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

• Market Cap: ¥12.13B
• Dividend Yield: 2.87%
• Average Volume (3M): 19.05K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.55
• Revenue Growth: -1.44%
• EPS Growth: 0.88%
• Country: JP
• Employees: 439
• Sector: Consumer Defensive
• Sector Strength: 56
• Industry: Packaged Foods
• EPS (TTM): 34.14
• Shares Outstanding: 12,858,430
• 10 Day Avg. Volume: 11,450
• 30 Day Avg. Volume: 19,053
• PEG Ratio: 1.82
• Price to Book (P/B): 0.63
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ¥970.00
• Price Target Upside: -0.51% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 62 Neutral
• Price Target: ¥970.00 ▼(-0.51%Downside)

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

Pickles Holdings Co., Ltd. faces challenges in maintaining profitability and cash flow stability, with declining margins and cash flow volatility. Despite a strong equity position, the company must improve profitability and cash flow conversion for sustainability.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	41.52B	43.03B	41.05B	45.01B	46.02B
Gross Profit	8.10B	8.64B	8.63B	12.20B	12.06B
EBITDA	2.41B	2.80B	2.70B	4.00B	3.75B
Net Income	958.00M	1.18B	1.14B	2.13B	1.83B
Balance Sheet
Total Assets	30.24B	27.71B	26.31B	26.20B	25.95B
Cash, Cash Equivalents and Short-Term Investments	4.97B	7.75B	5.94B	6.03B	4.44B
Total Debt	4.85B	3.14B	2.65B	2.95B	3.93B
Total Liabilities	11.36B	9.46B	8.90B	9.44B	11.22B
Stockholders Equity	18.86B	18.24B	17.40B	16.76B	14.73B
Cash Flow
Free Cash Flow	-3.86B	1.77B	783.00M	2.80B	1.64B
Operating Cash Flow	831.00M	2.72B	1.67B	3.52B	3.05B
Investing Cash Flow	-4.69B	-950.00M	-882.00M	-712.00M	-1.31B
Financing Cash Flow	1.08B	45.00M	-876.00M	-1.21B	-607.00M

Pickles Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 975.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• 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 Positive. The current price of 975 is above the 20-day moving average (MA) of 968.95, above the 50-day MA of 937.62, and below the 200-day MA of 984.70, indicating a neutral trend. The MACD of 11.47 indicates Positive momentum. The RSI at 63.30 is Neutral, neither overbought nor oversold. The STOCH value of 62.78 is Neutral, 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
2907	82 Outperform	¥9.53B	6.16		2.39%	1.60%	2.59%
2813	74 Outperform	¥10.25B	7.81		2.58%	5.40%	10.69%
2903	74 Outperform	¥18.45B	19.45		1.55%	5.15%	-15.30%
Sector *	66 Neutral	£10.35B	8.14	3.35%	3.40%	-1.42%	18.13%
2935	62 Neutral	¥12.13B	11.90		2.87%	-1.44%	0.88%
2818	60 Neutral	¥12.07B	207.44		1.38%	10.29%	-52.86%
2926	48 Neutral	¥1.59B	―		―	5.14%	93.05%

Pickles Holdings Co., Ltd. Corporate Events

Pickles Holdings Co., Ltd. Reports Positive Financial Performance for Q1 2025

Pickles Holdings Co., Ltd. reported a positive financial performance for the three months ended May 31, 2025, with net sales increasing by 2.1% year-on-year to ¥11,038 million. The company also saw significant growth in operating and ordinary profits, rising by 22.7% and 21.8% respectively, indicating a recovery from the previous year’s declines. The improved financial results reflect the company’s strengthened market position and operational efficiency, potentially benefiting stakeholders through enhanced profitability and stability.