Belluna Co., Ltd. (JP:9997)
:9997
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Belluna Co., Ltd.
(9997)
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Rating:62Neutral
Price Target:
¥991.00
▼(-0.60% Downside)
Action:Downgraded
Date:05/15/26
The score is supported most by attractive valuation (very low P/E and solid dividend yield) and a moderately positive technical setup with price above key moving averages. Offsetting these positives, financial performance is constrained by consistently negative free cash flow and increasing leverage, which adds funding risk despite the recent earnings rebound.
Positive Factors
Direct-to-Consumer Model & Customer Database
Belluna's core DTC model — catalogs plus e-commerce — and a customer database create durable advantages: control of distribution, lower dependence on third‑party retail, and predictable repeat demand. Over 2–6 months this supports targeted marketing efficiency, higher lifetime value, and steadier gross margins versus marketplace-reliant peers.
Negative Factors
Persistent Negative Free Cash Flow
Multi-year negative free cash flow and a sharp 2026 decline (-14.8B) signal weak cash conversion. Operating cash often covers a small share of earnings (coverage ~0.11–0.22), limiting internal financing for capex, inventory, or dividends, and increasing reliance on external funding over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Direct-to-Consumer Model & Customer Database
Belluna's core DTC model — catalogs plus e-commerce — and a customer database create durable advantages: control of distribution, lower dependence on third‑party retail, and predictable repeat demand. Over 2–6 months this supports targeted marketing efficiency, higher lifetime value, and steadier gross margins versus marketplace-reliant peers.
Read all positive factors
Belluna Co., Ltd. (9997) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥90.21B
Dividend Yield2.98%
Average Volume (3M)442.70K
Price to Earnings (P/E)7.3
Beta (1Y)0.66
Revenue Growth3.43%
EPS Growth31.33%
CountryJP
Employees3,825
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)88.73
Shares Outstanding97,244,470
10 Day Avg. Volume199,110
30 Day Avg. Volume442,696
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)0.55
Price to Sales (P/S)0.38
P/FCF Ratio-5.64
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
Belluna Co., Ltd. Business Overview & Revenue Model
Company Description
Belluna Co., Ltd. (9997) is a Japanese company primarily engaged in the mail-order retail sector, specializing in a diverse range of products including apparel, health and beauty items, and household goods. The company operates through various cha...
How the Company Makes Money
Belluna generates revenue primarily by selling consumer products directly to end customers through its mail-order (catalog/telephone) and e-commerce channels. Its core revenue model is product sales: the company sources/merchandises items (notably...
Belluna Co., Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
54
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 210.31B | 218.10B | 210.86B | 208.30B | 212.38B | 220.13B |
| Gross Profit | 129.55B | 137.20B | 129.23B | 126.34B | 125.70B | 129.31B |
| EBITDA | 19.02B | 24.17B | 20.32B | 16.19B | 16.85B | 18.17B |
| Net Income | 8.54B | 11.54B | 8.80B | 5.84B | 7.42B | 10.20B |
Balance Sheet | ||||||
| Total Assets | 317.11B | 340.14B | 312.46B | 300.69B | 285.59B | 254.18B |
| Cash, Cash Equivalents and Short-Term Investments | 32.01B | 34.95B | 36.21B | 37.40B | 32.28B | 29.57B |
| Total Debt | 137.55B | 150.04B | 130.26B | 119.55B | 111.34B | 84.32B |
| Total Liabilities | 177.37B | 188.68B | 170.80B | 164.50B | 159.15B | 135.13B |
| Stockholders Equity | 139.39B | 151.34B | 141.31B | 135.19B | 125.50B | 118.27B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -14.84B | -5.34B | -4.01B | -21.76B | -9.47B |
| Operating Cash Flow | 0.00 | 18.46B | 9.69B | 12.77B | 8.24B | 7.15B |
| Investing Cash Flow | 0.00 | -32.29B | -17.79B | -14.40B | -29.92B | -17.03B |
| Financing Cash Flow | 0.00 | 13.91B | 6.72B | 5.97B | 23.53B | 8.65B |
Belluna Co., Ltd. Technical Analysis
Positive
997.00
Price Trends
883.03
Positive
918.17
Positive
944.70
Negative
Market Momentum
13.72
Negative
57.51
Neutral
70.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9997, the sentiment is Positive. The current price of 997 is above the 20-day moving average (MA) of 883.40, above the 50-day MA of 883.03, and above the 200-day MA of 944.70, indicating a neutral trend. The MACD of 13.72 indicates Negative momentum. The RSI at 57.51 is Neutral, neither overbought nor oversold. The STOCH value of 70.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9997.
Belluna Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥121.14B | 19.39 | ― | 1.54% | 3.97% | -16.37% | |
69 Neutral | ¥905.39B | 22.31 | 49.14% | 2.82% | 7.15% | 6.34% | |
69 Neutral | ¥56.85B | 16.49 | ― | 4.27% | 5.38% | -34.97% | |
62 Neutral | ¥90.21B | 7.25 | 6.96% | 2.98% | 3.43% | 31.33% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | ¥46.42B | -18.98 | ― | 3.31% | 0.69% | -377.37% | |
46 Neutral | ¥1.64T | -21.05 | -21.14% | ― | 10.70% | 36.82% |
* Consumer Cyclical Sector Average
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Belluna Co., Ltd. Corporate Events
Belluna Lifts April Sales 5% on Hotel Gains and Expanding E-Commerce
May 15, 2026
Belluna Co., Ltd. reported that consolidated group sales for April 2026 rose 5% year on year to 16,765 million yen, reflecting solid growth across key segments despite selective reductions in traditional marketing channels. The company’s rec...
Belluna boosts FY2026 profit, raises dividend and guides for steady growth
May 13, 2026
Belluna Co., Ltd. reported consolidated net sales of ¥218.1 billion for the fiscal year ended March 2026, up 3.4% year on year, with operating profit surging 38.6% to ¥16.5 billion and profit attributable to owners of parent climbing 31....
Belluna Posts Strong Profit Surge for Fiscal 2026, Beating Earnings Plan
May 13, 2026
Belluna Co., Ltd. reported consolidated results for the fiscal year ended March 31, 2026, showing net sales of ¥218.09 billion, a 3.4% year-on-year increase and 1.6% above plan. Operating profit surged 38.6% to ¥16.47 billion, while ordi...
Belluna Posts Strong FY2026 Profit Growth and Hikes Dividend
May 13, 2026
Belluna Co., Ltd. reported consolidated net sales of ¥218.1 billion for the fiscal year ended March 2026, up 3.4% year on year, with operating profit jumping 38.6% to ¥16.5 billion and profit attributable to owners of parent rising 31.2%...
Belluna Delivers Strong Fiscal 2026 Profit Growth, Beating Earnings Plan
May 13, 2026
Belluna Co., Ltd. reported consolidated net sales of ¥218.09 billion for the fiscal year ended March 31, 2026, a 3.4 percent increase year on year, while keeping cost of sales slightly lower and allowing selling, general and administrative ex...
Belluna Lifts Earnings Outlook and Hikes Dividend on Strong Property and Retail Performance
May 7, 2026
Belluna has raised its consolidated earnings forecast for the fiscal year ending March 31, 2026, citing stronger performance in its property and apparel and goods businesses. Robust domestic hotel demand driven by domestic travel and inbound touri...
Belluna’s Hotel Gains Offset Mail-Order Weakness as March Sales Creep Higher
Apr 15, 2026
Belluna reported that its hotel business delivered robust results in March 2026, as average daily room rates and occupancy at city hotels recovered and recent acquisitions such as Hotel Zuiho and Akiu Grand Hotel significantly lifted revenues, dri...
Belluna to Acquire Kussharo Prince Hotel to Expand Resort Portfolio in Hokkaido
Mar 23, 2026
Belluna Co., Ltd. has agreed to acquire the Kussharo Prince Hotel, a resort property on the shores of Lake Kussharo in Hokkaido’s Akan-Mashu National Park, as part of its strategy to grow its hotel-centered property business. The lakeside re...
Belluna lifts February sales 3% as hotel expansion offsets apparel slowdown
Mar 16, 2026
Belluna reported consolidated group sales of ¥15,814 million for February 2026, a 3% year-on-year increase, supported by overall growth in its diversified operations despite mixed performance across segments. While several growth-oriented uni...
Belluna to Shift Top Shareholder Stake to Parent Firm via Merger
Feb 16, 2026
Belluna Co., Ltd. announced that its major and principal shareholder will change on March 31, 2026, due to an absorption-type merger in which Friend Stage Co., Ltd. will take over Friend Stage Asset Management Co., Ltd. As a result, Friend Stage w...
Belluna’s January Sales Climb 10% on Hotel and Wine Strength
Feb 16, 2026
Belluna reported that consolidated group sales in January 2026 rose 10% year on year to 15,554 million yen, driven primarily by robust growth in its hotel and wine operations despite some pricing pressure. Segment disclosures note that overseas ho...
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.