# TSURUHA HOLDINGS INC.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/03/01－2026/02/28) (S100Y5EY)
> Page: https://vizora.meequs.com/en/company/tsuruha-holdings
> Retrieved: 2026-09-30T20:32:29.574Z

## Company

Tsuruha Holdings, founded in 1963, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 27,681 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSURUHA HOLDINGS INC. |
| Ticker | 3391 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3391.T) |
| Listing | TSE Prime |
| Head office | 札幌市東区北24条東20丁目1番21号 |
| Representative (per filing) | 代表取締役社長 鶴羽 順 |
| Founded | Jun 1963 |
| Share capital | ¥12.3B |
| Employees (consolidated) | 27,681 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | February |
| Website | www.tsuruha-hd.com (https://www.tsuruha-hd.com/) |
| Corporate number | 4430001029116 |
| EDINET | E03464 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100Y5EY, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 19 |
| Cash conversion | 63.9 | 18 |
| Efficiency | 13.2 | 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)

- Tsuruha Holdings brought in ¥1.45T in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +71.5% from the prior year, operating profit +66.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1450585000000 → ¥45356000000
- Net income → operating cash flow: ¥45356000000 → ¥84582000000（difference ¥39226000000）
- Main uses of operating cash flow: CapEx ¥28458000000 / dividends ¥11944000000 / buybacks ¥78408000000
- Change in cash: ¥25752000000
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 | ¥1.45T |  |
| Operating income | ¥63B | Margin 4.3% |
| Net income | ¥42.7B | Margin 2.9% |
| Free cash flow | ¥56.1B |  |
| Employees (consolidated) | 27,681 |  |
| EPS | ¥22.09 |  |
| Diluted EPS | ¥22.02 |  |
| Book value per share | ¥1558.43 |  |
| Equity ratio | 53.1% |  |
| Shares outstanding | 454,308,990 |  |
| Treasury shares | 26,500 |  |
| Shareholders | 111,170 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | 0 pp | Drugstores & Pharmacies |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.6× dividends

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1027462000000 | ¥1450585000000 | +41.2% |
| Operating income | ¥47151000000 | ¥63037000000 | +33.7% |
| Operating margin | 4.6% | 4.3% | -0.2 pp |
| Employees | 11,620 people | 27,681 people | +138.2% |
| Cash and equivalents | ¥58554000000 | ¥201309000000 | +243.8% |

### Change in segment revenue mix

Span: FY ending May 2024 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,450,585 | 100.0% | S100Y5EY |
| Cost of revenue | 1,006,596 | 69.4% | S100Y5EY |
| Gross profit | 443,989 | 30.6% | S100Y5EY |
| SG&A | 380,952 | 26.3% | S100Y5EY |
| Operating income | 63,037 | 4.3% | S100Y5EY |
| Ordinary income | 63,086 | 4.3% | S100Y5EY |
| Pretax income | 66,326 | 4.6% | S100Y5EY |
| Income tax | 20,969 | 1.4% | S100Y5EY |
| Net income | 45,356 | 3.1% | S100Y5EY |
| Net income attributable to owners | 42,670 | 2.9% | S100Y5EY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.6% → Operating margin 4.3% → Net margin 2.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 845,603 | 1,450,585 | 604,982 | +71.5% |
| Gross profit | 257,540 | 443,989 | 186,449 | +72.4% |
| Operating income | 37,894 | 63,037 | 25,143 | +66.4% |
| Net income attributable to owners | 17,207 | 42,670 | 25,463 | +148.0% |
| Operating cash flow | 64,643 | 84,582 | 19,939 | +30.8% |
| Free cash flow | 41,801 | 56,124 | 14,323 | +34.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 1,027,462 | 47,151 | 4.6% | 21,743 | 51,964 | 16,584 | S100VTHA |
| FY ending Feb 2025 | 845,603 | 37,894 | 4.5% | 17,207 | 64,643 | 41,801 | S100Y5EY |
| FY ending Feb 2026 | 1,450,585 | 63,037 | 4.3% | 42,670 | 84,582 | 56,124 | S100Y5EY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.4M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending May 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 11,620 | 11,298 | 27,681 |
| Average salary (parent company) | — | ¥6M | ¥7.4M |
| Average age (parent company) | — | 46.0 years | 44.0 years |
| Average tenure (parent company) | — | 20.0 years | 18.0 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 84,582 | 5.8% | S100Y5EY |
| Capital expenditure | 28,458 | 2.0% | S100Y5EY |
| Free cash flow | 56,124 | 3.9% | 算出 |
| Investing cash flow | -19,787 | -1.4% | S100Y5EY |
| Financing cash flow | -39,047 | -2.7% | S100Y5EY |
| Dividends paid | 11,944 | 0.8% | S100Y5EY |
| Share buyback | 78,408 | 5.4% | S100Y5EY |
| Change in cash | 25,752 | 1.8% | S100Y5EY |
| Cash and equivalents | 201,309 | 13.9% | S100Y5EY |

## 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 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 58,554 | 92,605 | 201,309 | S100Y5EY |
| Total assets | 549,551 | 583,362 | 1,647,981 | S100VTHA, S100Y5EY |
| Net assets | 305,297 | 306,377 | 895,706 | S100Y5EY |
| Share capital | 11,535 | 11,626 | 12,300 | S100VTHA, S100Y5EY |
| Property, plant and equipment | 131,621 | 137,942 | 313,706 | S100VTHA, S100Y5EY |
| Intangible assets excluding goodwill | 29,337 | 28,295 | 469,657 | S100VTHA, S100Y5EY |
| Goodwill | 21,944 | 19,773 | 454,593 | S100VTHA, S100Y5EY |
| Investment securities | 34,181 | 31,942 | 24,845 | S100VTHA, S100Y5EY |
| Current assets | 273,482 | 302,811 | 679,409 | S100VTHA, S100Y5EY |
| Current liabilities | 181,362 | 206,646 | 547,566 | S100VTHA, S100Y5EY |
| Short-term borrowings | — | 5,000 | — | S100Y5EY |
| Long-term borrowings | 25,075 | 27,925 | 98,864 | S100VTHA, S100Y5EY |
| Total liabilities | 244,254 | 276,984 | 752,275 | S100VTHA, S100Y5EY |
| Non-controlling interests | 23,715 | 24,273 | 19,886 | S100VTHA, S100Y5EY |
| Equity attributable to owners of parent | 257,205 | 260,558 | 860,225 | S100VTHA, S100Y5EY |
| Retained earnings | 229,535 | 232,706 | 263,416 | S100VTHA, S100Y5EY |
| Treasury stock | -5,314 | -5,315 | -3,402 | S100VTHA, S100Y5EY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y5EY |
| Property, plant and equipment | 19% | S100Y5EY |
| Intangibles and goodwill | 56% | S100Y5EY |
| Investment securities | 2% | S100Y5EY |
| Other assets | 11% | S100Y5EY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100Y5EY |
| Equity | 54% | S100Y5EY |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 549,551 | 583,362 | 1,647,981 |
| Equity | 305,297 | 306,377 | 895,706 |
| Interest-bearing debt | — | — | — |
| Cash | 58,554 | 92,605 | 201,309 |

## 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) | 21.6% | S100Y5EY |
| Fixed assets ÷ total assets | 19.0% | S100Y5EY |
| Goodwill ÷ parent equity | 52.8% | S100Y5EY |

### 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) | 12.2% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.2% |
| Cash vs. profit gap | 41,912 JPY mn (of net income 98.2%) |
| Shareholder returns / net income | 211.7% |
| Shareholder returns / FCF | 161.0% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 21.3% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 23.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 2.1% | 1.87× | 4.0% | 2.14× | 8.5% | S100VTHA |
| 2025 | 2.0% | 1.49× | 3.0% | 2.19× | 6.6% | S100Y5EY |
| 2026 | 2.9% | 1.30× | 3.8% | 1.99× | 7.6% | S100Y5EY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 50.3% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-02-28 |
| 鶴羽 樹 | Major shareholder | 1.6% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５８６４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-02-28 |
| ウエルシアホールディングス従業員持株会 | Major shareholder | 1.1% | 2026-02-28 |
| 鶴羽 暁子 | Major shareholder | 1.0% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2026-02-28 |
| 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 | 0.9% | 2026-02-28 |
| 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 | 0.9% | 2026-02-28 |

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

- In the FY ending Feb 2026, revenue was ¥1.45T, operating income ¥63B and net income ¥42.7B.
- On paper, revenue rose +71.5%, operating income +66.4% and net income +148.0%.
- Those jumps overstate real growth: the prior year was a shortened period after a change in fiscal year-end, and the company itself does not compare the two. This year also includes stores added through the merger with Welcia Holdings.
- Operating cash flow was ¥84.6B, up +30.8% from ¥64.6B.

### Drivers

- More drugstores with pharmacy counters meant more prescriptions filled, lifting pharmacy sales.
- With food prices still rising, low-priced private-label items, snacks and daily fresh goods sold well.
- Higher food and pharmacy sales plus efforts to improve margins kept the gross margin at 30.6%.

### Risks

- More stores in the market and shifting local trade areas keep competition tough.
- Consolidation inside and outside the industry, and tie-ups across retail formats, are raising the level of competition.
- Impairment losses on store assets and provisions for store closures weighed on net income this year.

Cited: Annual Securities Report, 64th term (Mar 2025–Feb 2026) (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/01－2026/02/28) | S100Y5EY | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5EY,, |
| 有価証券報告書－第63期(2024/05/16－2025/02/28) | S100VTHA | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTHA,, |

## 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).