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TSURUHA Holdings
(3391)
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Rating:64Neutral
Price Target:
¥2,526.00
▲(5.21% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily driven by solid top-line growth and improved 2026 cash flow, offset by weaker 2026 earnings despite higher revenue, a sharp increase in debt, and lower ROE. Technical indicators are mixed-to-neutral, and valuation (P/E ~18.8, ~2.0% yield) is reasonable but not clearly compelling.
Positive Factors
Sustained revenue growth
Multi-year top-line expansion culminating in ~32% revenue growth in 2026 indicates durable demand and successful store/channel execution. Strong revenue momentum supports scale benefits, purchasing leverage, and room to invest in network expansion or higher-margin categories over the medium term.
Negative Factors
Weak net margin conversion
Persistent low-2% net margins and a decline in earnings even as revenue surged point to structural margin pressure or rising operating costs. Low bottom-line conversion limits retained earnings, constrains ROE improvement, and reduces the firm's ability to fund growth from internally generated profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Multi-year top-line expansion culminating in ~32% revenue growth in 2026 indicates durable demand and successful store/channel execution. Strong revenue momentum supports scale benefits, purchasing leverage, and room to invest in network expansion or higher-margin categories over the medium term.
Read all positive factors
TSURUHA Holdings (3391) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.08T
Dividend Yield2.04%
Average Volume (3M)886.23K
Price to Earnings (P/E)18.7
Beta (1Y)0.20
Revenue GrowthN/A
EPS GrowthN/A
CountryJP
Employees27,681
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)144.56
Shares Outstanding454,435,500
10 Day Avg. Volume988,040
30 Day Avg. Volume886,226
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)0.88
Price to Sales (P/S)0.53
P/FCF Ratio12.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,635.71Price Target Upside9.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)102.34
Revenue Forecast (FY)¥2.56T
TSURUHA Holdings Business Overview & Revenue Model
Company Description
TSURUHA Holdings Co., Ltd. (3391) is a Japan-based retail holding company that operates drugstore and pharmacy-focused retail businesses through group companies. The group runs drugstores that sell over-the-counter pharmaceuticals and health-relat...
How the Company Makes Money
TSURUHA Holdings makes money primarily through retail sales at its drugstore locations and related retail formats. Its core revenue stream is in-store (and where available, online) sales of a broad assortment that typically includes over-the-count...
TSURUHA Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | Feb 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.45T | 1.07T | 1.03T | 970.08B | 915.70B |
| Gross Profit | 443.99B | 326.40B | 312.28B | 293.36B | 271.48B |
| EBITDA | 99.53B | 57.40B | 57.78B | 61.31B | 53.11B |
| Net Income | 42.67B | 21.81B | 21.74B | 25.26B | 21.39B |
Balance Sheet | |||||
| Total Assets | 1.65T | 583.36B | 549.55B | 539.83B | 562.36B |
| Cash, Cash Equivalents and Short-Term Investments | 202.13B | 92.74B | 58.69B | 79.05B | 127.03B |
| Total Debt | 208.49B | 63.76B | 50.04B | 54.86B | 55.52B |
| Total Liabilities | 752.27B | 276.98B | 244.25B | 235.68B | 278.31B |
| Stockholders Equity | 875.82B | 282.10B | 281.58B | 278.35B | 260.31B |
Cash Flow | |||||
| Free Cash Flow | 59.69B | 44.53B | 19.97B | -23.90B | 15.11B |
| Operating Cash Flow | 84.58B | 64.64B | 51.96B | 804.00M | 35.83B |
| Investing Cash Flow | -19.79B | -19.71B | -36.07B | -29.77B | -28.41B |
| Financing Cash Flow | -39.05B | -10.87B | -36.26B | -19.00B | 3.07B |
TSURUHA Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥209.57B | 12.68 | ― | 2.35% | 8.76% | 8.19% | |
68 Neutral | ¥435.89B | 13.96 | 11.29% | 3.42% | 4.32% | 0.18% | |
67 Neutral | ¥546.80B | 16.73 | 10.75% | 1.20% | 12.20% | -25.42% | |
64 Neutral | ¥1.08T | 18.69 | 7.67% | 2.04% | ― | ― | |
64 Neutral | ¥510.63B | 16.28 | ― | 1.28% | 8.72% | 3.45% | |
54 Neutral | ¥383.42B | 22.76 | ― | 0.41% | 13.04% | 0.30% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
JP:3391
TSURUHA Holdings
2,404.50
172.16
7.71%
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KUSURI NO AOKI HOLDINGS CO.,LTD.
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0.25%
TSURUHA Holdings Corporate Events
TSURUHA Completes Restricted Stock Compensation Share Issuance
Jul 16, 2026
TSURUHA Holdings has completed payment procedures for the issuance of 65,000 shares of common stock as restricted stock compensation, following a board resolution passed on June 19, 2026. The restricted shares, priced at JPY 2,027 each for a total...
TSURUHA Holdings Confirms Strong Q1 Results After Auditor Review
Jul 14, 2026
TSURUHA Holdings reported consolidated net sales of ¥636.9 billion for the three months ended May 31, 2026, with strong year-on-year growth in sales and EBITDA under Japanese GAAP. Operating income and ordinary income also increased significa...
TSURUHA’s Q1 Profit Rises as Sales Surge, Dividend Outlook Steady
Jul 8, 2026
TSURUHA Holdings Inc. is a major Japanese drugstore chain operator listed on the Tokyo Stock Exchange Prime Market, specializing in retail pharmaceuticals, health and beauty products, and daily necessities. The company targets nationwide consumers...
Tsuruha Issues Restricted Shares to Strengthen Long-Term Management Incentives
Jun 19, 2026
Tsuruha Holdings has approved the issuance of 65,000 new common shares as restricted stock compensation to four directors, fourteen executive officers and four subsidiary directors, with a total value of ¥131,755,000 at an issue price of ...
TSURUHA Affirms Autonomy as AEON Lifts Stake to Controlling Majority
May 29, 2026
TSURUHA Holdings, a major Japanese drugstore chain under the umbrella of AEON Co., Ltd., confirmed that AEON now holds a controlling 50.9% voting rights stake, cementing TSURUHA’s position within the Aeon retail group while it continues to o...
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.