# KUSURI NO AOKI HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/05/21－2026/05/20) (S100YXF5)
> Page: https://vizora.meequs.com/en/company/kusuri-no-aoki-holdings
> Retrieved: 2026-09-30T19:15:06.650Z

## Company

Kusuri NO Aoki Holdings, founded in 1976, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 6,355 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUSURI NO AOKI HOLDINGS CO., LTD. |
| Ticker | 3549 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3549.T) |
| Listing | TSE Prime |
| Head office | 石川県白山市松本町2512番地 |
| Representative (per filing) | 代表取締役社長 青木 宏憲 |
| Founded | Jun 1976 |
| Share capital | ¥16.7B |
| Employees (consolidated) | 6,355 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | May |
| Website | www.kusuri-aoki-hd.co.jp (https://www.kusuri-aoki-hd.co.jp/) |
| Corporate number | 9220002009323 |
| EDINET | E10737 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100YXF5, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-05-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.4 | 16 |
| Profitability | 60.5 | 19 |
| Cash conversion | 69.4 | 18 |
| Efficiency | 23.7 | 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)

- Kusuri NO Aoki Holdings brought in ¥566.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.0% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥566865000000 → ¥17133000000
- Net income → operating cash flow: ¥17133000000 → ¥37321000000（difference ¥20188000000）
- Main uses of operating cash flow: CapEx ¥34530000000 / dividends ¥1473000000 / buybacks ¥23869000000
- Change in cash: ¥10923000000
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 | ¥566.9B |  |
| Operating income | ¥27.1B | Margin 4.8% |
| Net income | ¥17.1B | Margin 3.0% |
| Free cash flow | ¥2.79B |  |
| Employees (consolidated) | 6,355 |  |
| EPS | ¥321.89 |  |
| Book value per share | ¥776.42 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 95,616,980 |  |
| Treasury shares | 653,900 |  |
| Shareholders | 11,958 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 14.3% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +0.4 pp | Drugstores & Pharmacies |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 16.2× dividends
- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥305880000000 | ¥566865000000 | +85.3% |
| Operating income | ¥16619000000 | ¥27096000000 | +63.0% |
| Operating margin | 5.4% | 4.8% | -0.7 pp |
| Employees | 3,990 people | 6,355 people | +59.3% |
| Cash and equivalents | ¥15734000000 | ¥58654000000 | +272.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 566,865 | 100.0% | S100YXF5 |
| Cost of revenue | 417,367 | 73.6% | S100YXF5 |
| Gross profit | 149,497 | 26.4% | S100YXF5 |
| SG&A | 122,400 | 21.6% | S100YXF5 |
| Operating income | 27,096 | 4.8% | S100YXF5 |
| Ordinary income | 27,722 | 4.9% | S100YXF5 |
| Pretax income | 24,083 | 4.2% | S100YXF5 |
| Income tax | 6,949 | 1.2% | S100YXF5 |
| Net income | 17,133 | 3.0% | S100YXF5 |
| Net income attributable to owners | 17,133 | 3.0% | S100YXF5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.4% → Operating margin 4.8% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.0%; Core profit growth: +1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 501,470 | 566,865 | 65,395 | +13.0% |
| Gross profit | 132,956 | 149,497 | 16,541 | +12.4% |
| Operating income | 26,601 | 27,096 | 495 | +1.9% |
| Net income attributable to owners | 17,786 | 17,133 | -653 | -3.7% |
| Operating cash flow | 22,167 | 37,321 | 15,154 | +68.4% |
| Free cash flow | -43 | 2,791 | 2,834 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 300,173 | 16,359 | 5.4% | 12,416 | 21,492 | 5,766 | S100MB7M |
| FY ending May 2021 | 305,880 | 16,619 | 5.4% | 12,062 | 13,850 | -8,890 | S100P1U4 |
| FY ending May 2022 | 328,335 | 14,070 | 4.3% | 9,839 | 20,286 | -6,753 | S100RPQ6 |
| FY ending May 2023 | 378,874 | 15,296 | 4.0% | 12,326 | 31,249 | 9,766 | S100U8R6 |
| FY ending May 2024 | 436,875 | 18,569 | 4.3% | 12,307 | 26,864 | 6,568 | S100WJXT |
| FY ending May 2025 | 501,470 | 26,601 | 5.3% | 17,786 | 22,167 | -43 | S100YXF5 |
| FY ending May 2026 | 566,865 | 27,096 | 4.8% | 17,133 | 37,321 | 2,791 | S100YXF5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,033 | 4,460 | 4,735 | 5,627 | 6,355 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.9M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 34.9 years | 35.5 years | 35.4 years | 35.4 years | 35.6 years |
| Average tenure (parent company) | 10.2 years | 11.0 years | 7.9 years | 8.3 years | 9.6 years |

Year over year: Employees (consolidated) +12.9% · Revenue (consolidated) +13.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 37,321 | 6.6% | S100YXF5 |
| Capital expenditure | 34,530 | 6.1% | S100YXF5 |
| Free cash flow | 2,791 | 0.5% | 算出 |
| Investing cash flow | -42,883 | -7.6% | S100YXF5 |
| Financing cash flow | 16,486 | 2.9% | S100YXF5 |
| Dividends paid | 1,473 | 0.3% | S100YXF5 |
| Share buyback | 23,869 | 4.2% | S100YXF5 |
| Change in cash | 10,923 | 1.9% | S100YXF5 |
| Cash and equivalents | 58,654 | 10.3% | S100YXF5 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 26,348 | 42,870 | 48,974 | 47,731 | 58,654 | S100U8R6, S100WJXT, S100YXF5 |
| Total assets | 234,201 | 274,301 | 303,453 | 352,464 | 410,937 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Net assets | 86,930 | 98,546 | 117,420 | 145,759 | 141,038 | S100U8R6, S100WJXT, S100YXF5 |
| Share capital | 1,167 | 1,167 | 1,167 | 16,749 | 16,749 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Property, plant and equipment | 126,404 | 136,648 | 148,054 | 168,879 | 196,278 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Intangible assets excluding goodwill | 4,075 | 4,896 | 7,842 | 13,679 | 18,906 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Goodwill | 2,006 | 1,946 | 4,499 | 10,107 | 13,600 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Investment securities | — | 1,159 | 3,356 | 3,747 | 9,594 | S100U8R6, S100WJXT, S100YXF5 |
| Current assets | 86,547 | 113,740 | 125,787 | 145,368 | 164,033 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Current liabilities | 72,781 | 90,669 | 98,050 | 107,049 | 124,610 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Trade payables | 41,701 | 52,526 | 54,242 | 63,602 | 71,330 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Short-term borrowings | — | — | 5,500 | — | 150 | S100WJXT, S100YXF5 |
| Long-term borrowings | 59,907 | 69,106 | 70,795 | 78,317 | 119,901 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Bonds | — | — | 1,119 | — | — | S100WJXT |
| Interest-bearing debt | — | — | 77,414 | — | — | 算出 |
| Total liabilities | 147,270 | 175,755 | 186,032 | 206,705 | 269,898 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Equity attributable to owners of parent | 87,015 | 98,465 | 109,810 | 144,765 | 136,559 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Retained earnings | 83,675 | 95,134 | 106,480 | 123,013 | 105,055 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |
| Treasury stock | -3 | -4 | -4 | -12,746 | -2,550 | S100RPQ6, S100U8R6, S100WJXT, S100YXF5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YXF5 |
| Property, plant and equipment | 48% | S100YXF5 |
| Intangibles and goodwill | 8% | S100YXF5 |
| Investment securities | 2% | S100YXF5 |
| Other assets | 28% | S100YXF5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YXF5 |
| Other liabilities | 48% | S100YXF5 |
| Equity | 34% | S100YXF5 |
| Other liabilities | 0% | S100YXF5 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 234,201 | 274,301 | 303,453 | 352,464 | 410,937 |
| Equity | 86,930 | 98,546 | 117,420 | 145,759 | 141,038 |
| Interest-bearing debt | — | — | 77,414 | — | — |
| Cash | 26,348 | 42,870 | 48,974 | 47,731 | 58,654 |

## 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) | 34.6% | S100YXF5 |
| Fixed assets ÷ total assets | 47.8% | S100YXF5 |
| Goodwill ÷ parent equity | 10.0% | S100YXF5 |

Goodwill over 4 years: 2,006 → 13,600 JPY; total investing cash flow: -145,097 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) | 14.3% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.7% |
| Cash vs. profit gap | 20,188 JPY mn (of net income 117.8%) |
| Shareholder returns / net income | 147.9% |
| Shareholder returns / FCF | 908.0% |
| Shareholder payments — dividends / net income | 8.6% |
| Shareholder payments — dividends / FCF | 52.8% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 114.9% |

## 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 | 3.0% | 1.40× | 4.2% | 2.69× | 11.3% | S100RPQ6 |
| 2023 | 3.3% | 1.49× | 4.8% | 2.74× | 13.3% | S100U8R6 |
| 2024 | 2.8% | 1.51× | 4.3% | 2.77× | 11.8% | S100WJXT |
| 2025 | 3.5% | 1.53× | 5.4% | 2.58× | 14.0% | S100YXF5 |
| 2026 | 3.0% | 1.49× | 4.5% | 2.71× | 12.2% | S100YXF5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| OASIS FUNDAMENTAL VALUE Ⅱ (HONG KONG) LIMITED（常任代理人 シティバンク、エヌ・エイ東京支社） | Major shareholder | 14.1% | 2026-05-20 |
| イオン㈱ | Major shareholder | 10.2% | 2026-05-20 |
| (同)青木二階堂 | Major shareholder | 6.8% | 2026-05-20 |
| (同)臨川書屋 | Major shareholder | 6.8% | 2026-05-20 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.4% | 2026-05-20 |
| ㈱ツルハ | Major shareholder | 5.1% | 2026-05-20 |
| (同)A870 | Major shareholder | 4.4% | 2026-05-20 |
| (同)KS Aviation | Major shareholder | 3.9% | 2026-05-20 |
| (同)HONJIN | Major shareholder | 3.8% | 2026-05-20 |
| (同)GARDEN | Major shareholder | 3.8% | 2026-05-20 |
| (同)STREAM | Major shareholder | 3.8% | 2026-05-20 |

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

- Revenue for the FY ending May 2026 was ¥566.9B, up +13.0% from ¥501.5B.
- Profit did not keep pace: operating income rose only +1.9% to ¥27.1B, and net income slipped -3.7% to ¥17.1B.
- Operating cash flow jumped +68.4% to ¥37.3B, and free cash flow turned positive at ¥2.79B after a small outflow the year before.

### Drivers

- The company kept opening new drugstores and in-store pharmacies.
- It bought supermarket chains and added fresh food to more of its stores.
- New pharmacies brought in more outside prescriptions.

### Risks

- Cuts to official drug prices or dispensing fees could reduce pharmacy income.
- A shortage of pharmacists or licensed sellers could slow store openings.
- In newer regions, the savings from clustering stores take time to appear, and competition for sites can delay them.

Cited: Annual securities report (28th fiscal term) (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 (28th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/05/21－2026/05/20) | S100YXF5 | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXF5,, |
| 有価証券報告書－第27期(2024/05/21－2025/05/20) | S100WJXT | 2025-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJXT,, |
| 有価証券報告書－第26期(2023/05/21－2024/05/20) | S100U8R6 | 2024-08-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U8R6,, |
| 有価証券報告書－第25期(2022/05/21－2023/05/20) | S100RPQ6 | 2023-08-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RPQ6,, |
| 有価証券報告書－第24期(令和3年5月21日－令和4年5月20日) | S100P1U4 | 2022-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P1U4,, |
| 有価証券報告書－第23期(令和2年5月21日－令和3年5月20日) | S100MB7M | 2021-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MB7M,, |

## 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).