# PPIH vs TRIAL Holdings

> Unit: JPY millions (ratios in %)
> Periods: PPIH = FY ending Jun 2026, consolidated, J-GAAP / TRIAL Holdings = FY ending Jun 2026, consolidated, J-GAAP
> Retrieved: 2026-09-30T21:19:54.038Z

| Metric | PPIH | TRIAL Holdings |
| --- | ---: | ---: |
| Revenue | 2,445,260 | 1,347,109 |
| Operating income | 174,842 | 30,371 |
| Net income | 110,088 | 3,522 |
| COGS ratio | 68.6% | 76.2% |
| Operating margin | 7.2% | 2.3% |
| Net margin | 4.5% | 0.3% |
| FCF margin | 4.0% | 3.3% |
| Period | FY ending Jun 2026 | FY ending Jun 2026 |
| Source | S100Z42G | S100Z3TN |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | PPIH | TRIAL Holdings |
| --- | ---: | ---: |
| Revenue growth | 74.4 (45 peers) | 98.9 (45 peers) |
| Profitability | 86.7 (49 peers) | 39.8 (49 peers) |
| Cash conversion | 16 (47 peers) | 84 (47 peers) |
| Efficiency | 21.4 (49 peers) | 70.4 (49 peers) |
| Financial strength | — | — |

## Company details

- https://vizora.meequs.com/en/company/pan-pacific-international-holdings/md
- https://vizora.meequs.com/en/company/trial-holdings/md

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).