# YAKUODO HOLDINGS Co.,Ltd.: 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7期(2025/03/01－2026/02/28) (S100Y4K3)
> Page: https://vizora.meequs.com/en/company/yakuodo-holdings
> Retrieved: 2026-09-30T19:14:38.306Z

## Company

Yakuodo Holdings, founded in 2019, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 1,094 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAKUODO HOLDINGS Co.,Ltd. |
| Ticker | 7679 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7679.T) |
| Listing | TSE Prime |
| Head office | 岩手県紫波郡矢巾町医大通二丁目7番7号(上記は登記上の本店所在地であり実際の本社業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 西郷 辰弘 |
| Founded | Sep 2019 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,094 |
| Fiscal year end | February |
| Website | www.yakuodo-hd.co.jp (https://www.yakuodo-hd.co.jp/) |
| Corporate number | 5400001014747 |
| EDINET | E34943 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100Y4K3, filed 2026-05-21). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.9 | 16 |
| Profitability | 34.2 | 19 |
| Cash conversion | 13.9 | 18 |
| Efficiency | 60.5 | 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)

- Yakuodo Holdings brought in ¥163.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit -3.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥163808000000 → ¥4028000000
- Net income → operating cash flow: ¥4028000000 → ¥3285000000（difference ¥-743000000）
- Main uses of operating cash flow: CapEx ¥12219000000 / dividends ¥548000000 / buybacks ¥322000000
- Change in cash: ¥2846000000
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 | ¥163.8B |  |
| Operating income | ¥5.29B | Margin 3.2% |
| Net income | ¥4.03B | Margin 2.5% |
| Free cash flow | -¥8.93B |  |
| Employees (consolidated) | 1,094 |  |
| EPS | ¥33.31 |  |
| Book value per share | ¥1071.06 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 19,740,219 |  |
| Treasury shares | 289,200 |  |
| Shareholders | 3,833 |  |
| Cash ratio | 9.7% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -1.1 pp | Drugstores & Pharmacies |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110535000000 | ¥163808000000 | +48.2% |
| Operating income | ¥4976000000 | ¥5285000000 | +6.2% |
| Operating margin | 4.5% | 3.2% | -1.3 pp |
| Employees | 862 people | 1,094 people | +26.9% |
| Cash and equivalents | ¥9137000000 | ¥10013000000 | +9.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → 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 | 163,808 | 100.0% | S100Y4K3 |
| Cost of revenue | 128,634 | 78.5% | S100Y4K3 |
| Gross profit | 35,173 | 21.5% | S100Y4K3 |
| SG&A | 29,888 | 18.2% | S100Y4K3 |
| Operating income | 5,285 | 3.2% | S100Y4K3 |
| Ordinary income | 5,471 | 3.3% | S100Y4K3 |
| Pretax income | 5,258 | 3.2% | S100Y4K3 |
| Income tax | 1,229 | 0.8% | S100Y4K3 |
| Net income | 4,028 | 2.5% | S100Y4K3 |
| Net income attributable to owners | 4,028 | 2.5% | S100Y4K3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 18 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.5% → Operating margin 3.2% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.8%; Core profit growth: -3.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.46×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 151,957 | 163,808 | 11,851 | +7.8% |
| Gross profit | 32,609 | 35,173 | 2,564 | +7.9% |
| Operating income | 5,481 | 5,285 | -196 | -3.6% |
| Net income attributable to owners | 4,275 | 4,028 | -247 | -5.8% |
| Operating cash flow | 4,489 | 3,285 | -1,204 | -26.8% |
| Free cash flow | 232 | -8,934 | -9,166 | -3950.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 102,017 | 3,914 | 3.8% | 3,122 | 5,771 | 748 | S100LE2I |
| FY ending Feb 2021 | 110,535 | 4,976 | 4.5% | 3,290 | 5,210 | 876 | S100O4YV |
| FY ending Feb 2022 | 120,310 | 4,043 | 3.4% | 2,964 | 3,690 | -2,493 | S100QT21 |
| FY ending Feb 2023 | 128,791 | 4,660 | 3.6% | 3,240 | 6,406 | 2,696 | S100TGVB |
| FY ending Feb 2024 | 142,241 | 5,209 | 3.7% | 3,825 | 5,628 | 3,467 | S100VTT4 |
| FY ending Feb 2025 | 151,957 | 5,481 | 3.6% | 4,275 | 4,489 | 232 | S100Y4K3 |
| FY ending Feb 2026 | 163,808 | 5,285 | 3.2% | 4,028 | 3,285 | -8,934 | S100Y4K3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.7M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 929 | 969 | 978 | 1,000 | 1,094 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +7.8%

## 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 | 3,285 | 2.0% | S100Y4K3 |
| Capital expenditure | 12,219 | 7.5% | S100Y4K3 |
| Free cash flow | -8,934 | -5.5% | 算出 |
| Investing cash flow | -12,836 | -7.8% | S100Y4K3 |
| Financing cash flow | 12,397 | 7.6% | S100Y4K3 |
| Dividends paid | 548 | 0.3% | S100Y4K3 |
| Share buyback | 322 | 0.2% | S100Y4K3 |
| Change in cash | 2,846 | 1.7% | S100Y4K3 |
| Cash and equivalents | 10,013 | 6.1% | S100Y4K3 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,255 | 5,280 | 4,952 | 7,166 | 10,013 | S100TGVB, S100VTT4, S100Y4K3 |
| Total assets | 62,297 | 67,709 | 70,784 | 79,976 | 103,173 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Net assets | 27,534 | 29,939 | 33,314 | 37,065 | 40,227 | S100TGVB, S100VTT4, S100Y4K3 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Property, plant and equipment | 29,803 | 31,235 | 31,412 | 34,241 | 45,572 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Intangible assets excluding goodwill | 334 | 281 | 317 | 615 | 1,085 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Investment securities | 155 | 183 | 119 | 105 | 110 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Current assets | 26,626 | 30,419 | 33,241 | 39,064 | 49,616 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Current liabilities | 20,490 | 23,247 | 24,541 | 26,473 | 32,722 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Long-term borrowings | 11,243 | 10,978 | 8,635 | 11,013 | 22,405 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Total liabilities | 34,762 | 37,770 | 37,470 | 42,911 | 62,946 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Equity attributable to owners of parent | 27,537 | 29,964 | 33,300 | 37,066 | 40,223 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Retained earnings | 25,126 | 27,854 | 31,189 | 34,955 | 38,435 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |
| Treasury stock | 0 | -300 | -300 | -300 | -622 | S100QT21, S100TGVB, S100VTT4, S100Y4K3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y4K3 |
| Property, plant and equipment | 44% | S100Y4K3 |
| Intangibles and goodwill | 1% | S100Y4K3 |
| Investment securities | 0% | S100Y4K3 |
| Other assets | 45% | S100Y4K3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100Y4K3 |
| Equity | 39% | S100Y4K3 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 62,297 | 67,709 | 70,784 | 79,976 | 103,173 |
| Equity | 27,534 | 29,939 | 33,314 | 37,065 | 40,227 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,255 | 5,280 | 4,952 | 7,166 | 10,013 |

## 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) | 27.8% | S100Y4K3 |
| Fixed assets ÷ total assets | 44.2% | S100Y4K3 |
| Goodwill ÷ parent equity | — | —, S100Y4K3 |

### 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) | 9.7% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.2% |
| Cash vs. profit gap | -743 JPY mn (of net income -18.4%) |
| Shareholder returns / net income | 21.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 390.7% |

## 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 | 2.5% | 1.93× | 4.8% | 2.26× | 10.8% | S100QT21 |
| 2023 | 2.5% | 1.98× | 5.0% | 2.26× | 11.3% | S100TGVB |
| 2024 | 2.7% | 2.05× | 5.5% | 2.19× | 12.1% | S100VTT4 |
| 2025 | 2.8% | 2.02× | 5.7% | 2.14× | 12.2% | S100Y4K3 |
| 2026 | 2.5% | 1.79× | 4.4% | 2.37× | 10.4% | S100Y4K3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＴＫコーポレーション | Major shareholder | 39.0% | 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 | 7.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-02-28 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 4.6% | 2026-02-28 |
| 薬王堂ホールディングス従業員持株会 | Major shareholder | 3.3% | 2026-02-28 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-02-28 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2026-02-28 |
| 西郷 喜代子 | Major shareholder | 2.1% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０１９（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-02-28 |
| ＣＡＣＥＩＳ ＢＡＮＫ， ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ ／ ＵＣＩＴＳ － ＦＵＬＬ ＴＡＸ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/03/01－2026/02/28) | S100Y4K3 | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4K3,, |
| 有価証券報告書－第6期(2024/03/01－2025/02/28) | S100VTT4 | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTT4,, |
| 有価証券報告書－第5期(2023/03/01－2024/02/29) | S100TGVB | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGVB,, |
| 有価証券報告書－第4期(2022/03/01－2023/02/28) | S100QT21 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT21,, |
| 有価証券報告書－第3期(令和3年3月1日－令和4年2月28日) | S100O4YV | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4YV,, |
| 有価証券報告書－第2期(令和2年3月1日－令和3年2月28日) | S100LE2I | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE2I,, |

## 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).