Moonbat Co Ltd

Moonbat's capital structure shows a debt-to-equity ratio of 0.49, indicating a relatively conservative leverage position compared to typical apparel industry norms. The company holds 1,044,841,000 JPY in cash and equivalents, but this is offset by 2,486,317,000 JPY in long-term debt, resulting in a net cash position of -1,441,476,000 JPY. The current ratio of 1.41 suggests adequate short-term liquidity to cover obligations, though the negative net cash position raises concerns about long-term solvency.

Profitability metrics are weak, with a return on equity of -0.0001 and a return on assets of -0.0001, both indicating a loss-making position. The company reported an operating loss of 95,783,000 JPY and a net loss of 647,000 JPY in the latest period. These results fall significantly below the median profitability metrics for the apparel and accessories industry, which typically show positive returns on equity and assets.

The company's revenue is concentrated in a single business segment focused on apparel and accessories, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and consumer demand shifts. The absence of segment or geographic breakdown in the financial data limits the ability to assess risk distribution.

Growth trajectory appears negative, with the company reporting a net loss and negative operating income. Analyst estimates for revenue and EPS are based on the most recent actuals, but no forward-looking guidance is provided. The absence of clear growth drivers or strategic initiatives in the latest filings suggests limited visibility into future performance.

Risk factors include liquidity concerns due to the negative net cash position and the potential for dilution if the company issues additional shares to fund operations. The risk assessment indicates a medium liquidity risk and low dilution risk, but the negative net cash position could necessitate further financing, which may involve equity dilution.

Recent events include the latest financial results showing a net loss and negative operating income. No significant new product launches, strategic partnerships, or regulatory changes have been disclosed in the latest filings. The company's financial performance and risk profile suggest a need for close monitoring of liquidity and profitability trends.

Revenue grew 13.6% annually over four years, reaching 11.9 billion JPY in fiscal 2025.

Operating income surged 112.2% year-over-year to 753 million JPY in fiscal 2025.

Long-term debt decreased steadily from 4.6 billion JPY in 2021 to 2.4 billion JPY in 2025.

The company returned to profitability, reporting positive net income of 583 million JPY in fiscal 2025.

Gross profit expanded to 5.1 billion JPY in fiscal 2025, indicating improving top-line efficiency.

Operating margin of -4.2% places the company in the bottom quartile of its apparel cohort.

The company faces high credit risk according to internal risk flag assessments.

Free cash flow declined 13.3% year-over-year to 515 million JPY in fiscal 2025.

Return on equity of -0.01% remains significantly below the 3.6% cohort median.

Cash conversion ratio of -1282.9% ranks in the bottom quartile among peers.

Revenue ¥2.15B, −17,3% YoY; Operating income −170,1% YoY.

• ▍Revenue ¥2.15B, −17,3% YoY
• ▍Operating income −170,1% YoY
• ▍Net income −153,3% YoY
• ▍Net margin -2.8%

Revenue ¥2.92B, +3,6% YoY; Operating income −37,1% YoY.

• ▍Revenue ¥2.92B, +3,6% YoY
• ▍Operating income −37,1% YoY
• ▍Net income −21,4% YoY
• ▍Net margin 2.1%

Revenue ¥4.10B, +6,2% YoY; Operating income +30,4% YoY.

• ▍Revenue ¥4.10B, +6,2% YoY
• ▍Operating income +30,4% YoY
• ▍Net income +37,8% YoY
• ▍Net margin 14.3%

Revenue ¥2.67B, +16,1% YoY; Operating income +59,1% YoY.

• ▍Revenue ¥2.67B, +16,1% YoY
• ▍Operating income +59,1% YoY
• ▍Net income −5 378,5% YoY
• ▍Net margin -1.3%

Revenue ¥2.60B; Operating income ¥134.0M.

• ▍Revenue ¥2.60B
• ▍Operating income ¥134.0M
• ▍Net margin 4.4%

Revenue ¥2.81B; Operating income ¥114.1M.

• ▍Revenue ¥2.81B
• ▍Operating income ¥114.1M
• ▍Net margin 2.8%

Revenue ¥3.86B; Operating income ¥544.0M.

• ▍Revenue ¥3.86B
• ▍Operating income ¥544.0M
• ▍Net margin 11.0%

Revenue ¥2.30B; Operating income -¥95.8M.

• ▍Revenue ¥2.30B
• ▍Operating income -¥95.8M
• ▍Net margin -0.0%

Revenue ¥11.95B, +12,6% YoY; Operating income +112,2% YoY.

• ▍Revenue ¥11.95B, +12,6% YoY
• ▍Operating income +112,2% YoY
• ▍Net income +7,0% YoY
• ▍Free cash flow −13,3% YoY
• ▍Net margin 4.9%

Revenue ¥10.61B, +10,7% YoY; Operating income +211,2% YoY.

• ▍Revenue ¥10.61B, +10,7% YoY
• ▍Operating income +211,2% YoY
• ▍Net income +287,9% YoY
• ▍Free cash flow +115,0% YoY
• ▍Net margin 5.1%

Revenue ¥9.58B, +28,5% YoY; Operating income +122,1% YoY.

• ▍Revenue ¥9.58B, +28,5% YoY
• ▍Operating income +122,1% YoY
• ▍Net income +137,0% YoY
• ▍Free cash flow +206,9% YoY
• ▍Net margin 1.5%

Revenue ¥7.46B, +4,0% YoY; Operating income +72,4% YoY.

• ▍Revenue ¥7.46B, +4,0% YoY
• ▍Operating income +72,4% YoY
• ▍Net income +79,6% YoY
• ▍Free cash flow +86,7% YoY
• ▍Net margin -5.1%