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

• Market Cap: ¥11.38B
• Dividend Yield: 3.08%
• Average Volume (3M): 15.25K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.53
• Revenue Growth: -3.51%
• EPS Growth: -18.14%
• Country: JP
• Employees: 439
• Sector: Consumer Defensive
• Sector Strength: 64
• Industry: Packaged Foods
• EPS (TTM): 2.98
• Shares Outstanding: 12,858,430
• 10 Day Avg. Volume: 14,930
• 30 Day Avg. Volume: 15,250
• PEG Ratio: -0.29
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 19.21
• 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

• Rating: 62 Neutral
• Price Target: ¥970.00 ▲(6.83%Upside)

The overall stock score reflects mixed financial performance, reasonable valuation, and neutral technical indicators. The company's stable equity position is a strength, but challenges in profitability and cash flow are significant concerns. The lack of earnings call data limits additional insights.

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

Company Description

Pickles Holdings Co., Ltd. (2935) is a Japan-based company primarily engaged in the production and sale of processed food products, with a strong emphasis on pickled vegetables. The company operates in the food manufacturing sector, delivering a wide range of pickled products that cater to both domestic and international markets. Its core offerings include various types of pickles, kimchi, and other related food items that are distributed through multiple retail channels, including supermarkets and convenience stores.

How the Company Makes Money

Pickles Holdings Co., Ltd. generates revenue primarily through the sale of its processed food products. The company's key revenue streams include direct sales of pickled vegetables and related food items to retailers, wholesalers, and food service operators. It capitalizes on distribution agreements and partnerships with retail chains to ensure widespread availability of its products. Additionally, the company leverages its brand reputation and product quality to maintain a competitive edge in the market, thus driving consistent sales and revenue growth.

Pickles Holdings Co., Ltd. Financial Statement Overview

Summary

The company faces challenges in maintaining profitability and cash flow stability, despite strong equity levels. While the balance sheet indicates financial stability with a high equity ratio, the income statement and cash flow scores reflect pressure on profitability and cash flow volatility.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement		Total Revenue
41.55B	41.52B	43.03B	41.05B	45.01B	46.02B
	Gross Profit
8.44B	8.10B	8.64B	8.63B	12.20B	12.06B
	EBIT
1.52B	1.28B	1.67B	1.54B	2.94B	2.71B
	EBITDA
2.07B	2.41B	2.82B	2.58B	4.00B	3.75B
	Net Income Common Stockholders
1.06B	958.00M	1.18B	1.14B	2.13B	1.83B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
6.66B	4.97B	7.75B	5.94B	6.03B	4.44B
	Total Assets
30.93B	30.24B	27.71B	26.31B	26.20B	25.95B
	Total Debt
3.46B	4.85B	3.14B	2.65B	2.95B	3.93B
	Net Debt
-3.20B	-126.00M	-4.62B	-3.29B	-3.09B	-507.00M
	Total Liabilities
12.09B	11.36B	9.46B	8.90B	9.44B	11.22B
	Stockholders Equity
18.84B	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	-4.68B	-950.00M	-882.00M	-712.00M	-1.31B
	Financing Cash Flow
0.00	1.07B	45.00M	-876.00M	-1.21B	-607.00M

Pickles Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 908.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2935, the sentiment is Negative. The current price of 908 is below the 20-day moving average (MA) of 911.30, below the 50-day MA of 914.82, and below the 200-day MA of 988.94, indicating a bearish trend. The MACD of -4.72 indicates Negative momentum. The RSI at 44.89 is Neutral, neither overbought nor oversold. The STOCH value of 35.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
2907	82 Outperform	¥9.48B	6.12		2.41%	1.60%	2.59%
2903	76 Outperform	¥15.25B	16.28		1.81%	5.15%	-13.31%
2813	73 Outperform	¥10.02B	7.59		2.68%	5.40%	10.69%
Sector *	65 Neutral	$8.81B	15.01	4.71%	3.72%	3.60%	-2.89%
2935	62 Neutral	¥11.38B	11.88		3.08%	-3.51%	-18.14%
2818	58 Neutral	¥12.03B	206.74		1.38%	10.29%	-52.95%
2926	48 Neutral	¥1.27B	―		―	5.14%	93.05%

Pickles Holdings Co., Ltd. Corporate Events

Pickles Holdings Co., Ltd. Reports Decline in Fiscal Year 2025 Results, Eyes Recovery

Pickles Holdings Co., Ltd. reported a decline in its financial performance for the fiscal year ending February 28, 2025, with net sales, operating profit, and ordinary profit all experiencing year-on-year decreases. The company anticipates a slight recovery in the upcoming fiscal year, with a forecasted increase in operating profit and ordinary profit, despite a continued slight decline in net sales. This financial outlook suggests a cautious optimism for stakeholders, as the company aims to stabilize and improve its profitability.