XEBIO Holdings CO., LTD. (8281) AI Stock Analysis

• Market Cap: ¥44.92B
• Dividend Yield: 3.31%
• Average Volume (3M): 153.55K
• Price to Earnings (P/E): 15.8
• Beta (1Y): 0.35
• Revenue Growth: 0.88%
• EPS Growth: -138.66%
• Country: JP
• Employees: 2,560
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 16.92
• Shares Outstanding: 47,911,022
• 10 Day Avg. Volume: 94,160
• 30 Day Avg. Volume: 153,553
• PEG Ratio: -0.93
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.22
• P/FCF Ratio: 10.46
• 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: 60 Neutral
• Price Target: ¥1,166.00 ▲(8.67% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

XEBIO Holdings' stock score is primarily influenced by its strong financial position and revenue growth. However, technical indicators point to bearish momentum, and the negative P/E ratio raises concerns about profitability. The attractive dividend yield provides some support, but overall caution is advised.

Positive Factors

Low leverage / strong balance sheet

Exceptionally low leverage and a ~60% equity ratio provide durable financial flexibility. This structure lowers refinancing risk, supports investment in stores and inventory through cycles, and allows capacity for shareholder returns or strategic M&A without stressing solvency.

Consistent revenue growth

Steady top-line growth reflects persistent consumer demand and execution across merchandise categories. Reliable revenue progression supports scale economics, helps preserve gross margins, and underpins long-term reinvestment in assortment, stores, and marketing to sustain market share.

Established multi-format retail footprint

A broad physical store network and multiple retail formats create durable customer access and assortment depth. The multi-format model enables cross-selling, seasonal cadence management and local market penetration, supporting resilient sales across varied sports and outdoor segments.

Negative Factors

Very low return on equity

ROE near 1% signals limited efficiency in converting equity into profits. Persistently low ROE constrains long-term shareholder value creation, suggests underutilized capital or pricing/mix challenges, and may require structural changes to improve asset productivity.

Thin net and operating margins

Very slim net and modest operating margins leave limited room to absorb cost inflation or competitive price pressure. Over time such narrow margins restrict reinvestment and free cash flow retention, making the business more sensitive to margin shocks.

Capex pressure reduces free cash flow buffer

Capital expenditures materially depress free cash flow versus net income. Continued store and inventory investments are capital intensive, limiting discretionary cash for dividends or buybacks and requiring sustained operating cash generation to fund growth without raising leverage.

XEBIO Holdings CO., LTD. Business Overview & Revenue Model

Company Description

Xebio Holdings Co., Ltd., together with its subsidiaries, engages in sporting goods business in Japan. The company is involved in sporting goods retail activities, as well as the sale of sporting goods and apparels. It operates integrated mega specialty stores under The Super Sports XEBIO brand; small and medium scale sporting equipment specialty stores under the XEBIO Sports Express brand; urban sporting goods specialty stores under the Victoria brand; small-scale sporting goods stores under the NEXAS brand; sporting goods specialty stores under the Takeda Sports brand; golf products specialty stores under the Victoria Golf and Golf Partner brands; outdoor specialty stores under the L-Breath brand; and specialty apparel stores under the next and X'tyle brands. The company also operates sports eyewear stores under the X'tyleVision brand; health food and fitness, and medical products stores under the Xiasis brand; Free Blades, an ice hockey club team; Xebio Arena, a sports arena; and sports community station stores under the XSPOT brand. In addition, it engages in purchase and sale of golf goods; marketing project, research and consulting, event promotion, and property management activities; and international business, and research and development operations. Further, the company is involved in providing sports related digital platforms; and e-commerce management business. Additionally, it engages in sales agency business, human resource development, and temporary staffing service; and credit card business. The company was founded in 1962 and is headquartered in Koriyama, Japan.

How the Company Makes Money

XEBIO Holdings generates revenue primarily through the retail sales of sporting goods and apparel across its physical stores and online platforms. The company benefits from a diverse product range, which includes popular sports brands and proprietary labels, allowing for competitive pricing and customer loyalty. Significant revenue streams include in-store sales, e-commerce transactions, and seasonal promotional events. Additionally, XEBIO may engage in partnerships with sports organizations and sponsorships, further enhancing brand visibility and customer engagement, which contribute positively to its overall earnings.

XEBIO Holdings CO., LTD. Financial Statement Overview

Summary

XEBIO Holdings shows consistent revenue growth and a strong balance sheet with low leverage. However, profitability is moderate, and capital expenditures impact free cash flow ratios.

Income Statement

XEBIO Holdings has shown consistent revenue growth with a 3.37% increase in the latest year. Gross and net profit margins are healthy at 36.8% and 0.39% respectively, though the latter indicates some room for improvement in profitability. EBIT and EBITDA margins are at 2.8% and 3.64%, showing moderate operational efficiency.

Balance Sheet

The company maintains a strong financial position with a Debt-to-Equity ratio of 0.06, suggesting low leverage. A Return on Equity (ROE) of 0.8% highlights potential for increased profitability. The equity ratio stands at 59.7%, indicating substantial equity financing, which is favorable.

Cash Flow

XEBIO Holdings has demonstrated significant improvement in free cash flow, transitioning from negative to positive, signifying better cash management. The operating cash flow to net income ratio is strong at 12.42, reflecting robust cash generation relative to net income, though free cash flow to net income is lower, indicating CAPEX impacts.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	249.77B	250.60B	242.43B	239.29B	223.28B	202.44B
Gross Profit	97.23B	92.23B	92.89B	91.77B	87.05B	78.82B
EBITDA	5.62B	9.11B	9.72B	12.97B	9.25B	7.68B
Net Income	-1.53B	971.00M	2.59B	5.40B	3.84B	412.00M
Balance Sheet
Total Assets	212.61B	205.57B	210.40B	211.78B	208.87B	207.99B
Cash, Cash Equivalents and Short-Term Investments	22.07B	19.86B	24.94B	32.89B	39.89B	44.32B
Total Debt	7.26B	8.40B	10.96B	13.05B	15.59B	16.04B
Total Liabilities	91.22B	83.44B	85.58B	89.21B	90.16B	91.63B
Stockholders Equity	121.00B	121.72B	124.45B	122.36B	118.67B	116.32B
Cash Flow
Free Cash Flow	0.00	5.31B	-2.86B	1.38B	-2.78B	20.13B
Operating Cash Flow	0.00	12.06B	4.27B	7.02B	2.23B	25.37B
Investing Cash Flow	0.00	-9.60B	-8.04B	-5.48B	-5.16B	-2.02B
Financing Cash Flow	0.00	-7.53B	-4.14B	-7.91B	-2.12B	8.51B

XEBIO Holdings CO., LTD. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1073.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8281, the sentiment is Negative. The current price of 1073 is below the 20-day moving average (MA) of 1076.00, below the 50-day MA of 1086.14, and below the 200-day MA of 1095.67, indicating a bearish trend. The MACD of -16.67 indicates Positive momentum. The RSI at 31.76 is Neutral, neither overbought nor oversold. The STOCH value of 21.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8281.

XEBIO Holdings CO., LTD. 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%
9997	71 Outperform	¥86.82B	5.42	6.96%	2.98%	1.15%	86.72%
3093	65 Neutral	¥40.35B	9.40	―	2.19%	17.90%	14.14%
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%

XEBIO Holdings CO., LTD. Corporate Events

XEBIO’s Nine-Month Profit Slumps as Margins Tighten Despite Steady Sales

XEBIO Holdings reported net sales of ¥188.8 billion for the nine months to December 31, 2025, essentially flat year on year, but operating profit dropped nearly 59% and profit attributable to owners of parent plunged about 78%, leading to a sharp fall in earnings per share. Despite weaker profitability and a decline in the equity ratio as total assets increased, the company kept its dividend plan intact and maintained full‑year forecasts that assume modest sales growth but significantly lower profits, signaling ongoing margin pressures for shareholders and raising questions about its earnings resilience.

For the full year ending March 31, 2026, XEBIO projects net sales of ¥253.5 billion, up 1.2%, but expects operating profit and ordinary profit to fall by roughly 43% and 33% respectively, with net profit down more than 75%, underscoring a challenging operating environment. While no major changes in consolidation or accounting policies were reported, the combination of rising assets, lower net assets and subdued profit outlook suggests the retailer faces structural headwinds that could weigh on returns and limit financial flexibility in the near term.

The most recent analyst rating on (JP:8281) stock is a Hold with a Yen1171.00 price target. To see the full list of analyst forecasts on XEBIO Holdings CO., LTD. stock, see the JP:8281 Stock Forecast page.