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TSI Holdings Co
(3608)
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Rating:56Neutral
Price Target:
¥1,241.00
▼(-2.21% Downside)
Action:Reiterated
Date:08/06/26
The score is mainly constrained by weak and volatile cash generation despite improving revenue and a reasonably strong balance sheet. Technicals are mixed (longer-term support but softer near-term trend), while a reasonable P/E and ~3.25% dividend yield provide partial support.
Positive Factors
Multi-channel retail model
TSI's integrated model—company-operated stores plus wholesale and e-commerce—creates durable revenue diversification and multiple margins. Direct retail lets it capture higher gross margin, wholesale expands reach, and e-commerce supports scalable customer acquisition and lower marginal distribution costs over time.
Negative Factors
Weak and volatile cash generation
Repeated negative and volatile operating and free cash flow—even after a one-year positive free cash flow in 2025—signals poor cash conversion from earnings, likely driven by working-capital swings or investment needs. This undermines the company's ability to self-fund growth, smooth dividends, or rapidly deleverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-channel retail model
TSI's integrated model—company-operated stores plus wholesale and e-commerce—creates durable revenue diversification and multiple margins. Direct retail lets it capture higher gross margin, wholesale expands reach, and e-commerce supports scalable customer acquisition and lower marginal distribution costs over time.
Read all positive factors
TSI Holdings Co (3608) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥71.66B
Dividend Yield3.25%
Average Volume (3M)229.27K
Price to Earnings (P/E)17.9
Beta (1Y)0.43
Revenue Growth16.25%
EPS Growth-71.70%
CountryJP
Employees4,108
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)68.58
Shares Outstanding63,438,793
10 Day Avg. Volume269,220
30 Day Avg. Volume229,270
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)0.73
Price to Sales (P/S)0.43
P/FCF Ratio-7.09
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)133.1
Revenue Forecast (FY)¥198.00B
TSI Holdings Co Business Overview & Revenue Model
Company Description
TSI Holdings Co.,Ltd. is a Japan-based international company specializing in the planning, manufacturing, distribution, and import of clothing, featuring both men's and women's apparel. Beyond its core fashion activities, the company extends its o...
How the Company Makes Money
TSI Holdings makes money mainly by selling fashion products (apparel and related goods) under its owned/managed brands. Its revenue model is centered on: (1) Direct-to-consumer retail sales through company-operated physical stores, where it captur...
TSI Holdings Co Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 177.76B | 167.09B | 156.61B | 155.38B | 154.46B | 140.38B |
| Gross Profit | 95.09B | 89.96B | 80.36B | 81.13B | 81.08B | 72.45B |
| EBITDA | 11.39B | 9.71B | 5.33B | 5.41B | 6.26B | 8.88B |
| Net Income | 3.93B | 3.79B | 15.23B | 4.85B | 3.06B | 1.02B |
Balance Sheet | ||||||
| Total Assets | 168.89B | 174.20B | 141.16B | 133.46B | 135.43B | 140.44B |
| Cash, Cash Equivalents and Short-Term Investments | 26.44B | 28.48B | 46.33B | 27.47B | 32.20B | 40.23B |
| Total Debt | 48.24B | 44.81B | 1.66B | 9.96B | 9.77B | 16.18B |
| Total Liabilities | 76.13B | 74.88B | 32.92B | 36.04B | 36.55B | 42.70B |
| Stockholders Equity | 92.75B | 99.32B | 107.91B | 97.08B | 98.48B | 97.21B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -10.19B | 3.28B | -2.85B | -1.15B | 257.00M |
| Operating Cash Flow | 0.00 | -7.72B | 5.72B | -525.00M | 1.33B | 1.38B |
| Investing Cash Flow | 0.00 | -27.35B | 28.33B | 3.50B | -110.00M | -3.98B |
| Financing Cash Flow | 0.00 | 17.00B | -15.13B | -7.25B | -9.59B | -8.96B |
TSI Holdings Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥152.94B | 17.26 | 11.07% | 3.59% | 3.58% | -5.51% | |
63 Neutral | ¥49.45B | 12.27 | ― | 5.23% | -1.88% | 28.06% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | ¥20.16B | 12.90 | ― | 1.83% | 3.45% | 38.14% | |
59 Neutral | ¥229.17B | 17.18 | 6.42% | 2.23% | -1.37% | 103.53% | |
56 Neutral | ¥71.66B | 17.94 | 4.13% | 3.15% | 16.25% | -71.70% | |
54 Neutral | ¥119.14B | 254.59 | 0.46% | 3.66% | -4.52% | -92.19% |
* Consumer Cyclical Sector Average
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TSI Holdings Co Corporate Events
TSI Holdings Sets Agenda for FY2027 Q1 Results Briefing
Jul 15, 2026
TSI Holdings Co. has released materials for its FY2027 first quarter financial results briefing, covering the period from March 1 to May 31, 2026. The agenda indicates a focus on overall performance, existing sales channels, and brand-level result...
TSI Holdings Delivers Strong Q1 Growth and Targets Earnings Surge for FY 2027
Jul 14, 2026
TSI Holdings reported a strong first quarter for the fiscal year ending February 2027, with net sales rising 30.0% year on year to ¥46.3 billion and operating income surging 65.8% to ¥2.5 billion. Ordinary income climbed 73.1% to ¥3...
TSI Holdings to Acquire Toyo Enterprise and Lei Lani Trading as Subsidiaries
Jul 9, 2026
TSI Holdings has executed a share transfer agreement to acquire Toyo Enterprise Co., Ltd. and Lei Lani Trading Co., Ltd., turning the long-established textile planner, manufacturer, and trader, along with its textile import-distribution affiliate,...
TSI Holdings’ June Sales Boost Mask Pressure on Core Retail Channels
Jul 7, 2026
TSI Holdings reported June 2026 all retail channel sales at 137.7% year-on-year, driven by strong e-commerce growth of 214.2%, while existing retail channels declined to 98.9%. The figures highlight a widening performance gap between newly consoli...
TSI Holdings Posts Robust May Sales on Strong Summer Demand and Brand Recovery
Jun 5, 2026
TSI Holdings reported strong May 2026 sales, with all retail channels rising 41.0% year on year and existing retail channels up 5.5%, indicating broad-based growth across its store network. Physical stores outperformed, supported by robust demand ...
TSI Holdings Posts Strong April Sales as Key Brands Rebound
May 12, 2026
TSI Holdings reported strong April 2026 results, with all retail channels posting 134.6% year-on-year sales and existing retail channels at 103.3%, both exceeding the previous year. Growth was driven by robust demand for new early summer merchandi...
TSI Holdings Completes ¥3 Billion Share Buyback and Plans Partial Cancellation
May 7, 2026
TSI Holdings has completed a share repurchase program authorized in April, buying 2,119,100 of its common shares on the Tokyo Stock Exchange for about ¥3.0 billion. This brings total issued shares outstanding to 56,970,397 excluding treasury ...
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.