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

• Market Cap: ¥6.96B
• Dividend Yield: N/A
• Average Volume (3M): 20.65K
• Price to Earnings (P/E): 6.9
• Beta (1Y): 0.46
• 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: 78 Outperform
• Price Target: ¥311.00 ▲(31.22% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 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. 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

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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.

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	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	9.23B	8.42B	7.58B	8.41B
EBITDA	1.36B	1.36B	1.30B	599.52M	-822.78M	-634.25M
Net Income	1.11B	1.20B	1.14B	207.89M	-1.37B	549.11M
Balance Sheet
Total Assets	14.04B	13.56B	11.95B	10.25B	9.45B	12.70B
Cash, Cash Equivalents and Short-Term Investments	5.25B	5.39B	4.44B	3.23B	2.08B	4.63B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	3.99B	4.65B	4.33B	3.98B	3.52B	5.30B
Stockholders Equity	10.05B	8.91B	7.61B	6.26B	5.93B	7.39B
Cash Flow
Free Cash Flow	0.00	973.03M	1.18B	1.06B	-2.55B	660.55M
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	78 Outperform	¥6.96B	6.88	―	―	―	―
2792	72 Outperform	¥41.52B	10.95	―	3.62%	-0.98%	-29.86%
3566	68 Neutral	¥6.93B	13.03	―	0.51%	16.10%	36.89%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
7494	47 Neutral	¥8.16B	1.17	―	4.13%	-10.82%	―
7603	41 Neutral	¥3.33B	-1.51	―	―	-7.88%	-11.22%
3189	40 Underperform	¥8.46B	-1.54	―	―	-34.49%	―