Tokyo Kisen Co., Ltd. (9193) AI Stock Analysis

• Market Cap: ¥12.01B
• Dividend Yield: 4.99%
• Average Volume (3M): 17.48K
• Price to Earnings (P/E): 5.4
• Beta (1Y): 0.64
• Revenue Growth: 6.11%
• EPS Growth: 207.55%
• Country: JP
• Employees: 483
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 47.40
• Shares Outstanding: 10,010,000
• 10 Day Avg. Volume: 14,400
• 30 Day Avg. Volume: 17,476
• PEG Ratio: 0.01
• Price to Book (P/B): 0.32
• Price to Sales (P/S): 0.63
• P/FCF Ratio: -3.10
• 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: ¥1,426.00 ▲(39.12% Upside)
• Action: Upgraded Date: 02/10/26
• Date: Action: Upgraded 02/10/26

The score is driven mainly by attractive valuation (low P/E and solid dividend yield) and a strong balance sheet, partly offset by weak profitability/negative free cash flow and technically overbought momentum despite an overall uptrend.

Positive Factors

Balance Sheet Strength

Low leverage and a rising equity base improve financial resilience in cyclical shipping markets. A strong equity ratio and improving ROE increase ability to fund operations, absorb demand shocks, and support capital spending or dividends without relying on costly external debt.

Underlying Operational Cash Generation

A positive EBITDA margin shows the core tugboat and port-services operations generate cash before depreciation and extraordinary items. That underlying cash generation provides a foundation to restore operating profit through efficiency gains or lower capex intensity, aiding medium-term recovery prospects.

Essential, Stable Business Model

Harbor and coastal maritime services are essential to port operations with recurring demand and high entry barriers (specialized vessels, permits, local relationships). This structural market position supports steady baseline demand and long-term contract potential versus cyclical, discretionary businesses.

Negative Factors

Profitability Pressure

Sustained net losses and negative EBIT margins signal the company is not yet converting revenue into bottom-line profits. Continued unprofitability pressures retained earnings, limits reinvestment capacity, and raises the need for operational restructuring or margin improvement to achieve durable earnings.

Negative Free Cash Flow

Persistently negative free cash flow implies capital needs exceed operating cash generation. In capital-intensive marine services, this can erode liquidity, constrain investments in fleet renewal, and force reliance on external financing or equity, weakening long-term financial flexibility if unresolved.

Revenue Volatility

Revenue volatility and recent declines reduce predictability of cash flows and complicate planning for fleet maintenance or crew costs. In a sector tied to trade volumes, inconsistent top-line trends increase execution risk for margin recovery and make multi-period forecasting and investment decisions harder.

Tokyo Kisen Co., Ltd. Business Overview & Revenue Model

Company Description

Tokyo Kisen Co.,Ltd. engages in the tugboat business in Japan and internationally. The company operates through Tugboat, Passenger Ship, and Store and Restaurant segments. The company provides harbor tug services, including assisting in berthing and docking operations of vessels; escort tug services, such as safeguarding the route of vessels carrying hazardous materials, as well as pilot boat services; emergency support and disaster prevention services comprising ship rescue, watch boat, oil spill recovery, fire extinguishing, and lifesaving services; and crew transfer and vessel services. It also offers marine logistics support services, which include mooring boat and patrol boat services; and passenger services consisting of sightseeing boats under the Marine Shuttle, Marine Rouge, and Sea Bus names, as well as provides car ferry services. The company was incorporated in 1947 and is headquartered in Yokohama-shi, Japan.

How the Company Makes Money

Tokyo Kisen generates revenue through multiple streams, primarily from its shipping services where it charges for the transportation of goods across domestic and international routes. The company also earns income from its harbor services, which include the handling and storage of cargo at ports. Additional revenue is generated through long-term contracts with businesses for logistics solutions, as well as partnerships with other maritime and logistics firms that enhance its service offerings. The demand for marine transportation and logistics services, coupled with efficient operational management, plays a crucial role in driving the company's earnings.

Tokyo Kisen Co., Ltd. Financial Statement Overview

Summary

Mixed fundamentals: a strong balance sheet (low leverage and rising equity) is offset by weaker operating performance (declining revenue, negative EBIT and net margins) and negative free cash flow driven by high capex.

Income Statement

Tokyo Kisen Co., Ltd. has shown fluctuating revenue patterns with a decrease in the latest year. The gross profit margin has decreased from prior years, and the company is operating at a net loss, impacting net profit margins negatively. Despite a positive EBITDA margin, the EBIT margin is negative, indicating operational challenges.

Balance Sheet

The company maintains a strong equity position with a low debt-to-equity ratio. The equity ratio indicates a stable financial structure, and the company has consistently increased its stockholders' equity. The return on equity shows improvement, suggesting better utilization of equity in recent periods.

Cash Flow

The free cash flow remains negative, reflecting high capital expenditures relative to operating cash flow. The operating cash flow to net income ratio is positive but shows volatility, indicating some inconsistency in converting earnings into cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	12.60B	12.04B	12.52B	11.87B	10.70B	9.89B
Gross Profit	1.62B	1.46B	2.33B	1.96B	1.20B	1.15B
EBITDA	4.00B	4.15B	2.38B	1.91B	1.25B	1.16B
Net Income	1.82B	2.04B	572.70M	416.13M	-192.94M	-94.19M
Balance Sheet
Total Assets	30.90B	31.26B	29.12B	28.67B	28.91B	26.99B
Cash, Cash Equivalents and Short-Term Investments	7.23B	7.89B	7.49B	8.97B	9.72B	8.68B
Total Debt	2.92B	2.96B	3.17B	3.04B	3.65B	2.07B
Total Liabilities	6.69B	6.47B	6.52B	7.02B	7.84B	5.72B
Stockholders Equity	23.15B	23.76B	21.60B	20.73B	20.18B	20.38B
Cash Flow
Free Cash Flow	0.00	-2.44B	-2.80B	-1.02B	-1.21B	-2.61B
Operating Cash Flow	0.00	1.21B	618.20M	1.50B	1.27B	231.73M
Investing Cash Flow	0.00	636.60M	-639.32M	-2.73B	-348.57M	1.40B
Financing Cash Flow	0.00	-432.55M	120.03M	-31.32M	1.42B	-238.58M

Tokyo Kisen Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1025.00
• 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:9193, the sentiment is Positive. The current price of 1025 is below the 20-day moving average (MA) of 1279.15, below the 50-day MA of 1186.74, and above the 200-day MA of 1021.03, indicating a bullish trend. The MACD of 26.16 indicates Positive momentum. The RSI at 58.60 is Neutral, neither overbought nor oversold. The STOCH value of 75.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9193.

Tokyo Kisen Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9171	74 Outperform	¥23.57B	3.25	―	1.29%	4.21%	35.32%
9193	72 Outperform	¥12.01B	5.41	―	4.99%	6.11%	207.55%
9367	70 Outperform	¥20.44B	15.36	―	1.38%	7.07%	26.88%
9130	70 Neutral	¥10.86B	1,812.20	―	5.77%	3.22%	-87.75%
9380	65 Neutral	¥11.60B	10.98	―	1.87%	-0.35%	11.44%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9173	50 Neutral	¥6.77B	19.26	―	0.30%	-0.38%	413.00%

Tokyo Kisen Co., Ltd. Corporate Events

Tokyo Kisen Reports Increased Sales but Decline in Profitability

Tokyo Kisen Co., Ltd. reported a 14% increase in net sales for the second quarter of 2025 compared to the same period in 2024, reaching 6,812 million yen. Despite this growth, the company’s profit attributable to owners of the parent decreased by 85.9%, highlighting challenges in maintaining profitability. The company’s comprehensive income also saw a significant decline of 97.9%, indicating potential operational or market challenges that may impact stakeholders.

The most recent analyst rating on (JP:9193) stock is a Hold with a Yen1026.00 price target. To see the full list of analyst forecasts on Tokyo Kisen Co., Ltd. stock, see the JP:9193 Stock Forecast page.