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PAL GROUP HoldingsPAL GROUP Holdings CO.,LTD.2726東証プライム小売業FY ending Feb 2026, consolidated, J-GAAP

PAL GROUP Holdings revenue and profit

Out of every ¥100 of sales, about ¥12 is left as operating profit. Revenue changed +12.9% from the prior year, operating profit +14.7%.

Five-year trend

Revenue¥234.7B
FY ending Feb 2022: ¥134.2B¥134.2BFY ending Feb 2023: ¥164.5B¥164.5BFY ending Feb 2024: ¥192.5B¥192.5BFY ending Feb 2025: ¥207.8B¥207.8BFY ending Feb 2026: ¥234.7B¥234.7BFY22FY23FY24FY25FY26
Operating income¥27.1B
FY ending Feb 2022: ¥7.52B¥7.52BFY ending Feb 2023: ¥15.8B¥15.8BFY ending Feb 2024: ¥18.6B¥18.6BFY ending Feb 2025: ¥23.7B¥23.7BFY ending Feb 2026: ¥27.1B¥27.1BFY22FY23FY24FY25FY26
Operating margin11.6%
FY ending Feb 2022: 5.6%5.6%FY ending Feb 2023: 9.6%9.6%FY ending Feb 2024: 9.7%9.7%FY ending Feb 2025: 11.4%11.4%FY ending Feb 2026: 11.6%11.6%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin7.5%
Asset turnover1.50×
ROA11.3%
ROA11.3%
Financial leverage2.03×
ROE23.0%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin7.5%
2022: 3.0%3.0%2023: 6.1%6.1%2024: 6.7%6.7%2025: 5.7%5.7%2026: 7.5%7.5%2223242526
Asset turnover1.50×
2022: 1.43×1.43×2023: 1.60×1.60×2024: 1.61×1.61×2025: 1.51×1.51×2026: 1.50×1.50×2223242526
ROA11.3%
2022: 4.3%4.3%2023: 9.7%9.7%2024: 10.7%10.7%2025: 8.6%8.6%2026: 11.3%11.3%2223242526
Financial leverage2.03×
2022: 1.98×1.98×2023: 2.01×2.01×2024: 2.02×2.02×2025: 2.05×2.05×2026: 2.03×2.03×2223242526
ROE23.0%
2022: 8.4%8.4%2023: 19.4%19.4%2024: 21.7%21.7%2025: 17.7%17.7%2026: 23.0%23.0%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.0%1.43×4.3%1.98×8.4%
20236.1%1.60×9.7%2.01×19.4%
20246.7%1.61×10.7%2.02×21.7%
20255.7%1.51×8.6%2.05×17.7%
20267.5%1.50×11.3%2.03×23.0%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue6.0%
2021: 7.1%7.1%2022: 4.9%4.9%2023: 5.5%5.5%2024: 5.7%5.7%2025: 6.2%6.2%2026: 6.0%6.0%212223242526
PPE ÷ total assets8.6%
2021: 7.1%7.1%2022: 7.1%7.1%2023: 8.1%8.1%2024: 8.6%8.6%2025: 8.8%8.8%2026: 8.6%8.6%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 25d25d2022: 17d17d212223242526
Payable days92d
2021: 183d183d2022: 124d124d2023: 120d120d2024: 122d122d2025: 117d117d2026: 92d92d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Feb 2022FY ending Feb 2023FY ending Feb 2024FY ending Feb 2025FY ending Feb 2026
Revenue134,200164,482192,544207,825234,704
Cost of revenue59,88674,26086,26191,568101,652
Gross profit74,31490,221106,283116,256133,052
SG&A66,79374,39987,67792,599105,907
Operating income7,52015,82218,60523,65627,144
Pretax income6,07015,22918,23920,16626,907
Income tax2,0975,3265,4028,2459,033
Net income attributable to owners4,0019,95512,84511,84817,714
Operating margin5.6%9.6%9.7%11.4%11.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 59%
Property, plant and equipment 9%
0%
0%
Other assets 32%

Funding

Trade payables 16%
Other liabilities 32%
Equity 52%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Feb 2022FY ending Feb 2023FY ending Feb 2024FY ending Feb 2025FY ending Feb 2026
Cash and equivalents¥52.3B¥63.8B¥67.2B¥85.7B¥96.3B
Total assets¥93.7B¥112.5B¥126.9B¥147.9B¥164.5B
Net assets¥47.4B¥55.2B¥63.4B¥73.4B¥86.2B
Share capital¥3.18B¥3.18B¥3.18B¥3.18B¥3.18B
Trade receivables¥6.34B————
Property, plant and equipment¥6.61B¥9.12B¥10.9B¥13B¥14.2B
Intangible assets excluding goodwill¥467M¥333M¥393M¥816M¥739M
Investment securities¥1.59B¥2B¥2.34B¥267M¥279M
Current assets¥69.9B¥85.5B¥96.7B¥114.3B¥128.8B
Current liabilities¥36.3B¥43.2B¥45B¥50.6B¥58.8B
Trade payables¥20.4B¥24.3B¥28.8B¥29.3B¥25.7B
Short-term borrowings¥250M¥250M¥250M¥800M¥800M
Long-term borrowings¥5.79B¥8.12B¥11B¥12.2B¥11.4B
Total liabilities¥46.3B¥57.3B¥63.5B¥74.6B¥78.3B
Non-controlling interests¥60M¥8M—¥2.46B¥2.62B
Equity attributable to owners of parent¥47.4B¥55.2B¥63.2B¥70.7B¥83.3B
Retained earnings¥41.9B¥49.7B¥59.3B¥66.8B¥79.3B
Treasury stock-¥2.17B-¥2.17B-¥3.67B-¥3.67B-¥3.67B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第54期(2025/03/01－2026/02/28)

    ID S100Y6472026-05-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第53期(2024/03/01－2025/02/28)

    ID S100VU6M2025-05-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第52期(2023/03/01－2024/02/29)

    ID S100TIXZ2024-05-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第51期(2022/03/01－2023/02/28)

    ID S100QUD12023-05-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第50期(令和3年3月1日－令和4年2月28日)

    ID S100O4IQ2022-05-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第49期(令和2年3月1日－令和3年2月28日)

    ID S100LFF62021-05-28Open

Extracted from XBRL: 51 / Derived from other figures: 1

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