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Japanese drugstore chain operator selling pharmaceuticals, cosmetics and daily necessities nationwide.
Japanese drugstore chain operator selling pharmaceuticals, cosmetics and daily necessities nationwide.
Earns from two sources in the same stores: counter sales of over-the-counter drugs, cosmetics and daily goods, and dispensing prescriptions, which Japan's national insurance pays at government-set fees. Putting a pharmacy inside the drugstore, and buying smaller chains, are how it has grown.
In one line: A Japanese CVS/Walgreens.
Moat: narrow (scale, distribution). Large store network scale in a fragmented but consolidating Japanese drugstore industry.
Headquarters: Aichi, Japan · Founded: 1946 · Employees: 13,417
Size Sugi (7649.T) is a Japan Consumer Staples company (Drugstore Chains) with a market value of $3.27B, the 337th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,678 on 6 Nov 2026.
Performance Over six months the shares fell 23.3%, against +8.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 13 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +7.9%); the operating margin is 4.8% (peer median 5.2%).
Valuation It trades at 16.8× forward earnings against a peer median of 16.9× (5th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.05T | ¥1.01T | ¥878B | ¥744B | ¥668B |
| Revenue growth | — | +15% | +18% | +12% | — |
| Gross profit | ¥334B | ¥321B | ¥275B | ¥229B | ¥203B |
| EBITDA | ¥70.3B | ¥68.7B | ¥60.4B | ¥50.7B | ¥44.0B |
| Net income | ¥29.4B | ¥45.0B | ¥25.7B | ¥22.0B | ¥19.0B |
| Free cash flow | n/a | ¥63.7B | ¥13.3B | ¥8.21B | ¥20.1B |
| Capital expenditure | n/a | ¥25.7B | ¥26.0B | ¥32.7B | ¥21.5B |
| Total debt | ¥91.9B | ¥96.5B | ¥47.7B | ¥2.76B | ¥1.95B |
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 |
|---|---|---|---|---|---|---|
| Sugi 7649.T | $3.27B | -23% | +9% | 5% | 16.8× | -9.7% |
| Sundrug 9989.T | $2.77B | -1% | +4% | 5% | 13.3× | -8.0% |
| Ain 9627.T | $1.23B | -2% | +42% | 4% | 13.4× | -6.5% |
| Create SD 3148.T | $1.30B | -2% | +9% | 5% | n/a | -11.5% |
| MatsukiyoCocokara & 3088.T | $6.78B | +17% | +5% | 8% | 17.5× | -6.2% |
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 | 7649.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | +8.1% | lowest of 13 |
| 6-month return | -23.3% | +8.2% | 2nd lowest of 13 |
| Distance from 52-week high | -34.3% | -14.3% | 3rd lowest of 13 |
| Revenue growth (TTM) | +9.0% | +7.9% | 6th highest of 13 |
| Operating margin | 4.8% | 5.2% | 6th lowest of 13 |
| Forward P/E | 16.8× | 16.9× | 5th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -9.7% | -7.2% | 4th least demanding of 13 |
| Growth delivered (Del g) | +10.9% | +13.4% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | -20.6 pp | -21.1 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | +7.0 pp | +8.3 pp | 6th lowest of 13 |
| EV / EBITDA | 7.0× | 7.3× | 4th cheapest of 7 |
| Net debt / EBITDA | -0.4× | -0.4× | 4th least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sugi 7649.T | Japan | $3.27B | -23% | +9% | 5% | 16.8× | -9.7% | +10.9% |
| DaShenLin Pharmaceutical 603233.SS | China | $3.80B | +15% | +7% | 8% | 16.6× | -9.0% | +13.6% |
| 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% |
| Yifeng Pharmacy Chain 603939.SS | China | $4.91B | +17% | +5% | 10% | 17.2× | -9.2% | +13.2% |
| LBX Pharmacy Chain Joint Stock 603883.SS | China | $1.69B | +7% | +3% | 5% | 16.3× | -10.9% | +9.7% |
| 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% |
| Create SD 3148.T | Japan | $1.30B | -2% | +9% | 5% | n/a | -11.5% | +8.0% |
| Ain 9627.T | Japan | $1.23B | -2% | +42% | 4% | 13.4× | -6.5% | +16.9% |
| Yixintang Pharmaceutical 002727.SZ | China | $1.18B | +6% | -2% | 3% | 16.9× | -15.9% | +6.5% |
| Shu Yu Civilian Pharmacy 301017.SZ | China | $872M | +9% | +9% | 2% | n/a | 4.0% | +17.4% |
| Anhui Huaren Health Pharmaceutical 301408.SZ | China | $829M | -35% | +15% | 8% | n/a | -6.0% | +23.3% |