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Holding company for a group of supermarket chains operating in Hokkaido, selling fresh and daily foods.
Holding company for a group of supermarket chains operating in Hokkaido, selling fresh and daily foods.
Moat: narrow (scale, distribution). Regional store network scale among Hokkaido supermarket chains.
Headquarters: Sapporo, Japan · Founded: 2002 · Employees: 5,464
Size Arcs (9948.T) is a Japan Consumer Staples company (Food Retail) with a market value of $1.27B, the 634th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,555 on 6 Nov 2026.
Performance Over six months the shares gained 4.6%, against -5.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 2.0% over the last twelve months (peer median +2.8%); the operating margin is 2.8% (peer median 3.7%).
Valuation It trades at 15.9× forward earnings against a peer median of 14.7× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 7 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥632B | ¥627B | ¥608B | ¥592B | ¥566B |
| Revenue growth | — | +3% | +3% | +4% | — |
| Gross profit | ¥148B | ¥147B | ¥143B | ¥140B | ¥133B |
| EBITDA | ¥27.8B | ¥28.1B | ¥26.4B | ¥26.7B | ¥23.6B |
| Net income | ¥12.1B | ¥12.4B | ¥11.1B | ¥11.8B | ¥9.95B |
| Free cash flow | ¥10.4B | ¥19.5B | ¥8.33B | ¥14.2B | ¥10.1B |
| Capital expenditure | ¥10.2B | ¥7.94B | ¥12.0B | ¥11.0B | ¥7.75B |
| Total debt | ¥23.7B | ¥29.3B | ¥30.1B | ¥26.2B | ¥27.6B |
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 |
|---|---|---|---|---|---|---|
| Arcs 9948.T | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% |
| Valor 9956.T | $1.25B | -6% | +9% | 3% | 8.8× | -2.7% |
| Life 8194.T | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% |
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 | 9948.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | +3.7% | 8th lowest of 21 |
| 6-month return | +4.6% | -5.3% | 4th highest of 21 |
| Distance from 52-week high | -11.9% | -18.3% | 7th highest of 21 |
| Revenue growth (TTM) | +2.0% | +2.8% | 9th lowest of 20 |
| Operating margin | 2.8% | 3.7% | 7th lowest of 20 |
| Forward P/E | 15.9× | 14.7× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -10.6% | -2.6% | 7th least demanding of 19 |
| Growth delivered (Del g) | +2.4% | +3.5% | 6th lowest of 19 |
| Hurdle (Req g minus delivered) | -13.0 pp | -7.6 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +4.2 pp | +2.0 pp | 8th highest of 21 |
| Net debt / EBITDA | -2.4× | 0.9× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arcs 9948.T | Japan | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% | +2.4% |
| Aryzta ARYN.SW | Switzerland | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% | +3.0% |
| Grocery Outlet GO | United States | $1.29B | +59% | +5% | 4% | 21.6× | 4.4% | +8.4% |
| Chongqing Chongbai Technology 600729.SS | China | $1.26B | -9% | -11% | 4% | 11.3× | -10.4% | -6.9% |
| Valor 9956.T | Japan | $1.25B | -6% | +9% | 3% | 8.8× | -2.7% | +4.8% |
| Taiwan FamilyMart 5903.TWO | Taiwan | $1.23B | -4% | +7% | 2% | 23.4× | -2.4% | +5.2% |
| San-a 2659.T | Japan | $1.22B | -2% | +6% | 7% | 16.4× | -12.3% | +3.9% |
| Better Life Commercial Chain Share 002251.SZ | China | $1.34B | -19% | +11% | 5% | 42.1× | 10.8% | -23.1% |
| Life 8194.T | Japan | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% | +3.0% |
| Fuji 8278.T | Japan | $1.11B | -1% | -1% | 1% | n/a | 2.6% | +20.9% |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | n/a | -1.4% | +3.0% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | 21.2× | n/a | n/a |
| Toly Bread 603866.SS | China | $1.01B | -15% | -2% | 8% | 24.1× | 0.5% | -1.8% |
| Chengdu Hongqi Chain 002697.SZ | China | $1.01B | -5% | -1% | 5% | 14.3× | -17.5% | +1.1% |
| United Super Markets 3222.T | Japan | $999M | -7% | +11% | 0% | n/a | 31.5% | +5.6% |
| Jiangxi Guoguang Commercial Chains 605188.SS | China | $908M | -26% | +3% | 1% | n/a | 27.5% | +4.6% |
| BGF Retail 282330.KS | South Korea | $1.82B | +9% | +5% | 3% | 10.8× | -18.3% | +7.9% |
| Jiajiayue 603708.SS | China | $874M | -12% | 0% | 2% | 25.6× | -12.7% | +1.5% |
| Axial Retailing 8255.T | Japan | $865M | +30% | +3% | 4% | 15.1× | -10.9% | +2.9% |
| BELC 9974.T | Japan | $852M | -8% | +5% | 4% | 10.7× | n/a | n/a |
| WH Smith SMWH.L | United Kingdom | $851M | -10% | -31% | 8% | 11.0× | 9.1% | +8.8% |