Being Holdings Co., Ltd. (9145) AI Stock Analysis

• Market Cap: ¥17.79B
• Dividend Yield: 5.77%
• Average Volume (3M): 40.86K
• Price to Earnings (P/E): 12.7
• Beta (1Y): 0.60
• Revenue Growth: 10.75%
• EPS Growth: 15.56%
• Country: JP
• Employees: 956
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 14.42
• Shares Outstanding: 24,100,000
• 10 Day Avg. Volume: 43,420
• 30 Day Avg. Volume: 40,860
• PEG Ratio: -0.20
• Price to Book (P/B): 2.51
• Price to Sales (P/S): 0.61
• P/FCF Ratio: 109.28
• 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): 65.1
• Revenue Forecast (FY): ¥37.50B

• Rating: 59 Neutral
• Price Target: ¥803.00 ▼(-9.37% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is anchored by solid operating performance and improved profitability trends, but is held back by weak cash-flow conversion in 2025 and a technically bearish setup (price below key moving averages with negative momentum). Valuation is reasonable and provides partial support, but not enough to offset the near-term technical and cash-flow concerns.

Positive Factors

Sustained revenue growth

Multi-year top-line growth through 2025, including a positive 6.2% increase in 2025, indicates durable demand and market traction in logistics. Sustained revenue expansion supports scale benefits, steadier cash generation and underpins mid-term planning for capacity and service investments.

Improving capitalization and lower leverage

A meaningful increase in equity and a multi-year decline in leverage through 2024 strengthen solvency and financial flexibility. Improved capitalization supports investment, working-capital cycles, and resilience to shipping/logistics cyclicality, enabling long-term operational initiatives.

Positive operating cash flow trend

Consistently positive and generally rising operating cash flow demonstrates the core logistics operations generate cash, supporting recurring capex, maintenance of services and dividends. This underlying cash conversion is a durable source for funding growth and absorbing cyclical headwinds.

Negative Factors

Sharp free cash flow decline in 2025

A dramatic drop in free cash flow reduces the company's ability to fund capex, pay dividends or cut debt without raising external financing. Such volatility signals possible one-off investments or working-capital stress and weakens predictability of cash available for strategic uses over the medium term.

Rising absolute debt in 2025

An increase in absolute debt after years of improving leverage raises refinancing and interest-rate exposure. Without updated 2025 leverage ratios, it's harder to confirm durable deleveraging; higher debt can constrain capital allocation and elevate financial risk if cash conversion remains uneven.

Modest margins and limited 2025 margin visibility

Logistics margins are thin and the absence of clear 2025 margin data limits visibility on whether improved profitability is sustainable. Low structural margins reduce shock-absorption capacity and make earnings sensitive to fuel, wage or pricing pressure, constraining long-term margin expansion.

Being Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Being Holdings Co., Ltd., together with its subsidiaries, engages in the logistics consulting business. It offers third party logistics services. The company also provides passenger transportation, dispatch small taxis and large buses, and create sightseeing plans, as well as various transportation spaces, such as chartered sightseeing taxis, VIP and wedding hire, and location bus. In addition, it is involved in the automobile maintenance, system development, insurance agency, and fuel sales activities. The company was incorporated in 1986 and is headquartered in Kanazawa, Japan.

How the Company Makes Money

Being Holdings generates revenue through multiple streams, primarily from the sale of health supplements and wellness products, which constitute a significant portion of its income. The company leverages e-commerce platforms and retail partnerships to distribute its products, enhancing accessibility to a wider audience. Additionally, Being Holdings invests in technology ventures that contribute to its revenue through licensing agreements, royalties, and product sales. Strategic partnerships with other companies in related sectors further bolster its earning potential by expanding market reach and enhancing product offerings.

Being Holdings Co., Ltd. Financial Statement Overview

Summary

Income statement strength (revenue growth through 2025 and improved profitability vs. 2020–2022) is offset by weaker cash-flow quality, with free cash flow dropping sharply in 2025 (0.19B vs. 1.68B in 2024). Balance sheet leverage improved through 2024, but 2025 debt rose and 2025 leverage ratios are not provided, making the trend less certain.

Income Statement

Top-line momentum has been strong over the last several years, with revenue rising from 2020 to 2025 and growth remaining positive in the latest annual period (2025: +6.2%). Profitability has also improved versus earlier years, with net income and operating profit materially higher than 2020–2022 levels and margins trending up through 2024 (gross margin ~12.0%, net margin ~4.6%). The main weakness is that margins remain modest overall (typical for logistics), and 2025 margin details aren’t provided, limiting visibility into whether profitability is holding at 2024 levels.

Balance Sheet

The balance sheet shows improving capitalization over time, with equity steadily increasing (2020: 3.38B to 2025: 8.14B) and leverage improving meaningfully from earlier years (debt-to-equity fell from ~2.0x in 2020 to ~0.84x in 2024). However, absolute debt has risen in the most recent year (2025 debt increased vs. 2024), and without 2025 leverage ratios provided, it’s harder to confirm that the improving trend continued. Overall, leverage looks manageable but is a key area to monitor.

Cash Flow

Operating cash flow has been positive and generally growing versus the early years, which is a constructive sign. That said, free cash flow has been volatile: strong in 2024 (1.68B) but collapsing in 2025 to a very low level (0.19B) despite still-positive operating cash flow, pointing to heavier investment or working-capital drag. This variability reduces cash-flow quality and raises questions about how consistently the business can convert profits into sustainable free cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.56B	33.52B	30.19B	26.32B	23.02B	20.03B
Gross Profit	3.91B	3.78B	3.62B	3.07B	2.50B	2.26B
EBITDA	3.25B	3.06B	2.95B	2.51B	1.94B	1.81B
Net Income	1.54B	1.40B	1.37B	1.12B	873.00M	851.00M
Balance Sheet
Total Assets	18.59B	20.27B	18.22B	16.84B	14.56B	14.09B
Cash, Cash Equivalents and Short-Term Investments	3.82B	5.00B	4.95B	4.22B	3.75B	3.94B
Total Debt	7.21B	6.78B	5.94B	6.33B	5.59B	6.20B
Total Liabilities	10.59B	11.60B	10.72B	10.64B	9.46B	9.79B
Stockholders Equity	7.56B	8.14B	7.10B	5.92B	4.91B	4.15B
Cash Flow
Free Cash Flow	0.00	187.00M	1.68B	404.00M	647.00M	289.00M
Operating Cash Flow	0.00	2.21B	2.47B	1.90B	1.27B	1.54B
Investing Cash Flow	0.00	-2.11B	-767.00M	-1.60B	-524.00M	-1.23B
Financing Cash Flow	0.00	-266.00M	-974.00M	161.00M	-940.00M	-802.00M

Being Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 886.00
• 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:9145, the sentiment is Negative. The current price of 886 is above the 20-day moving average (MA) of 812.75, above the 50-day MA of 857.79, and above the 200-day MA of 862.66, indicating a bearish trend. The MACD of -35.48 indicates Positive momentum. The RSI at 33.09 is Neutral, neither overbought nor oversold. The STOCH value of 57.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9145.

Being Holdings Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9306	80 Outperform	¥13.96B	9.86	―	3.04%	4.45%	29.58%
9115	77 Outperform	¥29.88B	5.08	―	0.79%	-1.67%	18.47%
9029	75 Outperform	¥26.90B	10.50	―	2.33%	22.91%	61.68%
9083	74 Outperform	¥24.55B	7.92	―	1.81%	6.55%	9.32%
9312	74 Outperform	¥21.77B	8.75	―	2.46%	7.13%	16.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9145	59 Neutral	¥17.79B	12.69	―	5.77%	10.75%	15.56%