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Pickles Holdings Co., Ltd.
(2935)
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Rating:63Neutral
Price Target:
¥1,200.00
▼(-9.43% Downside)
Action:Downgraded
Date:04/17/26
The score is driven primarily by solid financial stability (low leverage and a strong 2026 cash-flow recovery), tempered by uneven revenue and margin pressure. Technical indicators are currently weak (below key moving averages with negative MACD and oversold RSI), and valuation is only fair given the ~24.5 P/E despite a ~2.6% dividend yield.
Positive Factors
Conservative balance sheet
A low and declining absolute debt load alongside steadily growing equity provides durable financial flexibility. This conservative capital structure supports operational resilience, lowers refinancing risk, and preserves the firm's ability to fund investment, dividends, or buybacks over the next several quarters.
Negative Factors
Uneven revenue trend
Repeated top-line contractions make future growth harder to underwrite and constrain scale economies. Persistent revenue declines suggest structural demand weakness, competitive displacement, or channel mix issues, reducing predictability of margins and cash generation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A low and declining absolute debt load alongside steadily growing equity provides durable financial flexibility. This conservative capital structure supports operational resilience, lowers refinancing risk, and preserves the firm's ability to fund investment, dividends, or buybacks over the next several quarters.
Read all positive factors
Pickles Holdings Co., Ltd. (2935) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥14.02B
Dividend Yield2.16%
Average Volume (3M)32.72K
Price to Earnings (P/E)9.9
Beta (1Y)0.44
Revenue Growth-3.26%
EPS Growth39.47%
CountryJP
Employees414
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)100.76
Shares Outstanding12,858,430
10 Day Avg. Volume31,670
30 Day Avg. Volume32,720
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)0.77
Price to Sales (P/S)0.38
P/FCF Ratio4.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)119.73
Revenue Forecast (FY)¥41.50B
Pickles Holdings Co., Ltd. Business Overview & Revenue Model
Company Description
Pickles Holdings Co.,Ltd., through its subsidiaries, manufactures and sells pickled vegetables and side dishes in Japan. It also engages in the restaurant and retail business; and agricultural business. The company was founded in 1977 and is headq...
How the Company Makes Money
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Pickles Holdings Co., Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.15B | 40.92B | 41.52B | 43.03B | 41.05B | 45.01B |
| Gross Profit | 8.56B | 8.80B | 8.10B | 8.64B | 8.63B | 12.20B |
| EBITDA | 2.96B | 3.33B | 2.41B | 2.80B | 2.70B | 4.00B |
| Net Income | 1.26B | 1.38B | 958.00M | 1.18B | 1.14B | 2.13B |
Balance Sheet | ||||||
| Total Assets | 31.65B | 30.20B | 30.24B | 27.71B | 26.31B | 26.20B |
| Cash, Cash Equivalents and Short-Term Investments | 6.08B | 6.21B | 4.97B | 7.75B | 5.94B | 6.03B |
| Total Debt | 3.77B | 3.22B | 4.85B | 3.14B | 2.65B | 2.95B |
| Total Liabilities | 11.79B | 10.15B | 11.36B | 9.46B | 8.90B | 9.44B |
| Stockholders Equity | 19.84B | 20.04B | 18.86B | 18.24B | 17.40B | 16.76B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.81B | -3.86B | 1.77B | 783.00M | 2.80B |
| Operating Cash Flow | 0.00 | 4.20B | 831.00M | 2.72B | 1.67B | 3.52B |
| Investing Cash Flow | 0.00 | -428.00M | -4.69B | -950.00M | -882.00M | -712.00M |
| Financing Cash Flow | 0.00 | -2.53B | 1.08B | 45.00M | -876.00M | -1.21B |
Pickles Holdings Co., Ltd. Technical Analysis
Positive
1325.00
Price Trends
1101.66
Positive
1160.25
Negative
1170.09
Negative
Market Momentum
2.56
Negative
61.12
Neutral
59.01
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 1325 is above the 20-day moving average (MA) of 1100.40, above the 50-day MA of 1101.66, and above the 200-day MA of 1170.09, indicating a neutral trend. The MACD of 2.56 indicates Negative momentum. The RSI at 61.12 is Neutral, neither overbought nor oversold. The STOCH value of 59.01 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ¥15.57B | 25.11 | ― | 2.11% | 5.82% | 75.67% | |
65 Neutral | ¥13.42B | 8.83 | ― | 1.43% | 5.88% | 180.90% | |
63 Neutral | ¥14.02B | 9.86 | ― | 2.16% | -3.26% | 39.47% | |
63 Neutral | ¥24.15B | 21.97 | ― | 1.87% | 1.95% | -57.52% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
52 Neutral | ¥35.36B | 354.67 | ― | 1.65% | -0.17% | -70.24% | |
48 Neutral | ¥13.88B | 29.65 | ― | 1.61% | 2.00% | -44.01% |
* Consumer Defensive Sector Average
JP:2935
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Pickles Holdings Co., Ltd. Corporate Events
Pickles Holdings to Streamline Leadership With Single Representative Director
Apr 14, 2026
Pickles Holdings has announced a leadership change, resolving at its board meeting to streamline its top management structure to one representative director. The company states that this move is intended to accelerate management decision-making in...
Pickles Holdings Restores Full Compliance With TSE Prime Listing Criteria
Apr 14, 2026
Pickles Holdings has confirmed that, as of February 28, 2026, it now satisfies all continued listing criteria for the Tokyo Stock Exchange Prime Market, after previously falling short on tradable share market capitalization a year earlier. The com...
Pickles Holdings Boosts Profit and Dividend Despite Slight Sales Decline
Apr 14, 2026
Pickles Holdings reported consolidated results for the fiscal year ended February 28, 2026, showing net sales of ¥40,923 million, down 1.4% year on year, but with operating profit surging 63.0% to ¥2,085 million and profit attributable t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.