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Major Japanese drugstore chain selling pharmaceuticals, cosmetics, daily necessities and groceries.
Major Japanese drugstore chain selling pharmaceuticals, cosmetics, daily necessities and groceries.
Earns the markup between wholesale cost and shelf price on cosmetics, daily goods and food, with prescription dispensing at many stores adding steadier income paid largely through Japan's public health insurance. Frequent grocery and daily-goods purchases bring shoppers back often. It began in the Hokuriku region and has grown outward by opening stores in new areas.
In one line: Japan's Walgreens/CVS combined with grocery.
Moat: narrow (scale, distribution, brand). Store network density and purchasing scale among Japan's leading drugstore chains.
Headquarters: Ishikawa, Japan · Founded: 1985 · Employees: 6,355
Size Kusuri No Aoki (3549.T) is a Japan Consumer Staples company (Food Retail) with a market value of $2.88B, the 373rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,750 on 6 Nov 2026.
Performance Over six months the shares gained 26.5%, against -1.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 12.5% over the last twelve months (peer median +2.4%); the operating margin is 4.8% (peer median 3.1%).
Valuation It trades at 21.2× forward earnings against a peer median of 15.9× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 17 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥586B | ¥567B | ¥501B | ¥437B | ¥379B |
| Revenue growth | — | +13% | +15% | +15% | — |
| Gross profit | ¥140B | ¥135B | ¥120B | ¥106B | ¥94.6B |
| EBITDA | ¥44.7B | ¥42.9B | ¥39.8B | ¥30.6B | ¥27.0B |
| Net income | ¥19.0B | ¥17.1B | ¥17.8B | ¥12.3B | ¥12.3B |
| Free cash flow | n/a | ¥3.84B | ¥448M | ¥7.20B | ¥10.8B |
| Capital expenditure | n/a | ¥34.5B | ¥22.2B | ¥20.3B | ¥21.5B |
| Total debt | ¥144B | ¥153B | ¥102B | ¥98.8B | ¥89.5B |
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 |
|---|---|---|---|---|---|---|
| Kusuri No Aoki 3549.T | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% |
| Sugi 7649.T | $3.27B | -23% | +9% | 5% | 16.8× | -9.7% |
| TSURUHA 3391.T | $6.74B | +15% | +114% | 4% | 22.2× | -2.3% |
| COSMOS Pharmaceutical 3349.T | $3.20B | +5% | +9% | 4% | 15.7× | n/a |
| Sundrug 9989.T | $2.77B | -1% | +4% | 5% | 13.3× | -8.0% |
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 | 3549.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | +4.0% | 4th highest of 21 |
| 6-month return | +26.5% | -1.4% | 3rd highest of 21 |
| Distance from 52-week high | -4.8% | -15.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +12.5% | +2.4% | highest of 20 |
| Operating margin | 4.8% | 3.1% | 6th highest of 20 |
| Forward P/E | 21.2× | 15.9× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | -2.3% | 6th most demanding of 19 |
| Growth delivered (Del g) | +13.1% | +3.0% | highest of 19 |
| Hurdle (Req g minus delivered) | -9.1 pp | -5.5 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +3.5 pp | +4.0 pp | 10th lowest of 21 |
| EV / EBITDA | 12.0× | 7.2× | 3rd most expensive of 13 |
| Net debt / EBITDA | 1.9× | 1.3× | 7th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% | +13.1% |
| Sheng Siong OV8.SI | Singapore | $2.77B | -22% | +10% | 10% | 21.6× | -1.6% | +2.4% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% | -3.6% |
| Blue Zones 417A.T | Japan | $2.56B | +11% | +12% | 4% | 15.8× | -4.0% | +9.9% |
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | n/a | 39.1% | -9.9% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
| Shanghai Bailian 600827.SS | China | $1.99B | -5% | -9% | -2% | 15.9× | -3.5% | -6.7% |
| Weis Markets WMK | United States | $1.92B | +10% | +4% | 2% | n/a | 4.3% | +3.8% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| BGF Retail 282330.KS | South Korea | $1.82B | +9% | +5% | 3% | 10.8× | -18.3% | +7.9% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | 21.2× | n/a | n/a |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | n/a | -1.4% | +3.0% |
| Life 8194.T | Japan | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% | +3.0% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| Better Life Commercial Chain Share 002251.SZ | China | $1.34B | -19% | +11% | 5% | 42.1× | 10.8% | -23.1% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| Grocery Outlet GO | United States | $1.29B | +59% | +5% | 4% | 21.6× | 4.4% | +8.4% |
| Aryzta ARYN.SW | Switzerland | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% | +3.0% |
| Arcs 9948.T | Japan | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% | +2.4% |