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

• Market Cap: ¥7.61B
• Dividend Yield: 0.32%
• Average Volume (3M): 7.10K
• Price to Earnings (P/E): 59.1
• Beta (1Y): 0.38
• Revenue Growth: 7.34%
• EPS Growth: -162.02%
• Country: JP
• Employees: 146
• Sector: Industrials
• Sector Strength: 76
• Industry: Rental & Leasing Services
• EPS (TTM): -9.89
• Shares Outstanding: 12,438,400
• 10 Day Avg. Volume: 11,280
• 30 Day Avg. Volume: 7,096
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ¥617.00
• Price Target Upside: -0.48% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 52 Neutral
• Price Target: ¥617.00 ▼(-0.48% Downside)

ASNOVA Co., Ltd. faces significant financial challenges with high leverage and negative profitability, impacting its overall score. While there is some technical momentum, valuation concerns due to a negative P/E ratio further weigh down the 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. shows strong revenue growth but faces profitability challenges due to declining margins and negative net income. High leverage poses financial risks, though strong operational cash flows and a robust EBITDA margin indicate operational efficiency.

Income Statement

ASNOVA Co., Ltd. experienced notable revenue growth from 2024 to 2025, with a revenue increase of 12.7%. However, the company reported a negative net income in 2025 due to declining margins. The gross profit margin decreased from 30% to 23.6%, and the net profit margin was negative at -0.6%. Nonetheless, EBITDA margin remained strong at 45.3%, indicating operational efficiency.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 3.22, reflecting significant leverage which could pose financial risks. Stockholders' equity contributed 23% of total assets, demonstrating moderate equity backing. The return on equity turned negative due to losses in 2025, indicating a potential concern for investors.

Cash Flow

Operating cash flow remained strong at ¥1,481 million, though free cash flow was negative at ¥-1,501 million, suggesting high capital expenditures. The operating cash flow to net income ratio was not meaningful due to negative net income, but the company maintained a robust cash position. Free cash flow to net income ratio could not be assessed meaningfully.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.27B	3.79B	3.14B	2.68B	2.24B
Gross Profit	1.01B	1.14B	805.91M	810.38M	372.35M
EBITDA	1.94B	1.85B	1.43B	1.06B	857.88M
Net Income	-24.77M	210.13M	144.33M	204.63M	15.91M
Balance Sheet
Total Assets	12.96B	9.39B	7.29B	5.66B	5.17B
Cash, Cash Equivalents and Short-Term Investments	3.18B	937.90M	679.82M	750.35M	488.09M
Total Debt	9.60B	5.84B	4.22B	2.91B	2.70B
Total Liabilities	9.98B	6.36B	4.50B	3.26B	2.98B
Stockholders Equity	2.98B	3.03B	2.79B	2.40B	2.20B
Cash Flow
Free Cash Flow	-1.50B	-1.39B	-1.69B	-336.83M	654.34M
Operating Cash Flow	1.48B	1.73B	918.35M	880.83M	821.22M
Investing Cash Flow	-2.96B	-3.11B	-2.56B	-824.11M	40.47M
Financing Cash Flow	3.72B	1.64B	1.59B	205.53M	-887.52M

ASNOVA Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 620.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 620 is above the 20-day moving average (MA) of 608.70, above the 50-day MA of 608.66, and above the 200-day MA of 587.97, indicating a bullish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 53.54 is Neutral, neither overbought nor oversold. The STOCH value of 49.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	80 Outperform	¥48.24B	9.74		3.43%	-9.58%	13.22%
7065	74 Outperform	¥6.13B	14.08		1.88%	-1.27%	-26.39%
7081	71 Outperform	¥12.31B	6.88		3.56%	1.58%	28.43%
9763	71 Outperform	¥11.38B	8.65		3.68%	9.16%	6.01%
2445	68 Neutral	¥16.12B	15.34		3.93%	0.02%	-36.92%
Sector *	60 Neutral	kr42.91B	13.86	1.95%	2.30%	-0.55%	-21.28%
9223	52 Neutral	¥7.61B	59.05		0.32%	7.34%	-162.02%