Amiyaki Tei (TSE:2753) Margin Compression Challenges Bullish Valuation Narratives In Q3 2026

Amiyaki Tei (TSE:2753) has posted Q3 2026 revenue of ¥9.5b and basic EPS of ¥13.97, with trailing twelve month figures at ¥36.8b of revenue and EPS of ¥66.93, setting a clear benchmark for how the business is currently earning its keep. The company has seen quarterly revenue move from ¥8.6b in Q2 2025 to ¥9.5b in Q3 2026, while basic EPS has ranged from ¥19.13 to ¥13.97 over the same period, giving investors a concrete view of how sales and per share earnings have tracked into the latest print. With trailing net margins at 3.7% compared to 4.9% a year earlier, the story this quarter is less about headline growth and more about how efficiently those revenues are being turned into profit.

See our full analysis for Amiyaki Tei.

With the latest numbers on the table, the next step is to see how this earnings profile lines up against the widely shared growth and profitability narratives around Amiyaki Tei, and where those stories might need updating.

Curious how numbers become stories that shape markets? Explore Community Narratives

Revenue trend to ¥9,476m over recent quarters

• Total revenue in Q3 2026 was ¥9,476m, compared with ¥9,155m in Q2 2026 and ¥8,981m in Q1 2026, while the trailing twelve month figure sits at ¥36,807m against ¥35,884m one quarter earlier.
• For a more optimistic, bullish read, these quarterly revenue figures sit within a trailing twelve month path that moves from ¥34,861m in the earlier comparative period to ¥36,807m now, yet this revenue trend sits alongside only mid single digit earnings growth forecasts of 4.26% per year, which
  • supports the idea that top line momentum is present, with forecast revenue growth of 7.9% per year lining up with that trailing revenue progression.
  • creates a gap between revenue and earnings expectations that bullish investors need to keep in mind, as the earnings growth forecast trails the broader JP market forecast of 8.5% per year.

To see how these revenue trends fit into a broader long term story, including valuation and risk checks, have a look at the balanced narrative view for Amiyaki Tei and how different investors are interpreting these numbers. 📊 Read the full Amiyaki Tei Consensus Narrative.

Margins and profits on a trailing 12 month basis

• Across the trailing twelve months, net profit was ¥1,375m on revenue of ¥36,807m, compared with ¥1,736m on ¥35,332m a year earlier, which lines up with the net margin shift from 4.9% to 3.7% highlighted in the overview.
• Critics focusing on a more bearish angle point to that margin move as a key watchpoint, and the data provides a few anchors for that view, as well as some limits to it, because
  • Q3 2026 net income of ¥287m, Q2 2026 net income of ¥268m and Q1 2026 net income of ¥272m all sit below the ¥548m seen in Q4 2025, which highlights how recent profits compare to that prior period.
  • The trailing twelve month EPS has moved from ¥84.50 in the earlier comparative period to ¥66.93 now, which lines up with the weaker trailing margin and explains why forecast earnings growth of 4.26% per year is framed as modest relative to the JP market forecast of 8.5% per year.

Valuation signals vs current profitability

• The shares trade at ¥1,390 with a P/E of 20.8x, a little below the peer average of 21.2x and below the JP Hospitality industry average of 23.8x, while the stock price also sits about 32.9% under the DCF fair value of ¥2,072.30 based on the figures provided.
• Supporters of a more bullish case often highlight this mix of a lower P/E and discount to DCF fair value, and the numbers give that view some backing but also show the trade off, because
  • The trailing twelve month earnings base of ¥1,375m and EPS of ¥66.93 are what anchor that 20.8x P/E, so any assessment of value is tied directly to this current profitability level.
  • Forecast revenue growth of 7.9% per year and earnings growth of 4.26% per year sit beside the 3.7% trailing net margin and an unstable dividend track record, which means the apparent valuation gap to the ¥2,072.30 DCF fair value is being weighed against softer recent profitability and only mid single digit earnings growth expectations.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Amiyaki Tei's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Amiyaki Tei's softer trailing margins, reduced EPS and only mid single digit earnings growth expectations highlight that recent profitability momentum is not especially strong.

If that mix of modest earnings expectations and thinner margins leaves you wanting stronger growth potential, check out CTA_SCREENER_LARGE_CAP_HIGH_GROWTH_POTENTIAL to zero in on companies forecast for punchier earnings trends.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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