Overview
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Garden Co.,Ltd.

Garden Co., Ltd. operates a diversified restaurant group in Japan, centered on its flagship Yokohama Ie-kei ramen brand 'Iккakuya' (128 stores) and udon brand 'Yamashita Honki Udon' (18 stores), which together account for approximately 77.5% of FY2025 revenues. The company expands primarily through M&A-driven turnaround of distressed restaurant businesses, converting underperforming stores into profitable operations across ramen, udon, steak, donburi, Hawaiian cuisine, and sushi formats. As of February 2025, the group operates 195 stores (161 directly managed, 2 outsourced, 32 franchise) and generates annual revenues of approximately ¥17.2 billion, with franchise licensing and real estate as supplementary revenue streams.

Market Cap
¥14.7B
US$93.6M
EV
¥11.8B
US$75.3M
Stock¥2,051▼-1.06%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.5
x
LTM EV/EBIT
16.6
x
LTM PER
64.0
x
LTM PBR
2.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-25.6%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 16, 26forecast revision: operating profit -67%, dividend reduced to ¥90
MC → EV Bridge
14.7BUS$93.6MMarket Cap9.93BUS$63.3M+ Debt12.6BUS$80.2M− Cash0.23BUS$1.49M− Inv. Sec.11.8BUS$75.3MEV
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Performance & Balance
Revenue 5Y (¥B)
7.80US$49.8M'22/211.8US$75.5M'23/215.3US$97.7M'24/217.2US$109M'25/217.9US$114M'26/2
EBITDA 5Y (¥B)
2.21US$14.1M'25/21.69US$10.8M'26/2
Net Income 5Y (¥B)
0.89US$5.69M'22/20.25US$1.61M'23/21.07US$6.80M'24/21.21US$7.70M'25/20.63US$3.99M'26/2
Capital Structure
43%
57%
EquityD/E 1.34xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
'22/2'23/2'24/210.8US$69.1M5.71US$36.4M'25/210.9US$69.4M7.30US$46.6M'26/2
Shareholders
Top 10 hold 71.5%
1
MAC Co., Ltd.
41.91%
2
Ken KAWASHIMA
21.68%
3
Shuzo OZAWA
2.58%
4
GIFT HOLDINGS INC.
1.13%
5
Garden Co.,Ltd. Employee Stock Ownership Association
1.11%
6
Isamu KUNDA
0.87%
7
Ryota INOUE
0.79%
8
Tomonari SASAYAMA
0.60%
9
Takatoshi ITO
0.42%
10
Mitsubishi UFJ eSmart Securities Co., Ltd.
0.41%
Management
8 officers
Ken KAWASHIMA
Representative Director, President
Oct 1999 Appointed Director, Mac Co., Ltd. (later MAC Co., Ltd., Shinjuku-ku) Apr 2000 Appointed Representative Director, MAC Co., Ltd. Jun 2007 Appointed Representative Director, Yusin Co., Ltd. Apr 2012 Appointed Representative Director, Mybis Co., Ltd. May 2012 Appointed Representative Director, Breitz Co., Ltd. Jun 2014 Appointed Representative Director, Chikarameshi Co., Ltd. (later E-Dining Co., Ltd.) Mar 2015 Appointed Representative Director, Kobe Rampntei Co., Ltd. Dec 2015 Established the Company; appointed Representative Director, Chairman Feb 2016 Appointed Representative Director, Adlib Co., Ltd. Feb 2016 Appointed Person Responsible for Execution of Duties, Hallelujah LLC Mar 2016 Appointed Representative Director, Airside Co., Ltd. Mar 2016 Appointed Representative Director, Global Design Co., Ltd. Jul 2016 Appointed Representative Director, Triangle Co., Ltd. Sep 2016 Appointed Representative Director, KSG Food Management Co., Ltd. Nov 2016 Appointed Representative Director, Sunrise Co., Ltd. Mar 2017 Appointed Representative Director, TERAKAZU Enterprise Co., Ltd. Jul 2017 Appointed Representative Director, Rashiku Co., Ltd. Jul 2017 Appointed Representative Director, Nikuzushi Co., Ltd. Mar 2018 Appointed Representative Director, President of the Company (current) Jan 2020 Established MAC Co., Ltd.; appointed Representative Director (current)
1971-02-05
Shuzo OZAWA
Senior Managing Director, General Manager of Corporate Division
Oct 1999 Joined Mac Co., Ltd. (later MAC Co., Ltd., Shinjuku-ku) Jun 2007 Appointed Audit & Supervisory Board Member, Yusin Co., Ltd. Aug 2007 Appointed President and Director, MAC Co., Ltd. May 2011 Appointed Director, Yusin Co., Ltd. Apr 2012 Appointed Audit & Supervisory Board Member, Mybis Co., Ltd. Jun 2014 Appointed Director, Chikarameshi Co., Ltd. (later E-Dining Co., Ltd.) Mar 2015 Appointed Audit & Supervisory Board Member, Kobe Rampntei Co., Ltd. Dec 2015 Established the Company; appointed Senior Managing Director Mar 2016 Appointed Director, Global Design Co., Ltd. Mar 2016 Appointed President and Director, Airside Co., Ltd. Jul 2016 Appointed Director, Triangle Co., Ltd. Nov 2016 Appointed Director, Sunrise Co., Ltd. Jan 2017 Appointed Senior Managing Director, General Manager of Sales Support Division, the Company Mar 2017 Appointed Director, TERAKAZU Enterprise Co., Ltd. Jul 2017 Appointed Director, Rashiku Co., Ltd. Jul 2017 Appointed Director, Nikuzushi Co., Ltd. Jun 2018 Appointed Senior Managing Director, General Manager of Management Planning Office, the Company Sep 2019 Appointed Senior Managing Director, General Manager of Administration Division, the Company Oct 2019 Appointed Senior Managing Director, General Manager of Administration Division and Accounting Department, the Company Dec 2020 Appointed Senior Managing Director, General Manager of Administration Division, the Company Mar 2026 Appointed Senior Managing Director, General Manager of Corporate Division, the Company (current)
1978-06-10
Isamu KUNDA
Director, General Manager of Second Sales Division
Dec 2005 Joined MAC Co., Ltd. Sep 2013 Appointed President and Director, Mybis Co., Ltd. Jun 2014 Appointed Audit & Supervisory Board Member, E-Dining Co., Ltd. Mar 2015 Appointed Director, Kobe Rampntei Co., Ltd. Mar 2016 Appointed Executive Officer, General Manager of Management Planning Division, the Company Mar 2017 Appointed Director, General Manager of Sales Division, the Company Sep 2017 Appointed Director, General Manager of Sales Support Division, the Company Mar 2025 Appointed Director, General Manager of Second Sales Division, the Company (current)
1984-03-24
Ryota INOUE
Director, General Manager of First Sales Division
Oct 2005 Joined MAC Co., Ltd. Jun 2015 Appointed President and Director, Kobe Rampntei Co., Ltd. Mar 2016 Appointed Executive Officer, General Manager of Sales Division, the Company Mar 2017 Appointed Director, General Manager of Sales Division, the Company Jan 2019 Appointed Director, General Manager of First Sales Division, the Company (current) Mar 2026 Director, SINGHA GARDEN Co., Ltd. (current)
1986-05-10
Seigo NAGANO
Director
Jan 2010 Joined Toyo Audit Corporation Oct 2013 Registered as Certified Public Accountant Sep 2014 Opened Nagano Certified Public Accountant Office Aug 2015 Joined AGS Consulting Co., Ltd. Jul 2017 Registered as Certified Tax Accountant Aug 2017 Appointed Representative Partner, Akasaka Kyodo Certified Tax Accountant Office May 2019 Appointed Representative Director, NGNC Co., Ltd. (current) Aug 2020 Appointed Director, BusinessTech Co., Ltd. Mar 2021 Appointed Outside Director, the Company (current) Dec 2022 Appointed Partner, TY Audit Corporation
1981-09-09
Tetsushi OGAWA
Full-time Audit and Supervisory Committee Member (Director)
Apr 1976 Joined Renoma Cosmetic Co., Ltd. Mar 1980 Joined Koura Oil Co., Ltd. Apr 1988 Joined Sophia Cosmetics Co., Ltd. Nov 1991 Established N.T.C. Co., Ltd. Feb 2002 Joined Nihon Kotsu Co., Ltd. Dec 2015 Appointed Full-time Audit & Supervisory Board Member, the Company Feb 2016 Appointed Audit & Supervisory Board Member, Adlib Co., Ltd. Mar 2016 Appointed Audit & Supervisory Board Member, Global Design Co., Ltd. Mar 2016 Appointed Audit & Supervisory Board Member, Airside Co., Ltd. May 2024 Appointed Director, Audit and Supervisory Committee Member, the Company (current)
1951-11-12
Takao KADONO
Director, Audit and Supervisory Committee Member
Oct 1999 Joined Asahi Audit Corporation (now Azusa Audit LLC) Apr 2003 Registered as Certified Public Accountant Jan 2009 Joined KPMG FAS Co., Ltd. Jan 2010 Joined Azusa Audit LLC Aug 2012 Head, Kadono Accounting Office (current) Dec 2012 Registered as Certified Tax Accountant Jan 2013 Joined Stand by C Co., Ltd. Apr 2015 Director, Stand by C Co., Ltd. (current) Jul 2018 Appointed Representative Director, Accounting & Strategy Co., Ltd. (current) Jan 2021 Appointed Outside Audit & Supervisory Board Member, the Company Dec 2021 Appointed Representative Director, Soumu Co., Ltd. (current) May 2024 Appointed Outside Director, Audit and Supervisory Committee Member, the Company (current)
1973-12-28
Tatsuya TANAKA
Director, Audit and Supervisory Committee Member
Oct 2002 Registered as Attorney-at-law Oct 2002 Joined Ushijima Law Office Jun 2005 Joined Sato Law Office Feb 2009 Opened Kumagai & Tanaka Law Office (now KTT Law Office), Partner (current) Jan 2014 Appointed Outside Director, Takemoto Container Co., Ltd. Jun 2015 Appointed Outside Audit & Supervisory Board Member, NextGen Co., Ltd. Mar 2016 Appointed Outside Director, Audit and Supervisory Committee Member, Takemoto Container Co., Ltd. (current) Jun 2016 Appointed Outside Director, Audit and Supervisory Committee Member, NextGen Co., Ltd. Jun 2021 Appointed Outside Audit & Supervisory Board Member, the Company May 2024 Appointed Outside Director, Audit and Supervisory Committee Member, the Company (current)
1975-07-30
Large Shareholding Reports
Shuzo OZAWA
2026-06-23
5.31%→5.20%
Annual report (as of 2026-08-31): 2.58%
Shuzo OZAWA
2026-06-23
5.20%→5.07%
Annual report (as of 2026-08-31): 2.58%
Shuzo OZAWA
2026-06-22
2.59%→5.19%
Annual report (as of 2026-08-31): 2.58%
Shuzo OZAWA
2026-06-22
2.59%→5.05%
Annual report (as of 2026-08-31): 2.58%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-07-14
Q1 Earnings Flash
FY ending Feb 2027
EDINETAmended
2026-06-23
Change Report
EDINETAmended
2026-06-23
Change Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-05-27
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-01-14
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-15
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-07-14
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-30
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-10
Q3 Earnings Flash
FY ending Feb 2025
EDINETAmended
2024-11-13
Amended Securities Registration Statement
EDINETAmended
2024-11-05
Amended Securities Registration Statement
EDINET
2024-10-18
Securities Registration Statement
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