Astena Holdings Co.,Ltd. (8095) AI Stock Analysis

• Market Cap: ¥19.28B
• Dividend Yield: 3.73%
• Average Volume (3M): 270.46K
• Price to Earnings (P/E): 8.8
• Beta (1Y): 0.63
• Revenue Growth: 15.00%
• EPS Growth: -195.87%
• Country: JP
• Employees: 1,420
• Sector: Industrials
• Sector Strength: 72
• Industry: Medical - Pharmaceuticals
• EPS (TTM): 13.67
• Shares Outstanding: 41,097,565
• 10 Day Avg. Volume: 280,330
• 30 Day Avg. Volume: 270,463
• PEG Ratio: -0.05
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 37.67
• 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: 58 Neutral
• Price Target: ¥499.00 ▲(3.31% Upside)

The score is anchored by mid-level financial performance: profitability has improved in 2025, but earnings and especially free cash flow have been volatile and debt rose in 2025. Technicals are neutral-to-mildly positive, offering limited confirmation. Valuation is the main positive, supported by a low P/E and solid dividend yield.

Positive Factors

Improving gross margin and return to profitability

A sustained lift in gross margin to about 35% and a return to positive earnings in 2025 indicate stronger pricing or cost control in core distribution. Higher, more durable margins improve cash generation potential and resilience versus lower-margin peers across economic cycles.

Consistent positive revenue trend

Steady, modest revenue growth demonstrates ongoing demand from pharmacies and drugstores and supports scale advantages in procurement and distribution. Predictable top-line expansion underpins longer-term planning and incremental margin improvement opportunities.

Essential distribution business with stable customer base

A business centered on pharmaceutical distribution to pharmacies and drugstores benefits from recurring demand, entrenched supplier and customer relationships, and logistical know-how. These structural attributes can sustain revenue and limit competitive churn over time.

Negative Factors

Volatile and weak free cash flow

Irregular free cash flow and thin cash conversion versus earnings constrain reinvestment, debt reduction, and dividend sustainability. Persistent working-capital swings and uneven OCF raise execution risk and reduce financial flexibility over the medium term.

Rising debt and reduced balance-sheet flexibility

An increase in debt in 2025 amid earnings volatility tightens covenants and limits strategic optionality. Higher leverage elevates refinancing and interest risks, making the company more vulnerable to cyclical shocks and constraining capital allocation priorities over years.

Earnings volatility and prior sizable loss

Large swings in net income, including a substantial 2024 loss, signal execution and margin volatility. This unpredictability complicates forecasting, raises the likelihood of future profit interruptions, and may hinder sustained investments and stakeholder confidence.

Astena Holdings Co.,Ltd. Business Overview & Revenue Model

Company Description

Astena Holdings Co., Ltd. manufactures and sells medicine-related products in Japan. The company's Fine Chemical division manufactures and sells active pharmaceutical ingredients and medical supplies for antipyretic, analgesic, anti-inflammatory, and vasoconstrictor areas. Its Medical division is involved in the biotechnology related business, such as the provision of drug development support services; and sale of medical equipment. The company's Health & Beauty Care, and Food division engages in the sale of over-the-counter drugs, food product materials, functional food product materials, and cosmetic ingredients; mail/Internet-ordered sales business; and OEM production of cosmetics. Its Industrial Chemicals division manufactures and sells surface finishing chemicals and other chemical products, such as products for PWBs, electronic devices, general platings, and semiconductors. The company was formerly known as Iwaki & Co., Ltd. and changed its name to Astena Holdings Co.,Ltd. in June 2021. Astena Holdings Co., Ltd. was founded in 1914 and is based in Chuo, Japan.

How the Company Makes Money

Astena Holdings generates revenue through multiple channels, primarily by investing in and managing a diverse portfolio of businesses across its targeted sectors. The company earns income through capital appreciation and dividends from its investments in technology startups, real estate projects, and healthcare ventures. It also charges fees for asset management and consultancy services provided to its subsidiaries and external clients. Additionally, strategic partnerships with other firms enhance the company's reach and operational capabilities, contributing to its overall profitability. The company's focus on high-growth industries and its ability to adapt to market trends play a significant role in sustaining its revenue streams.

Astena Holdings Co.,Ltd. Financial Statement Overview

Summary

Improving profitability and gross margin with a return to positive earnings in 2025, but overall results are volatile due to the sizable 2024 loss. Balance sheet leverage is moderate yet debt increased in 2025, and cash flow quality is the weakest area with uneven operating cash flow and historically volatile/often negative free cash flow.

Income Statement

Revenue growth has been modest but generally positive most years (2025 up 2.2% after a strong rebound in 2024), and gross margin has steadily improved (about 23% in 2020 to ~35% in 2025). Profitability is mixed: 2025 returned to positive earnings with ~3.5% net margin and improved operating profitability, but 2024 posted a sizable net loss with negative net margin, highlighting volatility and execution risk.

Balance Sheet

Leverage is moderate with debt-to-equity typically around ~0.56–0.83, but debt stepped up in 2025 versus prior years, reducing balance-sheet flexibility. Equity levels have been relatively stable, though return on equity has swung from solid positive levels (e.g., 2020–2023) to negative in 2024, indicating earnings instability that can pressure capital strength if repeated.

Cash Flow

Cash generation is uneven. Operating cash flow is positive in most years but was negative in 2022, and the cash conversion versus earnings looks thin in 2025 (operating cash flow relative to net income is low, and free cash flow is only a small fraction of net income). Free cash flow has been volatile—negative in multiple years (2021–2023), modestly positive in 2024–2025—suggesting working-capital swings and/or investment demands are frequently absorbing cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	61.39B	62.74B	57.99B	51.98B	49.64B	72.32B
Gross Profit	21.57B	21.87B	19.37B	16.32B	15.44B	16.60B
EBITDA	2.04B	5.51B	849.75M	4.17B	3.90B	5.21B
Net Income	-2.03B	2.19B	-2.53B	1.16B	579.60M	1.74B
Balance Sheet
Total Assets	71.27B	75.44B	64.60B	67.25B	63.55B	63.55B
Cash, Cash Equivalents and Short-Term Investments	10.11B	10.19B	6.10B	6.88B	6.93B	10.93B
Total Debt	22.32B	22.59B	14.94B	16.91B	15.02B	15.13B
Total Liabilities	44.99B	48.04B	39.29B	38.65B	36.48B	36.55B
Stockholders Equity	26.12B	27.10B	25.17B	28.42B	26.99B	27.00B
Cash Flow
Free Cash Flow	530.53M	500.00M	1.65B	-2.52B	-3.77B	-2.14B
Operating Cash Flow	1.29B	3.39B	4.85B	1.64B	-742.42M	1.35B
Investing Cash Flow	-699.24M	-5.55B	-2.94B	-2.83B	-2.22B	-4.38B
Financing Cash Flow	-386.86M	6.19B	-2.65B	1.08B	-1.09B	6.35B

Astena Holdings Co.,Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 483.00
• 50DMA: Positive
• 100DMA: Negative
• 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:8095, the sentiment is Negative. The current price of 483 is below the 20-day moving average (MA) of 483.40, above the 50-day MA of 475.81, and above the 200-day MA of 475.70, indicating a neutral trend. The MACD of -0.32 indicates Positive momentum. The RSI at 46.40 is Neutral, neither overbought nor oversold. The STOCH value of 30.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8095.

Astena Holdings Co.,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3417	73 Outperform	¥19.96B	6.97	―	1.83%	4.30%	52.38%
4350	70 Outperform	¥15.69B	10.09	―	2.32%	6.60%	27.97%
3544	67 Neutral	¥11.91B	21.89	―	1.24%	3.58%	-10.70%
7679	66 Neutral	¥39.62B	9.15	―	1.29%	7.12%	14.14%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
2796	60 Neutral	¥6.09B	-41.10	―	2.65%	15.66%	56.93%
8095	58 Neutral	¥19.28B	8.81	―	3.73%	15.00%	-195.87%

Astena Holdings Co.,Ltd. Corporate Events

Astena Holdings Returns to Profit and Projects Continued Growth for FY2026

Astena Holdings reported consolidated net sales of ¥62.7 billion for the fiscal year ended November 30, 2025, up 8.2% year on year, with operating profit rising 7.2% to ¥3.0 billion and ordinary profit up 3.8% to ¥2.9 billion. Profit attributable to owners of parent swung from a loss of ¥2.5 billion in the previous year to a ¥2.2 billion profit, lifting basic earnings per share to ¥54.23 and turning comprehensive income positive. Total assets expanded to ¥75.4 billion while net assets increased to ¥27.4 billion, though the equity ratio declined to 35.9% amid active investment, as reflected in higher negative investing cash flows and increased financing cash inflows that roughly doubled cash and cash equivalents to ¥10.1 billion. The company maintained its annual dividend at ¥18 per share and forecasts continued top-line growth in the fiscal year ending November 30, 2026, guiding for net sales of ¥68.0 billion and a 7.5% rise in profit attributable to owners of parent to ¥2.35 billion, implying modest earnings growth and a payout ratio just over 30%, signaling a commitment to shareholder returns while pursuing measured profit expansion.

The most recent analyst rating on (JP:8095) stock is a Hold with a Yen490.00 price target. To see the full list of analyst forecasts on Astena Holdings Co.,Ltd. stock, see the JP:8095 Stock Forecast page.

Astena Holdings Confirms Record-Year Dividend Payout on Strong Fine Chemicals Earnings

Astena Holdings has resolved to pay a year-end dividend of ¥9 per share for the fiscal year ended November 30, 2025, with a record date of November 30, 2025, subject to approval at the February 26, 2026 shareholders’ meeting. This maintains the previously announced forecast and, combined with the interim dividend of ¥9, brings the annual dividend to ¥18 per share, implying a DOE of 2.8% and a payout ratio of 33.2%, both above its policy minimums. The decision reflects record-high net sales, operating profit, ordinary profit and profit attributable to owners of parent, driven primarily by strong performance in the Fine Chemicals segment, and signals continued commitment to shareholder returns in line with the group’s Astena 2030 growth strategy.

The most recent analyst rating on (JP:8095) stock is a Hold with a Yen490.00 price target. To see the full list of analyst forecasts on Astena Holdings Co.,Ltd. stock, see the JP:8095 Stock Forecast page.

Astena Holdings Adopts Rolling Medium-Term Plan Centered on Sustainability and Social Impact

Astena Holdings has updated its medium-term management plan using a rolling three-year framework starting with the fiscal year ending November 30, 2026, aiming to adjust targets annually in response to changing business conditions while pursuing its long-term vision “Astena 2030 – Diversify for Tomorrow.” The revised plan centers on three sustainability-focused strategies: a platform strategy in fine chemicals and health & beauty care/food to build industry-wide solution platforms and enhance efficiency; a niche-top strategy in medical and industrial chemicals to dominate narrowly defined markets through proprietary technologies and continuous innovation; and a social impact strategy led by subsidiary Astena Minerva Inc., which develops environmentally conscious, problem-solving businesses, including regional initiatives in Japan’s Oku-Noto area to address demographic and social challenges and support societal well-being.

The most recent analyst rating on (JP:8095) stock is a Hold with a Yen490.00 price target. To see the full list of analyst forecasts on Astena Holdings Co.,Ltd. stock, see the JP:8095 Stock Forecast page.