TOMONY Holdings, Inc. (8600) AI Stock Analysis

• Market Cap: ¥186.76B
• Dividend Yield: 2.84%
• Average Volume (3M): 524.42K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.89
• Revenue Growth: 9.68%
• EPS Growth: -21.05%
• Country: JP
• Employees: 2,212
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Diversified
• EPS (TTM): 15.39
• Shares Outstanding: 193,533,000
• 10 Day Avg. Volume: 460,970
• 30 Day Avg. Volume: 524,416
• PEG Ratio: 24.39
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 1.14
• P/FCF Ratio: 2.44
• 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: 70 Outperform
• Price Target: ¥1,082.00 ▲(33.42% Upside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

Overall score is driven mainly by solid fundamentals (growth and profitability with improved leverage, offset by cash flow volatility and slight net margin pressure). Technicals support the trend but look somewhat overextended, while valuation appears reasonable with a moderate dividend yield.

Positive Factors

Consistent revenue growth & strong margins

Sustained revenue growth and robust EBIT/EBITDA margins indicate durable operational efficiency and product-market fit. Over 2–6 months this supports reinvestment into R&D and sales, cushions against cyclical revenue dips, and underpins long-term free cash generation.

Improving leverage and solid capital structure

Improving debt-to-equity and a solid equity ratio reduce financial risk and increase strategic flexibility. This durable improvement strengthens the company's ability to fund organic growth, pursue M&A, and withstand macro shocks without immediate refinancing pressure.

Diversified, recurring revenue streams

Multiple revenue streams—licenses, subscriptions, telecom services and consulting—create recurring cash flows and cross-sell opportunities. Structural diversification dampens single-market exposure and supports steadier revenue and margin profiles over medium-term planning horizons.

Negative Factors

Softening net profit margin

A persistent decline in net margin erodes incremental profitability from revenue growth and limits retained earnings. Over months this can reduce available cash for reinvestment or dividends and may signal rising cost or pricing pressure that requires structural fixes.

Historical cash-flow volatility

Intermittent negative operating and free cash flow episodes increase financing and execution risk. Even with recent improvement, volatile cash conversion complicates capital allocation, may force conservative hiring or capex, and raises the premium for sustained cash generation.

Suboptimal asset utilization / moderate ROE

Stable but modest ROE and weak asset turnover suggest the company isn't extracting full value from its asset base. Over the medium term this can constrain earnings growth versus peers unless management improves asset deployment or shifts to higher-return initiatives.

TOMONY Holdings, Inc. Business Overview & Revenue Model

Company Description

TOMONY Holdings, Inc., through its subsidiaries, provides various banking and financial products and services. The company offers leasing and card services, as well as engages in banking operations. TOMONY Holdings, Inc. was incorporated in 2010 and is headquartered in Takamatsu, Japan.

How the Company Makes Money

TOMONY Holdings generates revenue through multiple streams, including software licensing fees, subscription services, and consulting fees associated with its technology solutions. The company also earns income from its telecommunications operations, which provide essential connectivity services to businesses and consumers. Key partnerships with technology firms and service providers enhance its market reach and allow TOMONY Holdings to offer bundled services, thus driving additional revenue. Furthermore, the company's strategic investments in emerging technologies and startups contribute to its earnings by capitalizing on growth opportunities in innovative sectors.

TOMONY Holdings, Inc. Financial Statement Overview

Summary

Income statement is solid (revenue growth and strong EBIT/EBITDA margins) but net margin has softened. Balance sheet shows improving leverage and stable ROE, though asset utilization could improve. Cash flow has improved recently, but historical operating/free cash flow volatility tempers the score.

Income Statement

TOMONY Holdings, Inc. has shown consistent revenue growth over the years, with a notable increase in the latest period. The company maintains strong EBIT and EBITDA margins, indicating efficient operations and profitability. However, the net profit margin has slightly decreased compared to previous years, suggesting some pressure on net income growth.

Balance Sheet

The company's debt-to-equity ratio has improved over time, reflecting better leverage management. The return on equity is stable, though not exceptionally high, indicating moderate profitability from shareholders' equity. The equity ratio suggests a solid capital structure, but there is room for improvement in asset utilization.

Cash Flow

TOMONY Holdings, Inc. has experienced fluctuations in free cash flow, with significant growth in recent periods. The operating cash flow to net income ratio is strong, indicating good cash generation relative to net income. However, past periods of negative operating cash flow highlight potential volatility in cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	84.99B	90.86B	83.33B	73.25B	65.68B	63.95B
Gross Profit	84.99B	85.90B	83.89B	74.86B	64.53B	63.95B
EBITDA	25.10B	25.00B	23.22B	22.42B	20.79B	11.09B
Net Income	16.48B	15.83B	14.01B	14.17B	13.06B	9.98B
Balance Sheet
Total Assets	5.09T	5.03T	4.81T	4.55T	4.60T	4.41T
Cash, Cash Equivalents and Short-Term Investments	0.00	509.25B	462.73B	371.14B	537.96B	520.14B
Total Debt	170.07B	165.47B	165.24B	103.82B	243.78B	225.82B
Total Liabilities	4.80T	4.75T	4.53T	4.30T	4.35T	4.16T
Stockholders Equity	287.22B	281.62B	275.17B	245.19B	243.33B	240.28B
Cash Flow
Free Cash Flow	0.00	42.36B	-36.73B	-203.16B	46.16B	224.84B
Operating Cash Flow	0.00	43.98B	-34.91B	-201.41B	47.91B	228.26B
Investing Cash Flow	0.00	-201.24B	27.57B	37.48B	-27.44B	-42.81B
Financing Cash Flow	0.00	204.29B	196.92B	-2.56B	-2.38B	-1.39B

TOMONY Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 811.00
• 50DMA: Positive
• 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:8600, the sentiment is Positive. The current price of 811 is below the 20-day moving average (MA) of 947.10, below the 50-day MA of 869.98, and above the 200-day MA of 688.23, indicating a bullish trend. The MACD of 29.99 indicates Positive momentum. The RSI at 63.44 is Neutral, neither overbought nor oversold. The STOCH value of 58.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8600.

TOMONY Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8388	71 Outperform	¥232.28B	15.28	―	2.53%	7.67%	11.03%
8544	71 Outperform	¥260.94B	20.66	―	2.13%	7.77%	5.80%
8600	70 Outperform	¥186.76B	14.23	―	2.84%	9.68%	-21.05%
8336	70 Outperform	¥215.77B	13.68	―	3.00%	10.56%	16.02%
8361	68 Neutral	¥284.71B	14.85	―	2.27%	2.68%	74.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8386	59 Neutral	¥274.77B	16.25	―	2.55%	-0.36%	41.38%

TOMONY Holdings, Inc. Corporate Events

TOMONY Holdings Lifts Dividend Outlook Despite Lower Nine-Month Profit

TOMONY Holdings reported consolidated ordinary income of ¥77.5 billion for the nine months ended December 31, 2025, up 12.1% year on year, while ordinary profit fell 9.9% to ¥18.3 billion and profit attributable to owners declined 17.7% to ¥11.7 billion, reflecting margin or cost pressures despite top-line growth. Total assets expanded to ¥5.22 trillion and equity increased modestly, with the equity-to-asset ratio steady at 5.5%, indicating a largely unchanged capital structure during the period.

The company maintained its dividend stance, having paid a ¥13 interim dividend and forecasting a full-year ¥26 per share, an increase from the prior year’s ¥16.50, signaling shareholder-return confidence despite lower interim earnings. TOMONY also left its full-year forecast unchanged, targeting an 11.4% rise in ordinary profit to ¥26.1 billion and a 4.2% increase in profit attributable to owners to ¥16.5 billion, suggesting management expects earnings momentum to recover in the final quarter.

The most recent analyst rating on (JP:8600) stock is a Buy with a Yen1053.00 price target. To see the full list of analyst forecasts on TOMONY Holdings, Inc. stock, see the JP:8600 Stock Forecast page.

TOMONY Holdings Nearly Maxes Out ¥1 Billion Share Buyback Program

TOMONY Holdings, Inc. has completed a share buyback program authorized by its board in November 2025, acquiring a total of 1,316,300 common shares for 999,944,500 yen through market purchases on the Tokyo Stock Exchange by January 30, 2026. Within this framework, the company most recently bought 389,700 shares for 327,970,300 yen between January 1 and January 30, 2026, slightly below the board-approved upper limits, a move that is likely to support capital efficiency, shareholder returns, and earnings per share over time by reducing the number of shares outstanding.

The most recent analyst rating on (JP:8600) stock is a Buy with a Yen986.00 price target. To see the full list of analyst forecasts on TOMONY Holdings, Inc. stock, see the JP:8600 Stock Forecast page.

TOMONY Holdings Reports Progress on Share Buyback Program

TOMONY Holdings, Inc. has reported the status of its ongoing share buyback program authorized by its board in November 2025, under which it is repurchasing common shares via market purchases on the Tokyo Stock Exchange. During the period from December 1 to December 31, 2025, the company acquired 417,900 shares for a total of ¥316.16 million, bringing cumulative repurchases under the current authorization to 926,600 shares for ¥671.97 million as of December 31, 2025, against an upper limit of 1.4 million shares and ¥1 billion, a capital policy move that may support shareholder returns and share price stability while still leaving room for additional buybacks through late January 2026.

The most recent analyst rating on (JP:8600) stock is a Buy with a Yen845.00 price target. To see the full list of analyst forecasts on TOMONY Holdings, Inc. stock, see the JP:8600 Stock Forecast page.