Mizuno (8022) AI Stock Analysis

• Market Cap: ¥260.93B
• Dividend Yield: 1.81%
• Average Volume (3M): 250.66K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 1.23
• 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: 2.01
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 53.28
• 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: ¥3,713.00 ▲(8.25% 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

Improving profitability and margins

Sustained gross and net margin improvement points to stronger pricing power and operational efficiency. Durable higher margins create a buffer against input-cost inflation, support reinvestment in product development and marketing, and improve the ability to fund dividends or strategic initiatives over the medium term.

Low financial leverage and strong equity base

Very low leverage and a high equity ratio give the company durable financial flexibility to invest, weather downturns, and pursue opportunistic M&A without forcing immediate deleveraging. This balance-sheet strength reduces refinancing risk and supports conservative capital allocation over time.

Diversified product categories and multi-channel distribution

A broad sports portfolio and mix of wholesale, direct-to-consumer stores and e-commerce across geographies reduce single-sport concentration and channel risk. This structural diversification helps stabilize revenues across seasonal cycles and supports brand reach and margin management over multiple market cycles.

Negative Factors

Decline in free cash flow and weaker cash conversion

A meaningful fall in free cash flow and sub-1x operating-cash-to-net-income conversion reduces internal funding for capex, inventory and shareholder returns. If persistent, weaker cash conversion can constrain strategic investments or force external financing despite solid accounting profits.

Low free cash flow relative to net income

Only about a quarter of reported earnings converting to free cash flow limits the company's ability to deleverage and return capital sustainably. This structural gap increases sensitivity to working-capital swings and reduces the margin of safety if revenue or margin trends deteriorate.

Slight rise in total debt requires monitoring

While absolute leverage remains low, any upward trend in debt combined with weaker cash conversion raises refinancing and interest-service risk over time. Continued debt increases could erode the current balance-sheet advantage and limit flexibility for future investments or shareholder returns.

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 primarily makes money by selling sporting goods—especially athletic footwear, sportswear/apparel, and sport-specific equipment—under the Mizuno brand. Revenue is generated through (1) wholesale transactions to retailers and sporting-goods chains, (2) direct-to-consumer sales via Mizuno-operated stores and e-commerce, and (3) sales to institutional and team customers (e.g., schools, clubs, and organizations) where applicable. Earnings are influenced by product mix (higher-margin categories such as performance footwear and premium equipment versus lower-margin items), seasonal and sport-cycle demand (e.g., golf and baseball seasons), geographic mix (Japan vs. international markets), and brand-led marketing activities such as athlete or team endorsements and sponsorships that support demand and pricing power. Specific details on material partnerships, licensing arrangements, or the exact breakdown of revenue by segment/channel are null.

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	100.13B	95.57B	88.21B	78.51B	69.45B	58.63B
EBITDA	23.82B	23.95B	20.60B	15.80B	12.74B	6.72B
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	16.60B	13.40B	24.81B	11.21B	18.07B
Total Liabilities	57.82B	61.35B	64.08B	73.24B	53.89B	52.96B
Stockholders Equity	156.30B	156.35B	141.45B	123.74B	111.98B	103.78B
Cash Flow
Free Cash Flow	0.00	3.73B	20.11B	-12.43B	10.14B	7.41B
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: Negative
• Last Price: 3430.00
• 50DMA: Negative
• 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:8022, the sentiment is Negative. The current price of 3430 is below the 20-day moving average (MA) of 3746.00, below the 50-day MA of 3627.80, and above the 200-day MA of 2979.75, indicating a neutral trend. The MACD of -90.47 indicates Positive momentum. The RSI at 33.41 is Neutral, neither overbought nor oversold. The STOCH value of 8.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥260.93B	11.87	10.61%	1.81%	5.29%	16.34%
3092	65 Neutral	$960.48B	17.87	49.14%	2.82%	6.80%	0.62%
3028	63 Neutral	¥76.68B	10.29	―	2.11%	6.04%	93.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8281	60 Neutral	¥44.92B	15.79	―	3.31%	0.88%	-138.66%
7514	43 Neutral	¥10.31B	-8.39	―	3.08%	3.31%	-94.69%
4755	41 Neutral	$1.62T	-12.21	-21.14%	―	11.45%	42.34%

Mizuno Corporate Events

Mizuno Completes Nearly Full ¥3 Billion Share Buyback to Boost Capital Efficiency

Mizuno Corporation has completed a share repurchase of 740,700 common shares for approximately ¥3.0 billion via an off-auction ToSTNeT-3 transaction on the Tokyo Stock Exchange. The buyback was executed at ¥4,050 per share on February 27, 2026, effectively using almost the entire authorization granted by its board the previous day.

The company states the repurchase aims to improve capital efficiency, enhance per-share value by reducing the number of shares outstanding, and smooth future fundraising linked to bonds with stock acquisition rights. With this transaction, Mizuno has essentially completed its approved buyback program of up to 800,000 shares and ¥3 billion, signaling an emphasis on shareholder value and careful management of market supply-demand for its stock.

The most recent analyst rating on (JP:8022) stock is a Hold with a Yen4233.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

Mizuno Sets Terms for Zero Coupon Convertible Bonds Due 2031

Mizuno Corporation has set the key terms for its Zero Coupon Convertible Bonds due 2031, following approval by its board of directors on 26 February 2026. The bonds are structured with stock acquisition rights, allowing bondholders to convert debt into common shares at a predetermined price.

The conversion price has been fixed at ¥4,981 per share, representing a 22.99% premium to Mizuno’s closing share price of ¥4,050 on the pricing date. This capital-raising move, executed without an interest coupon, is designed to provide funding while potentially diluting equity in the future, reflecting management’s confidence in the company’s valuation and long-term prospects.

The most recent analyst rating on (JP:8022) stock is a Hold with a Yen4233.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

Mizuno Launches ¥3 Billion Share Buyback via ToSTNeT-3

Mizuno Corporation has approved a share buyback to be executed via an off-auction share repurchase transaction (ToSTNeT-3) on the Tokyo Stock Exchange. The company plans to repurchase 740,700 shares of its common stock, representing 0.96% of issued shares excluding treasury stock, at ¥4,050 per share for a total of approximately ¥2.999 billion.

The transaction is scheduled for 8:45 a.m. on 27 February 2026, with results to be announced immediately after completion. This move forms part of a broader Board authorization allowing buybacks of up to 800,000 shares or ¥3 billion by 31 August 2026, signaling ongoing capital policy efforts that may enhance shareholder value and adjust the company’s capital structure depending on market conditions.

The most recent analyst rating on (JP:8022) stock is a Hold with a Yen4233.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

Mizuno Launches ¥3 Billion Share Buyback to Boost Capital Efficiency

Mizuno Corporation has authorized a share repurchase of up to 800,000 common shares, equivalent to 1.04% of its outstanding stock excluding treasury shares, for a total amount not exceeding ¥3 billion. The buyback will be executed through market purchases on the Tokyo Stock Exchange, including off-auction ToSTNeT-3 transactions, during the period from 27 February 2026 to 31 August 2026.

The company aims to improve capital efficiency and enhance per-share value by reducing the number of shares in circulation, while also smoothing fundraising tied to the issuance of bonds with stock acquisition rights. Depending on market conditions and other factors, Mizuno may choose not to complete the full authorized amount, underscoring a flexible approach to capital allocation and shareholder return within its existing treasury stock position.

The most recent analyst rating on (JP:8022) stock is a Hold with a Yen4233.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

Mizuno to Issue ¥10 Billion Zero Coupon Convertible Bonds to Fund Growth and Buybacks

Mizuno Corporation has approved the issuance of ¥10 billion in zero coupon convertible bonds due 2031 to fund its next phase of global growth and capital efficiency initiatives. The move supports the company’s ongoing strategy to strengthen product innovation through its MIZUNO ENGINE center, deepen its focus on core footwear categories, and accelerate expansion in underdeveloped markets such as Latin America and India.

The net proceeds of about ¥9.95 billion will be directed to new and renovated directly operated stores, IT and e-commerce platform investments, and expanded sales channels and production capacity. A significant portion is also earmarked for share repurchases, aimed at improving capital efficiency, supporting the share price by reducing outstanding stock, and smoothing market impact from the bond issuance for existing shareholders.

The most recent analyst rating on (JP:8022) stock is a Hold with a Yen4233.00 price target. To see the full list of analyst forecasts on Mizuno stock, see the JP:8022 Stock Forecast page.

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.