toridori Inc. (9337) AI Stock Analysis

• Market Cap: ¥5.08B
• Dividend Yield: N/A
• Average Volume (3M): 31.91K
• Price to Earnings (P/E): 23.3
• Beta (1Y): 0.72
• Revenue Growth: 25.11%
• EPS Growth: 58.89%
• Country: JP
• Employees: 123
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 20.30
• Shares Outstanding: 3,300,000
• 10 Day Avg. Volume: 28,560
• 30 Day Avg. Volume: 31,910
• PEG Ratio: 0.37
• Price to Book (P/B): 5.54
• Price to Sales (P/S): 1.89
• P/FCF Ratio: 27.14
• 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: 59 Neutral
• Price Target: ¥1,729.00 ▼(-44.14% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by improved financial performance (profitability turnaround and strong revenue growth) but is held back by higher leverage and still-developing cash-flow consistency. Technical indicators are notably weak (price below major moving averages, negative MACD, and very low RSI/Stoch), which materially reduces the overall score. Valuation is moderate based on the P/E, with no dividend data to add support.

Positive Factors

Sustained revenue expansion

A multiyear revenue ramp from ¥0.6B to ¥5.4B shows the business model scaling and stronger market adoption. Sustained top-line growth supports investment in product/market development, enables operating leverage and underpins longer-term profitability if execution and retention hold.

High gross margin and improved operating profitability

Exceptionally high gross margin indicates attractive unit economics and limited direct costs per engagement, while positive operating and net margins demonstrate effective cost control as scale grows. This margin profile supports durable profit generation once revenue is sustained.

Positive free cash flow and improving cash generation

Transitioning to positive free cash flow with FCF nearly matching net income shows earnings quality improvement and fewer external financing needs. Reliable FCF enables reinvestment, debt servicing, or strategic initiatives, reducing execution risk if the trend continues through cycles.

Negative Factors

Elevated leverage

Debt-to-equity above 1 increases financial sensitivity to earnings swings and constrains flexibility for acquisitions or R&D. With leverage materially higher than earlier periods, prolonged revenue or margin pressure could amplify solvency and refinancing risk, especially in tighter credit conditions.

Operating cash remains light relative to sales

Operating cash conversion at roughly 10% of sales signals limited cash buffer relative to revenue and implies earnings are still only partly translating to liquidity. Combined with a history of cash burn, the company must prove consistent cash conversion through cycles to fully de-risk growth.

Historic earnings volatility despite recent turnaround

A recent profitability turnaround is positive, but the near-term history of sizable losses indicates business and execution risk. If market dynamics or client demand shift, margins and earnings could revert, so the track record still reflects meaningful cyclicality to monitor.

toridori Inc. Business Overview & Revenue Model

Company Description

toridori Inc. provides influencer marketing services in Japan. The company operates toridori base, a marketing platform service that enables companies to request PR posts from influencers; toridori ad, a marketing platform service that specializes various influencers to post ads from registered influencer platforms; and toridori promotion, a advertising service requesting influencers to post PR posts. It also operates toridori made, a service for the influencer to launch the own brands and sell products. The company was incorporated in 2016 and is based in Shibuya, Japan.

How the Company Makes Money

Toridori Inc. generates revenue through multiple streams, primarily from the sale of processed chicken products, which include fresh, frozen, and value-added items. The company leverages partnerships with major retailers and food distributors to enhance its market reach. Additionally, Toridori Inc. may engage in contract manufacturing, providing customized poultry products for restaurants and foodservice chains. Their revenue model is supported by a focus on quality and sustainability, which appeals to health-conscious consumers and helps maintain strong customer loyalty.

toridori Inc. Financial Statement Overview

Summary

Strong turnaround with sharp multi-year revenue expansion and solid profitability in the latest year (high gross margin and improved operating/net margins). Offsetting factors are higher leverage (debt-to-equity above 1) and cash-flow consistency that is still developing after several years of cash burn and relatively light operating cash flow versus revenue.

Income Statement

The company shows a strong multi-year turnaround: it moved from sizable losses in 2020–2022 to solid profitability in 2023–2025. Revenue expanded sharply (from ~¥0.6B in 2020 to ~¥5.4B in 2025) and growth re-accelerated in 2025 (11.4% vs. near-flat in 2024). Profitability is healthy for the latest annual period, with an 8.1% net margin and 13.2% operating margin, while gross margin remains exceptionally high (~91%). The main watch-outs are the prior-history volatility (loss years not far back) and the fact that margins, while improved, are not yet in “elite software” territory at the net level.

Balance Sheet

The balance sheet has improved meaningfully versus earlier periods, with equity building and returns strengthening (latest return on equity ~23.8%). However, leverage has risen alongside growth: total debt increased materially (to ~¥2.41B in 2025), and debt-to-equity is above 1.0 in 2024–2025 (about 1.31 in 2025), implying a more leveraged capital structure. While assets and equity have scaled up, the higher reliance on debt increases sensitivity to earnings or cash flow swings.

Cash Flow

Cash generation has improved from negative operating and free cash flow in 2020–2023 to positive in 2024–2025, with 2025 free cash flow of ~¥375M. Free cash flow is broadly aligned with earnings in the latest year (free cash flow is ~0.93x net income), which supports earnings quality. The key weakness is that operating cash flow remains light relative to sales (about 10% of revenue in 2025 and much lower in 2024), and the business recently had multiple years of cash burn, so consistency through cycles still needs to be proven.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.82B	5.37B	4.27B	3.22B	2.05B	1.06B
Gross Profit	4.41B	4.90B	3.91B	3.03B	1.88B	978.62M
EBITDA	778.59M	852.10M	526.89M	142.00M	-515.69M	-393.05M
Net Income	398.73M	437.14M	258.00M	133.70M	-565.22M	-436.18M
Balance Sheet
Total Assets	6.04B	6.77B	4.84B	3.29B	2.24B	1.19B
Cash, Cash Equivalents and Short-Term Investments	1.76B	1.96B	1.58B	1.67B	1.23B	266.14M
Total Debt	2.53B	2.41B	1.75B	982.00M	353.18M	517.46M
Total Liabilities	4.29B	4.87B	3.35B	2.10B	1.18B	1.16B
Stockholders Equity	1.68B	1.83B	1.42B	1.19B	1.06B	27.28M
Cash Flow
Free Cash Flow	0.00	374.76M	82.00M	-13.00M	-465.77M	-430.10M
Operating Cash Flow	0.00	403.71M	97.57M	-11.00M	-454.05M	-420.60M
Investing Cash Flow	0.00	-579.09M	-911.41M	-110.87M	-10.27M	-116.44M
Financing Cash Flow	0.00	555.21M	720.28M	612.05M	1.43B	96.56M

toridori Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3095.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9337, the sentiment is Negative. The current price of 3095 is above the 20-day moving average (MA) of 2325.10, above the 50-day MA of 2900.34, and above the 200-day MA of 2621.62, indicating a bearish trend. The MACD of -406.43 indicates Positive momentum. The RSI at 12.68 is Positive, neither overbought nor oversold. The STOCH value of 2.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9337.

toridori Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2303	78 Outperform	¥8.09B	20.68	―	0.99%	-0.69%	-6.98%
4397	68 Neutral	¥6.61B	27.15	―	―	11.32%	―
5033	66 Neutral	¥4.83B	21.99	―	―	7.60%	19.13%
4256	64 Neutral	¥8.07B	30.96	―	―	13.62%	35.18%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
9337	59 Neutral	¥5.08B	23.26	―	―	25.11%	58.89%
2138	51 Neutral	¥6.05B	-8.89	―	―	-12.37%	12.44%