# AIN HOLDINGS INC.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/05/01－2026/04/30) (S100YSTQ)
> Page: https://vizora.meequs.com/en/company/ain-holdings
> Retrieved: 2026-09-30T22:17:41.918Z

## Company

AIN Holdings, founded in 1969, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 17,332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIN HOLDINGS INC. |
| Ticker | 9627 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9627.T) |
| Listing | TSE Prime |
| Head office | 札幌市白石区東札幌5条2丁目4番30号 |
| Representative (per filing) | 代表取締役社長 大谷 喜一 |
| Founded | Aug 1969 |
| Share capital | ¥21.9B |
| Employees (consolidated) | 17,332 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | April |
| Website | www.ainj.co.jp (https://www.ainj.co.jp/) |
| Corporate number | 1430001020787 |
| EDINET | E04896 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100YSTQ, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.9 | 16 |
| Profitability | 55.3 | 19 |
| Cash conversion | 41.7 | 18 |
| Efficiency | 44.7 | 19 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 87% of AIN Holdings's sales come from Dispensing pharmacy, with Drug and cosmetic store making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +41.8% from the prior year, operating profit +76.8%.

## Company structure

- Segment revenue mix: Dispensing pharmacy 87.4%、Drug and cosmetic store 12.6%
- Revenue → net income: ¥647834000000 → ¥17292000000
- Net income → operating cash flow: ¥17292000000 → ¥30872000000（difference ¥13580000000）
- Main uses of operating cash flow: CapEx ¥15103000000 / dividends ¥2826000000 / buybacks —
- Change in cash: ¥23995000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥647.8B |  |
| Operating income | ¥29.8B | Margin 4.6% |
| Net income | ¥17.3B | Margin 2.7% |
| Free cash flow | ¥15.8B |  |
| Largest business | Dispensing pharmacy | of segment revenue 87.4% |
| Employees (consolidated) | 17,332 |  |
| EPS | ¥160.31 |  |
| Book value per share | ¥2617.98 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 35,428,212 |  |
| Treasury shares | 93,300 |  |
| Shareholders | 18,825 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | +0.3 pp | Drugstores & Pharmacies |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.0× its level five years ago

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥297305000000 | ¥647834000000 | +117.9% |
| Operating income | ¥10932000000 | ¥29832000000 | +172.9% |
| Operating margin | 3.7% | 4.6% | +0.9 pp |
| Employees | 9,019 people | 17,332 people | +92.2% |
| Cash and equivalents | ¥55009000000 | ¥50650000000 | -7.9% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ファーマシー事業 → ファーマシー事業 | 87.4% |
| ファーマシー事業 → 事業再編・廃止 | 5.7% |
| リテール事業 → リテール事業 | 6.9% |
| 新設・再編 → リテール事業 | 5.7% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 647,834 | 100.0% | S100YSTQ |
| Cost of revenue | 538,956 | 83.2% | S100YSTQ |
| Gross profit | 108,878 | 16.8% | S100YSTQ |
| SG&A | 79,045 | 12.2% | S100YSTQ |
| Operating income | 29,832 | 4.6% | S100YSTQ |
| Ordinary income | 28,414 | 4.4% | S100YSTQ |
| Pretax income | 24,047 | 3.7% | S100YSTQ |
| Income tax | 6,755 | 1.0% | S100YSTQ |
| Net income | 17,292 | 2.7% | S100YSTQ |
| Net income attributable to owners | 17,264 | 2.7% | S100YSTQ |

## Per ¥100 of revenue（FY ending Apr 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.8% → Operating margin 4.6% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +41.8%; Core profit growth: +76.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.84×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 456,804 | 647,834 | 191,030 | +41.8% |
| Gross profit | 74,436 | 108,878 | 34,442 | +46.3% |
| Operating income | 16,871 | 29,832 | 12,961 | +76.8% |
| Net income attributable to owners | 9,261 | 17,264 | 8,003 | +86.4% |
| Operating cash flow | 23,146 | 30,872 | 7,726 | +33.4% |
| Free cash flow | 10,963 | 15,769 | 4,806 | +43.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 292,615 | 16,068 | 5.5% | 9,179 | 17,747 | 11,369 | S100M2R1 |
| FY ending Apr 2021 | 297,305 | 10,932 | 3.7% | 6,697 | 14,928 | 9,187 | S100OTEG |
| FY ending Apr 2022 | 316,247 | 15,139 | 4.8% | 7,092 | 26,156 | 17,741 | S100SB21 |
| FY ending Apr 2023 | 358,742 | 16,004 | 4.5% | 9,234 | 20,267 | 8,112 | S100U4ZX |
| FY ending Apr 2024 | 399,824 | 20,432 | 5.1% | 11,401 | 23,023 | 10,504 | S100WFSA |
| FY ending Apr 2025 | 456,804 | 16,871 | 3.7% | 9,261 | 23,146 | 10,963 | S100YSTQ |
| FY ending Apr 2026 | 647,834 | 29,832 | 4.6% | 17,264 | 30,872 | 15,769 | S100YSTQ |

## People and productivity（FY ending Apr 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥996.1K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9,568 | 10,651 | 11,474 | 13,009 | 17,332 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥7.1M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 42.3 years | 42.7 years | 43.2 years | 43.8 years | 43.6 years |
| Average tenure (parent company) | 10.3 years | 10.8 years | 11.3 years | 11.3 years | 11.3 years |

Year over year: Employees (consolidated) +33.2% · Revenue (consolidated) +41.8%

## Segments（FY ending Apr 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 556,424 | 87.4% | 35,760 | 6.4% |
| Drug and cosmetic store | 80,255 | 12.6% | 6,528 | 8.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Dispensing pharmacy | 87.4% |
| Drug and cosmetic store | 12.6% |

Segment → industry: Drug and cosmetic store → Drugstores & Pharmacies / Dispensing pharmacy → Drugstores & Pharmacies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 30,872 | 4.8% | S100YSTQ |
| Capital expenditure | 15,103 | 2.3% | S100YSTQ |
| Free cash flow | 15,769 | 2.4% | 算出 |
| Investing cash flow | -60,605 | -9.4% | S100YSTQ |
| Financing cash flow | 53,728 | 8.3% | S100YSTQ |
| Dividends paid | 2,826 | 0.4% | S100YSTQ |
| Change in cash | 23,995 | 3.7% | S100YSTQ |
| Cash and equivalents | 50,650 | 7.8% | S100YSTQ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 59,470 | 46,217 | 48,381 | 26,655 | 50,650 | S100U4ZX, S100WFSA, S100YSTQ |
| Total assets | 212,461 | 231,750 | 249,409 | 311,921 | 509,647 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Net assets | 119,010 | 126,546 | 135,411 | 142,632 | 159,171 | S100U4ZX, S100WFSA, S100YSTQ |
| Share capital | 21,894 | 21,894 | 21,894 | 21,894 | 21,894 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Trade receivables | 10,110 | — | — | — | — | S100OTEG |
| Property, plant and equipment | 30,636 | 39,459 | 43,450 | 49,712 | 61,541 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Intangible assets excluding goodwill | 41,219 | 52,343 | 51,242 | 97,621 | 208,300 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Goodwill | 36,352 | 46,443 | 44,066 | 84,772 | 194,182 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Investment securities | 2,503 | 2,720 | 3,345 | 3,233 | 4,652 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Current assets | 100,765 | 98,305 | 110,743 | 112,808 | 173,173 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Current liabilities | 81,805 | 92,986 | 103,232 | 132,045 | 185,056 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Short-term borrowings | 2,643 | 3,670 | 3,467 | 12,151 | 20,747 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Long-term borrowings | 5,815 | 5,021 | 3,227 | 26,469 | 151,106 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Total liabilities | 93,450 | 105,204 | 113,998 | 169,288 | 350,476 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Non-controlling interests | 86 | 96 | 104 | 111 | 172 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Equity attributable to owners of parent | 119,038 | 126,362 | 134,847 | 141,717 | 156,457 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Retained earnings | 78,661 | 85,963 | 95,257 | 101,692 | 116,130 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |
| Treasury stock | -2,018 | -2,000 | -2,436 | -1,997 | -1,572 | S100SB21, S100U4ZX, S100WFSA, S100YSTQ |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 212,461 | 231,750 | 249,409 | 311,921 | 509,647 |
| Equity | 119,010 | 126,546 | 135,411 | 142,632 | 159,171 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 59,470 | 46,217 | 48,381 | 26,655 | 50,650 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 9.5% | S100YSTQ |
| Fixed assets ÷ total assets | 12.1% | S100YSTQ |
| Goodwill ÷ parent equity | 124.1% | S100YSTQ |

Goodwill over 4 years: 36,352 → 194,182 JPY; total investing cash flow: -178,508 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 9.9% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.5% |
| Cash vs. profit gap | 13,608 JPY mn (of net income 78.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.4% |
| Shareholder payments — dividends / FCF | 17.9% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 196.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.2% | 1.49× | 3.3% | 1.78× | 6.0% | S100SB21 |
| 2023 | 2.6% | 1.62× | 4.2% | 1.81× | 7.5% | S100U4ZX |
| 2024 | 2.9% | 1.66× | 4.7% | 1.84× | 8.7% | S100WFSA |
| 2025 | 2.0% | 1.63× | 3.3% | 2.03× | 6.7% | S100YSTQ |
| 2026 | 2.7% | 1.58× | 4.2% | 2.76× | 11.6% | S100YSTQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大谷 喜一 | Major shareholder | 9.2% | 2026-04-30 |
| 株式会社セブン&アイ・ホールディングス | Major shareholder | 7.8% | 2026-04-30 |
| OASIS JAPAN STRATEGIC FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 7.4% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-04-30 |
| OASIS INVESTMENTS II MASTER FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 5.4% | 2026-04-30 |
| 株式会社北洋銀行 | Major shareholder | 4.9% | 2026-04-30 |
| みずほ信託銀行株式会社 退職給付信託 丸紅口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.5% | 2026-04-30 |
| 株式会社北海道銀行 | Major shareholder | 4.2% | 2026-04-30 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.5% | 2026-04-30 |
| 野村證券株式会社 | Major shareholder | 2.2% | 2026-04-30 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Apr 2026 was ¥647.8B, up +41.8% from ¥456.8B.
- Profit grew faster than sales: operating income rose +76.8% to ¥29.8B, and net income attributable to owners rose +86.4% to ¥17.3B.
- Operating cash flow also increased, up +33.4% to ¥30.9B.

### Drivers

- It acquired the Sakura Pharmacy group, which runs pharmacies in the Tokyo, Kansai and Tokai regions, adding a large number of stores
- Prescriptions for expensive drugs pushed up the average value per prescription, while prescription volume held steady
- Net income includes an extra deferred tax asset (an expected future tax saving), booked because the Sakura Pharmacy group's earnings improved more than planned
- In retail, Asian cosmetics at AINZ&TULPE and Francfranc's handheld fans and holiday and spring sales lifted revenue

### Risks

- Japan tends to cut drug prices and dispensing fees step by step, and future revisions could change how the pharmacy business makes money
- If acquired companies fall short of plan, it may have to write down goodwill
- Acquisitions are partly funded with bank loans, so rising interest rates could increase interest costs

Cited: Annual Securities Report, 57th fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 57th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/05/01－2026/04/30) | S100YSTQ | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSTQ,, |
| 有価証券報告書－第56期(2024/05/01－2025/04/30) | S100WFSA | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFSA,, |
| 有価証券報告書－第55期(2023/05/01－2024/04/30) | S100U4ZX | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4ZX,, |
| 訂正有価証券報告書－第54期(2022/05/01－2023/04/30) | S100SB21 | 2023-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SB21,, |
| 有価証券報告書－第53期(令和3年5月1日－令和4年4月30日) | S100OTEG | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OTEG,, |
| 有価証券報告書－第52期(令和2年5月1日－令和3年4月30日) | S100M2R1 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2R1,, |

## 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).