TSURUHA Holdings (3391) AI Stock Analysis

• Market Cap: ¥1.11T
• Dividend Yield: 1.72%
• Average Volume (3M): 886.23K
• Price to Earnings (P/E): 27.5
• Beta (1Y): 0.23
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 11,620
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): N/A
• Shares Outstanding: 454,163,480
• 10 Day Avg. Volume: 988,040
• 30 Day Avg. Volume: 886,226
• PEG Ratio: 0.01
• Price to Book (P/B): 0.39
• Price to Sales (P/S): 0.10
• P/FCF Ratio: 2.47
• 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: ¥2,735.00
• Price Target Upside: -4.87% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: ¥2,676.00 ▼(-6.92% Downside)

TSURUHA Holdings' overall stock score is driven primarily by strong technical indicators suggesting bullish momentum. However, the financial performance indicates challenges in revenue growth and profitability, and the valuation suggests the stock is overvalued. The high dividend yield is a positive factor, providing a cushion against the high P/E ratio.

Positive Factors

Strong balance sheet

Moderate leverage and a near-50% equity ratio provide financial flexibility for a retail operator with thousands of employees and stores. This capital structure supports investment in store network, supply chain, and resilience through consumer spending cycles without excessive refinancing risk.

Diversified retail mix

A broad product assortment across OTC drugs, cosmetics and daily necessities diversifies revenue streams and reduces dependence on any single category. Higher-margin cosmetics can offset lower-margin staples, while essentials provide steady foot traffic, supporting durable top-line stability over cycles.

Consistent gross margins

A stable gross margin near 30% indicates persistent purchasing, pricing and category management strength in retail operations. This margin level gives the company structural buffer to absorb SG&A and modest cost inflation while still enabling reinvestment in merchandising and logistics over the medium term.

Negative Factors

Negative revenue growth

Sustained negative top-line trends erode scale advantages in procurement and distribution for a drugstore chain. Weaker revenue growth constrains margin expansion, limits reinvestment capacity for store upgrades or digital channels, and risks market share loss if competitors expand.

Compressed net profit margin

A low net margin around 2% leaves minimal room for absorbing cost shocks or funding growth internally. For a retailer, this constrains ability to finance store rollouts, IT investments, or higher marketing spend without hurting cash reserves, making long-term strategic moves more difficult.

Weak cash conversion

Poor operating cash conversion and stagnant free cash flow growth limit internal funding for capital expenditure, debt reduction, and shareholder returns. Over time, constrained cash generation increases reliance on external financing and reduces flexibility to execute strategic initiatives or weather downturns.

TSURUHA Holdings Business Overview & Revenue Model

Company Description

Tsuruha Holdings Inc. operates drugstores in Japan. It sells pharmaceutical and cosmetic products. As of October 15, 2021, the company operated 2,448 stores in Japan and 22 stores in Thailand. The company was founded in 1929 and is headquartered in Sapporo, Japan.

How the Company Makes Money

TSURUHA Holdings generates revenue primarily through the sale of pharmaceutical products, health and beauty items, and other consumables in its retail stores. The company's revenue model is based on direct sales from its extensive network of over 1,000 drugstores, where it offers a wide range of products to meet the needs of its customers. Key revenue streams include prescription medications, over-the-counter drugs, cosmetics, and daily necessities. Additionally, TSURUHA Holdings has established partnerships with various pharmaceutical manufacturers and suppliers, enabling it to maintain a diverse product offering and competitive pricing. The company's ability to adapt to market trends and consumer preferences, along with its strategic store locations, further contributes to its earnings.

TSURUHA Holdings Financial Statement Overview

Summary

TSURUHA Holdings demonstrates stability in its financial structure with moderate leverage and consistent profitability. However, recent declines in revenue growth and profitability margins highlight the need for strategic initiatives to boost growth and operational efficiency. Cash flow management remains an area for improvement to ensure sustainable financial health.

Income Statement

TSURUHA Holdings shows a stable gross profit margin around 30%, indicating consistent cost management. However, the net profit margin has slightly declined to 2.03% in the latest year, reflecting pressure on profitability. Revenue growth has been negative recently, which is a concern for future earnings potential. The EBIT and EBITDA margins have also seen a slight decline, suggesting challenges in operational efficiency.

Balance Sheet

The company maintains a healthy debt-to-equity ratio of 0.23, indicating moderate leverage. Return on equity is stable at 7.73%, showing decent profitability relative to shareholder equity. The equity ratio stands at 48.36%, reflecting a solid capital structure with a good proportion of assets financed by equity.

Cash Flow

Operating cash flow to net income ratio is 0.31, suggesting adequate cash generation relative to net income. However, free cash flow growth is stagnant, and the free cash flow to net income ratio is 0.69, indicating room for improvement in cash flow efficiency. The company needs to focus on enhancing free cash flow generation to support future investments and debt repayments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.10T	1.07T	1.03T	970.08B	915.70B	919.30B
Gross Profit	334.45B	326.40B	312.28B	293.36B	271.48B	266.72B
EBITDA	45.00B	57.40B	57.78B	61.31B	53.11B	59.95B
Net Income	17.52B	21.81B	21.74B	25.26B	21.39B	26.28B
Balance Sheet
Total Assets	583.36B	583.36B	549.22B	539.83B	562.36B	537.03B
Cash, Cash Equivalents and Short-Term Investments	92.74B	92.74B	58.69B	79.05B	127.03B	116.53B
Total Debt	63.76B	63.76B	50.04B	54.86B	55.52B	38.74B
Total Liabilities	276.99B	276.98B	241.48B	235.69B	278.32B	260.50B
Stockholders Equity	282.10B	282.10B	283.94B	278.35B	260.30B	254.62B
Cash Flow
Free Cash Flow	44.53B	44.53B	16.58B	-25.88B	12.77B	61.71B
Operating Cash Flow	64.64B	64.64B	51.96B	804.00M	35.83B	76.46B
Investing Cash Flow	-19.71B	-19.71B	-36.07B	-29.77B	-28.41B	-30.20B
Financing Cash Flow	-10.87B	-10.87B	-36.26B	-19.00B	3.07B	13.21B

TSURUHA Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2875.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3391, the sentiment is Negative. The current price of 2875 is above the 20-day moving average (MA) of 2598.30, above the 50-day MA of 2734.19, and above the 200-day MA of 2444.53, indicating a neutral trend. The MACD of -80.08 indicates Positive momentum. The RSI at 34.77 is Neutral, neither overbought nor oversold. The STOCH value of 16.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3391.

TSURUHA Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7649	75 Outperform	¥670.78B	15.23	15.71%	0.96%	21.81%	67.76%
9989	69 Neutral	¥481.72B	15.18	11.50%	3.04%	6.32%	8.19%
3391	67 Neutral	¥1.11T	27.51	―	1.72%	―	―
3549	67 Neutral	¥387.34B	21.69	―	0.41%	15.81%	27.05%
3349	60 Neutral	¥552.82B	17.64	―	0.93%	3.73%	18.84%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

TSURUHA Holdings Corporate Events

TSURUHA Holdings Agrees Share Buyback Price for Dissenting Shareholders After Welcia Integration

TSURUHA Holdings has completed a key step in its integration with Welcia Holdings by agreeing on the purchase price for shares subject to buyback demands from dissenting shareholders. Following the approval and effectiveness of a share exchange that made TSURUHA the wholly owning parent and Welcia a wholly owned subsidiary as of December 1, 2025, certain shareholders who opposed the transaction exercised their statutory right to demand that TSURUHA purchase their shares. The company has now reached an agreement with these shareholders to set the buyback price at 2,887 yen per share, and it expects the financial impact of these repurchases on earnings for the fiscal year ending February 2026 to be immaterial, suggesting the integration will proceed without significant balance-sheet disruption.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2750.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Confirms Interim Audit Completion for Strong Nine-Month Results

TSURUHA Holdings has confirmed that its independent auditor has completed the interim review of the consolidated financial results for the nine months ended November 30, 2025, with no changes required to the figures disclosed on January 8, 2026. For the period from March 1 to November 30, 2025, the company reported net sales of ¥833.4 billion, operating income of ¥40.6 billion and net income attributable to owners of the parent of ¥27.0 billion, alongside total assets of ¥664.5 billion and an equity ratio of 45.0%, underscoring a solid financial position following its fiscal year-end change and five-for-one stock split.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Posts Steady December Sales as Integrated Drugstore–Pharmacy Group

TSURUHA Holdings reported its December 2025 monthly sales flash figures, its first in a revised format reflecting the management integration and providing separate disclosure for drugstore merchandise and dispensing pharmacy sales. Across the integrated Tsuruha Group, both all-store and existing-store net sales continued to grow year on year, driven mainly by higher average spending per customer, despite a decline in customer numbers in December and softer performance in product sales compared with robust growth in dispensing pharmacy revenues; the group also continued modest network expansion, underscoring its strategy of leveraging scale in Japan’s drugstore and pharmacy market. Pre-integration reference data for the Welcia and Tsuruha groups show broadly solid sales trends through the fiscal year to date, with particularly strong growth in dispensing pharmacy sales, suggesting that the integration could strengthen the combined group’s position in prescription-related services and support more stable growth than the core merchandise segment alone.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Revamps Shareholder Benefits After Nationwide Drugstore Integration

TSURUHA Holdings has overhauled its shareholder benefit program following its December 2025 business integration with Welcia Holdings, which created a nationwide drugstore and dispensing pharmacy network. The revised scheme broadens eligibility to shareholders holding as few as 100 shares and significantly increases the value of gift vouchers, while abolishing the previous discount card and long-term ownership add-ons. Under the new structure, shareholders will receive vouchers ranging from ¥5,000 to ¥15,000 depending on their holdings, with an option to donate an equivalent amount instead, reinforcing both store visitation and a potential social contribution angle. The changes, effective for shareholders of record as of February 28, 2026, are designed to deepen engagement with the company’s products and services and enhance the investment appeal of TSURUHA stock in the wake of its expanded nationwide footprint.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings to Buy Treasury Shares Created by Welcia Share Exchange

TSURUHA Holdings has moved to purchase 2,317 of its own common shares generated as fractional shares in connection with its share exchange that made Welcia Holdings Co., Ltd. a wholly owned subsidiary as of December 1, 2025. The company will acquire these fractional shares as treasury stock on January 8, 2026, at a price based on that day’s closing share price on the Tokyo Stock Exchange, a procedural step that tidies up the post-share-exchange capital structure and completes the treatment of small shareholdings resulting from the integration.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA to Book ¥10.6 Billion Extraordinary Gain from WELCIA Integration

TSURUHA Holdings will record approximately ¥10.6 billion in extraordinary income in the fourth quarter of the fiscal year ending February 28, 2026, stemming from a gain on step acquisition associated with making WELCIA Holdings a consolidated subsidiary following their business integration on December 1, 2025. This one-off gain underscores the financial impact of TSURUHA’s strategic alliance and integration with WELCIA and AEON, which is expected to strengthen its position in Japan’s drugstore market, and the company has already reflected the effects of this transaction in its revised full-year earnings and year-end dividend forecasts for the current fiscal year.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Raises Earnings Outlook and Sets Dividend Post-WELCIA Integration

TSURUHA Holdings has issued its first full-year consolidated earnings forecast for the fiscal year ending February 28, 2026, reflecting the impact of its December 2025 business integration with WELCIA Holdings. The company now projects net sales of ¥1.453 trillion, operating income of ¥63.3 billion and net income attributable to owners of the parent of ¥39.5 billion, with profitability boosted by goodwill-related accounting from the consolidation of WELCIA and a gain on step acquisition, alongside incorporation of WELCIA’s fourth-quarter results and a reassessment of TSURUHA’s own fourth quarter. In tandem, TSURUHA revised its year-end dividend forecast to ¥23 per share on a post–stock split basis (equivalent to ¥115 without the split), calibrating total year-end payouts so that the combined dividends from TSURUHA and WELCIA are on par with interim distributions, and announced plans to enhance shareholder benefit programs as it refines its shareholder return policy under the new group structure.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Discloses Strong Sales but Lower Profit at Newly Acquired Welcia Subsidiary

TSURUHA Holdings has disclosed the consolidated financial results for the nine months ended November 30, 2025 of its newly acquired, now wholly owned subsidiary, WELCIA Holdings, following WELCIA’s delisting on December 1, 2025. WELCIA reported a 6.1% year-on-year increase in net sales to ¥1,010.4 billion and double-digit growth in operating and ordinary income, but net income attributable to owners of parent fell 17.3% to ¥12.2 billion, with earnings per share declining accordingly; total assets rose to ¥640.9 billion while the equity ratio softened to 39.9%, indicating growth accompanied by a slight weakening in capital structure that TSURUHA must manage as it integrates WELCIA’s large-scale operations.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Posts ¥833 Billion Nine-Month Sales and Lifts Full-Year Outlook After Stock Split

TSURUHA Holdings reported consolidated net sales of ¥833.3 billion and net income attributable to owners of the parent of ¥27.0 billion for the nine months ended November 30, 2025, its first disclosed nine-month figures under the new February fiscal year-end and after a five-for-one stock split. Total assets rose to ¥664.5 billion and equity to ¥298.9 billion, though the equity ratio edged down to 45.0%, while the company revised its dividend forecast to reflect the stock split and now projects full-year fiscal 2025/26 net sales of ¥1.453 trillion and net income of ¥39.5 billion, signaling confidence in continued growth amid structural and accounting changes that may affect how investors assess per-share metrics and capital efficiency going forward.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Agrees to AEON’s Additional Market Purchases to Reach 50.9% Control

TSURUHA Holdings announced that AEON Co., Ltd., which recently completed a tender offer for TSURUHA’s shares, failed to reach the previously indicated 50.9% voting rights threshold through the offer alone. In response, TSURUHA and AEON have agreed that AEON will purchase additional TSURUHA shares on the market between January 9 and April 30, 2026, until it attains a 50.9% voting rights ratio, setting the stage for AEON to solidify its position as TSURUHA’s parent company and potentially reshape the company’s governance and strategic direction within Japan’s competitive retail and drugstore sector.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

AEON to Become Parent Company of TSURUHA Holdings After Successful Tender Offer

TSURUHA Holdings announced that AEON Co., Ltd. has successfully completed a tender offer for its common shares, with 40,727,772 shares tendered, and will purchase all tendered shares as this figure is below the maximum intended acquisition. Following settlement on January 14, 2026, AEON’s voting rights in TSURUHA will exceed 50%, shifting its status from an affiliated company to the new parent company, reinforcing AEON’s control within Japan’s retail and drugstore sector and likely deepening existing business collaboration between the two groups.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2700.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA HOLDINGS INC. Reports Strong November Sales Growth

TSURUHA HOLDINGS INC. reported a year-on-year growth in net sales for November 2025, with a notable increase in both total and existing store sales. This growth reflects the company’s strategic expansion and effective customer engagement, positioning it well in the competitive retail pharmacy sector.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen3132.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Supports AEON’s Tender Offer Amid Strategic Alliance

TSURUHA Holdings has announced its support for a tender offer by AEON CO., LTD. to acquire additional shares, making TSURUHA an equity-method affiliate of AEON. This move is part of a broader capital and business alliance involving a share exchange with WELCIA HOLDINGS, aiming to strengthen the companies’ market positioning without delisting TSURUHA’s shares from the Tokyo Stock Exchange.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen3132.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Cancels Change in Major Shareholders Notice

TSURUHA Holdings Inc. announced the cancellation of a previously issued ‘Notice of Change in Major Shareholders’ due to a misunderstanding regarding the distribution of voting rights among its shareholders. The company clarified that no single shareholder holds more than 10% of voting rights, thus not meeting the criteria for a change in major shareholders. This announcement helps maintain the current shareholder structure and avoids potential market disruptions.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen3132.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA HOLDINGS Completes Share Exchange with WELCIA, Faces Share Repurchase Requests

TSURUHA HOLDINGS INC. has completed a share exchange agreement with WELCIA HOLDINGS CO., LTD., making TSURUHA the wholly owning parent company and WELCIA a wholly owned subsidiary. Following this integration, dissenting shareholders have requested the repurchase of 27,154,630 shares, and the company plans to address these requests by considering flexible financing methods. The financial impact of these requests is currently undetermined, and further disclosures will be made as necessary.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen3132.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings to Fully Acquire Lady Drug Store Co., Ltd.

TSURUHA Holdings Inc. has announced its decision to make Lady Drug Store Co., Ltd. a wholly-owned subsidiary by acquiring all shares held by FUJI CO., LTD. This move is aimed at enhancing Lady Drug Store’s corporate value through quicker decision-making and increased investments, in response to growing competition in the drug store industry. The acquisition will terminate the existing capital and business alliance with FUJI, although the companies plan to continue cooperating to benefit local communities.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2732.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.

TSURUHA Holdings Reports Steady Sales Growth in October 2025

TSURUHA Holdings reported a steady increase in sales for October 2025, with a 5.1% year-on-year growth in net sales across all stores. Despite a slight decline in the number of customers, the average spending per customer increased, indicating a positive trend in consumer behavior. The company continues to expand its store network, with a net increase in the total number of stores, which may enhance its market position and stakeholder value.

The most recent analyst rating on (JP:3391) stock is a Hold with a Yen2732.00 price target. To see the full list of analyst forecasts on TSURUHA Holdings stock, see the JP:3391 Stock Forecast page.