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Japanese multi-brand fashion retailer operating numerous apparel and lifestyle store chains aimed at young women.
Japanese multi-brand fashion retailer operating numerous apparel and lifestyle store chains aimed at young women.
In one line: A Japanese multi-brand mall retailer, like Urban Outfitters' parent.
Moat: none (distribution). Portfolio of many small fashion brands in a highly trend-sensitive, competitive retail segment.
Headquarters: Tokyo, Japan · Founded: 1980 · Employees: 4,441
Size PAL (2726.T) is a Japan Consumer Discretionary company (Apparel/Footwear Retail) with a market value of $1.58B, the 556th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,438 on 6 Nov 2026.
Performance Over six months the shares fell 4.1%, against -6.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +6.5%); the operating margin is 11.4% (peer median 6.6%).
Valuation It trades at 13.6× forward earnings against a peer median of 14.8× (8th cheapest of 20).
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 +17%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 91.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥240B | ¥235B | ¥208B | ¥193B | ¥164B |
| Revenue growth | — | +13% | +8% | +17% | — |
| Gross profit | ¥137B | ¥133B | ¥116B | ¥106B | ¥90.2B |
| EBITDA | ¥30.7B | ¥30.3B | ¥26.2B | ¥20.9B | ¥17.9B |
| Net income | ¥18.0B | ¥17.7B | ¥11.8B | ¥12.8B | ¥9.95B |
| Free cash flow | n/a | ¥17.9B | ¥19.2B | ¥10.5B | ¥14.7B |
| Capital expenditure | n/a | ¥3.58B | ¥3.36B | ¥3.17B | ¥2.48B |
| Total debt | ¥13.2B | ¥13.2B | ¥14.7B | ¥12.8B | ¥13.0B |
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 |
|---|---|---|---|---|---|---|
| PAL 2726.T | $1.58B | -4% | +7% | 11% | 13.6× | -15.4% |
| United Arrows 7606.T | $426M | -1% | +8% | 6% | 10.1× | -10.9% |
| AND ST HD 2685.T | $900M | +2% | +3% | 6% | 12.0× | -15.3% |
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 | 2726.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | +5.2% | 10th lowest of 21 |
| 6-month return | -4.1% | -6.6% | 9th highest of 20 |
| Distance from 52-week high | -35.5% | -28.1% | 6th lowest of 21 |
| Revenue growth (TTM) | +7.1% | +6.5% | 10th highest of 21 |
| Operating margin | 11.4% | 6.6% | 6th highest of 21 |
| Forward P/E | 13.6× | 14.8× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -15.4% | 8.5% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +16.7% | +7.6% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -32.0 pp | -6.0 pp | least demanding of 18 |
| ROIC minus cost of capital | +91.4 pp | +0.8 pp | highest of 20 |
| EV / EBITDA | 5.9× | 8.4× | 5th cheapest of 19 |
| Net debt / EBITDA | -2.3× | 1.0× | 2nd least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PAL 2726.T | Japan | $1.58B | -4% | +7% | 11% | 13.6× | -15.4% | +16.7% |
| Premier Investments PMV.AX | Australia | $1.57B | +22% | -3% | 14% | 14.9× | 9.4% | -11.0% |
| OVS OVS.MI | Italy | $1.74B | +15% | +10% | 7% | 14.8× | 12.8% | +11.4% |
| Modivo MDV.WA | Poland | $2.01B | +29% | +4% | 2% | 34.1× | 23.3% | +15.9% |
| Carter's CRI | United States | $1.17B | -9% | +5% | 10% | 9.9× | -13.2% | -0.8% |
| Capri CPRI | United States | $2.12B | +11% | -14% | 3% | 9.4× | 21.3% | -3.1% |
| Buckle BKE | United States | $2.16B | -20% | +6% | 22% | 10.3× | -5.2% | +7.6% |
| Reformation REF | United States | $1.07B | n/a | +16% | 6% | 57.7× | n/a | n/a |
| Metro Brands METROBRAND.NS | India | $2.39B | -20% | +16% | 19% | 49.2× | 34.1% | +29.1% |
| Sailvan Times 301381.SZ | China | $2.39B | +25% | +14% | 4% | 25.4× | 14.9% | +17.6% |
| Aditya Birla Lifestyle Brands ABLBL.NS | India | $995M | -35% | +7% | 7% | 32.4× | 22.2% | n/a |
| Winmark WINA | United States | $944M | -29% | +9% | 60% | 23.9× | 7.7% | +5.4% |
| AOKI 8214.T | Japan | $912M | +10% | 0% | 8% | n/a | -5.3% | +6.3% |
| AND ST HD 2685.T | Japan | $900M | +2% | +3% | 6% | 12.0× | -15.3% | +10.6% |
| 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% |
| American Eagle Outfitters AEO | United States | $3.34B | +19% | +8% | 9% | 11.1× | 0.9% | +8.1% |
| 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% |
| V2 Retail V2RETAIL.NS | India | $672M | -20% | +49% | 9% | 20.2× | n/a | n/a |
| Boot Barn BOOT | United States | $3.92B | -20% | +17% | 14% | 14.6× | 14.3% | +20.3% |