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Cox Co., Ltd. (JP:9876)
:9876
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Cox Co., Ltd.
(9876)
Select Model
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Rating:78Outperform
Price Target:
¥311.00
▲(31.22% Upside)
Action:ReiteratedDate:03/03/26
The score is driven mainly by strong financial quality (debt-free balance sheet and improved profitability) and attractive valuation (low P/E). Technicals add support with price above major moving averages, though momentum indicators are largely neutral, and volatility in revenue/cash flow history keeps the score from being higher.
Cox Co., Ltd. (9876) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥7.54B
Dividend YieldN/A
Average Volume (3M)20.65K
Price to Earnings (P/E)6.8
Beta (1Y)0.54
Revenue GrowthN/A
EPS GrowthN/A
CountryJP
Employees303
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)8.98
Shares Outstanding27,711,027
10 Day Avg. Volume16,530
30 Day Avg. Volume20,650
Financial Highlights & Ratios
PEG Ratio0.93
Price to Book (P/B)0.59
Price to Sales (P/S)0.34
P/FCF Ratio5.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Cox Co., Ltd. Business Overview & Revenue Model
Company DescriptionCox 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 (zero debt, rising equity, improved ROE ~13.4% in 2025) and a meaningful profitability rebound (net margin ~7.8% in 2025; EBIT margin ~8.6–9.3% in 2024–2025). Offsetting factors are volatile revenue growth and historically uneven operating cash flow despite solid recent FCF-to-net-income conversion (~97–98%).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.74
Positive
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.88
Very Positive
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.67
Positive
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥7.54B | 6.85 | ― | ― | ― | ― | |
68 Neutral | ¥7.19B | 14.10 | ― | 0.51% | 16.10% | 36.89% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | ¥5.50B | -25.11 | ― | 2.26% | 12.99% | -364.77% | |
47 Neutral | ¥8.73B | -7.18 | ― | ― | 80.23% | 63.77% | |
47 Neutral | ¥8.22B | 4.81 | ― | 4.13% | -10.82% | ― | |
43 Neutral | ¥8.44B | -184.25 | ― | 1.34% | -6.68% | 92.28% |
* Consumer Cyclical Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.