Marusho Hotta Co., Ltd. (8105) AI Stock Analysis

• Market Cap: ¥11.66B
• Dividend Yield: N/A
• Average Volume (3M): 6.12M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• Revenue Growth: -8.93%
• EPS Growth: -395.73%
• Country: JP
• Employees: 92
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Asset Management - Cryptocurrency
• EPS (TTM): -2.96
• Shares Outstanding: 61,390,450
• 10 Day Avg. Volume: 2,443,760
• 30 Day Avg. Volume: 6,123,443
• PEG Ratio: <0.01
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 0.82
• P/FCF Ratio: -7.25
• 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: 44 Neutral
• Price Target: ¥180.00 ▼(-21.40% Downside)

The score is driven primarily by weak financial performance (losses and negative free cash flow) and bearish technicals (price below all key moving averages with negative momentum). A debt-free balance sheet provides some stability, but the negative P/E and lack of dividend data limit valuation support.

Positive Factors

Debt-free balance sheet

Zero reported debt is a durable structural strength: it materially lowers refinancing and interest-rate risk, preserves liquidity headroom to endure operating losses, and gives management flexibility to fund product development or strategic initiatives without immediate financing pressure.

Stable gross margin

A steady gross margin around the low-30% range indicates the company's core service economics are intact. If management can control operating costs, this margin base supports scalable profitability as revenues stabilize or grow, making recovery more achievable over months.

Positioned in crypto asset management

Operating in the cryptocurrency asset-management niche aligns the company with a structurally growing market for institutional and retail crypto services. This positioning offers long-term addressable market growth opportunities if the firm can translate market adoption into consistent assets under management.

Negative Factors

Revenue decline and loss-making year

A year-over-year revenue decline and a swing to a sizeable net loss demonstrate fragile top-line momentum and volatile earnings. This undermines the firm's ability to invest and scale, and raises the probability that profitability will remain unpredictable over the next several quarters.

Negative operating and free cash flow

Recurring negative operating and free cash flow is a structural weakness: it forces reliance on balance-sheet liquidity or external funding, limits investment in products and client acquisition, and increases execution risk if losses persist over a multi-quarter horizon.

Eroding equity and negative ROE

A declining asset/equity base combined with negative ROE signals persistent capital erosion and poor capital efficiency. Over time this weakens competitive positioning and constrains the firm's ability to finance growth internally or deliver sustainable shareholder returns.

Marusho Hotta Co., Ltd. Business Overview & Revenue Model

Company Description

Bitcoin Japan Corporation is a Tokyo-based listed company that operates at the intersection of digital assets and artificial intelligence. The company pursues a dual strategy: building a treasury of bitcoin as a strategic reserve while making investments across the AI infrastructure ecosystem, from data and compute access to model development and financial intelligence. Founded in 1861 as ­Marusho Hotta Co., Ltd., the firm has reinvented itself for the digital age and is headquartered in Tokyo, Japan.

How the Company Makes Money

Marusho Hotta Co., Ltd. generates revenue through the production and sale of textile products. The company capitalizes on its expertise in traditional and contemporary textile manufacturing to supply fabrics to various sectors, including fashion, interior design, and industrial applications. Revenue streams are primarily derived from domestic sales in Japan and exports to international markets. The company may also benefit from strategic partnerships with other textile firms or distributors, which help to expand its market reach and increase sales volume.

Marusho Hotta Co., Ltd. Financial Statement Overview

Summary

Balance sheet strength (zero debt) is a major positive, but it is outweighed by weak operating results: revenue declined (~4% YoY), the company swung to a sizeable net loss (net margin ~-13%), and cash generation remains poor with negative operating cash flow and free cash flow in 2025.

Income Statement

Profitability has deteriorated meaningfully in the latest year: 2025 revenue declined to ~¥3.10B (down ~4% year over year) and the company swung from a small profit in 2024 to a sizeable net loss in 2025 (net margin ~-13%). Gross margin remains fairly steady around the low-30% range, but operating losses have widened again, suggesting costs are not scaling down with revenue. Overall, the earnings profile looks volatile with only one modestly profitable year (2024) amid multiple loss-making periods.

Balance Sheet

The balance sheet is a clear strength: total debt is reported at zero across all periods, implying very low financial leverage and reduced refinancing risk. However, equity and assets have trended down since 2020, and returns on equity are negative in most years (notably 2025), indicating that while the capital structure is conservative, profitability has not been sufficient to generate attractive returns for shareholders.

Cash Flow

Cash generation is inconsistent and weak: operating cash flow and free cash flow are negative in most years, including a sizable outflow in 2025 (operating cash flow ~-¥330M; free cash flow ~-¥349M). 2024 showed a brief improvement with positive operating and free cash flow, but this was not sustained. The pattern suggests earnings quality and cash conversion are unstable, increasing dependence on balance-sheet liquidity if losses persist.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.05B	3.10B	3.69B	3.87B	3.70B	3.78B
Gross Profit	981.80M	999.88M	1.10B	1.19B	1.12B	973.24M
EBITDA	-404.86M	-387.87M	33.22M	-71.16M	-192.95M	-783.44M
Net Income	-424.66M	-407.32M	19.43M	-78.09M	-207.98M	-809.99M
Balance Sheet
Total Assets	3.25B	3.33B	3.80B	3.69B	3.82B	4.04B
Cash, Cash Equivalents and Short-Term Investments	357.10M	474.75M	420.27M	977.40M	1.04B	2.23B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	655.66M	654.77M	740.73M	668.05M	731.50M	763.95M
Stockholders Equity	2.59B	2.68B	3.06B	3.03B	3.09B	3.28B
Cash Flow
Free Cash Flow	0.00	-349.32M	62.20M	-275.47M	-223.47M	-131.41M
Operating Cash Flow	0.00	-330.39M	74.97M	-261.30M	-223.39M	-124.06M
Investing Cash Flow	0.00	379.32M	-646.48M	185.19M	-991.34M	-1.45M
Financing Cash Flow	0.00	-4.00K	2.00K	0.00	0.00	-8.00K

Marusho Hotta Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 229.00
• 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:8105, the sentiment is Negative. The current price of 229 is above the 20-day moving average (MA) of 203.60, below the 50-day MA of 244.40, and below the 200-day MA of 300.31, indicating a bearish trend. The MACD of -18.15 indicates Negative momentum. The RSI at 41.99 is Neutral, neither overbought nor oversold. The STOCH value of 74.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8105.

Marusho Hotta Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8040	75 Outperform	¥3.60B	7.79	―	4.01%	3.98%	89.81%
3524	70 Outperform	¥4.15B	8.74	―	3.18%	3.21%	-21.80%
8115	69 Neutral	¥5.99B	8.91	―	4.33%	6.79%	15.83%
8123	68 Neutral	¥2.72B	5.66	―	3.56%	2.89%	35.17%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3202	57 Neutral	¥3.87B	79.29	―	2.63%	-3.01%	-65.96%
8105	44 Neutral	¥11.66B	-23.35	―	―	-8.93%	-395.73%