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Japanese pharmaceutical wholesaler distributing drugs and medical devices to hospitals and pharmacies nationwide.
Japanese pharmaceutical wholesaler distributing drugs and medical devices to hospitals and pharmacies nationwide.
Buys drugs from makers and delivers them to hospitals and pharmacies, earning a thin margin that is squeezed when the government revises official drug prices, so volume, delivery efficiency and negotiating power matter.
In one line: A mid-size Japanese pharmaceutical distributor, like a smaller Cencora.
Moat: narrow (scale, distribution, regulatory licence). Nationwide licensed distribution network and scale purchasing in a low-margin, logistics-heavy business.
Headquarters: Tokyo, Japan · Founded: 1932 · Employees: 7,675
Size Toho (8129.T) is a Japan Health Care company (Medical Distributors) with a market value of $1.60B, the 552nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,852 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against +3.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +6.4%); the operating margin is 1.0% (peer median 3.2%).
Valuation It trades at 21.6× forward earnings against a peer median of 15.7× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.58T | ¥1.55T | ¥1.52T | ¥1.48T | ¥1.39T |
| Revenue growth | — | +2% | +3% | +6% | — |
| Gross profit | ¥116B | ¥117B | ¥116B | ¥113B | ¥105B |
| EBITDA | ¥21.8B | ¥22.5B | ¥24.9B | ¥25.7B | ¥19.2B |
| Net income | ¥16.3B | ¥17.3B | ¥19.8B | ¥20.7B | ¥13.6B |
| Free cash flow | n/a | ¥13.0B | -¥30.7B | ¥57.4B | -¥1.65B |
| Capital expenditure | n/a | ¥9.51B | ¥5.76B | ¥3.78B | ¥2.52B |
| Total debt | ¥5.90B | ¥9.89B | ¥21.3B | ¥30.2B | ¥37.9B |
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 |
|---|---|---|---|---|---|---|
| Toho 8129.T | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% |
| MEDIPAL 7459.T | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% |
| Alfresa 2784.T | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% |
| Suzuken 9987.T | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% |
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 | 8129.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | +2.7% | 8th highest of 21 |
| 6-month return | -13.9% | +3.3% | 3rd lowest of 21 |
| Distance from 52-week high | -25.1% | -14.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +3.5% | +6.4% | 6th lowest of 21 |
| Operating margin | 1.0% | 3.2% | 4th lowest of 21 |
| Forward P/E | 21.6× | 15.7× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.4% | -1.1% | 6th least demanding of 17 |
| Growth delivered (Del g) | +5.1% | +7.7% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -12.5 pp | -7.9 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +1.6 pp | +1.9 pp | 11th highest of 21 |
| Net debt / EBITDA | -4.7× | 0.4× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toho 8129.T | Japan | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% | +5.1% |
| Redcare Pharmacy RDC.DE | Germany | $1.63B | +52% | +19% | 0% | n/a | n/a | n/a |
| Ship Healthcare 3360.T | Japan | $1.34B | +4% | +7% | 3% | 13.8× | -14.7% | +7.6% |
| Shanghai C and D INNOSTIC Medical Technology 301584.SZ | China | $1.20B | -28% | +8% | 3% | n/a | -1.3% | +17.9% |
| Shinva Medical Instrument 600587.SS | China | $1.16B | -7% | +6% | 5% | 14.2× | -5.9% | +1.2% |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| AS ONE 7476.T | Japan | $1.08B | +15% | +10% | 12% | 18.2× | -1.0% | +6.3% |
| Nanjing Pharmaceutical 600713.SS | China | $1.03B | +1% | +3% | 2% | n/a | n/a | n/a |
| DocMorris DOCM.SW | Switzerland | $1.02B | +136% | +11% | -8% | n/a | n/a | n/a |
| Arjo ARJO-B.ST | Sweden | $1.02B | +48% | 0% | 8% | 21.3× | -1.3% | +3.9% |
| Guangxi LiuYao 603368.SS | China | $994M | +2% | +2% | 5% | 9.9× | -9.5% | +6.0% |
| Shanghai Haohai Biological Technology 688366.SS | China | $946M | -24% | -9% | -2% | 17.4× | 18.9% | +13.2% |
| Hanmi Science 008930.KS | South Korea | $2.71B | +44% | +6% | 5% | n/a | 24.2% | +9.6% |
| Alfresa 2784.T | Japan | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% | +3.5% |
| Entero Healthcare Solutions ENTERO.NS | India | $875M | +50% | +32% | 4% | 46.5× | 21.8% | +29.9% |
| Asker Healthcare ASKER.ST | Sweden | $2.98B | -5% | +12% | 7% | 26.6× | 1.2% | +12.7% |
| Neuca NEU.WA | Poland | $817M | -1% | +8% | 2% | 15.3× | 5.0% | +8.1% |
| COSMOS Pharmaceutical 3349.T | Japan | $3.20B | +5% | +9% | 4% | 15.7× | n/a | n/a |
| MEDIPAL 7459.T | Japan | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% | +3.5% |
| Amplifon AMP.MI | Italy | $3.72B | +13% | 0% | 9% | 18.1× | 9.5% | +9.8% |
| Jointown Pharmaceutical 600998.SS | China | $3.96B | +1% | +9% | 2% | 11.7× | 0.1% | +7.8% |