EURASIA TRAVEL Co., Ltd. (9376) AI Stock Analysis

• Market Cap: ¥3.47B
• Dividend Yield: 3.75%
• Average Volume (3M): 15.83K
• Price to Earnings (P/E): 26.4
• Beta (1Y): 0.34
• Revenue Growth: 4.12%
• EPS Growth: -5.53%
• Country: JP
• Employees: 83
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): -1.53
• Shares Outstanding: 3,690,000
• 10 Day Avg. Volume: 17,920
• 30 Day Avg. Volume: 15,833
• PEG Ratio: -4.25
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.56
• P/FCF Ratio: 20.44
• 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: 71 Outperform
• Price Target: ¥1,035.00 ▲(24.70% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is primarily supported by a low-risk, debt-free balance sheet and a clear post-2023 earnings recovery. Technicals are also supportive with price above key moving averages and positive MACD. The main constraint is valuation (P/E ~26.9) alongside thin margins and variable free cash flow, which raise sensitivity to any demand slowdown.

Positive Factors

Debt-free Balance Sheet

A zero-debt balance sheet provides durable financial flexibility for a travel services operator. It lowers fixed financial costs, preserves borrowing capacity for downturns or opportunistic investments, and reduces solvency risk—important for a cyclical industry with variable demand.

Sustained Revenue Recovery

Multi-year revenue rebound across 2024–2025 indicates structural demand recovery and improved market traction. Persistent top-line growth helps absorb fixed costs, enables scale benefits, and creates a base to expand margins and reinvest in services if the trend endures.

Positive Cash Generation

Consistent positive operating and free cash flow over recent years signals the company can self-fund operations and some capital needs without relying on debt. This improves long-term sustainability of dividends, reinvestment and resilience to cyclical troughs when cash generation holds.

Negative Factors

Thin Profit Margins

Very narrow operating and net margins leave limited cushion against cost inflation or pricing pressure. In a service-driven travel business, slight revenue swings or rising costs can erase earnings quickly, constraining sustained profitability and long-term reinvestment capacity.

Cash Flow Volatility

Meaningful swings in free cash flow across years complicate capital planning and heighten execution risk. Even with no debt, a pattern of volatile cash generation raises the chance that dividends, capex or strategic initiatives will be curtailed if demand softens.

History of Recent Losses

The recent transition from losses to modest profits highlights operational leverage and recovery dependence. If travel demand or margins reverse, the company could quickly revert to losses given prior negative results and limited margin headroom, raising sustainability concerns.

EURASIA TRAVEL Co., Ltd. Business Overview & Revenue Model

Company Description

Eurasia Travel Co., Ltd. provides travel agency services in Japan and internationally. It offers travel planning and arrangement services; and engages in overseas travel insurance business. The company serves individuals, corporations, and groups. Eurasia Travel Co., Ltd. was incorporated in 1986 and is headquartered in Tokyo, Japan.

How the Company Makes Money

EURASIA TRAVEL Co., Ltd. generates revenue through a variety of channels, primarily by offering travel packages that include flights, accommodations, and guided tours. The company earns commissions and service fees from airline ticket sales, hotel bookings, and other travel-related services. Additionally, EURASIA TRAVEL Co., Ltd. leverages strategic partnerships with airlines, hotels, and tour operators to negotiate favorable terms, enhancing their profitability. The company also offers customized travel planning services for corporate clients, providing another stream of revenue. These diverse offerings and partnerships contribute significantly to the company's earnings.

EURASIA TRAVEL Co., Ltd. Financial Statement Overview

Summary

Strong financial risk profile with zero debt and sizable equity, plus a clear earnings recovery (revenue up sharply in 2024 and continued growth in 2025). Offsetting this, profitability remains thin (low EBIT/net margins) and results/cash flows have been historically volatile, including a notable free-cash-flow step-down in 2025 versus 2024.

Income Statement

The company has staged a clear earnings recovery: revenue rebounded sharply from 2023 to 2024 (+56%) and continued to grow in 2025 (+36%), with net income remaining positive in both 2024 and 2025. Profitability, however, looks modest (2024 net margin ~2.6% and EBIT margin ~2.3%), and the business was loss-making as recently as 2023 (and deeply negative in 2021–2022), indicating a track record of volatility and limited margin cushion if demand softens.

Balance Sheet

Balance sheet risk appears low: total debt is reported as zero across the period, and equity is sizable relative to the asset base (e.g., 2025 equity of ~1.84B vs. total assets of ~3.22B). Returns on equity have improved from negative levels in 2022–2023 to positive in 2024 (~6.9%), but overall profitability on capital is still only moderate and appears dependent on sustaining the post-recovery operating environment.

Cash Flow

Cash generation has improved materially versus 2020–2022, with positive operating cash flow and free cash flow in 2023–2025 (2024 free cash flow ~348M; 2025 ~130M). A key watch-out is variability: free cash flow dropped notably from 2024 to 2025, and earlier years included sizable cash burn (especially 2020 and 2022), suggesting cash flow can swing meaningfully with business conditions.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	4.79B	4.60B	2.95B	502.05M	224.35M
Gross Profit	894.13M	776.64M	466.33M	92.57M	27.43M
EBITDA	132.33M	112.00M	-117.00M	-396.00M	-499.00M
Net Income	113.91M	120.57M	-55.96M	-123.74M	-124.00M
Balance Sheet
Total Assets	3.22B	2.93B	2.63B	2.21B	2.10B
Cash, Cash Equivalents and Short-Term Investments	1.99B	1.91B	1.62B	1.46B	1.61B
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.37B	1.18B	952.92M	487.89M	246.42M
Stockholders Equity	1.84B	1.75B	1.67B	1.73B	1.85B
Cash Flow
Free Cash Flow	130.49M	348.27M	144.53M	-150.04M	-39.32M
Operating Cash Flow	149.17M	349.75M	145.81M	-149.63M	-39.12M
Investing Cash Flow	-18.80M	-36.72M	-233.00K	-200.00K	95.79M
Financing Cash Flow	-51.57M	-18.42M	0.00	-18.00K	-61.00K

EURASIA TRAVEL Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 830.00
• 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:9376, the sentiment is Positive. The current price of 830 is below the 20-day moving average (MA) of 940.00, below the 50-day MA of 884.76, and above the 200-day MA of 704.30, indicating a bullish trend. The MACD of 13.93 indicates Positive momentum. The RSI at 61.43 is Neutral, neither overbought nor oversold. The STOCH value of 38.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9376.

EURASIA TRAVEL Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9376	71 Outperform	¥3.47B	26.44	―	3.75%	4.12%	-5.53%
6561	70 Outperform	¥10.61B	8.01	―	3.16%	8.41%	20.97%
7048	62 Neutral	¥7.65B	54.43	―	―	10.87%	98.92%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
6548	51 Neutral	¥2.99B	-7.66	―	―	51.63%	-141.13%
6577	39 Underperform	¥2.91B	-91.78	―	0.91%	-8.75%	-111.94%