AOKI Holdings, Inc. (8214) AI Stock Analysis

• Market Cap: ¥151.61B
• Dividend Yield: 4.49%
• Average Volume (3M): 187.07K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.71
• Revenue Growth: 2.21%
• EPS Growth: 4.36%
• Country: JP
• Employees: 4,010
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): N/A
• Shares Outstanding: 86,649,506
• 10 Day Avg. Volume: 163,790
• 30 Day Avg. Volume: 187,070
• PEG Ratio: 0.43
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.57
• P/FCF Ratio: 9.31
• 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: 72 Outperform
• Price Target: ¥2,001.00 ▲(10.49% Upside)
• Action: Upgraded Date: 10/29/25
• Date: Action: Upgraded 10/29/25

AOKI Holdings, Inc. demonstrates strong financial performance with consistent revenue growth and robust cash flow, which are the most significant factors in its overall score. The valuation is attractive due to a reasonable P/E ratio and high dividend yield. However, technical indicators suggest a bearish trend, which slightly offsets the positive financial and valuation aspects.

Positive Factors

Strong cash generation

AOKI’s large rise in operating cash flow and growing free cash flow indicate durable internal funding for capex, debt reduction, and shareholder returns. Reliable cash generation reduces refinancing risk and supports strategic investments over the next several years.

Improving leverage and capital structure

A significant decline in debt-to-equity and a stable ~60% equity ratio enhance financial flexibility. Lower leverage reduces interest burden and improves resilience to macro shocks, enabling management to allocate cash to growth or further de-leveraging.

Consistent revenue and margin improvement

Sustained top-line growth combined with expanding gross and net margins demonstrates improving product mix, pricing power, and cost control. These trends support longer-term profitability and room to reinvest in the business or improve shareholder returns.

Negative Factors

Absolute debt levels still material

Despite better leverage ratios, the company’s remaining debt balance could strain cash flows in an adverse cycle, limiting discretionary spending. In a downturn, servicing or refinancing significant liabilities could force cuts to capex or dividends.

Moderate operating margins

Persistently moderate EBIT/EBITDA margins imply limited operating leverage versus peers. Without sustained efficiency gains or higher-margin mix shifts, margin compression risk remains during cost inflation or competitive pricing pressure, constraining long-term returns.

Exposure to cyclical, seasonal consumer demand

AOKI’s mix of apparel, bridal and leisure ties revenues to discretionary and seasonal spending patterns. Structural weakness in consumer confidence or shifts in event/ceremony behavior would materially affect utilization and revenue stability across segments over multiple quarters.

AOKI Holdings, Inc. Business Overview & Revenue Model

Company Description

AOKI Holdings Inc. engages in the fashion, anniversary and bridal, entertainment, and real estate leasing businesses in Japan. It creates and sells apparel for men and women, as well as business apparel and casual clothing under the AOKI and ORIHICA brand names; and operates apparel store that offers casual clothing of big sizes for men and women under the Size MAX name. The company also operates wedding halls and guesthouse-style halls for ceremonies and receptions, as well as offers related products and services. In addition, it operates and manages KAIKATSU CLUB café complexes; COTE D'AZUR karaoke facilities; and FiT24 fitness and training facilities. The company was founded in 1958 and is headquartered in Yokohama, Japan.

How the Company Makes Money

AOKI Holdings generates revenue predominantly through its restaurant operations, where it earns money from food and beverage sales. The company operates numerous restaurant chains, each contributing to its overall revenue through direct sales to customers. Key revenue streams include dine-in services, takeout, and catering services. Additionally, AOKI may benefit from partnerships with suppliers and distributors for food products, enhancing its supply chain efficiency and cost management. Seasonal promotions, loyalty programs, and marketing strategies also play a crucial role in driving customer traffic and increasing sales, further contributing to the company's earnings.

AOKI Holdings, Inc. Financial Statement Overview

Summary

AOKI Holdings, Inc. presents a solid financial profile with consistent revenue and profit growth, improved leverage ratios, and strong cash flow generation. Despite some areas for improvement in operational efficiency and debt management, the company is well-positioned within the Apparel - Retail industry.

Income Statement

AOKI Holdings, Inc. has shown consistent revenue growth over the past few years, with a notable increase from ¥154.9 billion in 2022 to ¥192.7 billion in 2025. The gross profit margin has improved from 38.5% in 2021 to 41.9% in 2025, indicating better cost control. The net profit margin has also improved significantly to 5.0% in 2025 from negative figures in 2021, reflecting enhanced profitability. However, EBIT and EBITDA margins remain moderate, suggesting room for operational efficiency improvements.

Balance Sheet

The company's debt-to-equity ratio has improved from 0.55 in 2021 to 0.29 in 2025, indicating better leverage management. Return on Equity (ROE) has also shown a positive trend, rising to 6.7% in 2025, reflecting improved profitability. The equity ratio has remained stable around 60%, ensuring a strong capital structure. However, the total debt, while decreasing, still represents a significant portion of the company's liabilities, posing a potential risk if not managed properly.

Cash Flow

AOKI Holdings has demonstrated strong cash flow performance, with operating cash flow increasing from ¥4.35 billion in 2021 to ¥21.7 billion in 2025. Free cash flow has also grown significantly, reflecting effective capital expenditure management. The free cash flow to net income ratio indicates healthy cash generation relative to earnings. The company’s ability to generate consistent free cash flow provides a solid foundation for future investments and debt repayment.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2021
Income Statement
Total Revenue	193.54B	192.69B	187.72B	176.17B	154.92B	143.17B
Gross Profit	81.62B	80.69B	76.93B	69.56B	59.64B	48.36B
EBITDA	24.22B	24.20B	22.44B	17.35B	15.25B	-1.88B
Net Income	9.26B	9.57B	7.57B	5.63B	2.56B	-11.93B
Balance Sheet
Total Assets	215.68B	232.98B	236.33B	233.42B	233.01B	237.26B
Cash, Cash Equivalents and Short-Term Investments	23.88B	34.88B	35.66B	38.30B	37.94B	29.94B
Total Debt	29.71B	40.66B	48.22B	52.70B	61.97B	69.68B
Total Liabilities	77.33B	90.83B	99.27B	101.17B	105.37B	111.41B
Stockholders Equity	138.05B	141.84B	136.76B	131.97B	127.64B	125.85B
Cash Flow
Free Cash Flow	0.00	11.76B	5.70B	12.13B	8.76B	-6.59B
Operating Cash Flow	0.00	21.74B	17.59B	17.48B	17.13B	4.35B
Investing Cash Flow	0.00	-8.52B	-10.89B	-3.03B	886.00M	-11.52B
Financing Cash Flow	0.00	-13.99B	-9.34B	-14.09B	-10.02B	13.27B

AOKI Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1811.00
• 50DMA: Negative
• 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:8214, the sentiment is Positive. The current price of 1811 is above the 20-day moving average (MA) of 1806.95, below the 50-day MA of 1825.46, and above the 200-day MA of 1710.37, indicating a neutral trend. The MACD of -8.93 indicates Positive momentum. The RSI at 51.83 is Neutral, neither overbought nor oversold. The STOCH value of 56.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8214.

AOKI Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7606	72 Outperform	¥76.11B	12.50	―	2.73%	10.48%	-34.38%
8214	72 Outperform	¥151.61B	17.50	―	4.49%	2.21%	4.36%
8219	71 Outperform	¥130.13B	15.73	5.53%	6.09%	-1.03%	4.12%
8185	66 Neutral	¥33.84B	16.84	―	4.07%	-9.86%	-14.02%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
7416	54 Neutral	¥12.74B	-16.19	―	2.24%	0.49%	-169.64%
7494	47 Neutral	¥8.22B	4.81	―	4.13%	-10.82%	―

AOKI Holdings, Inc. Corporate Events

AOKI Holdings Posts Lower Nine-Month Profit but Affirms Full-Year Outlook and Higher Dividend

For the nine months ended December 31, 2025, AOKI Holdings reported a modest 1.5% rise in net sales to ¥131.3 billion, but operating profit fell 5.4% to ¥7.1 billion and profit attributable to owners of parent dropped 18.4% to ¥3.7 billion, dragging down earnings per share to ¥44.57. Despite the earnings contraction, the balance sheet remains solid, with total assets of ¥214.4 billion and an equity ratio of 64.7%, while shareholders’ equity declined slightly from the previous fiscal year-end.

The company maintained its full-year forecast for the fiscal year ending March 31, 2026, targeting net sales of ¥196.0 billion and an 8.6% increase in operating profit to ¥17.0 billion, with only marginal growth projected in full-year profit attributable to owners of parent at ¥9.6 billion. AOKI also kept its dividend plan unchanged, lifting the interim dividend versus last year and signaling a total annual payout of ¥80 per share, underscoring management’s intent to balance shareholder returns with cautious profit expectations amid a challenging operating environment.

The most recent analyst rating on (JP:8214) stock is a Buy with a Yen2031.00 price target. To see the full list of analyst forecasts on AOKI Holdings, Inc. stock, see the JP:8214 Stock Forecast page.