Overview
Retail Trade

Watahan & Co.,Ltd.

Watahan & Co., Ltd. is a diversified retail and construction conglomerate headquartered in Nagano Prefecture, Japan, operating primarily through three segments: Retail, Construction, and Trading. The Retail segment operates Super Centers, Home Centers, food supermarkets, drug stores, and e-commerce platforms (including PC Bomber for electronics and appliances), pursuing an EDLP strategy with vertically integrated fresh food sourcing including direct fishing port procurement and its own farm (Watahan Farm). The Construction segment encompasses wooden housing construction and franchise networks (500+ member stores), structural steel fabrication, building renovation using proprietary WK Cover Method, self-propelled multi-story parking structures, and interior/exterior construction works. The Trading segment handles import and sale of pharmaceutical raw materials (e.g., acetaminophen, nitroglycerine) and chemical raw materials, as well as manufacturing of HMG (gonadotropin) active pharmaceutical ingredients.

Market Cap
¥23.5B
US$150M
EV
¥47.2B
US$301M
Stock¥1,255▲+0.32%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.6
x
LTM EV/EBIT
13.3
x
LTM PER
12.0
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-38.1%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
23.5BUS$150MMarket Cap30.4BUS$194M+ Debt4.23BUS$27.0M− Cash2.66BUS$17.0M− Inv. Sec.0.24BUS$1.51M+ NCI47.2BUS$301MEV
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Performance & Balance
Revenue 5Y (¥B)
115US$730M'22/3134US$856M'23/3128US$817M'24/3134US$852M'25/3135US$864M'26/3
EBITDA 5Y (¥B)
3.99US$25.4M'22/34.21US$26.9M'23/34.57US$29.1M'24/35.35US$34.1M'25/35.32US$33.9M'26/3
Net Income 5Y (¥B)
2.20US$14.1M'22/31.65US$10.5M'23/31.85US$11.8M'24/32.08US$13.2M'25/32.13US$13.6M'26/3
Capital Structure
44%
56%
EquityD/E 1.25xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
6.00US$38.3M22.4US$143M'22/35.38US$34.3M29.9US$190M'23/36.22US$39.6M20.0US$128M'24/36.02US$38.4M26.7US$170M'25/38.03US$51.2M29.5US$188M'26/3
Shareholders
Top 10 hold 42.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.43%
2
Employee Stock Ownership Association
9.07%
3
Hachijuni Nagano Bank,Ltd.
4.28%
4
Showa Shoji Co., Ltd.
3.27%
5
Isamu NOHARA
3.21%
6
Watayahanzaburo Co., Ltd.
3.15%
7
Nohara Group Co., Ltd.
3.11%
8
YAMAURA CORPORATION
2.67%
9
Iida Shinkin Bank
2.14%
10
Kanji NOHARA
2.06%
Management
9 officers
Isamu NOHARA
Representative Director, President
Jan 2001 Representative Director, President, Akuterna Co., Ltd. (now Viavi Solutions K.K.) Jan 2008 Joined the Company Jun 2010 Director Apr 2013 Representative Director, Executive Vice President Jun 2015 Representative Director, President of the Company (current)
1966-02-17
Hiroshi ARUGA
Representative Director, Executive Vice President
Apr 1985 Joined King Jim Co., Ltd. Nov 1996 Joined Dopy Construction Industry Co., Ltd. Jul 2006 Joined the Company Jun 2010 Director Apr 2013 Managing Director Jun 2018 Senior Managing Director Jun 2024 Representative Director, Executive Vice President (current)
1962-03-24
Akira KINOSHITA
Director
Mar 1985 Joined Watahan Living Store Co., Ltd. (now Watahan Holdings Co., Ltd.) Jun 2017 Director, Watahan Home Aid Co., Ltd. Jun 2020 Vice President, Watahan Partners Co., Ltd. Jun 2020 Representative Director, President, Watahan.com Co., Ltd. Jun 2024 Director of the Company (current) Jun 2024 Representative Director, President, Watahan Forestry SH Co., Ltd. (current) Jun 2025 Representative Director, President, Watahan Forestry Co., Ltd. (current)
1967-01-19
Ayako BANNO
Director
Apr 2001 Joined Abelnet Co., Ltd. (now Watahan.com Co., Ltd.) Apr 2018 Director, General Manager of Administration Division, Watahan.com Co., Ltd. Oct 2020 Director, Ligna Co., Ltd. (current) Jun 2024 Director of the Company (current) Jun 2024 Representative Director, President, Watahan.com Co., Ltd. (current)
1971-09-05
Kayoko NOHARA
Director
Apr 1993 Joined Mitsubishi Corporation Apr 2010 Representative Director, Mondial Co., Ltd. (now Watayahanzaburo Co., Ltd.) (current) Jan 2023 Director, Watahan Partners Co., Ltd. Jan 2024 Representative Director, President, Watahan Mihara Shoten Co., Ltd. Jun 2025 Director of the Company (current) Jun 2025 Representative Director, President, Watahan Partners Co., Ltd. (current) Jun 2025 Representative Director, Chairman, Watahan Mihara Shoten Co., Ltd. Jun 2026 Director, Watahan Home Aid Co., Ltd. (current) Jun 2026 Director, Taiyo Co., Ltd. (current) Jun 2026 Director, Chairman, Watahan Mihara Shoten Co., Ltd. (current)
1971-03-27
Mitsuhiro YAJIMA
Outside Director (Full-time Audit and Supervisory Committee Member)
Apr 1984 Joined Hachijuni Bank, Ltd. Jun 2013 General Manager, Corporate Banking Department, Hachijuni Bank, Ltd. Jun 2015 Executive Officer, Branch Manager, Ina Branch, Hachijuni Bank, Ltd. Jun 2017 Executive Officer, General Manager, Branch Support Department, Hachijuni Bank, Ltd. Jun 2019 Representative Director, President, Hachijuni Card Co., Ltd. Jun 2020 Director of the Company Jun 2021 Director (Audit and Supervisory Committee Member) of the Company Jun 2022 Director (Full-time Audit and Supervisory Committee Member) of the Company (current) May 2023 Audit & Supervisory Board Member, Watahan Solutions Co., Ltd. (current)
1962-01-22
Junko SAKAMOTO
Outside Director (Audit and Supervisory Committee Member)
Apr 1995 Assigned to Nippori Daiichi Elementary School, Arakawa Ward, Tokyo Sep 2011 Passed national bar examination Dec 2012 Registered with Dai-Ichi Tokyo Bar Association; joined Mutsuda Law Office (now Mutsuda & Sakamoto Law Office) (current) Jun 2016 Audit & Supervisory Board Member of the Company Apr 2018 Mediation Commissioner, Tokyo Family Court (current) Jun 2021 Director (Audit and Supervisory Committee Member) of the Company (current) Dec 2021 Outside Director, Yokohama Reito Co., Ltd. (current)
1971-11-24
Norifumi HAGIMOTO
Outside Director (Audit and Supervisory Committee Member)
Apr 1968 Joined Tamagawa Seiki Co., Ltd. Feb 1989 Director, Tamagawa Seiki Co., Ltd. Feb 1992 Managing Director, Tamagawa Seiki Co., Ltd. Feb 1998 Representative Director, President, Tamagawa Seiki Co., Ltd. Feb 2014 Representative Director, Vice Chairman, Tamagawa Seiki Co., Ltd. Dec 2017 Representative Director, CEO, AM Systems Co., Ltd. (current) Jun 2018 Director of the Company Jun 2021 Director (Audit and Supervisory Committee Member) of the Company (current)
1944-07-16
Akihisa SHIROTA
Outside Director (Audit and Supervisory Committee Member)
Apr 1990 Joined Recruit Co., Ltd. Apr 2002 Director, East Japan Region, and Chair of Promotion Committee, Japan American Football Association Aug 2003 Founded Top Athlete Co., Ltd.; Representative Director Apr 2008 Principal, Wada Junior High School, Suginami Ward, Tokyo Oct 2013 Education Supervisor, Takeo City Board of Education, Saga Prefecture Apr 2014 Principal, Takeuchi Elementary School, Takeo City, Saga Prefecture Apr 2016 Superintendent of Education, Iida City, Nagano Prefecture May 2022 Representative Director, Mirai Chizu General Incorporated Association (current) Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current)
1965-05-08
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-28
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-26
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-29
株主総会招集通知
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-24
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-30
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-25
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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