Aigan Co., Ltd. (9854) AI Stock Analysis

• Market Cap: ¥5.12B
• Dividend Yield: N/A
• Average Volume (3M): 158.61K
• Price to Earnings (P/E): 176.3
• Beta (1Y): 0.24
• Revenue Growth: 3.98%
• EPS Growth: N/A
• Country: JP
• Employees: 702
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 0.28
• Shares Outstanding: 21,076,155
• 10 Day Avg. Volume: 96,070
• 30 Day Avg. Volume: 158,613
• PEG Ratio: -9.36
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 0.19
• P/FCF Ratio: -7.53
• 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: 58 Neutral
• Price Target: ¥275.00 ▲(58.96% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is primarily held back by weak financial performance, driven by persistently negative operating/free cash flow and thin profitability despite stable gross margins and minimal leverage. Technicals are a meaningful offset, with the stock trading above major moving averages and positive MACD momentum. Valuation is neutral-to-slightly supportive with a moderate P/E, but the lack of dividend yield data limits upside from an income perspective.

Positive Factors

High gross margins

Consistently strong gross margins around 68–70% indicate durable product-level profitability from pricing, lens/frames mix and merchandising. These margins provide structural cushion against input cost pressure and support profitability improvements if operating expenses are controlled over the medium term.

Negative Factors

Persistent negative operating cash flow

Multi-year operating cash deficits indicate the business is burning cash despite sales, eroding liquidity or requiring external funding to sustain operations. Persistent negative FCF constrains capital investment, store refreshes or omnichannel expansion and raises solvency risk if losses continue.

Aigan Co., Ltd. Business Overview & Revenue Model

Company Description

Aigan Co.,Ltd. develops and operates a chain of eyeglasses specialty stores in Japan. The company offers eyeglasses, sunglasses, and other related products. As of March 31, 2020, it operated 228 optician stores and 3 photo studios. The company was...

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Aigan Co.,Ltd. develops and operates a chain of eyeglasses specialty stores in Japan. The company offers eyeglasses, sunglasses, and other related products. As of March 31, 2020, it operated 228 optician stores and 3 photo studios. The company was...

How the Company Makes Money

Aigan’s earnings are primarily generated through retail sales to end customers. The main revenue stream is the sale of prescription eyeglasses, which typically includes (1) frames, (2) prescription lenses (often priced based on lens type, coatings...

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Aigan’s earnings are primarily generated through retail sales to end customers. The main revenue stream is the sale of prescription eyeglasses, which typically includes (1) frames, (2) prescription lenses (often priced based on lens type, coatings...

Aigan Co., Ltd. Financial Statement Overview

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.07B	14.86B	14.66B	14.20B	13.80B	13.56B
Gross Profit	10.24B	10.09B	10.04B	9.88B	9.55B	9.49B
EBITDA	116.00M	51.00M	63.00M	-230.00M	-351.00M	-314.00M
Net Income	62.00M	3.00M	-181.00M	-803.00M	-690.00M	-557.00M
Balance Sheet
Total Assets	13.95B	13.85B	14.08B	13.99B	14.63B	15.49B
Cash, Cash Equivalents and Short-Term Investments	3.97B	4.30B	4.36B	4.62B	5.05B	5.33B
Total Debt	0.00	0.00	4.00M	3.00M	3.00M	6.00M
Total Liabilities	2.01B	1.84B	1.97B	1.84B	1.71B	1.88B
Stockholders Equity	11.94B	12.01B	12.10B	12.14B	12.92B	13.60B
Cash Flow
Free Cash Flow	0.00	-379.00M	-332.00M	-341.00M	-652.00M	-435.00M
Operating Cash Flow	0.00	-155.00M	-87.00M	-97.00M	-358.00M	-229.00M
Investing Cash Flow	0.00	94.00M	-166.00M	-16.00M	273.00M	-79.00M
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00	-19.00M

Aigan Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 173.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9854, the sentiment is Positive. The current price of 173 is below the 20-day moving average (MA) of 259.50, below the 50-day MA of 239.88, and below the 200-day MA of 202.25, indicating a bullish trend. The MACD of 8.36 indicates Positive momentum. The RSI at 54.61 is Neutral, neither overbought nor oversold. The STOCH value of 18.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9854.

Aigan Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7455	67 Neutral	¥30.50B	26.96	―	1.38%	0.03%	6.01%
3048	66 Neutral	¥298.54B	14.98	11.17%	2.61%	5.63%	25.64%
3028	64 Neutral	¥78.03B	10.29	―	2.11%	6.04%	93.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8281	61 Neutral	¥45.01B	15.79	―	3.31%	0.88%	-138.66%
9854	58 Neutral	¥5.12B	176.28	―	―	3.98%	―
7514	43 Neutral	¥10.36B	-8.39	―	3.08%	3.31%	-94.69%