Matsuya Co., Ltd. (8237) AI Stock Analysis

• Market Cap: ¥136.21B
• Dividend Yield: 0.83%
• Average Volume (3M): 257.03K
• Price to Earnings (P/E): 149.6
• Beta (1Y): 0.87
• Revenue Growth: 1.38%
• EPS Growth: -87.76%
• Country: JP
• Employees: 829
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Department Stores
• EPS (TTM): 15.24
• Shares Outstanding: 53,289,640
• 10 Day Avg. Volume: 382,500
• 30 Day Avg. Volume: 257,026
• PEG Ratio: -2.55
• Price to Book (P/B): 2.02
• Price to Sales (P/S): 1.19
• P/FCF Ratio: -48.18
• 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): 50.9
• Revenue Forecast (FY): ¥50.00B

• Rating: 57 Neutral
• Price Target: ¥2,740.00 ▲(48.43% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is primarily supported by improving financial performance (revenue growth and better operating margins with a stable balance sheet). It is held back by negative free cash flow, extremely overbought technical conditions that raise near-term reversal risk, and a very expensive valuation (high P/E with a low dividend yield).

Positive Factors

Margin Improvement

Sustained improvement in gross, EBIT and EBITDA margins indicates better cost control and more efficient store operations. These margin gains are structural: they improve cash generation per sale and enhance resilience to demand swings, supporting sustainable operating profitability over months.

Stable Balance Sheet

A healthy equity ratio and moderate debt levels provide financial flexibility to fund tenant relationships, renovate space, or weather retail cyclicality. Manageable leverage reduces default risk and supports capital allocation choices over the medium term.

Operating Cash Flow Recovery

Improving operating cash flow signals stronger core retail cash generation and better working-capital management. Durable operating cash inflows reduce reliance on external finance and support reinvestment in merchandising and store activities over coming quarters.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow shows investment outlays exceed operating cash generation, pressuring liquidity and requiring financing or slowing returns. Over a multi-month horizon this constrains flexibility for dividends, buybacks, or opportunistic investments.

Declining Profitability Metrics

A slipping net profit margin and lower ROE indicate the company struggles to translate revenue into shareholder returns. If these trends persist they can signal structural cost or pricing pressures that weaken long-term profitability and investor returns.

Earnings Weakness

A sharp negative EPS growth rate points to meaningful earnings deterioration versus prior periods. Even with operational improvements, such a large EPS drop highlights earnings volatility and raises questions about sustainability of profits over the next several quarters.

Matsuya Co., Ltd. Business Overview & Revenue Model

Company Description

Matsuya Co., Ltd. operates department stores in Ginza and Asakusa, Japan. Its department stores provide women's fashion products, cosmetics, fragrances, and watch and jewelry; men's fashion and sports products; children's wear and goods; and household goods. It also engages in mail order and related manufacturing, import/export, and wholesale businesses. Matsuya Co., Ltd. was founded in 1869 and is based in Tokyo, Japan.

How the Company Makes Money

Matsuya Co., Ltd. generates revenue primarily through the sale of merchandise in its department stores and specialty shops. The company's revenue model is based on a traditional retail structure, where it purchases goods from manufacturers and suppliers at wholesale prices and sells them at a markup to consumers. Key revenue streams include apparel, cosmetics, and home goods, as well as seasonal promotions and exclusive product lines. Additionally, Matsuya may engage in partnerships with brands for exclusive product launches or collaborations that drive traffic and sales. The company also benefits from foot traffic in its physical locations, bolstered by its reputation and customer loyalty, which contribute significantly to its earnings.

Matsuya Co., Ltd. Financial Statement Overview

Summary

Financial statements show a solid recovery with strong revenue growth and improved gross/EBIT/EBITDA margins, supported by a stable balance sheet and moderate leverage. Offsetting this, net profit margin and ROE have slipped, and negative free cash flow indicates continued cash pressure from investment outflows.

Income Statement

Matsuya Co., Ltd. has demonstrated a strong recovery in its income statement with significant revenue growth from prior years. The gross profit margin has improved to a healthy level, indicating effective cost management. However, the net profit margin has decreased slightly compared to the previous year, suggesting some pressure on the bottom line. The improvement in EBIT and EBITDA margins reflects operational efficiency gains. Overall, the income statement shows positive growth trends, but net income pressure remains a concern.

Balance Sheet

The balance sheet of Matsuya Co., Ltd. reflects a stable financial position with a healthy equity ratio, showing reliance on equity financing. The debt-to-equity ratio is moderate, indicating manageable leverage levels. However, the return on equity has declined, reflecting a reduction in profitability. Overall, the balance sheet shows stability but highlights areas for enhancing shareholder returns.

Cash Flow

Cash flow analysis reveals a challenging picture with negative free cash flow, indicating cash outflows exceeding inflows in capital investments. However, the operating cash flow has improved, showing better cash management from core operations. The free cash flow to net income ratio remains negative, highlighting cash flow challenges. Overall, the cash flow statement shows recovery in operational cash generation, but investment outflows continue to pressure free cash flow.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	46.48B	48.12B	41.25B	34.40B	65.04B	52.73B
Gross Profit	25.19B	24.57B	21.72B	17.18B	13.25B	11.36B
EBITDA	3.27B	5.48B	4.48B	1.73B	3.05B	-2.37B
Net Income	408.00M	2.38B	2.63B	4.38B	1.00B	-4.42B
Balance Sheet
Total Assets	76.11B	76.11B	68.87B	63.89B	54.26B	56.45B
Cash, Cash Equivalents and Short-Term Investments	5.07B	3.91B	3.25B	6.31B	2.44B	2.96B
Total Debt	21.64B	21.82B	18.12B	19.18B	20.13B	24.78B
Total Liabilities	47.03B	46.90B	42.06B	41.04B	36.26B	40.21B
Stockholders Equity	28.27B	28.26B	25.95B	22.06B	17.25B	16.24B
Cash Flow
Free Cash Flow	0.00	-1.19B	-366.00M	-1.69B	-1.98B	-4.09B
Operating Cash Flow	0.00	3.07B	2.30B	2.35B	-1.25B	-2.76B
Investing Cash Flow	0.00	-5.53B	-4.02B	2.47B	5.38B	891.00M
Financing Cash Flow	0.00	3.13B	-1.34B	-955.00M	-4.71B	2.67B

Matsuya Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1846.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8237, the sentiment is Positive. The current price of 1846 is below the 20-day moving average (MA) of 2385.73, below the 50-day MA of 2056.82, and above the 200-day MA of 1538.21, indicating a bullish trend. The MACD of 193.82 indicates Negative momentum. The RSI at 63.93 is Neutral, neither overbought nor oversold. The STOCH value of 45.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8237.

Matsuya Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3099	73 Outperform	¥1.08T	19.09	9.37%	2.59%	-1.22%	-10.82%
8233	71 Outperform	¥582.19B	13.86	8.54%	1.84%	0.42%	20.25%
3086	66 Neutral	¥675.61B	22.36	7.58%	2.58%	6.52%	-31.67%
8242	66 Neutral	¥299.04B	10.75	4.97%	2.01%	2.00%	-68.35%
8244	65 Neutral	¥73.45B	11.19	―	1.09%	7.55%	89.45%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8237	57 Neutral	¥136.21B	149.64	―	0.83%	1.38%	-87.76%

Matsuya Co., Ltd. Corporate Events

Matsuya Announces Director Resignation and Broad Management Reshuffle

Matsuya Co., Ltd. has announced a series of top-level organizational changes following a Board of Directors meeting held on February 16, 2026. The moves include the resignation of one director, adjustments to the roles and assignments of other directors, and personnel transfers at the general manager level.

These leadership and personnel shifts suggest Matsuya is recalibrating its management structure, which may influence its operational direction and governance approach. While detailed role changes were disclosed only in the original Japanese document, the scope of the reshuffle indicates a potentially significant impact on internal oversight and strategic execution for key stakeholders.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2647.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Reveals Continued Sales Weakness in January 2026 Department Store Results

Matsuya Co., Ltd. reported monthly sales data for its department store business for January 2026, detailing year-on-year performance by store, category, and overall operations. The disclosure highlights sales and customer traffic trends at the Ginza and Asakusa stores, with figures indicating notable declines in several merchandise categories and overall totals in recent months.

The data show particular weakness in clothing-related segments and services, as well as double-digit declines in overall sales and customer traffic at the chain level, suggesting continued pressure on the company’s brick-and-mortar operations. Divergent trends between the Ginza and Asakusa locations underscore differing local demand dynamics, and the broad-based softness implies ongoing challenges for Matsuya within Japan’s department store sector.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Reports Double-Digit January Sales Decline at Ginza and Asakusa Stores

Matsuya Co., Ltd. reported its monthly sales figures for January 2026, showing year-on-year declines at both its Ginza and Asakusa department stores, with overall sales falling in the mid-teens percentage range. The company noted that while it has applied the new revenue recognition standard since FY2021, store-level sales for the department store business continue to be disclosed on the conventional basis, allowing stakeholders to compare current performance with historical data despite the accounting change.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Department Store Sales Decline Broadly in December 2025

Matsuya Co., Ltd. reported December 2025 monthly sales for its department store business, showing an overall year-on-year decline across key indicators such as total sales and customer traffic, with particularly weak performance at the Ginza and Asakusa stores. By merchandise category, most segments including clothing, accessories, general goods, household goods, and foods posted negative year-on-year results, indicating broad-based softness in in-store demand and signaling continued pressure on the company’s core brick-and-mortar retail operations heading into 2026.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2117.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Earnings Plunge as Profit Falls 71% but Dividend Policy Held

Matsuya Co., Ltd. reported a sharp deterioration in earnings for the nine months ended November 30, 2025, with net sales down 6.3% year on year to ¥33.8 billion and operating income nearly halved, while profit attributable to owners of parent fell 71.2% to ¥596 million, reflecting a significant squeeze on profitability. The company’s equity ratio declined from 37.1% to 32.4% and net assets per share also weakened, signaling some deterioration in its financial position, even as it maintains its full-year forecast calling for continued declines in sales and profit. Despite the earnings slump, Matsuya kept its dividend stance unchanged in aggregate, paying a higher interim dividend and forecasting a full-year payout of ¥12 per share, suggesting a continued emphasis on shareholder returns amid a tougher operating environment for department store retail in Japan.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2117.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Reports Double-Digit December Sales Decline at Ginza and Asakusa Stores

Matsuya Co., Ltd., a Japanese department store operator with key locations in Ginza and Asakusa, reported its monthly sales performance for December 2025. The company disclosed that, under its conventional standard for department store sales, overall sales at the Ginza and Asakusa stores declined year on year, with total company sales, Ginza store sales, and Asakusa store sales falling by 10.1%, 20.1%, and 10.8%, respectively. These figures indicate continued pressure on Matsuya’s brick-and-mortar performance and suggest a challenging operating environment for the company within Japan’s department store industry.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2117.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.

Matsuya Co., Ltd. Completes Share Repurchase Program

Matsuya Co., Ltd. has completed a share repurchase program as per its Articles of Incorporation, acquiring 293,800 shares at a cost of ¥540,068,800 through market purchases on the Tokyo Stock Exchange. This move is part of a larger plan approved by the Board of Directors to repurchase up to 2,400,000 shares, aiming to enhance shareholder value and optimize capital structure.

The most recent analyst rating on (JP:8237) stock is a Hold with a Yen2117.00 price target. To see the full list of analyst forecasts on Matsuya Co., Ltd. stock, see the JP:8237 Stock Forecast page.