Cox Co., Ltd. (9876) AI Stock Analysis

• Market Cap: ¥7.01B
• Dividend Yield: N/A
• Average Volume (3M): 20.65K
• Price to Earnings (P/E): 6.4
• Beta (1Y): 0.54
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 303
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 8.98
• Shares Outstanding: 27,711,027
• 10 Day Avg. Volume: 16,530
• 30 Day Avg. Volume: 20,650
• PEG Ratio: 0.93
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 5.42
• 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: 76 Outperform
• Price Target: ¥268.00 ▲(13.08% Upside)

The score is driven primarily by strong financial fundamentals (debt-free balance sheet and improved profitability) and an attractive low P/E valuation. Technicals are supportive but mixed due to negative MACD and elevated stochastic, and financial consistency risks remain due to volatile revenue and historically uneven operating cash flow.

Cox Co., Ltd. Business Overview & Revenue Model

Company Description

Cox Co., Ltd., together with its subsidiary, operates as a clothing retailer in Japan. The company also engages in the planning, manufacture, and sale of clothing and miscellaneous products. It offers men's, women's, and children clothing under the Ikka, LBC, VENCE EXCHANGE, TOKYO DESIGN CHANNEL BUYERS SELECT, Notch, NO NEED, sleeping.com, and Candy Beans brand names. The company was founded in 1958 and is headquartered in Tokyo, Japan. Cox Co., Ltd. is a subsidiary of Aeon Co., Ltd.

How the Company Makes Money

Cox Co., Ltd. Financial Statement Overview

Summary

Strong balance sheet with zero debt and rising equity supports financial resilience, and profitability has recovered materially with solid recent operating and net margins. Offsetting this, revenue growth has been volatile and cash flow generation has been historically inconsistent despite good recent free-cash-flow-to-earnings alignment.

Income Statement

Profitability has improved meaningfully versus the loss-making period in 2020–2022: net margin recovered from -10.3% (2022) to ~7.8% (2025), with solid operating profitability in 2024–2025 (EBIT margin ~8.6–9.3%). Gross margin remains strong (~61.9% in 2025) and well above earlier years, indicating better merchandising/pricing. The main weakness is growth consistency—revenue growth is volatile (down sharply in 2022, nearly flat in 2024, then a large jump in 2025), which raises questions around durability of the rebound.

Balance Sheet

Balance sheet strength is a clear positive with zero debt across all reported years, removing refinancing and interest-rate risk. Equity has risen (from ~¥5.93B in 2022 to ~¥8.91B in 2025), supporting a stronger capital base, and returns on equity improved to ~13.4% in 2025 after being negative in 2022. The key watch-out is that profitability has been cyclical in the past (including negative ROE years), so maintaining current returns is important even with a strong balance sheet.

Cash Flow

Cash generation is generally supportive in the recent two years, with free cash flow roughly matching net income (about 98% in 2025 and 97% in 2024), which is a good quality-of-earnings signal. However, operating cash flow has been inconsistent over the cycle (deeply negative in 2020 and 2022), and the provided operating cash flow coverage readings are modest in the latest years versus earlier periods, suggesting cash conversion can still fluctuate.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.14B	15.30B	14.89B	14.86B	13.28B	16.31B
Gross Profit	9.51B	9.47B	9.33B	8.59B	7.63B	8.46B
EBITDA	1.36B	1.42B	1.49B	613.57M	-1.14B	804.19M
Net Income	1.11B	1.20B	1.14B	207.89M	-1.37B	549.11M
Balance Sheet
Total Assets	14.04B	13.25B	11.83B	10.21B	9.45B	12.70B
Cash, Cash Equivalents and Short-Term Investments	5.25B	5.39B	4.43B	3.23B	2.08B	4.63B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	3.99B	4.33B	4.22B	3.94B	3.52B	5.30B
Stockholders Equity	10.04B	8.91B	7.61B	6.26B	5.93B	7.39B
Cash Flow
Free Cash Flow	0.00	973.03M	1.18B	1.05B	-2.69B	623.22M
Operating Cash Flow	0.00	990.06M	1.22B	1.21B	-2.53B	715.89M
Investing Cash Flow	0.00	-40.16M	-17.72M	-45.34M	-33.19M	1.92B
Financing Cash Flow	0.00	-6.00K	-7.00K	-2.00K	-24.00K	4.00K

Cox Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9876	76 Outperform	¥7.01B	6.37	―	―	―	―
3566	70 Outperform	¥7.21B	13.91	―	0.51%	16.10%	36.89%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8025	49 Neutral	¥5.48B	-22.53	―	2.26%	12.99%	-364.77%
3070	47 Neutral	¥7.74B	-6.46	―	―	80.23%	63.77%
7494	47 Neutral	¥8.32B	17.58	―	4.13%	-10.82%	―
7135	43 Neutral	¥8.48B	-51.30	―	1.34%	-6.68%	92.28%