Ichigo Inc
Ichigo Inc operates in the real estate rental, development, and operations sector, generating revenue primarily through property management and development activities.
Business. Ichigo Inc (2337.T) is a real estate rental, development, and operations company headquartered in Japan. The firm is primarily listed on the Tokyo Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
Analyst recommendations
3 analysts · consensus HoldAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Ichigo Inc (2337.T) is a real estate rental, development, and operations company headquartered in Japan. The firm is primarily listed on the Tokyo Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
Ichigo Inc maintains a capital structure with a debt-to-equity ratio of 2.36, indicating a significant reliance on debt financing. The company's liquidity position is characterized by a current ratio of 4.28, suggesting strong short-term liquidity. However, the operating cash flow is negative at -394 million JPY, which may signal potential challenges in sustaining operations without external financing.
Profitability metrics show a return on equity (ROE) of 3.43% and a return on assets (ROA) of 0.95%, both of which are below the industry median for real estate firms. This suggests that the company is underperforming in terms of capital efficiency and asset utilization.
The company's revenue is primarily concentrated in its core real estate operations, with no disclosed geographic diversification. This lack of diversification may expose the company to regional economic downturns or regulatory changes.
Looking ahead, the company is projected to experience a modest growth trajectory, with revenue expected to remain relatively stable in the next fiscal year. The current fiscal year's revenue of 25.1 billion JPY is expected to see minimal changes in the near term.
Risk factors include a medium liquidity risk due to the negative net cash position after subtracting total debt. The dilution risk is assessed as low, with no immediate pressure from share issuance or other dilutive events.
Recent events include analyst estimates indicating a mean price target of 533.33 JPY and a median price target of 490.00 JPY. The mean recommendation from analysts is 3.00, indicating a neutral stance with no strong buy recommendations.
- Ichigo Inc has a high debt-to-equity ratio, indicating a significant reliance on debt financing.
- The company's ROE and ROA are below industry medians, suggesting underperformance in capital efficiency.
- The company's revenue is concentrated in its core real estate operations with no geographic diversification.
- Analysts have a neutral stance on the stock, with no strong buy recommendations.
- The company faces medium liquidity risk due to a negative net cash position after subtracting total debt.
Bull / Bear case
Generated · model-assistedRevenue grew 13.0% CAGR from FY2022 to FY2026, demonstrating strong top-line expansion momentum.
Net income surged 26.6% CAGR over four years, significantly outpacing revenue growth rates.
Analysts project 20.9% upside to the mean price target of 533.33 JPY.
Debt-to-equity ratio of 2.36 sits in the bottom quartile of the real estate cohort.
The company faces high credit risk according to internal risk flag assessments.
Return on equity of 3.4% remains low despite above-median net margins.
Cash conversion of -0.11 is below the 0.29 cohort median, indicating poor cash efficiency.
In focus — financials by report
Revenue ¥19.69B, −25,3% YoY; Operating income −8,8% YoY.
- ▍Revenue ¥19.69B, −25,3% YoY
- ▍Operating income −8,8% YoY
- ▍Net income −3,0% YoY
- ▍Free cash flow +0,5% YoY
- ▍Net margin 31.0%
Revenue ¥21.99B, +5,1% YoY; Operating income +14,1% YoY.
- ▍Revenue ¥21.99B, +5,1% YoY
- ▍Operating income +14,1% YoY
- ▍Net income −46,2% YoY
- ▍Free cash flow −149,7% YoY
- ▍Net margin 8.6%
Revenue ¥38.54B, +244,1% YoY; Operating income +244,6% YoY.
- ▍Revenue ¥38.54B, +244,1% YoY
- ▍Operating income +244,6% YoY
- ▍Net income +254,9% YoY
- ▍Free cash flow +210,8% YoY
- ▍Net margin 16.3%
Revenue ¥12.49B, −50,2% YoY; Operating income −24,3% YoY.
- ▍Revenue ¥12.49B, −50,2% YoY
- ▍Operating income −24,3% YoY
- ▍Net income −35,1% YoY
- ▍Free cash flow −956,5% YoY
- ▍Net margin 18.7%
Revenue ¥26.35B; Operating income ¥6.02B.
- ▍Revenue ¥26.35B
- ▍Operating income ¥6.02B
- ▍Net margin 23.9%
Revenue ¥20.93B; Operating income ¥3.92B.
- ▍Revenue ¥20.93B
- ▍Operating income ¥3.92B
- ▍Net margin 16.9%
Revenue ¥11.20B; Operating income ¥2.33B.
- ▍Revenue ¥11.20B
- ▍Operating income ¥2.33B
- ▍Net margin 15.8%
Revenue ¥25.10B; Operating income ¥4.86B.
- ▍Revenue ¥25.10B
- ▍Operating income ¥4.86B
- ▍Net margin 14.3%
Revenue ¥92.70B, +10,9% YoY; Operating income +26,5% YoY.
- ▍Revenue ¥92.70B, +10,9% YoY
- ▍Operating income +26,5% YoY
- ▍Net income +9,5% YoY
- ▍Free cash flow −38,3% YoY
- ▍Net margin 17.9%
Revenue ¥83.58B, +1,0% YoY; Operating income +7,4% YoY.
- ▍Revenue ¥83.58B, +1,0% YoY
- ▍Operating income +7,4% YoY
- ▍Net income +25,4% YoY
- ▍Free cash flow +109,2% YoY
- ▍Net margin 18.2%
Revenue ¥82.75B, +21,5% YoY; Operating income +30,2% YoY.
- ▍Revenue ¥82.75B, +21,5% YoY
- ▍Operating income +30,2% YoY
- ▍Net income +28,7% YoY
- ▍Free cash flow +277,8% YoY
- ▍Net margin 14.6%
Revenue ¥68.09B, +19,6% YoY; Operating income +37,3% YoY.
- ▍Revenue ¥68.09B, +19,6% YoY
- ▍Operating income +37,3% YoY
- ▍Net income +45,4% YoY
- ▍Free cash flow −56,0% YoY
- ▍Net margin 13.8%
Valuation TTM
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Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 47,24 |
| Revenue | —no estimate | —no estimate | 104,9B JPY |
| Operating income | —no estimate | —no estimate | —no estimate |
Options
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sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
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Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Physical assets
3 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Ichijo Mega Solar Nagano Sakuho Ohinata Daiichi Power Station | Power | Power | Japan | Registered owner |
| Ichijo Mega Solar Nagano Sakuho Ohinata Daiichi Power Station | Power | Power | Japan | Registered owner |
| Ichijo Mega Solar Nagano Sakuho Ohinata Daiichi Power Station | Power | Power | Japan | Registered owner |
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- Ichigo Inc Market data — financials · 2026-05-26
- Ichigo Inc Market data — analyst estimates · 2026-05-26