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Japan's largest home furnishing retailer, designing and selling its own furniture and household goods, often called 'Japan's IKEA'.
Japan's largest home furnishing retailer, designing and selling its own furniture and household goods, often called 'Japan's IKEA'.
Designs its own goods, has them made in its own and contract factories in Asia, ships through its own logistics and sells them in its own stores, which keeps costs low. A weaker yen raises its import costs. It bought the home-center chain Shimachu in 2021 to widen its reach.
In one line: Japan's IKEA, but vertically integrated with its own factories.
Moat: narrow (scale, cost advantage, distribution). Vertically integrated supply chain (own factories, logistics) drives a low-cost, wide-selection model rivals struggle to match domestically.
Headquarters: Sapporo, Japan · Founded: 1972 · Employees: 19,432
Size Nitori (9843.T) is a Japan Consumer Discretionary company (Specialty Stores) with a market value of $11.7B, the 120th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,260 on 6 Nov 2026.
Performance Over six months the shares gained 47.1%, against +18.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +7.0%); the operating margin is 13.3% (peer median 4.8%).
Valuation It trades at 20.0× forward earnings against a peer median of 17.1× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (6.1% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥907B | ¥912B | ¥929B | ¥897B | ¥875B |
| Revenue growth | — | -2% | +4% | +2% | — |
| Gross profit | ¥483B | ¥485B | ¥474B | ¥457B | ¥421B |
| EBITDA | ¥191B | ¥191B | ¥191B | ¥196B | ¥156B |
| Net income | ¥88.9B | ¥89.3B | ¥82.5B | ¥90.2B | ¥87.8B |
| Free cash flow | n/a | ¥107B | ¥23.0B | ¥57.1B | -¥22.5B |
| Capital expenditure | n/a | ¥45.4B | ¥125B | ¥127B | ¥117B |
| Total debt | ¥150B | ¥404B | ¥437B | ¥365B | ¥147B |
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 |
|---|---|---|---|---|---|---|
| Nitori 9843.T | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% |
| Aeon 8267.T | $21.4B | -19% | +11% | 2% | 51.1× | 3.5% |
| Ryohin Keikaku 7453.T | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% |
| DCM 3050.T | $1.40B | +10% | +5% | 6% | 12.5× | -1.7% |
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 | 9843.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | +6.3% | 9th lowest of 21 |
| 6-month return | +47.1% | +18.6% | 3rd highest of 21 |
| Distance from 52-week high | -8.1% | -15.3% | 6th highest of 21 |
| Revenue growth (TTM) | -0.4% | +7.0% | 5th lowest of 21 |
| Operating margin | 13.3% | 4.8% | 4th highest of 21 |
| Forward P/E | 20.0× | 17.1× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 7.5% | 6th least demanding of 17 |
| Growth delivered (Del g) | +4.9% | +8.6% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -2.3 pp | -2.7 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | +2.3 pp | +5.0 pp | 10th lowest of 20 |
| EV / EBITDA | 9.6× | 11.4× | 6th cheapest of 17 |
| Net debt / EBITDA | -0.0× | 2.6× | 3rd least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Carrefour CA.PA | France | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% | +3.1% |
| Dick's Sporting Goods DKS | United States | $12.5B | -35% | +54% | 6% | 11.8× | 8.7% | +12.4% |
| BJ's Wholesale Club BJ | United States | $13.8B | +18% | +9% | 4% | 22.4× | -0.7% | +6.8% |
| Penske Automotive PAG | United States | $13.9B | +22% | +6% | 3% | 15.2× | 12.6% | +9.2% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Murphy USA MUSA | United States | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% | +11.5% |
| Wayfair W | United States | $15.3B | +69% | +8% | 2% | 29.6× | 47.7% | -2.5% |
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
| Tractor Supply TSCO | United States | $18.9B | +20% | +4% | 9% | 18.0× | 4.1% | +7.9% |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Ulta Beauty ULTA | United States | $27.6B | +24% | +11% | 13% | 21.1× | 7.1% | +15.0% |
| Williams-Sonoma WSM | United States | $29.9B | +40% | +2% | 19% | 25.6× | 15.4% | +2.9% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |