Overview
Foods

PICKLES HOLDINGS CO.,LTD.

Pickles Holdings Co., Ltd. is a holding company established in September 2022 through a sole share transfer to serve as the parent of Pickles Corporation, a leading manufacturer and seller of tsukemono (Japanese pickles), asazuke (lightly pickled vegetables), and prepared foods (sozai). The group operates an extensive nationwide manufacturing and distribution network across Japan, supplying primarily to supermarkets and food retailers. Its competitive strengths lie in its broad regional production footprint, established brand recognition in the pickled vegetable category, and ongoing expansion into adjacent food processing and agricultural segments.

Market Cap
¥14.5B
US$92.4M
EV
¥11.0B
US$70.2M
Stock¥1,150▲+0.35%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
3.8
x
LTM EV/EBIT
6.3
x
LTM PER
12.8
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
14.5BUS$92.4MMarket Cap3.34BUS$21.3M+ Debt5.96BUS$38.0M− Cash0.88BUS$5.63M− Inv. Sec.0.02BUS$0.10M+ NCI11.0BUS$70.2MEV
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Performance & Balance
Revenue 5Y (¥B)
41.1US$262M'23/243.0US$274M'24/241.5US$265M'25/240.9US$261M'26/2
EBITDA 5Y (¥B)
2.52US$16.1M'23/22.61US$16.6M'24/22.28US$14.6M'25/23.23US$20.6M'26/2
Net Income 5Y (¥B)
1.14US$7.26M'23/21.18US$7.49M'24/20.96US$6.11M'25/21.38US$8.83M'26/2
Capital Structure
86%
EquityD/E 0.16xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
6.56US$41.8M2.65US$16.9M'23/28.43US$53.8M3.14US$20.0M'24/25.70US$36.4M4.85US$30.9M'25/27.09US$45.2M3.22US$20.5M'26/2
Shareholders
Top 10 hold 44.2%
1
Tokai Tsukemono Co., Ltd.
15.51%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.32%
3
Yoshitaka OGINO
3.83%
4
SMBC Nikko Securities Inc.
3.55%
5
PICKLES HOLDINGS CO.,LTD. Business Partners' Stock Ownership Association
3.06%
6
Saitama Resona Bank, Limited
2.91%
7
BBH FOR FIDELITY LOW-PRICED STOCK FUND (Standing Proxy: MUFG Bank, Ltd.)
2.66%
8
SEVEN-ELEVEN JAPAN CO., LTD.
2.22%
9
The Musashino Bank,Ltd.
1.59%
10
Nanki Umeboshi Co., Ltd.
1.51%
Management
10 officers
Masahiro MIYAMOTO
Chairman and Director
Apr 1984 Joined Tokai Tsukemono Seizo Co., Ltd. Dec 1990 Seconded to Pickles Corporation Co., Ltd. Mar 1998 Plant Manager, Chiba Plant, Pickles Corporation Feb 1999 Transferred to Pickles Corporation Jan 2002 General Manager, Manufacturing Control Division, Pickles Corporation May 2002 Director, Pickles Corporation; General Manager, Manufacturing Control Division Jan 2005 General Manager, Manufacturing Control Division and Head of Development Office, Pickles Corporation May 2005 Managing Director, Pickles Corporation; General Manager, Manufacturing Control Division and Head of Development Office Feb 2007 General Manager, Sales Division and Head of Development Office, Pickles Corporation May 2013 Representative Director, President, Pickles Corporation May 2022 Representative Director, Chairman, Pickles Corporation Sep 2022 Representative Director, Chairman, Pickles Holdings Co., Ltd. May 2023 Director, Pickles Corporation (current) May 2026 Chairman and Director, Pickles Holdings Co., Ltd. (current)
1962-03-29
Naoji KAGEYAMA
Representative Director, President
Apr 1983 Joined Tokai Tsukemono Seizo Co., Ltd. Nov 1984 Seconded to Pickles Corporation Jun 1992 General Manager, Technology and Quality Control Office, Pickles Corporation Feb 1999 Transferred to Pickles Corporation Apr 1999 Manager, Product Development Section, Pickles Corporation May 1999 Director, Pickles Corporation; Manager, Product Development Section Jun 2000 General Manager, Sales Department, Pickles Corporation May 2001 Managing Director, Pickles Corporation; General Manager, Sales Department Jun 2002 General Manager, Sales Division, Pickles Corporation Feb 2007 General Manager, Manufacturing Control Division, Pickles Corporation May 2020 Representative Director, Senior Managing Director, Pickles Corporation May 2021 Representative Director, Vice President, Pickles Corporation May 2022 Representative Director, President, Pickles Corporation (current) Sep 2022 Representative Director, President, Pickles Holdings Co., Ltd. (current)
1959-09-19
Toru MISHINA
Senior Managing Director, General Manager of Accounting and Finance Department
Apr 1986 Joined Chisan Co., Ltd. Aug 2001 Joined Pickles Corporation Apr 2007 General Manager, Accounting and Finance Departments, Pickles Corporation May 2011 Director, Pickles Corporation; General Manager, Accounting and Finance Departments Feb 2016 General Manager, Accounting and Finance Department, Pickles Corporation May 2021 Managing Director, Pickles Corporation; General Manager, Accounting and Finance Department Sep 2022 Managing Director, Pickles Holdings Co., Ltd.; General Manager, Accounting and Finance Department May 2023 Director, Pickles Corporation (current) May 2025 Senior Managing Director, Pickles Holdings Co., Ltd.; General Manager, Accounting and Finance Department (current)
1962-08-28
Shinji ONAKA
Director, General Manager of Management Strategy Department
Apr 1996 Joined Pickles Corporation Apr 2006 Section Manager, Development Office, Pickles Corporation Dec 2017 Deputy Manager, Metropolitan Sales Department, Sales Division, Pickles Corporation Apr 2018 General Manager, New Business Division, Pickles Corporation Mar 2019 Representative Director, President, OH Co., Ltd. Apr 2020 Executive Officer and General Manager, New Business Division, Pickles Corporation May 2021 Senior Executive Officer and General Manager, New Business Division, Pickles Corporation May 2023 Executive Officer and General Manager, New Business Division, Pickles Holdings Co., Ltd. Jan 2024 Vice President and Director, Pickles Corporation Kansai May 2026 Managing Director, Pickles Corporation (current) May 2026 Director, General Manager of Management Strategy Department, Pickles Holdings Co., Ltd. (current)
1971-12-16
Yoriko HAGINO
Director
Jun 1990 Director, Cosmo Koki Co., Ltd. May 1996 Director, Hanno Seisakusho Co., Ltd. Dec 2002 Responsible Board Member, Religious Corporation Nojinji Temple (current) May 2005 Representative Director, President, Hanno Seisakusho Co., Ltd. (current) May 2015 Director, Pickles Corporation Feb 2016 Acting Representative Official, Religious Corporation Nojinji Temple Sep 2022 Director, Pickles Holdings Co., Ltd. (current)
1942-08-20
Tokubei TANAKA
Director
Apr 1979 Joined Central International Co., Ltd. Apr 1986 Vice President and Director, Central International Co., Ltd. Feb 1997 Representative Director, President, Central International Co., Ltd. (current) May 2020 Director, Pickles Corporation Sep 2022 Director, Pickles Holdings Co., Ltd. (current)
1952-04-20
Wataru NISHI
Full-time Audit & Supervisory Board Member
Apr 1974 Joined House Foods Corporation Apr 1994 Seconded to Delicachef Co., Ltd. Jan 2016 Advisor, Pickles Corporation May 2019 Full-time Audit & Supervisory Board Member, Pickles Corporation Sep 2022 Full-time Audit & Supervisory Board Member, Pickles Holdings Co., Ltd. (current) Sep 2022 Audit & Supervisory Board Member, Pickles Corporation (current)
1955-10-30
Yukio KANZAKI
Audit & Supervisory Board Member
Mar 1968 Joined University of Tokyo Consumers' Cooperative Society May 1972 Managing Director, University of Tokyo Consumers' Cooperative Society Apr 1975 Transferred to Tomin Seikyo Consumers' Cooperative Society Apr 1978 Transferred to Saitama Co-op Consumers' Cooperative Society (now Coop Mirai Consumers' Cooperative Society) Jun 1989 Managing Director, Saitama Co-op Consumers' Cooperative Society (now Coop Mirai Consumers' Cooperative Society) Jun 1994 Senior Managing Director, Coop Net Business Federation (now Coop Deli Consumers' Cooperative Federation) Jun 2000 President, Coop Net Business Federation (now Coop Deli Consumers' Cooperative Federation) Jun 2007 Director, Coop Niigata Consumers' Cooperative Society (now Coop Deli Niigata Consumers' Cooperative Society) Jun 2019 Advisor, Coop Niigata Consumers' Cooperative Society (now Coop Deli Niigata Consumers' Cooperative Society) May 2020 Audit & Supervisory Board Member, Pickles Corporation Sep 2022 Audit & Supervisory Board Member, Pickles Holdings Co., Ltd. (current)
1943-11-04
Masahiro KODAKA
Audit & Supervisory Board Member
Oct 1986 Joined Sanwa Totsumatsu Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Mar 1990 Registered as Certified Public Accountant and Licensed Tax Accountant; opened Masahiro Kodaka CPA Office (current) Jan 2007 Audit & Supervisory Board Member, Cellsys Inc. Apr 2012 Outside Audit & Supervisory Board Member, Artspark Holdings Inc. (now Cellsys Inc.) May 2021 Audit & Supervisory Board Member, Pickles Corporation Sep 2022 Audit & Supervisory Board Member, Pickles Holdings Co., Ltd. (current) Mar 2023 Director and Audit and Supervisory Committee Member, Cellsys Inc.
1961-04-20
Kunihiko AWAI
Audit & Supervisory Board Member
Apr 1990 Joined Kyowa Bank, Ltd. Jul 2011 General Manager, Second Sales Department, Urawa Chuo Branch, Saitama Resona Bank, Ltd. Oct 2013 Branch Manager, Washinomiya Branch, Saitama Resona Bank, Ltd. Apr 2015 General Manager, First Sales Department, Saitama, Saitama Resona Bank, Ltd. Apr 2017 Branch Manager, Gotanda Branch, Resona Bank, Ltd. Apr 2019 Branch Manager, Omiya Branch, Saitama Resona Bank, Ltd. Apr 2021 Executive Officer and General Manager, Saitama Central and Northern Regional Sales Headquarters, Saitama Resona Bank, Ltd. Apr 2023 Executive Advisor, AGS Co., Ltd. Jun 2023 Managing Executive Officer and General Manager, Corporate Business Headquarters, AGS Co., Ltd. (current) May 2026 Audit & Supervisory Board Member, Pickles Holdings Co., Ltd. (current)
1967-09-15
Large Shareholding Reports
Fidelity Management & Research Company LLC
2026-06-18
5.37%→5.37%
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
—
Fidelity Management & Research Company LLC
2026-06-18
5.36%→5.20%
Fidelity Management & Research Company LLC
2026-06-18
5.37%→4.61%
Fidelity Management & Research Company LLC
2026-06-18
5.38%→5.37%
Fidelity Management & Research Company LLC
2026-06-18
5.43%→5.38%
Fidelity Management & Research Company LLC
2026-06-18
5.20%→5.43%
FMR LLC
2026-06-18
9.04%→7.99%
Correction filing (name/detail fix only) — ratio carried over from the original filing
FMR LLC
2026-06-08
—
Fidelity Management & Research Company LLC
2026-06-08
5.36%
FMR LLC
2026-05-22
7.19%→6.05%
SMBC Nikko Securities Inc.
2026-03-23
3.55%
Annual report (as of 2026-08-31): 3.55%
FMR LLC
2026-03-23
7.19%→7.19%
FMR LLC
2026-03-06
7.99%→7.19%
FMR LLC
2025-11-21
9.04%→7.99%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-09-30
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-06-30
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-18
Large Shareholding Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINET
2026-06-18
Large Shareholding Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-08
Large Shareholding Report
EDINETAmended
2026-06-08
Change Report
EDINET
2026-05-27
Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-06
Large Shareholding Report
TDnet
2025-12-29
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-10-15
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-06-30
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-28
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2024-12-27
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
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