United Super Markets Holdings, Inc. (3222) AI Stock Analysis

• Market Cap: ¥177.06B
• Dividend Yield: 1.77%
• Average Volume (3M): 315.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.23
• Revenue Growth: 30.67%
• EPS Growth: N/A
• Country: JP
• Employees: 7,192
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Department Stores
• EPS (TTM): -3.36
• Shares Outstanding: 210,617,220
• 10 Day Avg. Volume: 254,890
• 30 Day Avg. Volume: 315,266
• PEG Ratio: -4.66
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.14
• P/FCF Ratio: -14.19
• 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): 2.9
• Revenue Forecast (FY): ¥1.14T

• Rating: 46 Neutral
• Price Target: ¥837.00 ▼(-7.10% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is held back mainly by weak financial quality (very thin margins, low returns, and negative free cash flow) and bearish technicals (price below key moving averages with negative MACD). A manageable balance sheet and a modest dividend provide partial support, but not enough to offset profitability and cash-flow concerns.

Positive Factors

Stable Revenue Growth

Stable revenue growth indicates a consistent demand for the company's products and suggests resilience in its business model, supporting long-term sustainability.

Strong Equity Position

A strong equity position provides financial stability and flexibility, enabling the company to invest in growth opportunities and withstand economic downturns.

Good Cash Conversion

Efficient cash conversion from profits enhances liquidity, allowing the company to fund operations and investments without relying heavily on external financing.

Negative Factors

Declining Profitability

Decreasing profitability can hinder the company's ability to reinvest in its business and may affect its competitive positioning over time.

Negative Free Cash Flow Growth

Negative free cash flow growth suggests potential issues in capital management, which could limit the company's ability to pursue strategic initiatives and pay down debt.

Pressure on EBIT and EBITDA Margins

Pressure on margins may reflect rising costs or competitive pressures, which could impact profitability and limit the company's ability to invest in growth.

United Super Markets Holdings, Inc. Business Overview & Revenue Model

Company Description

United Super Markets Holdings Inc., through its subsidiaries, operates supermarkets in Japan. As of November 19, 2020, it operated 524 stores. The company was founded in 1952 and is based in Tokyo, Japan. United Super Markets Holdings Inc. is a subsidiary of Aeon Market Investment Co., Ltd.

United Super Markets Holdings, Inc. Financial Statement Overview

Summary

Revenue growth rebounded strongly in 2025 (+13.1%), but profitability is extremely thin and deteriorating (net margin ~0.10% in 2025; very low ROE ~0.4%). Cash flow is the biggest weakness with negative free cash flow in 2025 (-8.2B) despite positive operating cash flow, while leverage looks manageable (debt-to-equity ~0.31).

Income Statement

Revenue growth improved materially in 2025 (annual report: +13.1%) after flat-to-down results in 2022–2024, which is a clear top-line positive. However, profitability is very thin and has deteriorated sharply versus earlier years: net margin fell from 1.21% (2021) and 0.75% (2022) to ~0.10% (2025), and operating margin is also much lower than the 2021–2022 level. Overall, the company is growing again, but earnings quality and margin resilience look weak.

Balance Sheet

Leverage appears moderate with debt-to-equity around 0.31 in 2025 (and generally ~0.24–0.31 over the period), suggesting the balance sheet is not highly levered for a low-margin retailer. Equity also increased meaningfully in 2025, supporting balance-sheet capacity. The key weakness is returns: return on equity is very low in 2025 (~0.4%) and has trended down substantially from 2021–2022, reflecting depressed profitability rather than balance-sheet stress.

Cash Flow

Cash generation is mixed. Operating cash flow remained positive (2025: 14.5B), but it declined versus 2024 and is low relative to revenue scale, indicating limited cash conversion. Free cash flow turned sharply negative in 2025 (-8.2B) after being only slightly positive in 2024, pointing to heavier reinvestment and/or weaker underlying cash generation. Overall, cash flow volatility and negative free cash flow are the main concerns.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	930.85B	811.27B	706.66B	708.69B	716.41B	733.85B
Gross Profit	282.05B	247.19B	214.51B	212.46B	216.27B	222.04B
EBITDA	25.41B	24.54B	18.55B	18.18B	23.65B	28.02B
Net Income	1.74B	810.00M	1.01B	1.34B	5.37B	8.85B
Balance Sheet
Total Assets	388.75B	382.60B	287.53B	280.07B	282.22B	286.61B
Cash, Cash Equivalents and Short-Term Investments	38.40B	35.74B	21.14B	25.63B	32.50B	38.12B
Total Debt	56.86B	63.31B	44.88B	43.24B	40.56B	35.83B
Total Liabilities	188.32B	179.27B	137.27B	130.04B	129.98B	137.81B
Stockholders Equity	200.42B	203.33B	150.25B	150.02B	151.69B	148.35B
Cash Flow
Free Cash Flow	0.00	-8.19B	562.00M	-2.64B	-5.18B	15.19B
Operating Cash Flow	0.00	14.48B	21.50B	15.21B	16.02B	29.92B
Investing Cash Flow	0.00	-16.26B	-25.55B	-22.80B	-24.32B	-15.94B
Financing Cash Flow	0.00	6.94B	-442.00M	495.00M	2.39B	4.14B

United Super Markets Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 901.00
• 50DMA: Negative
• 100DMA: Negative
• 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:3222, the sentiment is Negative. The current price of 901 is above the 20-day moving average (MA) of 887.86, below the 50-day MA of 921.05, and below the 200-day MA of 910.82, indicating a bearish trend. The MACD of -21.92 indicates Positive momentum. The RSI at 38.48 is Neutral, neither overbought nor oversold. The STOCH value of 74.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3222.

United Super Markets Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9956	79 Outperform	¥188.76B	7.25	―	2.18%	6.30%	27.88%
2659	73 Outperform	¥186.37B	20.12	7.56%	2.70%	2.28%	3.61%
8273	63 Neutral	¥215.88B	17.32	―	3.01%	18.89%	-34.43%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8267	58 Neutral	$5.24T	-128.08	2.27%	0.52%	4.92%	1.25%
3222	46 Neutral	¥177.06B	-65.24	―	1.77%	30.67%	―
8278	43 Neutral	¥175.02B	100.03	―	1.44%	1.48%	-33.32%