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

• Market Cap: ¥7.54B
• Dividend Yield: 0.34%
• Average Volume (3M): 7.32K
• Price to Earnings (P/E): 59.1
• Beta (1Y): 0.29
• Revenue Growth: 7.34%
• EPS Growth: -162.02%
• Country: JP
• Employees: 146
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): -9.89
• 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

• Rating: 48 Neutral
• Price Target: ¥600.00 ▲(1.52% 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.

ASNOVA Co., Ltd. Business Overview & Revenue Model

Company Description

ASNova Co., Ltd. (9223) is a company engaged in the manufacturing and distribution sector, specializing in offering construction-related products and services. The company is committed to providing innovative solutions in the construction industry, including the production and sale of scaffolding equipment, construction machinery, and related support services. ASNova Co., Ltd. aims to enhance operational efficiency and safety within construction sites through its cutting-edge products and comprehensive service offerings.

How the Company Makes Money

ASNova Co., Ltd. generates revenue primarily through the sale and rental of its scaffolding equipment and construction machinery. The company leverages its expertise in engineering and manufacturing to produce high-quality, durable products that meet the stringent safety standards required in the construction industry. Additionally, ASNova Co., Ltd. provides maintenance and support services, ensuring the longevity and optimal performance of its equipment, which serves as an additional revenue stream. Significant partnerships with construction firms and ongoing projects contribute to a steady demand for their products and services, bolstering the company's earnings.

ASNOVA Co., Ltd. Financial Statement Overview

Summary

ASNOVA Co., Ltd. demonstrates a mixed financial performance. While revenue growth is strong, profitability and cash flow metrics highlight significant challenges. High leverage and a negative net income raise concerns about financial stability and shareholder returns. The company needs to address operational inefficiencies and manage its debt levels to improve its financial health.

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: 591.00
• 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 591 is below the 20-day moving average (MA) of 605.05, below the 50-day MA of 619.74, and below the 200-day MA of 599.01, indicating a bearish trend. The MACD of -5.39 indicates Positive momentum. The RSI at 32.29 is Neutral, neither overbought nor oversold. The STOCH value of 23.53 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
9991	―	¥47.12B	9.33	―	3.83%	-9.58%	13.22%
9763	―	¥11.23B	8.55	―	4.04%	9.16%	6.01%
7081	―	¥12.73B	7.14	―	3.41%	1.58%	28.43%
7065	―	¥5.55B	16.51	―	3.50%	-0.71%	-43.76%
Sector *	―	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
2445	―	¥16.63B	15.83	―	4.03%	0.02%	-36.92%
9223	―	¥7.54B	59.05	―	0.34%	7.34%	-162.02%