New Risk • May 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.1% Last year net profit margin: 7.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (JP¥6.43b market cap, or US$40.4m). Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥56.03 (vs JP¥70.38 in FY 2025) Full year 2026 results: EPS: JP¥56.03 (down from JP¥70.38 in FY 2025). Revenue: JP¥10.1b (up 19% from FY 2025). Net income: JP¥518.0m (down 20% from FY 2025). Profit margin: 5.1% (down from 7.7% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year and the company’s share price has also fallen by 18% per year. Aankondiging • May 15
Almado, Inc., Annual General Meeting, Jun 23, 2026 Almado, Inc., Annual General Meeting, Jun 23, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Trailing yield: 7.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥935, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 22x in the Personal Products industry in Japan. Total loss to shareholders of 5.9% over the past three years. New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (JP¥8.53b market cap, or US$55.6m). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥63.54 (vs JP¥44.47 in 3Q 2025) Third quarter 2026 results: EPS: JP¥63.54 (up from JP¥44.47 in 3Q 2025). Revenue: JP¥2.87b (up 22% from 3Q 2025). Net income: JP¥588.0m (up 43% from 3Q 2025). Profit margin: 21% (up from 17% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. New Risk • Dec 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.9% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risks Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (JP¥9.85b market cap, or US$63.2m). Aankondiging • Sep 27
Almado, Inc. to Report Q2, 2026 Results on Nov 14, 2025 Almado, Inc. announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 16
First quarter 2026 earnings released: JP¥65.44 loss per share (vs JP¥45.00 loss in 1Q 2025) First quarter 2026 results: JP¥65.44 loss per share (further deteriorated from JP¥45.00 loss in 1Q 2025). Revenue: JP¥2.52b (up 43% from 1Q 2025). Net loss: JP¥604.0m (loss widened 45% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Aankondiging • Jun 27
Almado, Inc. to Report Q1, 2026 Results on Aug 14, 2025 Almado, Inc. announced that they will report Q1, 2026 results on Aug 14, 2025 Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥70.38 (vs JP¥72.93 in FY 2024) Full year 2025 results: EPS: JP¥70.38 (down from JP¥72.93 in FY 2024). Revenue: JP¥8.48b (up 13% from FY 2024). Net income: JP¥650.0m (down 6.5% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • May 15
Almado, Inc., Annual General Meeting, Jun 25, 2025 Almado, Inc., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,061, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 25x in the Personal Products industry in Japan. Total returns to shareholders of 34% over the past three years. Buy Or Sell Opportunity • Apr 14
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to JP¥1,061. The fair value is estimated to be JP¥881, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.7%. Aankondiging • Mar 27
Almado, Inc. to Report Fiscal Year 2025 Results on May 15, 2025 Almado, Inc. announced that they will report fiscal year 2025 results on May 15, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Trailing yield: 6.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥44.47 (vs JP¥33.58 in 3Q 2024) Third quarter 2025 results: EPS: JP¥44.47 (up from JP¥33.58 in 3Q 2024). Revenue: JP¥2.35b (up 16% from 3Q 2024). Net income: JP¥410.0m (up 28% from 3Q 2024). Profit margin: 17% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Aankondiging • Jan 03
Almado, Inc. to Report Q3, 2025 Results on Feb 14, 2025 Almado, Inc. announced that they will report Q3, 2025 results on Feb 14, 2025 New Risk • Nov 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (JP¥9.97b market cap, or US$64.4m). Aankondiging • Sep 27
Almado, Inc. to Report Q2, 2025 Results on Nov 14, 2024 Almado, Inc. announced that they will report Q2, 2025 results on Nov 14, 2024 Reported Earnings • Aug 19
First quarter 2025 earnings released: JP¥45.00 loss per share (vs JP¥4.79 loss in 1Q 2024) First quarter 2025 results: JP¥45.00 loss per share (further deteriorated from JP¥4.79 loss in 1Q 2024). Revenue: JP¥1.75b (down 15% from 1Q 2024). Net loss: JP¥416.0m (loss widened JP¥370.0m from 1Q 2024). Aankondiging • Aug 15
Almado, Inc. (TSE:4932) announces an Equity Buyback for 125,000 shares, representing 1.35% for ¥100 million. Almado, Inc. (TSE:4932) announces a share repurchase program. Under the program, the company will repurchase up to 125,000 shares, representing 1.35% of its issued share capital (excluding treasury stock), for ¥100 million. The purpose of the program is to improve capital efficiency. The program will run until September 30, 2024. As of June 30, 2024, the company had 9,243,567 shares in issue (excluding treasury stock) and 1,150,433 shares in treasury. New Risk • Aug 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Market cap is less than US$100m (JP¥7.96b market cap, or US$55.9m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to JP¥861, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 24x in the Personal Products industry in Japan. Total returns to shareholders of 29% over the past three years. Aankondiging • Jun 28
Almado, Inc. to Report Q1, 2025 Results on Aug 14, 2024 Almado, Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 21
Full year 2024 earnings released: EPS: JP¥72.93 (vs JP¥60.21 in FY 2023) Full year 2024 results: EPS: JP¥72.93 (up from JP¥60.21 in FY 2023). Revenue: JP¥7.54b (up 16% from FY 2023). Net income: JP¥695.0m (up 19% from FY 2023). Profit margin: 9.2% (up from 9.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Personal Products industry in Japan. Aankondiging • May 17
Almado, Inc., Annual General Meeting, Jun 27, 2024 Almado, Inc., Annual General Meeting, Jun 27, 2024. Aankondiging • Apr 10
Almado, Inc. to Report Fiscal Year 2024 Results on May 15, 2024 Almado, Inc. announced that they will report fiscal year 2024 results on May 15, 2024 New Risk • Mar 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.6b (US$96.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 21
Inaugural dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. This is the first dividend for Almado since going public. The average dividend yield among industry peers is 2.1%. Reported Earnings • Feb 19
Third quarter 2024 earnings released: EPS: JP¥33.58 (vs JP¥30.71 in 3Q 2023) Third quarter 2024 results: EPS: JP¥33.58 (up from JP¥30.71 in 3Q 2023). Revenue: JP¥2.03b (up 20% from 3Q 2023). Net income: JP¥321.0m (up 8.4% from 3Q 2023). Profit margin: 16% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Personal Products industry in Japan. Aankondiging • Dec 28
Almado, Inc. to Report Q3, 2024 Results on Feb 14, 2024 Almado, Inc. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 20
Second quarter 2024 earnings released: EPS: JP¥20.71 (vs JP¥14.75 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.71 (up from JP¥14.75 in 2Q 2023). Revenue: JP¥1.68b (up 3.4% from 2Q 2023). Net income: JP¥199.0m (up 38% from 2Q 2023). Profit margin: 12% (up from 8.9% in 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Personal Products industry in Japan. Aankondiging • Nov 17
Almado, Inc. (TSE:4932) announces an Equity Buyback for 300,000 shares, representing 3.12% for ¥300 million. Almado, Inc. (TSE:4932) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 3.12% of its issued share capital (excluding treasury stock), for ¥300 million. The purpose of the program is to improve capital efficiency. The program will run until December 26, 2023. As of September 30, 2023, the company had 9,612,841 shares in issue (excluding treasury stock) and 781,159 shares in treasury. Reported Earnings • Aug 16
First quarter 2024 earnings released: JP¥4.79 loss per share (vs JP¥23.74 loss in 1Q 2023) First quarter 2024 results: JP¥4.79 loss per share (improved from JP¥23.74 loss in 1Q 2023). Revenue: JP¥2.07b (up 36% from 1Q 2023). Net loss: JP¥46.0m (loss narrowed 80% from 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Personal Products industry in Japan. New Risk • Jul 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥12.3b market cap, or US$88.9m). Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥60.21 (vs JP¥57.79 in FY 2022) Full year 2023 results: EPS: JP¥60.21 (up from JP¥57.79 in FY 2022). Revenue: JP¥6.53b (up 22% from FY 2022). Net income: JP¥585.0m (flat on FY 2022). Profit margin: 9.0% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Aankondiging • May 14
Almado, Inc., Annual General Meeting, Jun 29, 2023 Almado, Inc., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Inaugural dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. This is the first dividend for Almado since going public. The average dividend yield among industry peers is 1.8%. Reported Earnings • Feb 18
Third quarter 2023 earnings released: EPS: JP¥30.71 (vs JP¥27.79 in 3Q 2022) Third quarter 2023 results: EPS: JP¥30.71 (up from JP¥27.79 in 3Q 2022). Revenue: JP¥1.69b (up 1.6% from 3Q 2022). Net income: JP¥296.0m (up 5.3% from 3Q 2022). Profit margin: 18% (in line with 3Q 2022). Aankondiging • Jan 12
Almado, Inc. to Report Q3, 2023 Results on Feb 14, 2023 Almado, Inc. announced that they will report Q3, 2023 results on Feb 14, 2023 Aankondiging • Nov 22
Almado, Inc. (TSE:4932) announces an Equity Buyback for 150,000 shares, representing 1.55% for ¥150 million. Almado, Inc. (TSE:4932) announces a share repurchase program. Under the program, the company will repurchase up to 150,000 shares, representing 1.55% of its issued share capital (excluding treasury stock), for ¥150 million. The purpose of the program is to improve capital efficiency. The program will run until December 27, 2022. As of September 30, 2022, the company had 9,691,858 shares in issue (excluding treasury stock) and 702,142 shares in treasury. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥1,144, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 24x in the Personal Products industry in Japan. Total returns to shareholders of 67% over the past year. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥14.75 (vs JP¥27.79 in 2Q 2022) Second quarter 2023 results: EPS: JP¥14.75 (down from JP¥27.79 in 2Q 2022). Revenue: JP¥1.63b (down 2.4% from 2Q 2022). Net income: JP¥144.0m (down 49% from 2Q 2022). Profit margin: 8.9% (down from 17% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Aankondiging • Oct 02
Almado, Inc. to Report Q2, 2023 Results on Nov 14, 2022 Almado, Inc. announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 20% share price decline to JP¥1,358, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 26x in the Personal Products industry in Japan. Total returns to shareholders of 99% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 40% share price gain to JP¥1,426, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 24x in the Personal Products industry in Japan. Total returns to shareholders of 112% over the past year. Aankondiging • Aug 15
Almado, Inc. (TSE:4932) announces an Equity Buyback for 300,000 shares, representing 3.08% for ¥300 million. Almado, Inc. (TSE:4932) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 3.01% of its issued share capital (excluding treasury stock), for ¥300 million. The purpose of the program is to improve capital efficiency. The program will run until September 30, 2022. As of June 30, 2022, the company had 9,748,066 shares in issue (excluding treasury stock) and 645,934 shares in treasury. Aankondiging • Jul 01
Almado, Inc. to Report Q1, 2023 Results on Aug 12, 2022 Almado, Inc. announced that they will report Q1, 2023 results on Aug 12, 2022 Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 33% share price gain to JP¥1,233, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 21x in the Personal Products industry in Japan. Aankondiging • Apr 08
Almado, Inc. to Report Fiscal Year 2022 Results on May 11, 2022 Almado, Inc. announced that they will report fiscal year 2022 results on May 11, 2022 Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥875, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 21x in the Personal Products industry in Japan. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥986, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 20x in the Personal Products industry in Japan. Aankondiging • Feb 15
Almado, Inc. (JASDAQ:4932) announces an Equity Buyback for 600,000 shares, representing 5.93% for ¥300 million. Almado, Inc. (JASDAQ:4932) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 5.93% for ¥300 million. The purpose of the program is to improve capital efficiency in view of current business performance trends and the level of retained earnings. As of December 31, 2021, the company had 10,110,000 shares in issue (excluding treasury stock) and 284,000 shares in treasury. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 30% share price gain to JP¥645, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 21x in the Personal Products industry in Japan. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥781, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 24x in the Personal Products industry in Japan. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥810, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 32x in the Personal Products industry in Japan. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥790, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 30x in the Personal Products industry in Japan. Aankondiging • Jun 25
Almado, Inc. has completed an IPO in the amount of ¥4.664 billion. Almado, Inc. has completed an IPO in the amount of ¥4.664 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,300,000
Price\Range: ¥880
Discount Per Security: ¥70.4
Transaction Features: Sponsor Backed Offering 
