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Dominant supermarket and retail chain in Okinawa, operating grocery stores and shopping centers.
Dominant supermarket and retail chain in Okinawa, operating grocery stores and shopping centers.
In one line: A regional grocery/retail chain dominant in one US state, e.g. a smaller Publix in Florida.
Moat: narrow (scale, distribution, brand). Dominant store network and purchasing scale in the geographically isolated Okinawa market.
Headquarters: Okinawa, Japan · Founded: 1979 · Employees: 1,825
Size San-a (2659.T) is a Japan Consumer Staples company (Food Retail) with a market value of $1.22B, the 653rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,225 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -6.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +2.0%); the operating margin is 7.2% (peer median 3.0%).
Valuation It trades at 16.4× forward earnings against a peer median of 15.1× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 7 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥253B | ¥246B | ¥237B | ¥228B | ¥214B |
| Revenue growth | — | +4% | +4% | +7% | — |
| Gross profit | ¥87.0B | ¥84.1B | ¥81.1B | ¥76.9B | ¥70.2B |
| EBITDA | ¥25.5B | ¥24.0B | ¥23.6B | ¥23.6B | ¥18.6B |
| Net income | ¥11.2B | ¥10.7B | ¥11.5B | ¥10.7B | ¥7.57B |
| Free cash flow | n/a | ¥26.0B | ¥8.87B | ¥18.3B | ¥9.91B |
| Capital expenditure | n/a | ¥5.72B | ¥6.24B | ¥3.07B | ¥4.93B |
| Total debt | ¥3.81B | ¥264M | ¥277M | ¥289M | ¥302M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| San-a 2659.T | $1.22B | -2% | +6% | 7% | 16.4× | -12.3% |
| Life 8194.T | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2659.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | +2.5% | 11th highest of 21 |
| 6-month return | -2.0% | -6.3% | 6th highest of 21 |
| Distance from 52-week high | -7.5% | -22.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +6.1% | +2.0% | 5th highest of 20 |
| Operating margin | 7.2% | 3.0% | 4th highest of 20 |
| Forward P/E | 16.4× | 15.1× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -12.3% | -2.4% | 3rd least demanding of 18 |
| Growth delivered (Del g) | +3.9% | +3.0% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | -16.2 pp | -7.5 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +6.4 pp | +2.0 pp | 5th highest of 21 |
| EV / EBITDA | 5.9× | 6.4× | 3rd cheapest of 7 |
| Net debt / EBITDA | -1.8× | 0.9× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| San-a 2659.T | Japan | $1.22B | -2% | +6% | 7% | 16.4× | -12.3% | +3.9% |
| Taiwan FamilyMart 5903.TWO | Taiwan | $1.23B | -4% | +7% | 2% | 23.4× | -2.4% | +5.2% |
| Valor 9956.T | Japan | $1.25B | -6% | +9% | 3% | 8.8× | -2.7% | +4.8% |
| Chongqing Chongbai Technology 600729.SS | China | $1.26B | -9% | -11% | 4% | 11.3× | -10.4% | -6.9% |
| Arcs 9948.T | Japan | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% | +2.4% |
| Aryzta ARYN.SW | Switzerland | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% | +3.0% |
| Grocery Outlet GO | United States | $1.29B | +59% | +5% | 4% | 21.6× | 4.4% | +8.4% |
| Fuji 8278.T | Japan | $1.11B | -1% | -1% | 1% | n/a | 2.6% | +20.9% |
| Better Life Commercial Chain Share 002251.SZ | China | $1.34B | -19% | +11% | 5% | 42.1× | 10.8% | -23.1% |
| Life 8194.T | Japan | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% | +3.0% |
| Toly Bread 603866.SS | China | $1.01B | -15% | -2% | 8% | 24.1× | 0.5% | -1.8% |
| Chengdu Hongqi Chain 002697.SZ | China | $1.01B | -5% | -1% | 5% | 14.3× | -17.5% | +1.1% |
| United Super Markets 3222.T | Japan | $999M | -7% | +11% | 0% | n/a | 31.5% | +5.6% |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | n/a | -1.4% | +3.0% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | 21.2× | n/a | n/a |
| Jiangxi Guoguang Commercial Chains 605188.SS | China | $908M | -26% | +3% | 1% | n/a | 27.5% | +4.6% |
| Jiajiayue 603708.SS | China | $874M | -12% | 0% | 2% | 25.6× | -12.7% | +1.5% |
| Axial Retailing 8255.T | Japan | $865M | +30% | +3% | 4% | 15.1× | -10.9% | +2.9% |
| BELC 9974.T | Japan | $852M | -8% | +5% | 4% | 10.7× | n/a | n/a |
| WH Smith SMWH.L | United Kingdom | $851M | -10% | -31% | 8% | 11.0× | 9.1% | +8.8% |
| Sanjiang Shopping Club 601116.SS | China | $833M | -26% | -7% | 3% | n/a | n/a | n/a |