ASNOVA Co., Ltd. (9223) AI Stock Analysis

• Market Cap: ¥6.59B
• Dividend Yield: 0.38%
• Average Volume (3M): 7.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.33
• Revenue Growth: 11.65%
• EPS Growth: -210.62%
• Country: JP
• Employees: 146
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): -2.94
• Shares Outstanding: 12,438,400
• 10 Day Avg. Volume: 4,340
• 30 Day Avg. Volume: 7,323
• PEG Ratio: 2.55
• Price to Book (P/B): 2.37
• Price to Sales (P/S): 1.65
• P/FCF Ratio: -4.70
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: ¥600.00 ▲(14.50% Upside)

ASNOVA Co., Ltd. faces significant financial challenges with high leverage and negative profitability, impacting its financial performance score. Technical analysis indicates bearish momentum, and valuation metrics suggest overvaluation concerns. These factors collectively result in a low overall stock score.

Positive Factors

Revenue Growth

A 12.7% revenue growth from 2024 to 2025 indicates a strong market demand for ASNOVA's products, supporting long-term business expansion.

Market Position

Partnerships with construction firms ensure steady demand, enhancing ASNOVA's market position and providing a stable revenue base.

Product Offering

ASNOVA's focus on innovative construction solutions positions it well to meet industry needs, supporting long-term competitive advantage.

Negative Factors

High Leverage

High leverage increases financial risk, potentially limiting ASNOVA's ability to invest in growth opportunities and impacting financial stability.

Profitability Challenges

Negative profitability highlights operational inefficiencies, which could hinder ASNOVA's ability to generate sustainable shareholder returns.

Cash Flow Issues

Negative cash flow indicates liquidity challenges, potentially constraining ASNOVA's operational flexibility and ability to fund future growth.

ASNOVA Co., Ltd. Business Overview & Revenue Model

Company Description

ASNOVA Co., Ltd. (9223) is a technology-driven company specializing in the development and provision of innovative solutions in the telecommunications and information technology sectors. The company focuses on delivering high-quality software applications, cloud services, and network solutions that cater to both enterprise and consumer markets. ASNOVA is committed to enhancing connectivity and digital transformation through its cutting-edge products and services.

How the Company Makes Money

ASNOVA Co., Ltd. generates revenue primarily through the sale of its software products and cloud-based services, which include subscription fees and licensing agreements. The company also earns income from providing network solutions and consulting services to businesses looking to enhance their IT infrastructure. Key revenue streams include recurring revenue from subscriptions, one-time fees for software licenses, and project-based income from consulting engagements. Additionally, ASNOVA may have strategic partnerships with other technology firms that enhance its service offerings and create additional revenue opportunities through joint ventures or co-branded solutions.

ASNOVA Co., Ltd. Financial Statement Overview

Summary

ASNOVA Co., Ltd. shows strong revenue growth but faces significant profitability and cash flow challenges. High leverage and a negative net income raise concerns about financial stability and shareholder returns.

Income Statement

ASNOVA Co., Ltd. shows a mixed performance in its income statement. The company experienced a significant revenue growth of 12.7% from 2024 to 2025, indicating a positive trajectory. However, the net profit margin turned negative in 2025, with a net loss of 24.8 million yen, highlighting profitability challenges. The gross profit margin decreased slightly, suggesting increased cost pressures. The EBIT and EBITDA margins also declined, reflecting operational inefficiencies.

Balance Sheet

The balance sheet of ASNOVA Co., Ltd. reveals a high debt-to-equity ratio, indicating significant leverage, which poses financial risk. The equity ratio stands at 23%, showing a moderate level of equity financing. Return on equity has turned negative due to the net loss, which is a concern for shareholders. Overall, the balance sheet suggests financial instability with potential risks from high leverage.

Cash Flow

Cash flow analysis shows a decline in free cash flow, with a negative free cash flow of 1.5 billion yen in 2025. The operating cash flow to net income ratio is not meaningful due to the net loss. The company has been investing heavily, as seen in the negative investing cash flow, which could be a strategic move for future growth but currently strains cash reserves. The cash flow situation indicates liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.23B	4.27B	3.79B	3.14B	2.68B	2.24B
Gross Profit	974.46M	1.01B	1.14B	805.91M	810.38M	372.35M
EBITDA	1.74B	1.94B	1.85B	1.43B	1.21B	1.01B
Net Income	-114.99M	-24.77M	210.13M	144.33M	204.63M	15.91M
Balance Sheet
Total Assets	12.77B	12.96B	9.39B	7.29B	5.66B	5.17B
Cash, Cash Equivalents and Short-Term Investments	1.39B	3.18B	937.90M	679.82M	750.35M	488.09M
Total Debt	9.11B	9.60B	5.84B	4.22B	2.91B	2.70B
Total Liabilities	9.94B	9.98B	6.36B	4.50B	3.26B	2.98B
Stockholders Equity	2.83B	2.98B	3.03B	2.79B	2.40B	2.20B
Cash Flow
Free Cash Flow	0.00	-1.50B	-1.39B	-1.69B	-336.83M	654.34M
Operating Cash Flow	0.00	1.48B	1.73B	918.35M	880.83M	821.22M
Investing Cash Flow	0.00	-2.96B	-3.11B	-2.56B	-824.11M	40.47M
Financing Cash Flow	0.00	3.72B	1.64B	1.59B	205.53M	-887.52M

ASNOVA Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 524.00
• 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:9223, the sentiment is Negative. The current price of 524 is below the 20-day moving average (MA) of 551.90, below the 50-day MA of 580.04, and below the 200-day MA of 596.44, indicating a bearish trend. The MACD of -16.54 indicates Positive momentum. The RSI at 36.37 is Neutral, neither overbought nor oversold. The STOCH value of 28.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9223.

ASNOVA Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9763	81 Outperform	¥12.90B	8.36	―	3.57%	6.66%	13.62%
9991	77 Outperform	¥48.74B	8.77	―	4.09%	-6.09%	31.18%
7081	72 Outperform	¥14.63B	7.12	―	3.03%	5.72%	60.38%
2445	70 Outperform	¥19.61B	14.75	―	3.33%	-1.56%	-3.60%
7065	68 Neutral	¥6.04B	17.97	―	3.17%	-0.70%	-43.72%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9223	48 Neutral	¥6.59B	-41.68	―	0.38%	11.65%	-210.62%