Overview
Retail Trade

TSURUHA HOLDINGS INC.

Tsuruha Holdings is one of Japan's largest drugstore chain operators, managing the sale of pharmaceuticals, cosmetics, daily necessities, and food products through its network of retail stores across Japan. The group operates multiple regional drugstore brands including Tsuruha Drug, Kusuri no Fukutaro (Kanto), Leday Pharmacy (Shikoku/Chugoku), Kyorindo (Shizuoka), and Drug Eleven (Kyushu/Okinawa), covering a broad geographic footprint from Hokkaido to Okinawa. The group also operates centralized merchandising and logistics functions through Tsuruha Group Merchandising Co., Ltd., and has strategic capital and business alliance agreements with Aeon Co., Ltd. and Welcia Holdings Co., Ltd.

Market Cap
¥1,014B
US$6.45B
EV
¥1,073B
US$6.82B
Stock¥2,236▲+2.38%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
8.2
x
LTM EV/EBIT
11.8
x
LTM PER
19.3
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-36.6%pt
100
Nov 4, 25 – Oct 30, 26StockTOPIX
MC → EV Bridge
1,014BUS$6.45BMarket Cap201BUS$1.28B+ Debt141BUS$899M− Cash22.6BUS$143M− Inv. Sec.21.7BUS$138M+ NCI1,073BUS$6.82BEV
AI Briefing
Tsuruha Holdings: nationwide drugstore platform (Tsuruha, Fukutaro, Leday, Kyorindo, Drug Eleven) spanning Hokkaido to Okinawa, now majority-owned by Aeon (50.84%) under a 2024 capital and business alliance with Aeon and Welcia. FY26/2 revenue ¥1,451B with OP ¥63.0B (4.3% margin), scaling up from FY25/2's ¥846B/¥37.9B following consolidation shifts in reporting periods. Market reads this as a slow-motion drugstore sector consolidation play under Aeon's orbit rather than an independent growth story.
Performance & Balance
Revenue 5Y (¥B)
916US$5.82B'22/5970US$6.17B'23/51,027US$6.53B'24/5846US$5.38B'25/21,451US$9.22B'26/2
EBITDA 5Y (¥B)
50.9US$324M'22/557.8US$368M'23/561.0US$388M'24/551.1US$325M'25/285.5US$543M'26/2
Net Income 5Y (¥B)
21.4US$136M'22/525.3US$161M'23/521.7US$138M'24/517.2US$109M'25/242.7US$271M'26/2
Capital Structure
82%
18%
EquityD/E 0.22xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
154US$978M55.5US$353M'22/5110US$697M54.9US$349M'23/592.9US$591M50.0US$318M'24/5125US$793M63.8US$405M'25/2227US$1.44B208US$1.33B'26/2
Shareholders
Top 10 hold 73.8%
1
AEON CO.,LTD.
50.84%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.18%
3
Custody Bank of Japan, Ltd. (Trust Account)
4.57%
4
JP MORGAN CHASE BANK 385864 (Standing Proxy: Mizuho Bank, Ltd.)
2.73%
5
Itsuki TSURUHA
1.55%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.48%
7
WELCIA HOLDINGS CO., LTD. Employee Stock Ownership Association
1.10%
8
Akiko TSURUHA
0.88%
9
Rikako NAGASHIMA
0.78%
10
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
0.68%
Management
11 officers
Jun TSURUHA
Representative Director, President
Apr 1998 Joined Tsuruha Co., Ltd. May 2011 Director, Executive Officer, General Manager, Hokkaido Store Operations Division, Tsuruha Co., Ltd.; Executive Officer, Tsuruha Holdings Inc. Aug 2014 Director, Senior Managing Executive Officer, in charge of Group Store Operations, Tsuruha Holdings Inc.; Representative Director, President and Executive Officer, Tsuruha Co., Ltd. Aug 2018 Representative Director, Senior Managing Executive Officer, Head of Sales, in charge of Group Store Operations, Tsuruha Holdings Inc. Jun 2020 Representative Director, President, Tsuruha Holdings Inc. (current); President and Executive Officer, Tsuruha Holdings Inc. Aug 2020 Representative Director, Vice Chairman, Tsuruha Co., Ltd. Aug 2024 Director, Chairman, Tsuruha Co., Ltd. (current)
1974-05-21
Hideaki KIRISAWA
Director
Apr 1998 Joined Kusuri no Sunroad Co., Ltd. Sep 2005 Joined Nakaya Co., Ltd. (now Welcia Yakkyoku Co., Ltd.) Sep 2014 General Manager, Merchandising Department, Welcia Yakkyoku Co., Ltd. Mar 2015 Executive Officer, General Manager, Merchandising Department, Welcia Yakkyoku Co., Ltd. May 2016 Deputy General Manager, Merchandising Headquarters, and General Manager, Merchandising Department, Welcia Yakkyoku Co., Ltd. May 2018 Director, Deputy General Manager, Merchandising Headquarters, and General Manager, Merchandising Department, Welcia Yakkyoku Co., Ltd. Mar 2019 Director, General Manager, Merchandising Headquarters, Welcia Yakkyoku Co., Ltd. Mar 2020 Director, Chubu Japan Branch Manager, Welcia Yakkyoku Co., Ltd. May 2022 Director, Vice President, in charge of Western Japan, and Chubu Japan Branch Manager, Welcia Yakkyoku Co., Ltd. Mar 2023 Representative Director, Vice President, General Manager, Merchandising Headquarters, in charge of Merchandising, Welcia Holdings Co., Ltd. May 2023 Executive Officer, in charge of Merchandising and Logistics, Welcia Holdings Co., Ltd. Mar 2024 Representative Director, Vice President, in charge of Merchandising and Logistics, Welcia Yakkyoku Co., Ltd. May 2024 Representative Director, President and Executive Officer, Welcia Holdings Co., Ltd. (current) Dec 2025 Director, Executive Officer, in charge of Group Sales and Merchandising, and in charge of Welcia Holdings Co., Ltd. (current)
1974-01-08
Kazuto TOYAMA
Director
Mar 1982 Joined Tsuruha Co., Ltd. Mar 1998 General Manager, First Store Development Department, Store Development Headquarters, Tsuruha Co., Ltd. Aug 2008 Executive Officer, General Manager, Store Development Headquarters, and General Manager, First Store Development Department, Tsuruha Co., Ltd. Aug 2014 Executive Officer, in charge of Group Store Development, Tsuruha Holdings Inc. (current) May 2020 Executive Officer, General Manager, Store Development Headquarters, Tsuruha Co., Ltd. Aug 2023 Director, Managing Executive Officer, General Manager, Store Development Headquarters, Tsuruha Co., Ltd. (current) Aug 2024 Director, Executive Officer, in charge of Group Store Development, Tsuruha Holdings Inc. (current)
1964-03-06
Yoshihiro KOBASHI
Director
Jan 2005 Joined Tsuruha Co., Ltd. Apr 2006 Transferred to Tsuruha Holdings Inc. Jul 2014 Group Leader, General Affairs Group, General Affairs Department, Tsuruha Holdings Inc. May 2015 Senior Managing Director, Kusuri no Fukutaro Co., Ltd. May 2016 Representative Director, Senior Managing Director, Kusuri no Fukutaro Co., Ltd. Dec 2016 General Manager, Management Strategy Headquarters, Tsuruha Holdings Inc. May 2020 Director, Drug Eleven Co., Ltd. Mar 2021 General Manager, Management Strategy Headquarters, concurrently General Manager, IT Systems Headquarters and General Manager, Business Promotion Department, Tsuruha Holdings Inc. Aug 2021 Executive Officer, in charge of Group Management Strategy and Group IT Systems, Tsuruha Holdings Inc. (current)
1967-07-25
Akio YOSHIDA
Director
Apr 1983 Joined Jusco Co., Ltd. (now AEON Co., Ltd.) Mar 2011 General Manager, China Development Division, China Headquarters, AEON Mall Co., Ltd. May 2014 Managing Director, General Manager, Sales Headquarters, in charge of China, AEON Mall Co., Ltd. Feb 2015 Representative Director, President, AEON Mall Co., Ltd. Mar 2016 Executive Officer, in charge of Developer Business, AEON Co., Ltd. Mar 2019 Representative Executive Officer, Executive Vice President, in charge of Developer Business and Digital Business, AEON Co., Ltd. Mar 2020 Representative Executive Officer, President, AEON Co., Ltd. May 2020 Director, Representative Executive Officer, President, AEON Co., Ltd. (current) Feb 2022 Director, Can Do Co., Ltd. (current)
1960-05-26
Wakana TANAKA
Outside Director
Jul 1997 Joined Arthur D. Little (Japan), Inc. Jul 2003 Joined L'Oréal Japan, Ltd. May 2011 Joined Unilever Japan Service K.K. Mar 2012 House of Representatives Investigation Committee on the Tokyo Electric Power Company Fukushima Nuclear Power Plant Accident Nov 2012 Corporate Strategy Department, Office of the President, GlaxoSmithKline Japan Ltd. May 2013 Head, Transformation Promotion Office, Office of the President, GlaxoSmithKline Japan Ltd. Nov 2014 Joined Google Godo Kaisha Oct 2021 Director (Executive Officer), Google Godo Kaisha Mar 2023 Representative, LinkedIn Japan K.K. (current) Aug 2023 Outside Director, Tsuruha Holdings Inc. (current)
1975-01-07
Hiroshi OKUNO
Outside Director
Jan 1989 Japan Trader, Stock Portfolio Trading and Portfolio Engineering, Nomura Rosenberg Asset Management Japan Apr 1993 Vice President, Japan International Yen Equity Sales, Smith Barney K.K. Oct 1997 Vice President, International Yen Equity Derivatives Sales, Salomon Smith Barney K.K. Apr 1998 Vice President, Japan Global Equity Sales, Robertson Stephens K.K. Sep 1998 Director, Global Tech Specialist, Yen Equity Sales, Merrill Lynch Japan Securities Sep 2003 Director, Pan-Pacific Tech Specialist Sales, Asia Equity Sales, Merrill Lynch Asia Pacific Limited, Hong Kong Sep 2005 Director, International Multi-Product and Yen Equity Sales, Bank of America Merrill Lynch Jun 2011 Managing Director, Jefferies Group, Jefferies Japan Limited Oct 2022 Founder and Managing Partner, KTSS K.K. (current) Aug 2023 Outside Director, Tsuruha Holdings Inc. (current)
1963-03-06
Ryuichi ASADA
Director, Audit and Supervisory Committee Member
Apr 1983 Joined Isetan Co., Ltd. Apr 2013 Executive Officer, General Manager, Merchandising Division, Regional Store Business Division, Isetan Co., Ltd. Apr 2015 Executive Officer, Mitsukoshi Isetan Holdings Ltd.; Representative Director, President, Niigata Mitsukoshi Isetan Co., Ltd. Apr 2019 Managing Executive Officer, Mitsukoshi Isetan Holdings Ltd. Jun 2019 Representative Director, President, JR Nishi-Nihon Isetan Co., Ltd. Jul 2023 Advisor, ITOI Culture and Lifestyle Research Institute Co., Ltd. (current) Feb 2024 Advisor, Top Culture Co., Ltd. (current) Aug 2024 Director, Audit and Supervisory Committee Member, Tsuruha Holdings Inc. (current) Nov 2025 Auditor, Kurobune Co., Ltd. (current)
1960-05-17
Takuya OKAZAKI
Director, Audit and Supervisory Committee Member
Oct 2003 Completed Legal Training and Research Institute; joined Tanaka Toshishige Law Office Jul 2011 Representative, Takuya Okazaki Law Office (current) Nov 2013 Outside Corporate Auditor, Hokuryo Co., Ltd. (current) Jun 2016 Outside Director, Audit and Supervisory Committee Member, Furutec Co., Ltd. (current) Aug 2021 Director, Audit and Supervisory Committee Member, Tsuruha Holdings Inc. (current)
1977-09-12
Yasuo NAKAYAMA
Director, Audit and Supervisory Committee Member
Apr 1976 Joined Bank of Japan Jul 2003 Manager, Nagoya Branch, Bank of Japan Jul 2005 Head, Policy Board Office, Bank of Japan Jun 2007 Joined SECOM Co., Ltd. as Advisor; Managing Director, SECOM Co., Ltd. May 2016 Representative Director, President, SECOM Co., Ltd. May 2017 Chairman, Tokyo Security Industry Association Jun 2019 Chairman, National Security Industry Association of Japan; Representative Director, Chairman, SECOM Co., Ltd. May 2024 Outside Director, Welcia Holdings Co., Ltd. (current) Jun 2024 Special Advisor, SECOM Co., Ltd. (current) Mar 2025 Outside Director, Ideaa Co., Ltd. (current) Apr 2025 President, Tokyo Metropolitan Public University Corporation (current)
1952-11-01
Hisako TAMAKI
Director, Audit and Supervisory Committee Member
Oct 1989 Joined Ohta Showa Audit Corporation (now EY ShinNihon LLC) Apr 2009 Seconded to Osaka Prefecture on a fixed-term basis Apr 2010 Returned to EY ShinNihon LLC Apr 2011 Comprehensive External Auditor, City of Nara Apr 2015 Comprehensive External Auditor, City of Toyonaka Apr 2019 Comprehensive External Auditor, City of Neyagawa Jul 2023 Auditor, Osaka City Bus Co., Ltd. (current) Jun 2024 Auditor, Nippon Zoki Pharmaceutical Co., Ltd. (current)
1963-08-23
Large Shareholding Reports
T. Rowe Price International Ltd.
2026-08-07
2.97%
Correction filing (name/detail fix only) — ratio carried over from the original filing
T. Rowe Price International Ltd.
2026-07-23
2.97%
AEON Co., Ltd.
2026-01-14
41.38%→50.34%
Annual report (as of 2026-08-31): 50.84%
Orbis Investment Management Limited
2026-01-13
10.29%→0.04%
BlackRock Japan Co., Ltd.
2025-12-18
1.39%→1.24%
AEON Co., Ltd.
2025-12-05
26.65%→41.38%
Annual report (as of 2026-08-31): 50.84%
BlackRock Fund Advisors
2025-12-03
1.73%
Oasis Management Company Ltd.
2024-03-21
12.84%→0.06%
Oasis Management Company Ltd.
2024-03-06
12.84%→12.84%
Oasis Management Company Ltd.
2023-05-16
5.29%→12.84%
Oasis Management Company Ltd.
2023-05-15
5.29%→12.84%
Oasis Management Company Ltd.
2022-12-26
5.29%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-14
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-10-07
Q2 Earnings Flash
FY ending Feb 2027
EDINETAmended
2026-08-07
Change Report
EDINET
2026-07-23
Large Shareholding Report
TDnet
2026-07-14
Q1 Earnings Flash
TDnet
2026-07-08
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-21
Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2026-01-14
Large Shareholding Report
TDnet
2026-01-14
Q3 Earnings Flash
EDINET
2026-01-13
Large Shareholding Report
TDnet
2026-01-08
Q3 Earnings Flash
FY ending Feb 2026
TDnet
2026-01-08
特別損益
TDnet
2026-01-08
業績予想の修正
EDINET
2025-12-18
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-12-03
Large Shareholding Report
EDINET
2025-10-14
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-10-10
業績予想の修正
FY ending Feb 2026
TDnet
2025-07-14
Q1 Earnings Flash
FY ending Feb 2026
TDnet
2025-07-10
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-26
Annual Securities Report
Period: May 2024 – Feb 2025
EDINET
2025-04-04
Semi-Annual Securities Report
Period: May 2024 – Feb 2025
TDnetAmended
2025-04-04
Q1 Earnings Flash
FY ending Feb 2025
EDINETAmended
2025-03-28
Amended Annual Securities Report
Period: May 2023 – May 2024
TDnet
2024-09-30
Q1 Earnings Flash
FY ending Feb 2025
TDnet
2024-09-20
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-08-09
Annual Securities Report
Period: May 2023 – May 2024
EDINET
2024-03-29
Quarterly Securities Report
Period: Nov 2023 – Feb 2024
EDINET
2024-03-21
Large Shareholding Report
EDINET
2024-03-06
Large Shareholding Report
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