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

• Market Cap: ¥17.58B
• Dividend Yield: N/A
• Average Volume (3M): 40.60K
• Price to Earnings (P/E): 9.5
• Beta (1Y): 0.81
• 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: ¥1,696.00 ▼(-12.08% 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

Strengthened cash generation

Sustained FCF of ~4.29B in 2025 indicates the business can internally fund operations, maintenance capex and debt reduction without relying heavily on external financing. Durable cash conversion improves financial flexibility and supports reinvestment or shareholder returns over the medium term.

Material de-leveraging and stronger balance sheet

A materially lower debt load and a larger equity base reduce financial risk and interest burden, bolstering resilience through industry cycles. The stronger capital structure enhances capacity for selective M&A, investment, and sustained operations without aggressive refinancing pressure.

Revenue acceleration and profit rebound

Accelerating top-line growth alongside a return to profitability signals improving demand capture and project economics. If sustained, this trend supports margin recovery, scalable operating leverage and a more predictable earnings base for multi-quarter planning and investment.

Negative Factors

Historic earnings inconsistency

Repeated swings between loss years and profitable years point to inconsistent project margins or cyclical demand. That history complicates forecasting, raises execution risk on large contracts, and means current improvements may reverse if underlying operational issues persist.

Working-capital and cash-flow sensitivity

Significant sensitivity to working-capital timing and project cash flows can produce sharp FCF swings. This structural exposure increases short- to medium-term funding risk for capex, debt servicing and payouts unless cash conversion improvements are entrenched across multiple cycles.

Uneven returns on capital

Periods of negative returns undermine long-term shareholder value creation and suggest project-level economics are uneven. Persistent variation in ROE signals challenges in consistently converting revenue into sustainable profitability, limiting predictable long-term returns.

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

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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	20.67B	17.41B
Stockholders Equity	10.23B	13.05B	9.29B	10.02B	10.08B	9.74B
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: Negative
• 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 1678.80, above the 50-day MA of 1775.34, and above the 200-day MA of 1420.87, indicating a neutral trend. The MACD of -43.35 indicates Positive momentum. The RSI at 36.42 is Neutral, neither overbought nor oversold. The STOCH value of 38.01 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	¥19.29B	5.93	―	3.03%	4.18%	1.38%
9765	76 Outperform	¥17.78B	8.70	―	3.90%	-3.59%	-15.46%
1716	71 Outperform	¥17.35B	8.08	―	2.87%	-1.39%	-4.43%
6540	69 Neutral	¥20.27B	12.53	―	0.56%	13.31%	4.29%
9612	67 Neutral	¥17.58B	9.55	―	―	15.30%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1776	60 Neutral	¥18.21B	14.29	―	2.54%	5.89%	-30.27%