Pickles Holdings Co., Ltd. (2935) AI Stock Analysis

• Market Cap: ¥16.08B
• Dividend Yield: 2.21%
• Average Volume (3M): 32.72K
• Price to Earnings (P/E): 13.3
• Beta (1Y): 0.48
• Revenue Growth: 1.28%
• EPS Growth: 18.81%
• Country: JP
• Employees: 439
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 54.19
• Shares Outstanding: 12,858,430
• 10 Day Avg. Volume: 31,670
• 30 Day Avg. Volume: 32,720
• PEG Ratio: -0.69
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 0.29
• P/FCF Ratio: -3.11
• 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: 74 Outperform
• Price Target: ¥1,289.00 ▼(-0.31% Downside)

The stock's overall score reflects strong technical indicators and attractive valuation, offset by challenges in financial performance. The company's stable equity position and positive market momentum contribute positively, while profitability and cash flow issues present risks.

Positive Factors

Strong Equity Position

A strong equity position indicates financial resilience, providing a buffer against economic downturns and enabling strategic investments.

Revenue Diversification

Diversified revenue streams reduce dependency on a single market, enhancing stability and growth potential across different economic conditions.

EPS Growth

Strong EPS growth reflects improved profitability and operational efficiency, contributing to shareholder value and financial health.

Negative Factors

Rising Debt Levels

Increased reliance on debt can lead to higher interest expenses and reduced financial flexibility, impacting long-term sustainability.

Declining Profit Margins

Declining profit margins suggest challenges in cost management and pricing power, potentially affecting future earnings and competitiveness.

Volatile Cash Flow

Volatile cash flow can strain operations and limit investment opportunities, posing risks to financial stability and growth initiatives.

Pickles Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Pickles Holdings Co.,Ltd., through its subsidiaries, manufactures and sells pickles in Japan. It offers light pickles, asazuke, rice kimchi, prepared foods, side dishes, and seasoning and other products, as well as products that utilize lactic acid bacteria. It also engages in e-commerce business; restaurant and retail business; and agricultural business. The company was founded in 1977 and is headquartered in Tokorozawa, Japan.

How the Company Makes Money

Pickles Holdings generates revenue primarily through auction fees charged to sellers and buyers in its vehicle sales operations. The company earns a significant portion of its income from transaction commissions on the sale of vehicles, which vary based on the value of the vehicles being sold. Additionally, revenue is supplemented by fees for inspection and valuation services, as well as financing options offered to customers. Strategic partnerships with automotive manufacturers and dealerships further enhance its revenue streams, allowing for a broader inventory and customer base. The company also benefits from ancillary sales in automotive parts and accessories, which contribute to its overall profitability.

Pickles Holdings Co., Ltd. Financial Statement Overview

Summary

The company faces challenges in profitability and cash flow stability, with declining net profit margins and volatile free cash flow. Despite a strong equity position, the rising debt-to-equity ratio and decreased return on equity indicate financial pressures.

Income Statement

The company exhibited mixed revenue performance with a slight decline from 2024 to 2025 and a decline from 2022 to 2025. Gross profit margin remained stable, but net profit margin decreased, reflecting pressure on profitability. EBIT and EBITDA margins also weakened over time, indicating challenges in maintaining operational efficiency.

Balance Sheet

The company maintains a strong equity position with a high equity ratio, suggesting financial stability. However, the debt-to-equity ratio increased over time, indicating a rising reliance on debt. Return on equity has decreased, reflecting less efficient use of equity capital despite high equity levels.

Cash Flow

Free cash flow showed significant volatility, with a substantial decline in 2025, impacting overall cash flow performance. The operating cash flow to net income ratio has deteriorated, suggesting challenges in converting income to cash flows. The free cash flow to net income ratio was negative in 2025, highlighting cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	42.15B	41.52B	43.03B	41.05B	45.01B	46.02B
Gross Profit	8.56B	8.10B	8.64B	8.63B	12.20B	12.06B
EBITDA	2.96B	2.41B	2.80B	2.70B	4.00B	3.75B
Net Income	1.26B	958.00M	1.18B	1.14B	2.13B	1.83B
Balance Sheet
Total Assets	31.65B	30.24B	27.71B	26.31B	26.20B	25.95B
Cash, Cash Equivalents and Short-Term Investments	6.08B	4.97B	7.75B	5.94B	6.03B	4.44B
Total Debt	3.77B	4.85B	3.14B	2.65B	2.95B	3.93B
Total Liabilities	11.79B	11.36B	9.46B	8.90B	9.44B	11.22B
Stockholders Equity	19.84B	18.86B	18.24B	17.40B	16.76B	14.73B
Cash Flow
Free Cash Flow	0.00	-3.86B	1.77B	783.00M	2.80B	1.64B
Operating Cash Flow	0.00	831.00M	2.72B	1.67B	3.52B	3.05B
Investing Cash Flow	0.00	-4.69B	-950.00M	-882.00M	-712.00M	-1.31B
Financing Cash Flow	0.00	1.08B	45.00M	-876.00M	-1.21B	-607.00M

Pickles Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1293.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2935, the sentiment is Positive. The current price of 1293 is above the 20-day moving average (MA) of 1238.35, above the 50-day MA of 1181.24, and above the 200-day MA of 1021.66, indicating a bullish trend. The MACD of 33.68 indicates Negative momentum. The RSI at 66.56 is Neutral, neither overbought nor oversold. The STOCH value of 91.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2935.

Pickles Holdings Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2935	74 Outperform	¥16.08B	13.28	―	2.21%	1.28%	18.81%
2907	72 Outperform	¥9.55B	11.84	―	2.40%	-0.37%	-54.58%
2813	71 Outperform	¥8.51B	7.37	―	3.10%	3.42%	-10.05%
2903	68 Neutral	¥19.46B	17.97	―	1.73%	7.66%	2.64%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2818	56 Neutral	¥12.10B	-353.80	―	1.38%	10.61%	-140.13%
2926	48 Neutral	¥1.26B	33.87	―	―	5.54%	―

Pickles Holdings Co., Ltd. Corporate Events

Pickles Holdings Reports Strong Financial Growth and Increased Dividends

Pickles Holdings Co., Ltd. reported a significant improvement in its financial performance for the six months ended August 31, 2025, with net sales increasing by 2.9% and profit attributable to owners rising by 38.1% compared to the previous year. The company has also announced an increase in dividends, reflecting its strong financial position and commitment to shareholder returns.