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Employees: 6,936
Size AND ST HD (2685.T) is a Japan Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $900M, the 776th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,055 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against -9.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +6.0%); the operating margin is 6.3% (peer median 7.4%).
Valuation It trades at 12.0× forward earnings against a peer median of 14.9× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 28 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥307B | ¥304B | ¥293B | ¥276B | ¥243B |
| Revenue growth | — | +4% | +6% | +14% | — |
| Gross profit | ¥169B | ¥154B | ¥149B | ¥143B | ¥124B |
| EBITDA | ¥32.7B | ¥29.9B | ¥27.0B | ¥28.3B | ¥20.6B |
| Net income | ¥9.46B | ¥9.50B | ¥9.61B | ¥13.5B | ¥7.54B |
| Free cash flow | n/a | ¥11.1B | ¥13.9B | ¥16.6B | ¥6.47B |
| Capital expenditure | n/a | ¥13.8B | ¥11.4B | ¥8.99B | ¥10.5B |
| Total debt | ¥129M | ¥6.95B | ¥8.96B | ¥8.95B | ¥8.18B |
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.
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 | 2685.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | +2.9% | 9th lowest of 21 |
| 6-month return | +1.9% | -9.4% | 6th highest of 20 |
| Distance from 52-week high | -16.0% | -30.5% | 6th highest of 21 |
| Revenue growth (TTM) | +3.0% | +6.0% | 7th lowest of 21 |
| Operating margin | 6.3% | 7.4% | 8th lowest of 20 |
| Forward P/E | 12.0× | 14.9× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -15.3% | 7.6% | 4th least demanding of 16 |
| Growth delivered (Del g) | +10.6% | +5.9% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -25.9 pp | -10.5 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +16.7 pp | -0.2 pp | 4th highest of 19 |
| EV / EBITDA | 3.6× | 8.0× | 3rd cheapest of 18 |
| Net debt / EBITDA | -0.8× | 1.9× | 4th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AND ST HD 2685.T | Japan | $900M | +2% | +3% | 6% | 12.0× | -15.3% | +10.6% |
| AOKI 8214.T | Japan | $912M | +10% | 0% | 8% | n/a | -5.3% | +6.3% |
| Brainbees Solutions FIRSTCRY.NS | India | $883M | -33% | +12% | -2% | 194.4× | 20.1% | +39.8% |
| Topsports International 6110.HK | Hong Kong | $882M | -62% | -3% | 5% | 6.1× | -20.9% | -7.2% |
| Winmark WINA | United States | $944M | -29% | +9% | 60% | 23.9× | 7.7% | +5.4% |
| Aditya Birla Lifestyle Brands ABLBL.NS | India | $995M | -35% | +7% | 7% | 32.4× | 22.2% | n/a |
| Reformation REF | United States | $1.07B | n/a | +16% | 6% | 57.7× | n/a | n/a |
| Nishimatsuya Chain 7545.T | Japan | $725M | -6% | +5% | 5% | 13.8× | -21.2% | +3.9% |
| AOYAMA TRADING 8219.T | Japan | $704M | -7% | -2% | 6% | 13.3× | -1.6% | +3.2% |
| Carter's CRI | United States | $1.17B | -9% | +5% | 10% | 9.9× | -13.2% | -0.8% |
| V2 Retail V2RETAIL.NS | India | $672M | -20% | +49% | 9% | 20.2× | n/a | n/a |
| Redtape REDTAPE.NS | India | $624M | -18% | +14% | 14% | n/a | 10.2% | +18.1% |
| RVRC RVRC.ST | Sweden | $596M | -1% | +5% | 21% | 14.4× | 7.6% | +17.6% |
| boohoo DEBS.L | United Kingdom | $526M | +46% | +120% | 0% | 29.6× | n/a | n/a |
| Premier Investments PMV.AX | Australia | $1.57B | +22% | -3% | 14% | 14.9× | 9.4% | -11.0% |
| PAL 2726.T | Japan | $1.58B | -4% | +7% | 11% | 13.6× | -15.4% | +16.7% |
| Aditya Birla Fashion and Retail ABFRL.NS | India | $503M | -42% | -27% | -8% | n/a | n/a | n/a |
| Arvind Fashions ARVINDFASN.NS | India | $486M | -25% | +13% | 8% | 26.8× | 16.6% | +22.5% |
| OVS OVS.MI | Italy | $1.74B | +15% | +10% | 7% | 14.8× | 12.8% | +11.4% |
| Shenzhen Pengfei Green Energy Development 002356.SZ | China | $458M | -29% | -23% | n/a | n/a | n/a | n/a |
| Lindex LINDEX.HE | Finland | $456M | +16% | +4% | 7% | 12.4× | -7.2% | +3.8% |