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Operates a nationwide Japanese drugstore chain selling cosmetics, pharmacy and daily goods.
Operates a nationwide Japanese drugstore chain selling cosmetics, pharmacy and daily goods.
Sells cosmetics, health goods, groceries and medicines in store, where daily-use items and beauty bring in most sales and dispensing prescriptions adds steady fees. It began in Hokkaido and has grown by opening stores and buying regional chains.
In one line: Japan's Walgreens.
Moat: narrow (scale, distribution). Nationwide store scale gives purchasing power versus smaller regional drugstore chains.
Headquarters: Sapporo, Japan · Founded: 1929 · Employees: 27,681
Size TSURUHA (3391.T) is a Japan Consumer Staples company (Drugstore Chains) with a market value of $6.74B, the 190th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,360 on 6 Nov 2026.
Performance Over six months the shares gained 14.7%, against +14.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 8 in its peer set.
Growth Revenue grew 114.1% over the last twelve months (peer median +5.4%); the operating margin is 4.1% (peer median 5.7%).
Valuation It trades at 22.2× forward earnings against a peer median of 16.8× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.17T | ¥1.45T | ¥1.07T | ¥1.03T | ¥970B |
| Revenue growth | — | +35% | +4% | +6% | — |
| Gross profit | ¥669B | ¥444B | ¥326B | ¥312B | ¥293B |
| EBITDA | ¥142B | ¥93.7B | ¥67.6B | ¥67.2B | ¥62.1B |
| Net income | ¥52.6B | ¥42.7B | ¥21.8B | ¥24.1B | ¥25.3B |
| Free cash flow | n/a | ¥59.7B | ¥44.5B | ¥20.0B | -¥23.9B |
| Capital expenditure | n/a | ¥28.5B | ¥22.8B | ¥35.4B | ¥26.7B |
| Total debt | ¥201B | ¥208B | ¥63.8B | ¥50.0B | ¥54.9B |
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 |
|---|---|---|---|---|---|---|
| TSURUHA 3391.T | $6.74B | +15% | +114% | 4% | 22.2× | -2.3% |
| MatsukiyoCocokara & 3088.T | $6.78B | +17% | +5% | 8% | 17.5× | -6.2% |
| Sugi 7649.T | $3.27B | -23% | +9% | 5% | 16.8× | -9.7% |
| COSMOS Pharmaceutical 3349.T | $3.20B | +5% | +9% | 4% | 15.7× | n/a |
| Kusuri No Aoki 3549.T | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% |
| Sundrug 9989.T | $2.77B | -1% | +4% | 5% | 13.3× | -8.0% |
| Create SD 3148.T | $1.30B | -2% | +9% | 5% | n/a | -11.5% |
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 | 3391.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.1% | +10.5% | 4th highest of 8 |
| 6-month return | +14.7% | +14.8% | 4th lowest of 8 |
| Distance from 52-week high | -21.1% | -12.3% | 2nd lowest of 8 |
| Revenue growth (TTM) | +114.1% | +5.4% | highest of 8 |
| Operating margin | 4.1% | 5.7% | lowest of 8 |
| Forward P/E | 22.2× | 16.8× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | -9.0% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +9.6% | +13.2% | 2nd lowest of 8 |
| Hurdle (Req g minus delivered) | -11.9 pp | -20.6 pp | most demanding of 8 |
| ROIC minus cost of capital | +1.2 pp | +8.3 pp | lowest of 8 |
| EV / EBITDA | 8.1× | 7.9× | 3rd cheapest of 5 |
| Net debt / EBITDA | 0.4× | -0.4× | most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TSURUHA 3391.T | Japan | $6.74B | +15% | +114% | 4% | 22.2× | -2.3% | +9.6% |
| MatsukiyoCocokara & 3088.T | Japan | $6.78B | +17% | +5% | 8% | 17.5× | -6.2% | +15.5% |
| Yifeng Pharmacy Chain 603939.SS | China | $4.91B | +17% | +5% | 10% | 17.2× | -9.2% | +13.2% |
| DaShenLin Pharmaceutical 603233.SS | China | $3.80B | +15% | +7% | 8% | 16.6× | -9.0% | +13.6% |
| Sugi 7649.T | Japan | $3.27B | -23% | +9% | 5% | 16.8× | -9.7% | +10.9% |
| Sundrug 9989.T | Japan | $2.77B | -1% | +4% | 5% | 13.3× | -8.0% | +5.8% |
| Guardian Pharmacy Services GRDN | United States | $2.68B | +17% | +10% | 6% | 30.6× | 4.1% | +16.8% |
| LBX Pharmacy Chain Joint Stock 603883.SS | China | $1.69B | +7% | +3% | 5% | 16.3× | -10.9% | +9.7% |