Overview
Retail Trade

Happiness and D Co.,Ltd.

Happiness and D operates a network of jewelry and branded goods select shops primarily located within shopping centers (SC) across Japan, retailing imported brand jewelry, watches, bags, and accessories under the 'Happiness' and 'GINZA Happiness' banners. The company also develops and sells its own original brand 'h&d,' and through subsidiaries AbHeri and No., engages in in-house jewelry design and manufacturing, wholesale, and e-commerce. Additional revenue streams include a pre-owned/vintage branded goods business launched in collaboration with third-party buyers, strengthening the group's position across the value chain.

Market Cap
¥1.18B
US$7.54M
EV
¥4.24B
US$27.0M
Stock¥331▲+0.30%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
5.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-73.7%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 28, 25Announced acquisition of JUNGOLD brand from RAIN
2Dec 22, 25
3Feb 26, 26Decline on disappointing earnings results
4Mar 3, 26Correction following broader market decline
MC → EV Bridge
1.18BUS$7.54MMarket Cap4.00BUS$25.5M+ Debt0.91BUS$5.77M− Cash0.04BUS$0.26M− Inv. Sec.4.24BUS$27.0MEV
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Performance & Balance
Revenue 5Y (¥B)
13.6US$86.8M'22/812.7US$81.3M'23/810.8US$68.8M'24/88.84US$56.4M'25/88.26US$52.7M'26/8
EBITDA 5Y (¥B)
0.40US$2.52M'22/8-0.02-US$0.10M'23/80.01US$0.04M'24/8-0.27-US$1.72M'25/8-0.17-US$1.11M'26/8
Net Income 5Y (¥B)
0.09US$0.57M'22/8-0.67-US$4.26M'23/8-0.46-US$2.93M'24/8-0.81-US$5.15M'25/8-0.41-US$2.59M'26/8
Capital Structure
95%
EquityD/E 18.06xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.73US$11.0M4.71US$30.0M'22/82.01US$12.8M5.44US$34.7M'23/81.01US$6.44M3.98US$25.4M'24/80.74US$4.74M3.77US$24.1M'25/80.95US$6.04M4.00US$25.5M'26/8
Shareholders
Top 10 hold 50.7%
1
Atsushi DEN
18.84%
2
Yasuo DEN
16.64%
3
Den Co., Ltd.
4.29%
4
Masaharu NOMURA
3.40%
5
Munehisa IGUCHI
3.07%
6
Keiko DEN
2.23%
7
Rakuten Securities, Inc. (Joint Account)
0.66%
8
Satoshi MAEHARA
0.55%
9
Happiness and D Co.,Ltd. Employee Stock Ownership Association
0.52%
10
BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (Standing Proxy: MUFG Bank, Ltd.)
0.50%
Management
8 officers
Yasuo DEN
Representative Director, Chairman
Nov 1967 Joined Den Tokeiten Co., Ltd. (later renamed Den Co., Ltd.) Jul 1978 Director, Den Co., Ltd. Sep 1990 Established the Company; Representative Director, President Nov 2019 Representative Director, Chairman of the Company (current)
1947-10-24
Satoshi MAEHARA
Representative Director, President
Apr 1991 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Jul 2004 Seconded to Mizuho Investors Securities Co., Ltd. (now Mizuho Securities Co., Ltd.) Sep 2012 Joined Trial Company Co., Ltd. Oct 2014 Representative Director, President, Trial Development Co., Ltd. Jun 2017 Director, Trial Company Co., Ltd. Jun 2018 Senior Managing Director, Trial Company Co., Ltd. Jun 2020 Joined the Company; Senior Managing Executive Officer Nov 2020 Senior Managing Director of the Company Jan 2022 Outside Director, Jit Group Co., Ltd. Dec 2022 Representative Director, AbHeri Co., Ltd. (current) Oct 2023 Director, No. Co., Ltd. (current) Jul 2024 Outside Director, Jit Co., Ltd. (current) Jun 2025 Representative Director, President of the Company (current)
1967-10-29
Atsushi DEN
Director, Vice President
Apr 1992 Joined the Company Oct 2002 Director of the Company Jun 2005 Managing Director; General Manager, First Sales Planning Department Jul 2006 Managing Director; General Manager, General Affairs Department Mar 2008 Director; General Manager, Management Planning Department Jan 2009 Director; General Manager, Sales Division Sep 2015 Director; General Manager, Business Promotion Department Jan 2018 Director; General Manager, Information Promotion Department Nov 2019 Representative Director, President of the Company Sep 2023 Representative Director, President; General Manager, Sales Division Jun 2025 Director, Vice President of the Company (current)
1972-11-13
Makoto MARUYAMA
Director, General Manager, Administration Department
Apr 1997 Joined Kimuraya Co., Ltd. Jan 2008 Joined the Company Dec 2010 Executive Officer; Deputy General Manager, Sales Department Sep 2015 General Manager, Merchandise Department Sep 2017 Executive Officer; General Manager, Store Development Department Nov 2021 Director; General Manager, President's Office and Store Development Department Sep 2024 Director; General Manager, President's Office, Store Development Department and Sales Department Jun 2025 Director; General Manager, Administration Department (current)
1979-01-29
Akiko HIRAZUMI
Director, General Manager, Merchandise Division
Feb 2007 Joined the Company Sep 2017 General Manager, Merchandise Department Jun 2020 Executive Officer; General Manager, Merchandise Department Oct 2021 Executive Officer; General Manager, Merchandise Division and Product Development Department Nov 2024 Executive Officer; General Manager, Merchandise Division Nov 2024 Director; General Manager, Merchandise Division (current)
1983-07-05
Tadashi SHOJI
Director (Audit and Supervisory Committee Member)
Apr 1984 Joined Nomura Securities Co., Ltd. May 2014 Seconded to Trial Company Co., Ltd. (Department General Manager, on special assignment) Jun 2018 Seconded to Nomura Healthcare Support & Advisory Co., Ltd. Sep 2024 Advisor to the Company Nov 2024 Director (Audit and Supervisory Committee Member) of the Company (current)
1961-07-19
Tatsuhiro KUBO
Director (Audit and Supervisory Committee Member)
Oct 2005 Registered as attorney at law (Tokyo Bar Association); joined Freshfields Bruckhaus Deringer Tokyo Office Oct 2009 Seconded to Mitsui & Co., Ltd. Legal Division (until Jun 2011) Aug 2011 Enrolled at University of Pennsylvania Law School, USA May 2012 Completed LL.M. program, University of Pennsylvania Law School Sep 2012 Left Freshfields Bruckhaus Deringer Tokyo Office Oct 2012 Joined Matsuda Sogo Law Office Apr 2016 Partner Attorney, Matsuda Sogo Law Office (current) Nov 2022 Director (Audit and Supervisory Committee Member) of the Company (current)
1978-03-14
Miwako OTA
Director (Audit and Supervisory Committee Member)
Sep 1991 Joined Fujitsu Limited Oct 1997 Joined Himawari Law Office Oct 2002 Joined Brain Lead Co., Ltd. Apr 2006 Joined Real Fleet Co., Ltd. (now amadana Co., Ltd.) Dec 2009 Joined Tokyo Minato Tax Corporation (now Prime Tax Corporation) Jun 2013 Joined Nest Co., Ltd. (current) Jan 2014 Joined Aoyama Gaien Accounting Office (now Aoyama Accounting Tax Corporation) Dec 2014 Passed all five subjects of the national certified tax accountant examination Apr 2015 Joined Hasegawa Masakazu Tax Accountant Office (now ES Next Tax Corporation) Jun 2015 Registered as certified tax accountant (Tokyo Tax Accountants Association) May 2017 Established Miwako Ota Tax Accountant Office; Representative (current) Jun 2019 Appointed Secretary and Committee Member, Kyobashi Branch, Tokyo Tax Accountants Association (current) Jun 2021 Appointed Committee Member, Head Office, Tokyo Tax Accountants Association (current) Nov 2023 Director (Audit and Supervisory Committee Member) of the Company (current)
1970-07-08
Large Shareholding Reports
Long Corridor Asset Management Limited
2026-10-13
5.27%→4.98%
Long Corridor Asset Management Limited
2026-10-05
6.46%→5.27%
Long Corridor Asset Management Limited
2026-09-30
7.65%→6.46%
Long Corridor Asset Management Limited
2026-09-24
8.78%→7.65%
Long Corridor Asset Management Limited
2026-09-11
9.78%→8.78%
Long Corridor Asset Management Limited
2026-08-17
9.89%→9.78%
Long Corridor Asset Management Limited
2026-08-06
11.98%→10.93%
Long Corridor Asset Management Limited
2026-07-31
13.19%→11.98%
Long Corridor Asset Management Limited
2026-07-24
16.35%→13.19%
Long Corridor Asset Management Limited
2026-07-16
17.41%→16.35%
Long Corridor Asset Management Limited
2026-07-14
18.46%→17.41%
Long Corridor Asset Management Limited
2026-07-06
—
Long Corridor Asset Management Limited
2026-07-06
19.52%→18.46%
Long Corridor Asset Management Limited
2026-06-30
19.52%
Atsushi TA
2026-06-15
19.07%→19.07%
Annual report (as of 2026-02-28): 18.84%
Yasuo TA
2026-03-12
23.22%→20.64%
Annual report (as of 2026-02-28): 16.64%
Yugen Kaisha DEN (Representative Director: Atsushi TA)
2026-03-12
—
Yugen Kaisha DEN
2026-03-12
5.89%→4.51%
Annual report (as of 2026-02-28): 4.29%
Atsushi TA
2026-03-12
22.90%→19.07%
Annual report (as of 2026-02-28): 18.84%
Yasuo TA
2026-03-12
25.87%→23.14%
Annual report (as of 2026-02-28): 16.64%
Atsushi TA
2026-02-26
22.90%→18.60%
Annual report (as of 2026-02-28): 18.84%
Long Corridor Asset Management Limited
2026-02-24
5.08%→1.54%
Long Corridor Asset Management Limited
2026-02-18
6.27%→5.08%
Long Corridor Asset Management Limited
2026-02-06
7.05%→6.27%
Long Corridor Asset Management Limited
2026-01-30
8.62%→7.05%
Long Corridor Asset Management Limited
2026-01-28
10.34%→8.62%
Long Corridor Asset Management Limited
2026-01-27
11.75%→10.34%
Long Corridor Asset Management Limited
2026-01-14
12.85%→11.75%
Long Corridor Asset Management Limited
2026-01-05
13.94%→12.85%
Long Corridor Asset Management Limited
2025-12-24
14.10%→13.94%
Long Corridor Asset Management Limited
2025-12-19
14.10%→14.10%
Long Corridor Asset Management Limited
2025-12-15
15.96%→14.10%
Long Corridor Asset Management Limited
2025-12-08
17.23%→15.96%
Long Corridor Asset Management Limited
2025-12-02
—
Long Corridor Asset Management Limited
2025-12-01
18.80%→17.23%
Long Corridor Asset Management Limited
2025-11-20
20.59%→18.80%
Long Corridor Asset Management Limited
2025-11-19
21.59%→20.59%
Mita Securities Co., Ltd.
2025-11-18
18.86%→0.00%
Long Corridor Asset Management Limited
2025-11-06
21.59%
Atsushi TA
2025-10-22
22.69%→22.90%
Annual report (as of 2026-02-28): 18.84%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Full-Year Earnings Flash
FY ending Aug 2026
EDINET
2026-10-13
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
EDINET
2026-09-30
Large Shareholding Report
EDINET
2026-09-24
Large Shareholding Report
EDINET
2026-09-11
Large Shareholding Report
EDINET
2026-08-17
Large Shareholding Report
EDINET
2026-08-06
Large Shareholding Report
EDINET
2026-07-31
Large Shareholding Report
EDINET
2026-07-24
Large Shareholding Report
EDINET
2026-07-16
Large Shareholding Report
TDnet
2026-07-15
Q3 Earnings Flash
FY ending Aug 2026
EDINET
2026-07-14
Large Shareholding Report
EDINETAmended
2026-07-06
Change Report
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-30
Large Shareholding Report
EDINET
2026-06-15
Large Shareholding Report
EDINET
2026-06-09
Securities Registration Statement
EDINET
2026-04-14
Semi-Annual Securities Report
Period: Sep 2025 – Aug 2026
EDINETAmended
2026-03-12
Change Report
EDINETAmended
2026-03-12
Change Report
EDINET
2026-03-12
Large Shareholding Report
EDINET
2026-03-12
Large Shareholding Report
EDINETAmended
2026-03-12
Change Report
EDINET
2026-02-26
Large Shareholding Report
EDINET
2026-02-24
Large Shareholding Report
EDINET
2026-02-18
Large Shareholding Report
EDINET
2026-02-06
Large Shareholding Report
EDINET
2026-01-30
Large Shareholding Report
EDINET
2026-01-28
Large Shareholding Report
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