New Risk • Jul 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Duyuru • Jun 23
RIZAP GROUP, Inc., Annual General Meeting, Jun 26, 2026 RIZAP GROUP, Inc., Annual General Meeting, Jun 26, 2026, at 10:00 Tokyo Standard Time. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥0.57 (vs JP¥1.33 in FY 2025) Full year 2026 results: EPS: JP¥0.57 (down from JP¥1.33 in FY 2025). Revenue: JP¥167.3b (down 2.2% from FY 2025). Net income: JP¥339.0m (down 57% from FY 2025). Profit margin: 0.2% (down from 0.5% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • May 15
RIZAP GROUP, Inc. (SPSE:2928) announces an Equity Buyback for 11,000,000 shares, representing 1.84% for ¥2,600 million. RIZAP GROUP, Inc. (SPSE:2928) announces a share repurchase program. Under the program, the company will repurchase up to 11,000,000 shares, representing 1.84% of its share capital, for ¥2,600 million. The purpose of the program is to optimize capital efficiency in parallel with sustainable growth investments. The program will expire on May 14, 2027. As of May 13, 2026, the company had 596,662,890 shares in issue (excluding treasury stock) and 1,477 shares in treasury. Duyuru • Aug 05
Bakkt Opco Holdings, LLC agreed to acquire 30% stake in Marushohotta Co.,Ltd. (TSE:8105) from RIZAP GROUP, Inc. (SPSE:2928) for CNY 1.7 billion. Bakkt Opco Holdings, LLC agreed to acquire 30% stake in Marushohotta Co.,Ltd. (TSE:8105) from RIZAP GROUP, Inc. (SPSE:2928) for CNY 1.7 billion on August 4, 2025. A cash consideration of CNY 1.68 billion will be paid by Bakkt Opco Holdings, LLC for 16,864,650 shares.
The transaction is expected to close on August 5, 2025. Duyuru • Jun 10
RIZAP GROUP, Inc., Annual General Meeting, Jun 27, 2025 RIZAP GROUP, Inc., Annual General Meeting, Jun 27, 2025, at 10:00 Tokyo Standard Time. Duyuru • May 26
Envy LLC agreed to acquire 29.98% stake in Marushohotta Co.,Ltd. (TSE:8105) from RIZAP GROUP, Inc. (SPSE:2928) for ¥1.5 billion. Envy LLC agreed to acquire 29.98% stake in Marushohotta Co.,Ltd. (TSE:8105) from RIZAP GROUP, Inc. (SPSE:2928) for ¥1.5 billion on May 26, 2025. A cash consideration of ¥1.5 billion will be paid by Envy LLC. As part of consideration, ¥1.5 billion is paid towards common equity of Marushohotta Co.,Ltd.
The expected completion of the transaction is June 10, 2025. New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.0% average weekly change). Earnings have declined by 9.9% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Reported Earnings • May 19
Full year 2024 earnings released: JP¥7.54 loss per share (vs JP¥22.53 loss in FY 2023) Full year 2024 results: JP¥7.54 loss per share (improved from JP¥22.53 loss in FY 2023). Revenue: JP¥166.3b (up 3.6% from FY 2023). Net loss: JP¥4.19b (loss narrowed 67% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. New Risk • Feb 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -JP¥11b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥11b free cash flow). Earnings have declined by 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Feb 16
Third quarter 2024 earnings released: JP¥0.14 loss per share (vs JP¥12.48 loss in 3Q 2023) Third quarter 2024 results: JP¥0.14 loss per share (improved from JP¥12.48 loss in 3Q 2023). Revenue: JP¥42.0b (down 2.1% from 3Q 2023). Net loss: JP¥80.0m (loss narrowed 99% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Second quarter 2024 earnings released: JP¥7.64 loss per share (vs JP¥1.55 loss in 2Q 2023) Second quarter 2024 results: JP¥7.64 loss per share (further deteriorated from JP¥1.55 loss in 2Q 2023). Revenue: JP¥42.3b (up 7.9% from 2Q 2023). Net loss: JP¥4.25b (loss widened 394% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. New Risk • Oct 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 5.4% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 4.9% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Aug 15
First quarter 2024 earnings released: JP¥5.92 loss per share (vs JP¥1.36 loss in 1Q 2023) First quarter 2024 results: JP¥5.92 loss per share (further deteriorated from JP¥1.36 loss in 1Q 2023). Revenue: JP¥38.7b (up 2.6% from 1Q 2023). Net loss: JP¥3.29b (loss widened 335% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 17
Full year 2023 earnings released: JP¥22.53 loss per share (vs JP¥3.78 profit in FY 2022) Full year 2023 results: JP¥22.53 loss per share (down from JP¥3.78 profit in FY 2022). Revenue: JP¥160.5b (down 1.1% from FY 2022). Net loss: JP¥12.5b (down JP¥14.6b from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Third quarter 2023 earnings released: JP¥12.48 loss per share (vs JP¥1.67 profit in 3Q 2022) Third quarter 2023 results: JP¥12.48 loss per share (down from JP¥1.67 profit in 3Q 2022). Revenue: JP¥42.9b (down 1.8% from 3Q 2022). Net loss: JP¥6.94b (down JP¥7.87b from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 12 non-independent directors. Managing Officer & Director Koji Mukae was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Buying Opportunity • Sep 12
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Aug 26
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥178, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Aug 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be JP¥179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥3.78 (vs JP¥2.13 in FY 2021) Full year 2022 results: EPS: JP¥3.78 (up from JP¥2.13 in FY 2021). Revenue: JP¥162.4b (down 3.9% from FY 2021). Net income: JP¥2.10b (up 77% from FY 2021). Profit margin: 1.3% (up from 0.7% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 12 non-independent directors. Managing Officer & Director Koji Mukae was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥1.67 (down from JP¥3.39 in 3Q 2021). Revenue: JP¥43.6b (down 7.1% from 3Q 2021). Net income: JP¥928.0m (down 51% from 3Q 2021). Profit margin: 2.1% (down from 4.0% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥172, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 22x in the Personal Products industry in Japan. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥158, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 23x in the Personal Products industry in Japan. Total loss to shareholders of 30% over the past three years. Reported Earnings • Nov 28
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥0.85 (down from JP¥1.57 in 2Q 2021). Revenue: JP¥40.2b (down 11% from 2Q 2021). Net income: JP¥472.0m (down 46% from 2Q 2021). Profit margin: 1.2% (down from 1.9% in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 28
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥0.85 (down from JP¥1.57 in 2Q 2021). Revenue: JP¥40.2b (down 11% from 2Q 2021). Net income: JP¥472.0m (down 46% from 2Q 2021). Profit margin: 1.2% (down from 1.9% in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS JP¥0.27 (vs JP¥5.03 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥39.1b (up 3.2% from 1Q 2021). Net income: JP¥150.0m (up JP¥2.95b from 1Q 2021). Profit margin: 0.4% (up from net loss in 1Q 2021). 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 35% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥3.47 (vs JP¥2.47 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥44.7b (down 15% from 3Q 2020). Net income: JP¥1.93b (up JP¥3.30b from 3Q 2020). Profit margin: 4.3% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 06
New 90-day high: JP¥161 The company is up 18% from its price of JP¥137 on 06 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥134 The company is down 17% from its price of JP¥161 on 24 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Second quarter 2021 earnings released: EPS JP¥1.56 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: JP¥47.4b (down 6.5% from 2Q 2020). Net income: JP¥865.0m (up JP¥960.0m from 2Q 2020). Profit margin: 1.8% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 90% per year but the company’s share price has only fallen by 48% per year, which means it has not declined as severely as earnings. Duyuru • Nov 14
RIZAP GROUP, Inc. to Report Q2, 2021 Results on Nov 12, 2020 RIZAP GROUP, Inc. announced that they will report Q2, 2021 results on Nov 12, 2020 Duyuru • Aug 09
RIZAP GROUP, Inc. to Report Q1, 2021 Results on Aug 12, 2020 RIZAP GROUP, Inc. announced that they will report Q1, 2021 results on Aug 12, 2020