Trial Holdings Inc. (141A) AI Stock Analysis

• Market Cap: ¥565.91B
• Dividend Yield: 0.56%
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 58.1
• Beta (1Y): 0.39
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 6,529
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Discount Stores
• EPS (TTM): N/A
• Shares Outstanding: 122,490,700
• 10 Day Avg. Volume: 1,438,280
• 30 Day Avg. Volume: 1,025,323
• PEG Ratio: -1.95
• Price to Book (P/B): 2.24
• Price to Sales (P/S): 0.35
• P/FCF Ratio: -7.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ¥4,726.00 ▲(52.45% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is driven primarily by decent fundamental performance (revenue growth, improving gross margin, and a solid capital structure) but is held back by negative operating/free cash flow. Technically the trend is strong but looks overbought, adding near-term risk. Valuation is the weakest pillar due to a high P/E and low dividend yield.

Positive Factors

Consistent Revenue Growth

Sustained revenue growth, even if modest recently, indicates ongoing demand and validates the firm's investment selection and support model. Over 2-6 months this underpins predictable top-line expansion, helps justify reinvestment in portfolio businesses and supports future margin and scale improvements.

Improving Gross Margin

An improved gross margin near 21% reflects better cost control or pricing power within portfolio operations. Durable margin expansion increases operational leverage, enabling the company to absorb SG&A and invest in growth without immediate profit deterioration, benefitting profitability over several quarters.

Solid Capital Structure and ROE

A 42% equity ratio and mid-single-digit ROE show a balanced capital structure and effective use of shareholder funds. Moderate leverage supports financial flexibility to fund new investments or weather volatility, reducing refinancing stress and preserving strategic optionality over the medium term.

Negative Factors

Negative Cash Flow

Persistent negative operating and free cash flows point to cash generation shortfalls versus reported profits, which can force reliance on financing or asset disposals. Over 2-6 months this raises liquidity and quality-of-earnings concerns and constrains the ability to self-fund investments or distributions.

Low Net Profit Margin

A net margin around 1.5% signals limited bottom-line conversion of revenue despite gross margin gains. This structural profitability weakness leaves earnings exposed to increased SG&A, interest, or market shocks, restricting retained earnings and long-term capacity to build reserves or invest organically.

Rising Leverage

An uptick in debt-to-equity to 0.31 indicates rising leverage which, combined with negative cash flow, elevates refinancing and interest-service risk. Over the medium term higher debt limits flexibility for opportunistic investments and raises vulnerability if market conditions tighten or portfolio exits slow.

Trial Holdings Inc. Business Overview & Revenue Model

Company Description

Trial Holdings Inc. operates in the retail, logistics, financial / payment services, and retail tech businesses. The company operates discount-based stores that provide food, living ware, and home appliances. It also offers various solutions utilizing IoT devices, and software services. In addition, the company is involved in the real estate, restaurants, and resort businesses. The company was founded in 1974 and is based in Fukuoka, Japan.

How the Company Makes Money

Trial Holdings Inc. generates revenue primarily through its investment activities. The company earns money by acquiring equity stakes in high-growth potential companies and benefiting from their appreciation in value over time. Key revenue streams include capital gains realized upon the sale of these investments, as well as dividends received from profitable subsidiaries. Additionally, Trial Holdings Inc. may engage in management fees and performance-based fees from funds it operates or manages. Partnerships with venture capital firms and private equity investors further contribute to its earnings, allowing for co-investment opportunities and access to larger pools of capital.

Trial Holdings Inc. Financial Statement Overview

Summary

Solid operating trends with consistent revenue growth and improved gross margin, supported by a reasonably strong balance sheet (equity ratio 42%, ROE 9.32%). The main drag is cash generation: latest operating and free cash flow are negative, raising liquidity/quality-of-earnings concerns despite stable EBIT/EBITDA margins.

Income Statement

Trial Holdings Inc. has demonstrated consistent revenue growth over the years, with a recent growth rate of 2.96%. The gross profit margin has improved to 20.78%, indicating efficient cost management. However, the net profit margin remains relatively low at 1.46%, suggesting room for improvement in profitability. The EBIT and EBITDA margins are stable, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.31, indicating a moderate level of leverage. Return on equity is strong at 9.32%, showcasing effective use of shareholder funds. The equity ratio stands at 42.00%, suggesting a solid capital structure. However, the increase in total debt warrants careful monitoring.

Cash Flow

The cash flow situation is concerning, with negative operating and free cash flows in the latest period. The free cash flow growth rate is negative, indicating cash flow challenges. The operating cash flow to net income ratio is negative, highlighting potential liquidity issues. Improvement in cash flow management is necessary.

Breakdown	Jun 2024	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	806.59B	720.44B	655.48B	597.69B	157.93B
Gross Profit	167.60B	144.84B	117.53B	103.49B	26.32B
EBITDA	33.74B	30.78B	25.03B	21.58B	5.42B
Net Income	11.75B	11.44B	8.08B	7.13B	1.85B
Balance Sheet
Total Assets	300.28B	283.63B	200.64B	185.73B	171.44B
Cash, Cash Equivalents and Short-Term Investments	72.33B	91.95B	23.90B	27.43B	22.74B
Total Debt	38.58B	16.14B	19.61B	24.44B	27.94B
Total Liabilities	171.25B	165.44B	132.62B	126.02B	118.65B
Stockholders Equity	126.13B	115.68B	65.89B	57.96B	51.47B
Cash Flow
Free Cash Flow	-38.41B	36.84B	1.70B	9.39B	-7.14B
Operating Cash Flow	-4.45B	59.50B	18.45B	22.34B	-2.94B
Investing Cash Flow	-35.89B	-26.00B	-16.77B	-13.49B	-4.72B
Financing Cash Flow	20.77B	34.50B	-5.19B	-4.32B	-1.34B

Trial Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3100.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:141A, the sentiment is Positive. The current price of 3100 is below the 20-day moving average (MA) of 3318.45, below the 50-day MA of 3116.62, and above the 200-day MA of 2527.87, indicating a bullish trend. The MACD of 343.21 indicates Negative momentum. The RSI at 81.73 is Negative, neither overbought nor oversold. The STOCH value of 94.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:141A.

Trial Holdings Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8198	78 Outperform	¥121.09B	11.03	―	1.92%	2.30%	26.52%
9974	76 Outperform	¥163.39B	13.01	―	1.64%	10.13%	23.77%
8194	72 Outperform	¥236.02B	13.01	―	2.43%	4.48%	13.17%
7532	68 Neutral	¥3.21T	29.94	16.37%	0.73%	6.23%	16.45%
8242	66 Neutral	¥302.03B	10.91	4.97%	2.01%	2.00%	-68.35%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
141A	61 Neutral	¥565.91B	58.14	―	0.56%	―	―

Trial Holdings Inc. Corporate Events

TRIAL Holdings Sets Medium-Term Plan to Integrate SEIYU and Advance Tech-Driven Retail

TRIAL Holdings has unveiled a medium-term management plan covering fiscal years 2027 to 2029 aimed at revolutionizing real-world commerce through technology and practical know-how. The strategy consolidates TRIAL and SEIYU operations under a group structure, introduces the TRIAL-SEIYU store format via SEIYU store conversions, and clarifies the treatment of M&A-related expenses and goodwill amortization as the company pursues greater efficiency and scale.

By aligning its retail distribution and retail AI businesses, the company signals a push to blend data-driven capabilities with brick-and-mortar operations. This integrated approach is expected to enhance group-wide synergies, sharpen its competitive position in physical retail, and potentially reshape its cost structure and service offerings for customers and partners.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen2596.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.

Trial Holdings outlines 1H FY2026 results and strategic direction

Trial Holdings, Inc. has released a financial results presentation for the first half of its fiscal year ending June 2026, covering the period from July 1 to December 31, 2025. The materials outline the company’s operating performance, its investor relations activities and stock situation, and provide an updated corporate overview aligned with its strategy to revolutionize real-world commerce through technology and on-the-ground know-how.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen2596.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.

TRIAL Holdings Posts Surging Sales but Profit Drops Amid Aggressive Expansion

TRIAL Holdings reported a sharp rise in net sales to ¥674.1 billion for the six months ended Dec. 31, 2025, up 67.0% year on year, with EBITDA more than doubling and operating profit climbing 71.9%. Despite this top-line strength, profit attributable to owners of the parent fell 33.8% to ¥4.1 billion, partly reflecting higher depreciation, goodwill amortization and costs tied to growth investments.

The company’s balance sheet expanded markedly, with total assets nearly tripling to ¥850.5 billion while the equity ratio dropped to 15.1%, indicating increased leverage or liabilities linked to its expansion. TRIAL maintained its dividend policy, paying no interim dividend but forecasting a full-year payout of ¥16 per share, and projected full-year net sales of ¥1.32 trillion with modest operating profit growth but a steep decline in bottom-line profit, suggesting margin pressures during its aggressive growth phase.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen2596.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.

Trial Holdings Starts 2026 With Strong New Year Sales and Reporting Shift for SEIYU Stores

Trial Holdings reported solid year-on-year growth in January 2026, with all-store sales up more than 10%, supported by higher average spending despite flat customer traffic. Demand for winter seasonal items and strong New Year trading, including lucky bags, fresh foods and ready meals, helped lift same-store sales by double digits in the early days of the year.

Food categories such as rice cakes, hot pot bases and value-oriented meat cuts, along with private-brand products like sweet breads and “Silky Fleece” apparel, were notable growth drivers. The company also clarified that from January 2026 TRIAL SEIYU converted outlets will be counted as SEIYU stores, a change in reporting that stabilizes store counts by format without affecting the overall footprint.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen2596.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.

TRIAL Holdings Grows Sales and Store Network on Strong Food Demand Despite Mild Winter

TRIAL Holdings reported continued year-on-year sales growth in its retail operations for the latest reported months, with all-store sales up around 10% and comp-store sales modestly higher despite softer customer traffic, supported by increased average spending per visit. The company expanded its footprint with five new store openings in December, including a MEGA store in Saitama, a Super Center in Nagasaki and three TRIAL GO outlets in Tokyo and Fukuoka, while one smart-format store was closed, keeping total group store count on an upward trend and advancing its strategy of format optimization through TRIAL SEIYU conversions. Operationally, food categories—especially ready meals and seasonal year-end staples such as rice, meat, sushi platters and event-oriented products like Christmas chicken sets—delivered strong performance, which helped offset sluggish demand for winter-related non-food items such as heating appliances and winter apparel, as a milder-than-usual winter and the absence of a repeat “Anniversary Sale” promotion weighed on seasonal sales and same-store results earlier in the month. These dynamics suggest that TRIAL’s emphasis on food and ready-meal offerings, alongside active store development and format conversions, is bolstering its competitive position and supporting growth even amid challenging weather-driven and calendar-related headwinds in the Japanese retail market.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen3402.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.

Trial Holdings Expands Tokyo Presence with New Store Formats

Trial Holdings Inc. reported a mixed performance with slight fluctuations in sales, customer traffic, and average spending over recent months. The company is actively expanding and converting store formats, notably opening two new ‘TRIAL GO’ stores in Tokyo and converting a SEIYU store to a ‘TRIAL SEIYU’ format, aiming to enhance the shopping experience by combining strengths of both brands. This strategic move is expected to impact the company’s market presence in Tokyo, although the total number of stores remains unchanged.

The most recent analyst rating on (JP:141A) stock is a Hold with a Yen2644.00 price target. To see the full list of analyst forecasts on Trial Holdings Inc. stock, see the JP:141A Stock Forecast page.