Luckland Co., Ltd. (9612) AI Stock Analysis

• Market Cap: ¥19.45B
• Dividend Yield: N/A
• Average Volume (3M): 40.60K
• Price to Earnings (P/E): 8.8
• Beta (1Y): 0.77
• Revenue Growth: 15.30%
• EPS Growth: N/A
• Country: JP
• Employees: 1,400
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -22.49
• Shares Outstanding: 11,366,700
• 10 Day Avg. Volume: 29,040
• 30 Day Avg. Volume: 40,600
• PEG Ratio: -0.02
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 4.63
• 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: 67 Neutral
• Price Target: ¥1,783.00 ▼(-7.57% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improved recent financial performance (return to profitability, stronger free cash flow, and reduced debt) and supportive valuation (low P/E). Offsetting these positives, technical indicators show weak near-term momentum with the stock below key moving averages and a negative MACD, which moderates the overall rating.

Positive Factors

Accelerating Revenue Growth

Sustained acceleration from mid-single to mid-teens revenue growth reflects improving commercial traction and larger project wins. Over 2–6 months this supports scalable topline momentum, better capacity utilization and potential for operating leverage if management sustains execution.

Stronger Cash Generation

Material improvement in operating and free cash flow strengthens internal funding for capex, working capital and debt reduction. Durable cash-generation capacity reduces refinancing needs, supports discretionary investment and increases resilience to project timing swings.

Improved Balance Sheet / Lower Leverage

Marked deleveraging and a larger equity base materially lower financial risk and interest burden. A stronger capital structure gives flexibility to bid larger contracts, pursue strategic investments or weather downturns, improving long-term operational optionality.

Negative Factors

Earnings Inconsistency

Multi-year swings between losses and profits indicate unstable margin economics and sensitivity to project pricing, costs or execution. That unpredictability makes forecasting tougher, raises required returns for investors, and can limit strategic planning over the medium term.

Historical Cash-Flow Volatility

Repeated negative cash-flow years show working-capital and project-timing risks that can force external financing or cutbacks. Such volatility constrains reinvestment, increases refinancing risk in stress periods, and can erode margins when management must prioritize liquidity over growth.

Improvement Concentrated; Main Risk is Inconsistency

The recent 2025 rebound may reflect one-off timing or cyclical recovery rather than a durable structural shift. If core project economics or contract mix haven't changed, gains risk reversal; sustaining performance requires evidence of persistent operational improvements.

Luckland Co., Ltd. Business Overview & Revenue Model

Company Description

LuckLand Co., Ltd. engages in the planning, design, and production of commercial facilities and stores related to food in Japan. The company's activities include planning and production of store facilities, commercial facilities, food factories, and distribution warehouses. It is also involved in the store maintenance, energy saving and CO2 reduction project, and building businesses, as well as engages in the building, and freezing and refrigerating equipment businesses. The company was founded in 1970 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Luckland Co., Ltd. generates revenue primarily through its online gaming and lottery operations. The company's revenue model includes transaction fees from online lottery ticket sales, gaming commissions, and revenue-sharing agreements with partners in different jurisdictions. Additionally, Luckland may earn income from advertising and promotional activities related to its gaming platforms. Key partnerships with local and international gaming regulatory bodies also play a significant role in expanding its market reach and ensuring compliance, thereby contributing to its overall earnings.

Luckland Co., Ltd. Financial Statement Overview

Summary

Recent fundamentals improved sharply: revenue accelerated (~5.6% in 2024 to ~15.7% in 2025), earnings rebounded from a 2024 loss to solid profitability in 2025, free cash flow strengthened (~4.29B in 2025), and leverage fell meaningfully (debt down to ~2.32B with higher equity). The main risk is inconsistency, with losses and cash-flow volatility across 2020–2024.

Income Statement

Revenue growth has been strong and improving recently (about 5.6% in 2024 accelerating to ~15.7% in 2025). Profitability also rebounded meaningfully: net income swung from a loss in 2024 to solid profitability in 2025, with EBIT and EBITDA stepping up sharply. Offsetting this, the prior few years show uneven earnings (losses in 2020–2022 and again in 2024), suggesting margins and project economics can be volatile despite a generally rising revenue base.

Balance Sheet

Leverage has improved materially: total debt fell from ~7.16B (2022) to ~2.32B (2025), while equity increased to ~13.05B (2025) and total assets rose to ~29.74B. Earlier periods showed moderate leverage (debt-to-equity roughly 0.53–0.71 in 2021–2024) and weaker returns on equity during loss years, but the 2025 balance sheet looks notably de-risked with a stronger capital base.

Cash Flow

Cash generation strengthened in 2024–2025, with operating cash flow rising from ~0.86B (2024) to ~4.45B (2025) and free cash flow reaching ~4.29B (2025). However, cash flow has been volatile historically, including negative operating and free cash flow in multiple years (notably 2020, 2022, and 2023). Overall, the latest year indicates much better conversion to cash, but the track record suggests working-capital and project timing can drive meaningful swings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	48.90B	56.57B	47.66B	45.12B	41.11B	35.89B
Gross Profit	6.47B	9.75B	5.98B	5.58B	5.21B	4.79B
EBITDA	1.21B	4.57B	275.00M	1.19B	611.51M	630.46M
Net Income	416.00M	2.08B	-479.00M	252.22M	-168.62M	-39.90M
Balance Sheet
Total Assets	26.99B	29.74B	25.50B	27.38B	30.78B	27.18B
Cash, Cash Equivalents and Short-Term Investments	7.57B	11.52B	7.13B	6.81B	6.93B	6.53B
Total Debt	3.69B	2.32B	4.95B	6.05B	7.16B	6.16B
Total Liabilities	16.72B	16.63B	16.18B	17.33B	20.60B	17.35B
Stockholders Equity	10.23B	13.05B	9.29B	10.02B	10.08B	9.58B
Cash Flow
Free Cash Flow	0.00	4.29B	704.00M	-556.59M	-1.65B	1.21B
Operating Cash Flow	0.00	4.45B	860.00M	-141.08M	-642.70M	1.65B
Investing Cash Flow	0.00	703.00M	498.00M	1.18B	-662.37M	-65.36M
Financing Cash Flow	0.00	-503.00M	-1.11B	-1.17B	1.67B	-484.70M

Luckland Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1929.00
• 50DMA: Negative
• 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:9612, the sentiment is Negative. The current price of 1929 is above the 20-day moving average (MA) of 1790.15, above the 50-day MA of 1832.16, and above the 200-day MA of 1396.20, indicating a neutral trend. The MACD of -19.25 indicates Positive momentum. The RSI at 42.40 is Neutral, neither overbought nor oversold. The STOCH value of 60.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9612.

Luckland Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1867	82 Outperform	¥20.87B	8.67	―	3.03%	4.18%	1.38%
1770	76 Outperform	¥17.86B	13.49	―	3.71%	-21.52%	-35.65%
1960	73 Outperform	¥22.84B	11.42	―	2.97%	22.32%	5024.88%
9612	67 Neutral	¥19.45B	8.81	―	―	15.30%	―
1914	67 Neutral	¥16.36B	12.39	―	3.68%	5.82%	-22.14%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1776	54 Neutral	¥15.34B	65.15	―	2.54%	5.89%	-30.27%