investments	35.99B	32.40B	31.96B	23.84B	24.43B	22.64B
Total Debt	12.99B	13.49B	12.66B	23.84B	10.63B	17.43B
Total Liabilities	57.82B	61.35B	64.09B	73.25B	53.90B	52.97B
Stockholders Equity	156.30B	156.35B	141.45B	123.74B	111.98B	103.78B
Cash Flow
Free Cash Flow	0.00	3.73B	19.40B	-13.33B	9.38B	6.35B
Operating Cash Flow	0.00	7.01B	21.41B	-8.05B	12.04B	8.78B
Investing Cash Flow	0.00	-3.51B	131.00M	-4.45B	-2.18B	-841.00M
Financing Cash Flow	0.00	-4.01B	-14.01B	11.01B	-8.77B	-2.31B

Mizuno Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3430.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8022, the sentiment is Positive. The current price of 3430 is below the 20-day moving average (MA) of 3839.75, below the 50-day MA of 3473.02, and above the 200-day MA of 2908.59, indicating a bullish trend. The MACD of 197.24 indicates Positive momentum. The RSI at 65.21 is Neutral, neither overbought nor oversold. The STOCH value of 28.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8022.

Mizuno Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8022	74 Outperform	¥319.96B	17.81	10.61%	1.81%	5.29%	16.34%
3092	65 Neutral	¥1.01T	21.78	47.74%	2.82%	6.80%	0.62%
3028	63 Neutral	¥83.56B	18.47	―	2.11%	6.04%	93.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8281	60 Neutral	¥49.60B	-22.40	―	3.31%	0.88%	-138.66%
7514	43 Neutral	¥10.49B	-245.23	―	3.08%	3.31%	-94.69%
4755	41 Neutral	$1.80T	-10.07	-21.14%	―	11.45%	42.34%

Mizuno Corporate Events

Mizuno Raises Dividend Forecast for Fiscal 2026 After Stock Split

Mizuno Corporation has revised its dividend forecast for the fiscal year ending March 31, 2026, raising the planned year-end dividend from 25 yen to 35 yen per share and setting total annual dividends at 60 yen per share after a recent three-for-one stock split. The move reflects the company’s policy of providing stable, continuous shareholder returns while managing capital efficiency and share price, with the final year-end dividend subject to approval at the June 2026 shareholders’ meeting.

The most recent analyst rating on (JP:8022) stock is a Buy with a Yen4079.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

Mizuno Lifts Nine-Month Profits and Confirms Growth Outlook After Stock Split

Mizuno reported consolidated net sales of ¥187.3 billion for the nine months to December 31, 2025, up 6.8% year-on-year, with operating profit rising 12.1% to ¥17.9 billion and profit attributable to owners of parent climbing 18.0% to ¥14.9 billion, reflecting improved profitability and robust demand. The company’s financial position strengthened, with total assets and equity ratios improving, and it confirmed full-year forecasts calling for continued single-digit growth in sales and earnings and revised its dividend outlook to reflect a three-for-one stock split, signaling confidence in earnings sustainability and shareholder returns.

The most recent analyst rating on (JP:8022) stock is a Buy with a Yen4079.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.