Ministop Co., Ltd. (9946) AI Stock Analysis

• Market Cap: ¥54.97B
• Dividend Yield: 0.94%
• Average Volume (3M): 79.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.26
• Revenue Growth: 10.66%
• EPS Growth: -218.40%
• Country: JP
• Employees: 1,443
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Department Stores
• EPS (TTM): -90.39
• Shares Outstanding: 29,372,774
• 10 Day Avg. Volume: 124,000
• 30 Day Avg. Volume: 79,523
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 0.55
• P/FCF Ratio: -44.06
• 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): 19
• Revenue Forecast (FY): ¥94.70B

• Rating: 53 Neutral
• Price Target: ¥2,047.00 ▼(-5.01% Downside)
• Action: Reiterated Date: 07/18/25
• Date: Action: Reiterated 07/18/25

The overall stock score for Ministop Co., Ltd. reflects significant financial challenges, with declining revenues and profitability impacting the score heavily. While technical analysis suggests bullish momentum, overbought signals and weak valuation metrics contribute to a cautious outlook.

Positive Factors

Revenue Growth

The significant increase in revenue indicates strong market demand and effective sales strategies, potentially leading to improved financial stability.

Strategic Partnership

The strategic relationship with Aeon Co., Ltd. provides Ministop with access to resources and expertise, supporting sustainable growth and competitive positioning.

Director Compensation Alignment

Aligning director compensation with company performance can enhance management effectiveness and drive long-term shareholder value.

Negative Factors

Profitability Challenges

Ongoing net losses indicate operational inefficiencies and challenge the company's ability to convert revenue growth into sustainable profitability.

Negative Cash Flow

Consistent negative cash flow suggests high capital expenditures and challenges in cash generation, impacting financial flexibility and growth potential.

Declining Capital Adequacy

A declining capital adequacy ratio reflects a weakened financial position, potentially limiting the company's ability to absorb losses and invest in growth.

Ministop Co., Ltd. Business Overview & Revenue Model

Company Description

MINISTOP Co., Ltd. develops and franchises a chain of convenience stores under the MINISTOP name. As of April 30, 2022, it operated 2,081 stores, including 1,958 stores in Japan and 123 stores internationally. MINISTOP Co., Ltd. was incorporated in 1980 and is headquartered in Chiba, Japan.

How the Company Makes Money

Ministop generates revenue primarily through the sale of products in its convenience stores, which include food and beverage items, personal care products, and household goods. The company operates a franchise model, which allows it to earn royalties and fees from franchisees. Key revenue streams include direct sales from company-owned stores, franchise fees, and sales of private label products. Additionally, Ministop benefits from partnerships with various suppliers and brands, enhancing its product offerings and driving sales. The company also explores initiatives such as digital payment solutions and loyalty programs to boost customer retention and increase transaction values.

Ministop Co., Ltd. Financial Statement Overview

Summary

Ministop Co., Ltd. is facing significant financial difficulties. The income statement reveals declining revenues and negative profitability margins. The balance sheet is stable but indicates low leverage and negative return on equity. Cash flow is erratic, with negative free cash flow, highlighting operational inefficiencies.

Income Statement

Ministop Co., Ltd. has experienced a significant decline in total revenue from 2022 to 2025, with a notable drop in gross profit margin. The net profit margin is negative, indicating the company is not profitable. The persistent negative EBIT and EBITDA margins suggest operational inefficiencies. Revenue growth has been negative over the past year, reflecting challenges in maintaining sales momentum.

Balance Sheet

The company's balance sheet shows a relatively stable equity ratio, with stockholders' equity covering a substantial portion of total assets. However, the debt-to-equity ratio is low, indicating limited leverage, which is a positive but may also suggest a lack of aggressive growth strategies. Return on equity is negative due to consistent net losses, pointing to profitability challenges.

Cash Flow

Ministop's cash flow statements show a fluctuating free cash flow, with a negative trend in recent years. The operating cash flow to net income ratio is erratic due to negative net income. Despite generating operating cash flow, the free cash flow remains negative, suggesting high capital expenditure relative to cash generation.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	91.69B	87.47B	79.06B	81.29B	183.68B	180.19B
Gross Profit	40.51B	37.68B	40.89B	40.41B	60.58B	59.72B
EBITDA	-3.38B	-4.30B	3.02B	25.20B	2.79B	5.29B
Net Income	-5.59B	-6.77B	-468.00M	12.83B	-3.87B	-6.46B
Balance Sheet
Total Assets	88.81B	74.69B	77.90B	79.22B	117.26B	107.87B
Cash, Cash Equivalents and Short-Term Investments	37.18B	23.90B	25.78B	30.43B	29.66B	15.28B
Total Debt	695.00M	197.00M	184.00M	1.65B	14.57B	13.41B
Total Liabilities	55.44B	41.90B	37.22B	38.61B	88.78B	75.44B
Stockholders Equity	32.68B	32.51B	39.64B	40.61B	28.44B	32.28B
Cash Flow
Free Cash Flow	0.00	-1.09B	-4.00B	-4.15B	-8.18B	6.35B
Operating Cash Flow	0.00	1.94B	585.00M	-2.07B	-3.62B	11.35B
Investing Cash Flow	0.00	-492.00M	-7.78B	5.09B	22.09B	-2.44B
Financing Cash Flow	0.00	-806.00M	-795.00M	-1.57B	-4.86B	-4.73B

Ministop Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2155.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9946, the sentiment is Negative. The current price of 2155 is above the 20-day moving average (MA) of 2012.57, above the 50-day MA of 2067.43, and above the 200-day MA of 1985.70, indicating a bearish trend. The MACD of -19.59 indicates Positive momentum. The RSI at 29.29 is Positive, neither overbought nor oversold. The STOCH value of 12.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9946.

Ministop Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8273	63 Neutral	¥222.97B	19.75	―	3.01%	18.89%	-34.43%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8278	61 Neutral	¥181.52B	47.61	―	1.44%	1.48%	-33.32%
2653	58 Neutral	¥100.05B	13.10	―	1.54%	4.07%	47.70%
7512	56 Neutral	¥126.83B	35.28	―	1.77%	8.65%	-45.94%
9946	53 Neutral	¥54.97B	-7.81	―	0.94%	10.66%	-218.40%
8217	45 Neutral	¥35.85B	-17.76	―	3.11%	1.46%	-436.55%

Ministop Co., Ltd. Corporate Events

Ministop Posts Modest Revenue Growth Amid Cost Pressures in Q3 FY2026

Ministop has released supplementary data for its third quarter results for the fiscal year ending February 28, 2026, detailing consolidated and non-consolidated performance, sales structures, gross profit margins, and store counts in Japan and overseas. The figures show modest growth in gross operating revenue and operating gross profit alongside continued cost pressures, especially in personnel and store-related expenses, resulting in relatively thin operating profits and highlighting management’s focus on improving efficiency across its franchise and directly managed store network.

The most recent analyst rating on (JP:9946) stock is a Hold with a Yen2047.00 price target. To see the full list of analyst forecasts on Ministop Co., Ltd. stock, see the JP:9946 Stock Forecast page.

Ministop Posts Higher Revenue but Deeper Losses, Maintains Dividend Outlook

Ministop reported a 5.2% year-on-year increase in gross operating revenue to ¥70.0 billion for the nine months ended November 30, 2025, but remained in the red, posting an operating loss of ¥1.45 billion and a net loss attributable to owners of the parent of ¥2.12 billion, widening its per-share loss to ¥73.07. The company’s equity ratio fell to 35.6% from 43.5% as total assets expanded and net assets declined, underscoring ongoing profitability and capital efficiency challenges even as sales grow; management nonetheless kept its dividend policy intact with an annual forecast of ¥20 per share and now projects a full-year net loss of ¥6.0 billion on ¥97.0 billion in revenue, signaling continued pressure on earnings despite top-line expansion and a revision to its previous forecast.

The most recent analyst rating on (JP:9946) stock is a Hold with a Yen2047.00 price target. To see the full list of analyst forecasts on Ministop Co., Ltd. stock, see the JP:9946 Stock Forecast page.

MINISTOP Slashes FY2026 Profit Forecast After Food Labeling Issue, Accelerates Structural Reforms

MINISTOP has sharply revised its consolidated earnings forecast for the fiscal year ending February 28, 2026, now projecting an operating loss of ¥3.5 billion and a net loss of ¥6.0 billion, compared with a previously expected small profit, while maintaining its gross operating revenue outlook at ¥97 billion. The downgrade stems from the temporary nationwide suspension of sales of hand-made rice balls and related items after improper expiration-date labeling was discovered, which depressed sales and triggered higher costs tied to preventive measures and kitchen safety enhancements. In response, the company is gradually resuming sales of the affected products under stricter systems and training, revamping in-store food provision methods, expanding both low-priced and high-value-added product lines, and intensifying promotions and store layout initiatives to stimulate related purchases. It is also accelerating structural reforms by deciding on closures of unprofitable stores within the current fiscal year and reallocating management resources toward revitalizing existing outlets and new store formats, aiming to restore profitability and reinforce its positioning as a leader in food safety and security within the convenience store sector.

The most recent analyst rating on (JP:9946) stock is a Hold with a Yen2047.00 price target. To see the full list of analyst forecasts on Ministop Co., Ltd. stock, see the JP:9946 Stock Forecast page.

Ministop Co., Ltd. Achieves Strong Financial Turnaround in First Half of 2025

Ministop Co., Ltd. reported significant improvements in its financial performance for the six months ending August 31, 2025, with a notable increase in gross operating revenue and a return to profitability compared to the previous year. This positive financial outcome reflects the company’s strategic initiatives and market positioning, which could enhance its competitive edge and stakeholder confidence.

The most recent analyst rating on (JP:9946) stock is a Hold with a Yen2047.00 price target. To see the full list of analyst forecasts on Ministop Co., Ltd. stock, see the JP:9946 Stock Forecast page.