Overview
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TRIAL Holdings,Inc.

Trial Holdings operates a nationwide network of discount stores under the 'TRIAL' brand across four store formats—Mega Center, Super Center, smart, and small-format stores—offering a broad assortment of food, daily necessities, apparel, electronics, and hobby products at everyday low prices (EDLP). The company's core subsidiary, Trial Company, runs over 350 stores primarily in Japan, leveraging proprietary retail technology including AI-powered smart shopping carts (Skip Cart), in-store AI cameras, and automated ordering systems developed by its subsidiary Retail AI. Through its Retail AI segment, the group develops and provides retail DX (digital transformation) solutions—such as computer vision, IoT devices, and data analytics platforms—to other retailers, positioning itself as a pioneer in transforming real-world commerce with technology.

Market Cap
¥438B
US$2.80B
EV
¥761B
US$4.86B
Stock¥3,575▲+1.71%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
13.9
x
LTM EV/EBIT
25.0
x
LTM PER
124.5
x
LTM PBR
3.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+45.6%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 14, 26FY6/26 earnings beat consensus; FY6/27 guidance: operating profit +28.4%, net profit to triple
MC → EV Bridge
438BUS$2.80BMarket Cap395BUS$2.52B+ Debt68.9BUS$439M− Cash6.09BUS$38.8M− Inv. Sec.3.29BUS$21.0M+ NCI761BUS$4.86BEV
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Performance & Balance
Revenue 5Y (¥B)
596US$3.80B'22/6653US$4.17B'23/6718US$4.58B'24/6804US$5.13B'25/61,347US$8.59B'26/6
EBITDA 5Y (¥B)
24.8US$158M'23/631.1US$198M'24/634.9US$223M'25/654.6US$348M'26/6
Net Income 5Y (¥B)
7.14US$45.5M'22/68.08US$51.6M'23/611.4US$73.0M'24/611.8US$74.9M'25/63.52US$22.5M'26/6
Capital Structure
25%
75%
EquityD/E 3.01xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
'22/628.6US$182M19.6US$125M'23/697.7US$623M16.1US$103M'24/678.1US$498M38.6US$246M'25/675.0US$478M395US$2.52B'26/6
Shareholders
Top 10 hold 71.3%
1
THC Co., Ltd.
53.76%
2
Heroic Investment Co., Ltd.
7.64%
3
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.84%
4
Hisao NAGATA
1.60%
5
The Master Trust Bank of Japan, Ltd. (Trust Account)
1.35%
6
GIC PRIVATE LIMITED - C (Standing Proxy: MUFG Bank, Ltd.)
1.15%
7
NOMURA PB NOMINEES LIMITED OMNIBUS - MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.15%
8
PALTAC CORPORATION
0.98%
9
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
0.91%
10
Nomura Securities Co., Ltd.
0.89%
Management
7 officers
Hiroyuki NAGATA
Representative Director, President
Aug 2009 Joined Trial Company, Inc. May 2012 General Manager, Corporate Planning Department, Trial Retail Engineering, Inc. Nov 2018 Representative Director and CEO, Retail AI Inc. Sep 2020 Director of the Company Oct 2021 General Manager, Company Communications Department, the Company Apr 2025 Representative Director, President of the Company (current) Apr 2026 Representative Director, President, Trial Company, Inc. (current)
1982-04-02
Ryota ISHIBASHI
Director
Jan 1999 Joined TRE Co., Ltd. Jul 1999 Transferred to Trial Company, Inc. Aug 2004 Chairman, Yantai Chuangji Software Co., Ltd. Aug 2011 General Manager, Small Format Business Division, Sales Division, Trial Company, Inc. Jun 2015 Director, Head of TCM Division, Merchandising Division, Trial Company, Inc. Dec 2016 Vice President, Trial Company, Inc. Jun 2018 Representative Director, President, Trial Company, Inc. Jun 2018 Director of the Company (current) Apr 2026 Representative Director, President, TRIAL Technology, Inc. (current)
1972-11-15
Hirofumi TATEMOTO
Outside Director
Oct 2002 Research Assistant, Research Center for Advanced Science and Technology, The University of Tokyo Apr 2004 Assistant Professor, Manufacturing Management Research Center, Faculty of Economics, The University of Tokyo Apr 2009 Associate Professor, Faculty of Business Administration, University of Hyogo Sep 2010 Visiting Researcher, MIT Sloan School of Management Oct 2012 Associate Professor, Faculty of Business Sciences, University of Tsukuba Apr 2016 Professor, Faculty of Business Sciences, University of Tsukuba (current) Jan 2019 Outside Director, Retail AI Inc. Sep 2020 Outside Director of the Company (current) Apr 2026 Outside Director, TRIAL Technology, Inc. (current)
1974-06-04
Sang-Su JANG
Outside Director
Jun 1981 Joined Korea Industrial Economic Research Institute Jun 1991 Joined Samsung Economic Research Institute Apr 2013 Specially Appointed Professor, Faculty of Business Administration, Asia University Apr 2016 Full-time Professor, Faculty of Urban Innovation, Asia University Sep 2022 Outside Director of the Company (current)
1955-01-18
Takeshi KAMISATO
Full-time Corporate Auditor
Apr 1996 Joined The Fukuoka Bank, Ltd. Dec 2018 Joined Trial Shared Services Co., Ltd.; Deputy General Manager, Finance Department, Finance & Accounting Division Mar 2019 Executive Officer and Vice President, Trial Development Co., Ltd. Mar 2020 Deputy General Manager, Management Strategy Office, Group Management Strategy Department, the Company Jun 2021 Full-time Corporate Auditor of the Company (current) Jun 2021 Corporate Auditor, Trial Company, Inc. (current) Jun 2021 Corporate Auditor, Retail AI Inc. (current) Nov 2025 Corporate Auditor, TRIALS Co., Ltd. (now TRIAL Technology, Inc.) (current)
1972-04-07
Michinari HASHIMOTO
Outside Corporate Auditor
Nov 2006 Entered the Legal Training and Research Institute of the Supreme Court of Japan Dec 2007 Registered as attorney-at-law; joined Kitahama Law Office (Legal Professional Corporation) Jan 2017 Established Nyosui Law Office (now Nyosui Law Office, Legal Professional Corporation); Representative (current) Jun 2020 Outside Corporate Auditor of the Company (current) Nov 2020 Outside Director, SENTAN Pharma Inc. Dec 2020 Outside Corporate Auditor, Nippon Insure Co., Ltd. (current) May 2021 Outside Corporate Auditor, CAM Inc. (current) Aug 2021 Outside Director (Audit and Supervisory Committee Member), QPS Research and Development Co., Ltd. (now QPS Holdings, Inc.) (current) Jun 2026 Outside Corporate Auditor, Delta-Fly Pharma, Inc. (current)
1978-04-02
Daisuke USUNABE
Outside Corporate Auditor
Dec 2008 Joined Gyosei Audit Corporation Sep 2012 Registered as Certified Public Accountant Jun 2015 Established Usunabe Certified Public Accountant Office (current) Nov 2015 Registered as Certified Tax Accountant; established Daisuke Usunabe Tax Accounting Office Sep 2021 Outside Corporate Auditor of the Company (current) Aug 2022 Certified Tax Accountant, Kihara Tax Corporation Aug 2024 Member (Certified Tax Accountant), Kihara Tax Corporation (current)
1977-02-23
Large Shareholding Reports
T.H.C. Co., Ltd.
2026-01-30
53.96%→53.89%
Annual report (as of 2026-06-30): 53.76%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-24
Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2026-05-14
Q3 Earnings Flash
FY ending Jun 2026
EDINET
2026-02-12
中期経営計画
FY ending Jun 2027
EDINET
2026-02-12
Semi-Annual Securities Report
Period: Jul 2025 – Jun 2026
EDINET
2026-01-30
Large Shareholding Report
TDnet
2025-11-13
Q1 Earnings Flash
FY ending Jun 2026
EDINET
2025-09-26
Annual Securities Report
Period: Jul 2024 – Jun 2025
TDnet
2025-05-14
Q3 Earnings Flash
FY ending Jun 2025
EDINET
2025-02-13
Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
TDnet
2024-11-13
Q1 Earnings Flash
FY ending Jun 2025
EDINET
2024-09-27
Annual Securities Report
Period: Jul 2023 – Jun 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINETAmended
2024-03-11
Amended Securities Registration Statement
EDINETAmended
2024-03-04
Amended Securities Registration Statement
EDINETAmended
2024-02-19
Amended Securities Registration Statement
EDINET
2024-02-14
Securities Registration Statement
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