# Pan Pacific International Holdings Corporation: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/07/01－2026/06/30) (S100Z42G)
> Page: https://vizora.meequs.com/en/company/pan-pacific-international-holdings
> Retrieved: 2026-09-30T21:14:30.437Z

## Company

PPIH, founded in 1980, is a company in Supermarkets listed on TSE Prime. It has 17,784 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pan Pacific International Holdings Corporation |
| Ticker | 7532 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7532.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂二丁目25番12号 |
| Representative (per filing) | 代表取締役社長 森屋 秀樹 |
| Founded | Sep 1980 |
| Share capital | ¥23.7B |
| Employees (consolidated) | 17,784 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | June |
| Website | ppih.co.jp (https://ppih.co.jp/) |
| Corporate number | 7013201016303 |
| EDINET | E03280 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Z42G, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.4 | 45 |
| Profitability | 86.7 | 49 |
| Cash conversion | 16 | 47 |
| Efficiency | 21.4 | 49 |

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 85% of PPIH's sales come from Japan Business, with North America Business and Asia Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Japan Business 84.6%、North America Business 11.4%、Asia Business 4.1%
- Revenue → net income: ¥2445260000000 → ¥112092000000
- Net income → operating cash flow: ¥112092000000 → ¥160939000000（difference ¥48847000000）
- Main uses of operating cash flow: CapEx ¥63848000000 / dividends ¥24495000000 / buybacks —
- Change in cash: ¥24804000000
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 | ¥2.45T |  |
| Operating income | ¥174.8B | Margin 7.2% |
| Net income | ¥110.1B | Margin 4.5% |
| Free cash flow | ¥97.1B |  |
| Largest business | Japan Business | of segment revenue 84.6% |
| Employees (consolidated) | 17,784 |  |
| EPS | ¥17.68 |  |
| Diluted EPS | ¥17.62 |  |
| Book value per share | ¥64.7 |  |
| Equity ratio | 44.0% |  |
| Shares outstanding | 3,177,297,000 |  |
| Treasury shares | 186,453,800 |  |
| Shareholders | 116,888 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 8.9% |
| Vs. industry median margin | +4.3 pp | Supermarkets |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1708635000000 | ¥2445260000000 | +43.1% |
| Operating income | ¥81232000000 | ¥174842000000 | +115.2% |
| Operating margin | 4.8% | 7.2% | +2.4 pp |
| Employees | 16,838 people | 17,784 people | +5.6% |
| Cash and equivalents | ¥160875000000 | ¥218505000000 | +35.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ディスカウントストア → 事業再編・廃止 | 69.3% |
| 総合スーパー → 事業再編・廃止 | 26.3% |
| テナント賃貸 → 事業再編・廃止 | 3.6% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 国内事業 | 84.6% |
| 新設・再編 → 北米事業 | 11.4% |
| 新設・再編 → アジア事業 | 4.1% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan Business | 4 years | +7.3% | ¥2068195000000 | 8.0% | 2 |
| North America Business | 4 years | +8.6% | ¥277936000000 | 1.3% | 2 |
| Asia Business | 4 years | +9.4% | ¥99129000000 | 5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,445,260 | 100.0% | S100Z42G |
| Cost of revenue | 1,676,814 | 68.6% | S100Z42G |
| Gross profit | 768,446 | 31.4% | S100Z42G |
| SG&A | 593,604 | 24.3% | S100Z42G |
| Operating income | 174,842 | 7.2% | S100Z42G |
| Ordinary income | 177,509 | 7.3% | S100Z42G |
| Pretax income | 163,578 | 6.7% | S100Z42G |
| Income tax | 51,486 | 2.1% | S100Z42G |
| Net income | 112,092 | 4.6% | S100Z42G |
| Net income attributable to owners | 110,088 | 4.5% | S100Z42G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.4% → Operating margin 7.2% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +7.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,246,758 | 2,445,260 | 198,502 | +8.8% |
| Gross profit | 716,733 | 768,446 | 51,713 | +7.2% |
| Operating income | 162,296 | 174,842 | 12,546 | +7.7% |
| Net income attributable to owners | 90,512 | 110,088 | 19,576 | +21.6% |
| Operating cash flow | 131,968 | 160,939 | 28,971 | +22.0% |
| Free cash flow | 79,835 | 97,091 | 17,256 | +21.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 1,681,947 | 75,424 | 4.5% | 49,927 | 65,135 | 29,624 | S100MIDS |
| FY ending Jun 2021 | 1,708,635 | 81,232 | 4.8% | 53,734 | 79,143 | 34,169 | S100P951 |
| FY ending Jun 2022 | 1,831,280 | 88,688 | 4.8% | 61,928 | 95,136 | 44,420 | S100RX47 |
| FY ending Jun 2023 | 1,936,783 | 105,259 | 5.4% | 66,167 | 137,955 | 78,393 | S100UG6Y |
| FY ending Jun 2024 | 2,095,077 | 140,193 | 6.7% | 88,701 | 150,554 | 55,961 | S100WR05 |
| FY ending Jun 2025 | 2,246,758 | 162,296 | 7.2% | 90,512 | 131,968 | 79,835 | S100Z42G |
| FY ending Jun 2026 | 2,445,260 | 174,842 | 7.2% | 110,088 | 160,939 | 97,091 | S100Z42G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥137.5M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.2M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 16,912 | 17,107 | 17,168 | 17,075 | 17,784 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.9M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 40.3 years | 40.8 years | 41.7 years | 42.5 years | 42.5 years |
| Average tenure (parent company) | 12.8 years | 13.6 years | 14.6 years | 16.2 years | 16.0 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan Business | 2,068,195 | 84.6% | 165,829 | 8.0% |
| North America Business | 277,936 | 11.4% | 3,497 | 1.3% |
| Asia Business | 99,129 | 4.1% | 5,517 | 5.6% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan Business | 84.6% | 94.8% | 10.3 | 8.0% |
| North America Business | 11.4% | 2.0% | -9.4 | 1.3% |
| Asia Business | 4.1% | 3.2% | -0.9 | 5.6% |

Segment → industry: Asia Business → Supermarkets / North America Business → Supermarkets / Japan Business → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 160,939 | 6.6% | S100Z42G |
| Capital expenditure | 63,848 | 2.6% | S100Z42G |
| Free cash flow | 97,091 | 4.0% | 算出 |
| Investing cash flow | -62,287 | -2.5% | S100Z42G |
| Financing cash flow | -81,812 | -3.3% | S100Z42G |
| Dividends paid | 24,495 | 1.0% | S100Z42G |
| Change in cash | 24,804 | 1.0% | S100Z42G |
| Cash and equivalents | 218,505 | 8.9% | S100Z42G |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 180,418 | 246,195 | 187,199 | 175,837 | 218,505 | S100UG6Y, S100WR05, S100Z42G |
| Total assets | 1,383,678 | 1,481,058 | 1,498,410 | 1,511,445 | 1,602,386 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Net assets | 399,247 | 463,539 | 547,003 | 624,045 | 736,425 | S100UG6Y, S100WR05, S100Z42G |
| Share capital | 23,217 | 23,351 | 23,538 | 23,689 | 23,738 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Trade receivables | 12,728 | 13,782 | 17,068 | 18,956 | 24,246 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Property, plant and equipment | 665,065 | 689,209 | 735,463 | 718,033 | 732,188 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Intangible assets excluding goodwill | 86,217 | 88,530 | 94,647 | 103,962 | 113,194 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Goodwill | 61,759 | 61,002 | 62,574 | 63,224 | 64,700 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Investment securities | 27,226 | 34,643 | 35,688 | 37,901 | 27,865 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Current assets | 486,531 | 551,836 | 513,432 | 527,990 | 609,491 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Current liabilities | 326,378 | 368,422 | 419,220 | 441,881 | 484,130 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Trade payables | 152,885 | 168,661 | 197,151 | 194,883 | 213,580 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Long-term borrowings | 276,201 | 272,499 | 224,657 | 156,929 | 123,745 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Bonds | 272,555 | 261,625 | 191,075 | 170,425 | 136,000 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Total liabilities | 984,431 | 1,017,519 | 951,407 | 887,401 | 865,961 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Non-controlling interests | 6,755 | 9,507 | 9,066 | 16,210 | 29,380 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Equity attributable to owners of parent | 387,681 | 443,270 | 519,778 | 590,294 | 674,563 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Retained earnings | 428,044 | 483,366 | 559,538 | 629,753 | 715,296 | S100RX47, S100UG6Y, S100WR05, S100Z42G |
| Treasury stock | -80,956 | -80,956 | -80,956 | -80,957 | -79,293 | S100RX47, S100UG6Y, S100WR05, S100Z42G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Z42G |
| Receivables | 1% | S100Z42G |
| Property, plant and equipment | 46% | S100Z42G |
| Intangibles and goodwill | 11% | S100Z42G |
| Investment securities | 2% | S100Z42G |
| Other assets | 26% | S100Z42G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100Z42G |
| Other liabilities | 41% | S100Z42G |
| Equity | 46% | S100Z42G |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,383,678 | 1,481,058 | 1,498,410 | 1,511,445 | 1,602,386 |
| Equity | 399,247 | 463,539 | 547,003 | 624,045 | 736,425 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 180,418 | 246,195 | 187,199 | 175,837 | 218,505 |

## 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) | 29.9% | S100Z42G |
| Fixed assets ÷ total assets | 45.7% | S100Z42G |
| Goodwill ÷ parent equity | 9.6% | S100Z42G |

Goodwill over 4 years: 61,759 → 64,700 JPY; total investing cash flow: -324,853 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) | 13.6% |
| Cash ÷ revenue | 8.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.0% |
| Cash vs. profit gap | 50,851 JPY mn (of net income 46.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.3% |
| Shareholder payments — dividends / FCF | 25.2% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 38.7% |

## 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 | 3.4% | 1.32× | 4.5% | 3.57× | 16.0% | S100RX47 |
| 2023 | 3.4% | 1.35× | 4.6% | 3.45× | 15.9% | S100UG6Y |
| 2024 | 4.2% | 1.41× | 6.0% | 3.09× | 18.4% | S100WR05 |
| 2025 | 4.0% | 1.49× | 6.0% | 2.71× | 16.3% | S100Z42G |
| 2026 | 4.5% | 1.57× | 7.1% | 2.46× | 17.4% | S100Z42G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| DQ WINDMOLEN B. V. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 22.4% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.8% | 2026-06-30 |
| 株式会社安隆商事 | Major shareholder | 5.5% | 2026-06-30 |
| 株式会社ファミリーマート | Major shareholder | 5.5% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-06-30 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.8% | 2026-06-30 |
| 公益財団法人安田奨学財団 | Major shareholder | 2.4% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-06-30 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-06-30 |

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

- Sales grew +8.8% to ¥2.45T in the FY ending Jun 2026.
- Operating income climbed a bit more slowly, +7.7% to ¥174.8B.
- Net income attributable to owners jumped +21.6% to ¥110.1B.
- Cash kept pace: operating cash flow reached ¥160.9B, up +22.0%.

### Drivers

- Japanese shoppers watching their budgets came back more often to existing Don Quijote stores, drawn by pricing and promotions
- Tax-free sales set a record, with more tourists from Southeast Asia, Europe and the US
- In North America, better gross margins in Guam and a rebound from last year's Hawaii system outage lifted profit

### Risks

- A weaker yen raises the cost of imported goods and can squeeze gross margin
- Opening new stores tends to build up inventory, and unsold stock may need markdowns or write-downs
- Overseas stores are exposed to tariffs, anti-Japan sentiment and international conflicts

Cited: Annual Securities Report, 46th fiscal year (Jul 2025 - Jun 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report, 46th fiscal year (Jul 2025 - Jun 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/07/01－2026/06/30) | S100Z42G | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z42G,, |
| 有価証券報告書－第45期(2024/07/01－2025/06/30) | S100WR05 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR05,, |
| 有価証券報告書－第44期(2023/07/01－2024/06/30) | S100UG6Y | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG6Y,, |
| 有価証券報告書－第43期(2022/07/01－2023/06/30) | S100RX47 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX47,, |
| 有価証券報告書－第42期(令和3年7月1日－令和4年6月30日) | S100P951 | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P951,, |
| 有価証券報告書－第41期(令和2年7月1日－令和3年6月30日) | S100MIDS | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIDS,, |

## 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).