Ezaki Glico Co Ltd

Ezaki Glico's capital structure is characterized by a strong liquidity position, with cash and equivalents amounting to ¥61.45 billion, representing 16.5% of total assets. The company's liquidity FPT (free cash flow to total liabilities) is robust, supported by an operating cash flow of ¥3.99 billion and a current ratio of 1.97, indicating a solid ability to meet short-term obligations.

Profitability metrics, however, show a challenging performance. The company reported a net loss of ¥1.45 billion and an operating loss of ¥2.69 billion, resulting in a negative return on equity of -0.53% and a return on assets of -0.39%. These figures fall significantly below the industry median for profitability in the Food Processing sector, which typically sees positive ROE and ROA figures.

Geographically, Ezaki Glico's revenue is heavily concentrated in Japan, with no disclosed international segments in the latest financial data. This concentration increases exposure to domestic economic conditions and regulatory changes, which could impact revenue stability.

The company's growth trajectory appears to be under pressure, with no clear revenue growth in the most recent fiscal year. Analysts have set a mean price target of ¥4,250, with a median of ¥4,250, suggesting limited upside potential in the near term. The absence of strong buy or buy ratings from analysts further indicates a cautious outlook.

Risk factors include the company's negative net income and operating income, which could affect its ability to fund operations and invest in growth. However, the low dilution risk and absence of immediate liquidity concerns provide some stability. The company has not issued new shares recently, and no dilution sources were identified in the latest filings.

Recent events include the publication of the latest financial results, which show a decline in profitability. No significant regulatory or operational events were disclosed in the most recent filings, but the company's performance highlights the need for strategic adjustments to improve margins and returns.

Free cash flow surged 223% year-over-year to JPY 6.6 billion in fiscal 2026, demonstrating strong cash generation capabilities.

Long-term debt decreased significantly to JPY 2.6 billion in fiscal 2026, reflecting a strengthened balance sheet and reduced leverage.

Revenue grew 9.1% year-over-year to JPY 361.4 billion in fiscal 2026, indicating robust top-line expansion despite margin pressures.

The company maintains a zero debt-to-equity ratio, placing it in the top quartile for financial stability within its cohort.

Gross profit increased to JPY 135.1 billion in fiscal 2026, suggesting underlying pricing power or favorable product mix improvements.

Net margin and operating margin are negative, placing the company in the bottom quartile compared to food processing peers.

Return on equity is negative at -0.53%, underperforming the cohort median of 4.99% and indicating poor capital efficiency.

Revenue ¥85.28B, +10,3% YoY; Operating income +42,2% YoY.

• ▍Revenue ¥85.28B, +10,3% YoY
• ▍Operating income +42,2% YoY
• ▍Net income +46,0% YoY
• ▍Net margin 4.2%

Revenue ¥96.65B, +7,4% YoY; Operating income −118,3% YoY.

• ▍Revenue ¥96.65B, +7,4% YoY
• ▍Operating income −118,3% YoY
• ▍Net income −106,5% YoY
• ▍Net margin -2.3%

Revenue ¥100.24B, +15,0% YoY; Operating income +86,4% YoY.

• ▍Revenue ¥100.24B, +15,0% YoY
• ▍Operating income +86,4% YoY
• ▍Net income −22,5% YoY
• ▍Net margin 3.5%

Revenue ¥87.16B, +16,1% YoY; Operating income +124,2% YoY.

• ▍Revenue ¥87.16B, +16,1% YoY
• ▍Operating income +124,2% YoY
• ▍Net income +188,8% YoY
• ▍Net margin 1.5%

Revenue ¥77.34B; Operating income ¥2.63B.

• ▍Revenue ¥77.34B
• ▍Operating income ¥2.63B
• ▍Net margin 3.2%

Revenue ¥89.96B; Operating income ¥31.71B.

• ▍Revenue ¥89.96B
• ▍Operating income ¥31.71B
• ▍Net margin 37.9%

Revenue ¥87.15B; Operating income ¥2.85B.

• ▍Revenue ¥87.15B
• ▍Operating income ¥2.85B
• ▍Net margin 5.2%

Revenue ¥75.04B; Operating income -¥2.69B.

• ▍Revenue ¥75.04B
• ▍Operating income -¥2.69B
• ▍Net margin -1.9%

Revenue ¥361.39B, +9,1% YoY; Operating income −43,6% YoY.

• ▍Revenue ¥361.39B, +9,1% YoY
• ▍Operating income −43,6% YoY
• ▍Net income −37,9% YoY
• ▍Free cash flow +223,0% YoY
• ▍Net margin 1.4%

Revenue ¥331.13B, −0,4% YoY; Operating income −70,7% YoY.

• ▍Revenue ¥331.13B, −0,4% YoY
• ▍Operating income −70,7% YoY
• ▍Net income −42,6% YoY
• ▍Free cash flow −57,4% YoY
• ▍Net margin 2.5%

Revenue ¥332.59B, +9,4% YoY; Operating income +89,1% YoY.

• ▍Revenue ¥332.59B, +9,4% YoY
• ▍Operating income +89,1% YoY
• ▍Net income +74,5% YoY
• ▍Free cash flow +156,4% YoY
• ▍Net margin 4.2%

Revenue ¥303.92B, −10,2% YoY; Operating income −46,3% YoY.

• ▍Revenue ¥303.92B, −10,2% YoY
• ▍Operating income −46,3% YoY
• ▍Net income −40,1% YoY
• ▍Free cash flow −1 616,0% YoY
• ▍Net margin 2.7%