# TRIAL Holdings, Inc.: 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12期(2025/07/01－2026/06/30) (S100Z3TN)
> Page: https://vizora.meequs.com/en/company/trial-holdings
> Retrieved: 2026-09-30T19:11:40.808Z

## Company

TRIAL Holdings, founded in 2018, is a company in Software & SaaS listed on TSE Growth. It has 9,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRIAL Holdings, Inc. |
| Ticker | 141A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/141A.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市東区多の津一丁目12番2号 |
| Representative (per filing) | 代表取締役社長 永田 洋幸 |
| Founded | Nov 2018 |
| Share capital | ¥20.2B |
| Employees (consolidated) | 9,434 |
| Average salary (parent only) | ¥11.4M |
| Fiscal year end | June |
| Website | trial-holdings.inc (https://trial-holdings.inc/) |
| Corporate number | 9290001071458 |
| EDINET | E38525 |
| Industries (Vizora) | Software & SaaS, Supermarkets |

> Profile source: annual securities report (S100Z3TN, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.9 | 45 |
| Profitability | 39.8 | 49 |
| Cash conversion | 84 | 47 |
| Efficiency | 70.4 | 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 100% of TRIAL Holdings's sales come from Distribution and retail, with Other and Retail AI making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +67.6% from the prior year, operating profit +43.9%.

## Company structure

- Segment revenue mix: Distribution and retail 99.7%、Other 0.2%、Retail AI 0.1%
- Revenue → net income: ¥1347109000000 → ¥4123000000
- Net income → operating cash flow: ¥4123000000 → ¥92055000000（difference ¥87932000000）
- Main uses of operating cash flow: CapEx ¥47078000000 / dividends ¥1956000000 / buybacks —
- Change in cash: ¥-3424000000
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 | ¥1.35T |  |
| Operating income | ¥30.4B | Margin 2.3% |
| Net income | ¥3.52B | Margin 0.3% |
| Free cash flow | ¥45B |  |
| Largest business | Distribution and retail | of segment revenue 99.7% |
| Employees (consolidated) | 9,434 |  |
| EPS | ¥-41.02 |  |
| Diluted EPS | ¥28.55 |  |
| Book value per share | ¥530.1 |  |
| Equity ratio | 16.2% |  |
| Shares outstanding | 122,848,400 |  |
| Treasury shares | 75,900 |  |
| Shareholders | 35,338 |  |
| Average salary (parent only) | ¥11.4M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | -0.6 pp | Supermarkets |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 26.1× net income
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 3 years

| Metric | FY ending Jun 2023 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥653112000000 | ¥1347109000000 | +106.3% |
| Operating income | ¥13964000000 | ¥30371000000 | +117.5% |
| Operating margin | 2.1% | 2.3% | +0.1 pp |
| Employees | 5,993 people | 9,434 people | +57.4% |
| Cash and equivalents | ¥23898000000 | ¥68901000000 | +188.3% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → 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 |
| --- | ---: |
| 流通小売 → 流通小売 | 99.7% |
| リテールAI → リテールAI | 0.1% |
| リテールAI → 事業再編・廃止 | 0.0% |
| その他 → その他 | 0.2% |
| 新設・再編 → 流通小売 | 0.0% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Distribution and retail | 3 years | +27.3% | ¥1342480000000 | 2.6% | 2 |
| Other | 3 years | +33.6% | ¥2949000000 | 31.0% | 2 |
| Retail AI | 3 years | +9.0% | ¥918000000 | 71.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,347,109 | 100.0% | S100Z3TN |
| Cost of revenue | 1,026,818 | 76.2% | S100Z3TN |
| Gross profit | 320,290 | 23.8% | S100Z3TN |
| SG&A | 307,009 | 22.8% | S100Z3TN |
| Operating income | 30,371 | 2.3% | S100Z3TN |
| Ordinary income | 20,186 | 1.5% | S100Z3TN |
| Pretax income | 18,266 | 1.4% | S100Z3TN |
| Income tax | 14,142 | 1.0% | S100Z3TN |
| Net income | 4,123 | 0.3% | S100Z3TN |
| Net income attributable to owners | 3,522 | 0.3% | S100Z3TN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 23 |
| Other operating | -1 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 23.8% → Operating margin 2.3% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +67.6%; Core profit growth: +43.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.65×
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 | 803,829 | 1,347,109 | 543,280 | +67.6% |
| Gross profit | 164,842 | 320,290 | 155,448 | +94.3% |
| Operating income | 21,106 | 30,371 | 9,265 | +43.9% |
| Net income attributable to owners | 11,752 | 3,522 | -8,230 | -70.0% |
| Operating cash flow | -4,446 | 92,055 | 96,501 | — |
| Free cash flow | -39,951 | 44,977 | 84,928 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 653,112 | 13,964 | 2.1% | 8,084 | 18,445 | 1,701 | S100UG64 |
| FY ending Jun 2024 | 717,948 | 19,161 | 2.7% | 11,439 | 59,497 | 36,844 | S100WRQT |
| FY ending Jun 2025 | 803,829 | 21,106 | 2.6% | 11,752 | -4,446 | -39,951 | S100Z3TN |
| FY ending Jun 2026 | 1,347,109 | 30,371 | 2.3% | 3,522 | 92,055 | 44,977 | S100Z3TN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥142.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥373.3K |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,993 | 6,529 | 7,080 | 9,434 |
| Average salary (parent company) | — | ¥12.5M | ¥10.3M | ¥11.4M |
| Average age (parent company) | — | 40.9 years | 39.5 years | 40.9 years |
| Average tenure (parent company) | — | 2.0 years | 2.0 years | 2.5 years |

Year over year: Employees (consolidated) +33.2% · Revenue (consolidated) +67.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Distribution and retail | 1,342,480 | 99.7% | 34,875 | 2.6% |
| Retail AI | 918 | 0.1% | 657 | 71.6% |
| Other | 2,949 | 0.2% | 915 | 31.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Distribution and retail | 99.7% | 95.7% | -4.0 | 2.6% |
| Retail AI | 0.1% | 1.8% | 1.7 | 71.6% |
| Other | 0.2% | 2.5% | 2.3 | 31.0% |

Segment → industry: Retail AI → Software & SaaS / Distribution and retail → 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 | 92,055 | 6.8% | S100Z3TN |
| Capital expenditure | 47,078 | 3.5% | S100Z3TN |
| Free cash flow | 44,977 | 3.3% | 算出 |
| Investing cash flow | -405,015 | -30.1% | S100Z3TN |
| Financing cash flow | 309,392 | 23.0% | S100Z3TN |
| Dividends paid | 1,956 | 0.1% | S100Z3TN |
| Change in cash | -3,424 | -0.3% | S100Z3TN |
| Cash and equivalents | 68,901 | 5.1% | S100Z3TN |

## 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 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,898 | 91,947 | 72,325 | 68,901 | S100WRQT, S100Z3TN |
| Total assets | 200,639 | 283,627 | 300,283 | 807,824 | S100UG64, S100WRQT, S100Z3TN |
| Net assets | 68,020 | 118,187 | 129,028 | 134,369 | S100WRQT, S100Z3TN |
| Share capital | 100 | 19,777 | 19,812 | 20,237 | S100UG64, S100WRQT, S100Z3TN |
| Inventories | 46,388 | 46,440 | 56,612 | 86,512 | S100UG64, S100WRQT, S100Z3TN |
| Property, plant and equipment | 102,999 | 113,694 | 136,549 | 240,892 | S100UG64, S100WRQT, S100Z3TN |
| Intangible assets excluding goodwill | 2,682 | 1,879 | 2,762 | 303,093 | S100UG64, S100WRQT, S100Z3TN |
| Goodwill | 170 | — | — | 291,957 | S100UG64, S100Z3TN |
| Investment securities | 4,660 | 5,777 | 5,741 | 6,088 | S100UG64, S100WRQT, S100Z3TN |
| Current assets | 82,114 | 152,300 | 143,172 | 201,806 | S100UG64, S100WRQT, S100Z3TN |
| Current liabilities | 107,666 | 143,010 | 151,064 | 599,692 | S100UG64, S100WRQT, S100Z3TN |
| Short-term borrowings | — | — | 26,500 | 367,400 | S100Z3TN |
| Long-term borrowings | 15,164 | 12,195 | 9,031 | 24,064 | S100UG64, S100WRQT, S100Z3TN |
| Total liabilities | 132,618 | 165,440 | 171,254 | 673,454 | S100UG64, S100WRQT, S100Z3TN |
| Non-controlling interests | 2,134 | 2,503 | 2,903 | 3,466 | S100UG64, S100WRQT, S100Z3TN |
| Equity attributable to owners of parent | 64,917 | 114,443 | 125,194 | 127,620 | S100UG64, S100WRQT, S100Z3TN |
| Retained earnings | 61,778 | 71,952 | 81,875 | 83,440 | S100UG64, S100WRQT, S100Z3TN |
| Treasury stock | -529 | -529 | -105 | -100 | S100UG64, S100WRQT, S100Z3TN |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 200,639 | 283,627 | 300,283 | 807,824 |
| Equity | 68,020 | 118,187 | 129,028 | 134,369 |
| Interest-bearing debt | — | — | — | — |
| Cash | 23,898 | 91,947 | 72,325 | 68,901 |

## 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) | 17.9% | S100Z3TN |
| Fixed assets ÷ total assets | 29.8% | S100Z3TN |
| Goodwill ÷ parent equity | 228.8% | S100Z3TN |

### 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) | 8.5% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 303.1% |
| Cash vs. profit gap | 88,533 JPY mn (of net income 2513.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.5% |
| Shareholder payments — dividends / FCF | 4.3% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 440.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.2% | 3.26× | 4.0% | 3.09× | 12.5% | S100UG64 |
| 2024 | 1.6% | 2.97× | 4.7% | 2.70× | 12.8% | S100WRQT |
| 2025 | 1.5% | 2.75× | 4.0% | 2.44× | 9.8% | S100Z3TN |
| 2026 | 0.3% | 2.43× | 0.6% | 4.38× | 2.8% | S100Z3TN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ティー・エイチ・シー | Major shareholder | 53.8% | 2026-06-30 |
| 株式会社Heroic investment | Major shareholder | 7.6% | 2026-06-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-06-30 |
| 永田 久男 | Major shareholder | 1.6% | 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 | 1.4% | 2026-06-30 |
| GIC PRIVATE LIMITED - C （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2026-06-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS - MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2026-06-30 |
| 株式会社PALTAC | Major shareholder | 1.0% | 2026-06-30 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.9% | 2026-06-30 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2026-06-30 |

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

- Revenue for the FY ending Jun 2026 was ¥1.35T, up +67.6% from ¥803.8B a year earlier.
- Operating income grew +43.9% from ¥21.1B to ¥30.4B, yet net income attributable to owners fell -70.0% from ¥11.8B to ¥3.52B.
- Operating cash flow swung from -¥4.45B to a positive ¥92.1B, and free cash flow turned positive at ¥45B.

### Drivers

- The company bought all shares of Seiyu in July 2025, greatly expanding its store network, mainly around Tokyo
- Trial kept opening new stores and pushed ready-made meals and private-brand products
- Each chain began selling the other's products, such as Trial's ready-made meals in Seiyu stores

### Risks

- The Seiyu deal added a large amount of goodwill, which could be written down if the integration falls short
- The acquisition was funded with heavy borrowing, so higher interest rates would raise interest costs
- Labor shortages or rising hourly wages could push up costs and slow store openings

Cited: Annual Securities Report, 12th fiscal year (Jul 2025–Jun 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 12th fiscal year (Jul 2025–Jun 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/07/01－2026/06/30) | S100Z3TN | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3TN,, |
| 有価証券報告書－第11期(2024/07/01－2025/06/30) | S100WRQT | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRQT,, |
| 有価証券報告書－第10期(2023/07/01－2024/06/30) | S100UG64 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG64,, |

## 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).