Bull-Dog Sauce Co Ltd

Bull-Dog Sauce Co Ltd maintains a relatively strong liquidity position, with a current ratio of 1.57, indicating that it has sufficient current assets to cover its current liabilities. However, the company's net cash position is negative after subtracting total debt, which raises concerns about its short-term liquidity. The company's debt-to-equity ratio of 0.29 suggests a conservative capital structure, with a relatively low proportion of debt compared to equity.

In terms of profitability, the company's return on equity (ROE) of 0.0044 and return on assets (ROA) of 0.0028 are below the typical thresholds for strong performance in the food processing industry. These metrics indicate that the company is generating minimal returns for its shareholders and asset base. The company's operating income is negative at -168,485,000 JPY, which is a significant concern given its revenue of 3,429,055,000 JPY.

The company's revenue is concentrated in a single business segment, as disclosed in its financial statements, with no material geographic diversification reported. This lack of diversification increases the company's exposure to regional economic fluctuations and market-specific risks. The company's capital expenditures of -4,820,507,000 JPY indicate a significant outflow of cash for investments in long-term assets, which may be necessary for future growth but could strain short-term liquidity.

Looking ahead, the company's revenue outlook is uncertain, with no clear direction provided in the available data. The company's operating cash flow of 90,167,000 JPY is modest and may not be sufficient to cover its capital expenditures and debt obligations. The company's net income of 93,927,000 JPY is positive but relatively small compared to its revenue, suggesting that the company is operating with thin profit margins.

The company's risk assessment indicates a medium level of liquidity risk and a low level of dilution risk. The key flag of negative net cash after subtracting total debt highlights the need for careful management of short-term liquidity. The company's capital structure is relatively conservative, with a debt-to-equity ratio of 0.29, which reduces the risk of financial distress but may also limit its ability to leverage growth opportunities.

Recent events and filings do not indicate any major changes in the company's operations or financial strategy. The company's last actual EPS was 46.91 JPY, and its last actual revenue was 14,617,000,000 JPY, according to analyst estimates. These figures suggest that the company's performance has been mixed, with revenue and earnings fluctuating over time.

Net income surged 328.9% year-over-year to JPY 623.7 million in fiscal 2025, signaling a strong operational recovery.

Free cash flow turned positive to JPY 1.12 billion in fiscal 2025, reversing a significant negative trend from prior years.

Long-term debt decreased to JPY 4.89 billion in fiscal 2025, reducing leverage compared to the previous fiscal year.

Operating income improved by 180.1% year-over-year to JPY 223.1 million, demonstrating enhanced core profitability in fiscal 2025.

The debt-to-equity ratio of 0.29 is above the cohort median, suggesting a relatively conservative capital structure compared to peers.

Revenue declined at a 4.7% compound annual growth rate over four years, indicating persistent top-line weakness.

Operating margin of -4.9% places the company in the bottom quartile of the food processing cohort.

Return on equity of 0.44% ranks in the bottom quartile, reflecting poor capital efficiency relative to peers.

The company faces high credit risk according to internal risk flags, potentially impacting borrowing costs and financial stability.

Return on invested capital remains negative at -0.61%, suggesting the business fails to generate adequate returns on capital employed.

Revenue ¥3.86B, −0,3% YoY; Operating income +25,9% YoY.

• ▍Revenue ¥3.86B, −0,3% YoY
• ▍Operating income +25,9% YoY
• ▍Net income −20,6% YoY
• ▍Net margin 6.5%

Revenue ¥3.68B, +0,0% YoY; Operating income +314,3% YoY.

• ▍Revenue ¥3.68B, +0,0% YoY
• ▍Operating income +314,3% YoY
• ▍Net income +79,1% YoY
• ▍Net margin 8.3%

Revenue ¥3.69B, +1,7% YoY; Operating income +224,3% YoY.

• ▍Revenue ¥3.69B, +1,7% YoY
• ▍Operating income +224,3% YoY
• ▍Net income +13 476,9% YoY
• ▍Net margin 47.8%

Revenue ¥3.44B, +0,2% YoY; Operating income +167,7% YoY.

• ▍Revenue ¥3.44B, +0,2% YoY
• ▍Operating income +167,7% YoY
• ▍Net income +34,9% YoY
• ▍Net margin 3.7%

Revenue ¥3.87B; Operating income ¥169.0M.

• ▍Revenue ¥3.87B
• ▍Operating income ¥169.0M
• ▍Net margin 8.1%

Revenue ¥3.68B; Operating income ¥42.8M.

• ▍Revenue ¥3.68B
• ▍Operating income ¥42.8M
• ▍Net margin 4.6%

Revenue ¥3.63B; Operating income -¥103.0M.

• ▍Revenue ¥3.63B
• ▍Operating income -¥103.0M
• ▍Net margin 0.4%

Revenue ¥3.43B; Operating income -¥168.5M.

• ▍Revenue ¥3.43B
• ▍Operating income -¥168.5M
• ▍Net margin 2.7%

Revenue ¥14.62B, +0,9% YoY; Operating income +180,1% YoY.

• ▍Revenue ¥14.62B, +0,9% YoY
• ▍Operating income +180,1% YoY
• ▍Net income +328,9% YoY
• ▍Free cash flow +126,6% YoY
• ▍Net margin 4.3%

Revenue ¥14.48B, +7,0% YoY; Operating income −214,8% YoY.

• ▍Revenue ¥14.48B, +7,0% YoY
• ▍Operating income −214,8% YoY
• ▍Net income −75,6% YoY
• ▍Free cash flow −34,8% YoY
• ▍Net margin 1.0%

Revenue ¥13.53B, +1,7% YoY; Operating income −62,6% YoY.

• ▍Revenue ¥13.53B, +1,7% YoY
• ▍Operating income −62,6% YoY
• ▍Net income −16,9% YoY
• ▍Free cash flow −953,7% YoY
• ▍Net margin 4.4%

Revenue ¥13.30B, −24,9% YoY; Operating income −11,0% YoY.

• ▍Revenue ¥13.30B, −24,9% YoY
• ▍Operating income −11,0% YoY
• ▍Net income +3,3% YoY
• ▍Free cash flow −165,4% YoY
• ▍Net margin 5.4%