Ministop Co Ltd

Ministop's capital structure is characterized by a low debt-to-equity ratio of 0.0, indicating a conservative approach to leverage, and a current ratio of 1.5, suggesting adequate short-term liquidity to cover its obligations. The company holds JPY 6.85 billion in cash and equivalents, which is a significant portion of its total assets of JPY 81.86 billion. This liquidity position is supported by a low liquidity risk, as no immediate filing-based liquidity flags were detected.

Profitability metrics for Ministop are currently negative, with a return on equity of -2.96% and a return on assets of -1.39%. These figures fall below the typical performance benchmarks for the Food Retail & Distribution industry, which is known for relatively stable but low-margin operations. The company reported an operating loss of JPY 1.35 billion and a net loss of JPY 1.13 billion in the latest period, indicating a challenging operating environment.

Geographically, Ministop's revenue is concentrated in Japan, as disclosed in its segments and geographic exposure. The company operates a network of convenience stores across the country, with no material international operations reported in the latest financial data. This concentration may expose the company to regional economic and regulatory risks, particularly in the context of domestic consumer behavior and retail competition.

The company's growth trajectory appears to be under pressure, with a reported revenue of JPY 20.55 billion in the latest period. Analysts have estimated a mean revenue of JPY 94.5 billion for the current fiscal year, suggesting a potential for growth, although the company's recent performance has not yet met these expectations. The discrepancy between actual and estimated revenue highlights the uncertainty in the company's ability to scale its operations effectively.

Risk factors for Ministop include the potential for dilution, although the risk is currently assessed as low. No immediate filing-based dilution flags were detected, and the company has not issued additional shares recently. However, the company's negative net income and operating income may necessitate future capital raising activities, which could lead to share dilution. The risk assessment also indicates a low dilution potential, with no near-term pressure expected.

Recent events and filings have not indicated any significant changes in the company's strategic direction or operational performance. The company's latest earnings report showed a continued decline in profitability, with a last actual EPS of -194.08 JPY, compared to a mean EPS estimate of -39.60 JPY. This suggests that the company is underperforming relative to analyst expectations, and may need to implement cost-cutting measures or revenue-enhancing strategies to improve its financial position.

Ministop generated JPY 91.8 billion in FY2026 revenue, representing a 4.9% year-over-year increase from the prior fiscal year.

The company maintained a zero debt-to-equity ratio, ranking in the top quartile compared to the Food Retail cohort median.

Net income improved by 16.9% year-over-year in FY2026, reaching a loss of JPY 5.6 billion.

Operating income improved by 24.6% year-over-year in FY2026, narrowing the loss to JPY 6.1 billion.

Free cash flow improved by 20.5% year-over-year in FY2026, reducing the outflow to JPY 7.7 billion.

The company faces high credit risk according to internal risk flags, despite low dilution and liquidity risks.

Revenue ¥21.75B, +4,1% YoY; Operating income +34,6% YoY.

• ▍Revenue ¥21.75B, +4,1% YoY
• ▍Operating income +34,6% YoY
• ▍Net income +28,7% YoY
• ▍Net margin -16.1%

Revenue ¥21.31B, −3,5% YoY; Operating income −100,9% YoY.

• ▍Revenue ¥21.31B, −3,5% YoY
• ▍Operating income −100,9% YoY
• ▍Net income −124,1% YoY
• ▍Net margin -12.3%

Revenue ¥25.01B, +4,4% YoY; Operating income +171,0% YoY.

• ▍Revenue ¥25.01B, +4,4% YoY
• ▍Operating income +171,0% YoY
• ▍Net income +44,9% YoY
• ▍Net margin 2.6%

Revenue ¥23.72B, +15,4% YoY; Operating income +80,2% YoY.

• ▍Revenue ¥23.72B, +15,4% YoY
• ▍Operating income +80,2% YoY
• ▍Net income +86,8% YoY
• ▍Net margin -0.6%

Revenue ¥20.90B; Operating income -¥5.52B.

• ▍Revenue ¥20.90B
• ▍Operating income -¥5.52B
• ▍Net margin -23.5%

Revenue ¥22.07B; Operating income -¥1.38B.

• ▍Revenue ¥22.07B
• ▍Operating income -¥1.38B
• ▍Net margin -5.3%

Revenue ¥23.96B; Operating income ¥221.0M.

• ▍Revenue ¥23.96B
• ▍Operating income ¥221.0M
• ▍Net margin 1.9%

Revenue ¥20.55B; Operating income -¥1.34B.

• ▍Revenue ¥20.55B
• ▍Operating income -¥1.34B
• ▍Net margin -5.5%

Revenue ¥91.79B, +4,9% YoY; Operating income +24,6% YoY.

• ▍Revenue ¥91.79B, +4,9% YoY
• ▍Operating income +24,6% YoY
• ▍Net income +16,9% YoY
• ▍Free cash flow +20,5% YoY
• ▍Net margin -6.1%

Revenue ¥87.47B, +10,7% YoY; Operating income −634,5% YoY.

• ▍Revenue ¥87.47B, +10,7% YoY
• ▍Operating income −634,5% YoY
• ▍Net income −1 350,5% YoY
• ▍Free cash flow −330,1% YoY
• ▍Net margin -7.7%

Revenue ¥79.06B, −2,7% YoY; Operating income +64,6% YoY.

• ▍Revenue ¥79.06B, −2,7% YoY
• ▍Operating income +64,6% YoY
• ▍Net income −103,6% YoY
• ▍Free cash flow −116,4% YoY
• ▍Net margin -0.6%

Revenue ¥81.29B, −55,8% YoY; Operating income +65,2% YoY.

• ▍Revenue ¥81.29B, −55,8% YoY
• ▍Operating income +65,2% YoY
• ▍Net income +432,0% YoY
• ▍Free cash flow +671,3% YoY
• ▍Net margin 15.8%