Overview
Retail Trade

ASAHI CO.,LTD.

Asahi Co., Ltd. operates Japan's largest specialty bicycle retail chain under the 'Cycle Base Asahi' brand, with 528 company-owned stores and 17 franchise locations across all major regions of Japan. The company offers a broad assortment of bicycles—including general-purpose, sports, children's, and electric-assist models—alongside parts, accessories, and maintenance/repair services. In addition to third-party brands, Asahi develops and sells proprietary private-label products manufactured in China and Taiwan, holds exclusive Japan distribution rights for multiple overseas bicycle and parts brands, and operates online retail channels via its official store, Yahoo! Shopping, and Rakuten Ichiba.

Market Cap
¥33.6B
US$214M
EV
¥18.3B
US$116M
Stock¥1,289▲+0.55%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
3.5
x
LTM EV/EBIT
5.4
x
LTM PER
18.3
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.1%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
33.6BUS$214MMarket Cap0.00BUS$0.00M+ Debt15.3BUS$97.6M− Cash0.00BUS$0.00M− Inv. Sec.18.3BUS$116MEV
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Performance & Balance
Revenue 5Y (¥B)
71.4US$455M'22/274.7US$476M'23/278.1US$498M'24/281.6US$520M'25/281.4US$519M'26/2
EBITDA 5Y (¥B)
6.57US$41.9M'22/26.61US$42.1M'23/26.50US$41.5M'24/27.18US$45.8M'25/25.79US$36.9M'26/2
Net Income 5Y (¥B)
3.54US$22.6M'22/23.37US$21.5M'23/23.11US$19.9M'24/23.56US$22.7M'25/22.27US$14.5M'26/2
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.96US$38.0M'22/25.31US$33.9M'23/29.52US$60.7M'24/29.46US$60.4M'25/212.3US$78.5M'26/2
Shareholders
Top 10 hold 51.0%
1
Yoshifumi SHIMODA
12.56%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.21%
3
Hideki SHIMODA
7.88%
4
Michiko SHIMODA
5.70%
5
CBA Co., Ltd.
5.04%
6
ASAHI CO.,LTD. Employee Stock Ownership Association
2.63%
7
Shinobu SHIMODA
2.50%
8
Custody Bank of Japan, Ltd. (Trust Account)
2.33%
9
NORTHERN TRUST CO.(AVFC)RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.17%
10
DANSKE BANK A/S FINNISH CLIENTS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.02%
Management
7 officers
Yoshifumi SHIMODA
Representative Director, President
Apr 1994 Joined the Company Jan 1999 General Manager, Merchandising Department May 2006 Director, General Manager, Merchandising Department Feb 2008 Director, General Manager, Merchandising Headquarters and General Manager, Merchandising Department May 2008 Senior Managing Director, General Manager, Merchandising Headquarters Mar 2010 Executive Director and General Manager, Aisanxi (Beijing) Bicycle Trading Co., Ltd. May 2012 Representative Director, President of the Company (current) Aug 2023 Executive Director and General Manager, Aisanxi (Beijing) Bicycle Trading Co., Ltd. (resigned)
1971-03-02
Motoi MOCHIZUKI
Director, Vice President
Apr 1982 Joined Bridgestone Corporation Sep 2012 Executive Officer, Bridgestone Corporation; in charge of Chemical Products Sales; General Manager, Film and Electronic Materials Business Division Sep 2014 Managing Executive Officer, Bridgestone Corporation; in charge of Chemical Products Business and Processed Products Sales Jul 2018 Representative Director, Vice President, Bridgestone Cycle Co., Ltd. (transferred) Oct 2018 Representative Director, President, Bridgestone Cycle Co., Ltd. Jan 2019 Representative Director, President, Bridgestone Sports Co., Ltd. (concurrent) Sep 2019 Representative Director, Chairman, Bridgestone Cycle Co., Ltd. Jun 2020 Representative Director, Chairman, Bridgestone Cycle Co., Ltd. (resigned) Jul 2020 Non-Executive Senior Advisor, Bridgestone Sports Co., Ltd. Apr 2021 Non-Executive Senior Advisor, Bridgestone Sports Co., Ltd. (resigned) May 2021 Director, Vice President of the Company (current)
1960-01-08
Shiro NISHIOKA
Director
Nov 1989 Joined Tokyo Legal Mind Co., Ltd. Sep 1995 Left Tokyo Legal Mind Co., Ltd. Oct 1995 Joined Osaka City Dome Co., Ltd. Apr 2004 Left Osaka City Dome Co., Ltd. May 2004 Joined First Server, Inc. (now IDC Frontier Inc.) Dec 2008 Left First Server, Inc. Jan 2009 Joined the Company; General Manager, General Affairs Department May 2010 Director, General Manager, General Affairs Department May 2020 Director of the Company (current)
1962-02-07
Hirofumi HASEGAWA
Director
Apr 1993 Joined Mitsubishi Electric Corporation Apr 2000 Seconded to Mitsubishi Stone Semiconductor (Beijing) Co., Ltd. (now Renesas Semiconductor (Beijing) Co., Ltd.), China Apr 2003 Transferred to Renesas Technology Corp. (now Renesas Electronics Corporation); seconded to Renesas Semiconductor (Beijing) Co., Ltd., China Oct 2013 Seconded to Renesas Electronics (China) Co., Ltd., China Jan 2015 Joined Takeda Pharmaceutical Company Limited Aug 2018 Joined Hoshizaki Corporation Apr 2020 Joined Osaka Metro Co., Ltd. (formerly Osaka High-Speed Electric Railway Co., Ltd.); General Manager, Accounting Department Apr 2021 General Manager, Business Accounting Department, Osaka Metro Co., Ltd. Apr 2024 General Manager, Group Audit Department, Osaka Metro Co., Ltd. May 2025 Director of the Company (current)
1969-10-24
Masaru HORIKAWA
Director (Full-time Audit and Supervisory Committee Member)
Apr 1983 Joined NTN Toyo Bearing Co., Ltd. (now NTN Corporation) May 2002 Finance Manager, NTN Transmissions Europe (France) (seconded) Feb 2008 Finance Manager, SNR Roulements (now NTN Europe S.A.), France (seconded) Mar 2009 Left NTN Corporation Jun 2009 Joined Mori Seiki Co., Ltd. (now DMG Mori Co., Ltd.) Jun 2009 Finance Manager (CFO), Mori Seiki International SA, Switzerland (seconded) Jul 2014 Left DMG Mori Co., Ltd. Aug 2014 Joined Nidec Corporation Jan 2015 General Manager, Business Planning Department, Nidec Motors & Actuators (Germany) GmbH, Germany (seconded) Oct 2019 Left Nidec Corporation Oct 2019 Joined Taiko Pharmaceutical Co., Ltd.; General Manager, Business Planning, attached to the President Jun 2020 Director (Full-time Audit and Supervisory Committee Member), Taiko Pharmaceutical Co., Ltd. Mar 2022 Director, Taiko Pharmaceutical Co., Ltd. (resigned) Apr 2022 Advisor, Taiko Pharmaceutical Co., Ltd. Sep 2022 Advisor, Taiko Pharmaceutical Co., Ltd. (resigned) May 2023 Director (Full-time Audit and Supervisory Committee Member) of the Company (current)
1958-08-08
Atsuko SUZUKI
Director (Audit and Supervisory Committee Member)
Apr 1986 Joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) Apr 2008 Executive, General Manager, CSR Division, Panasonic Corporation (left Dec 2014) Apr 2010 Outside Director and Audit & Supervisory Board Member, National University Corporation Nara Women's University (now National University Corporation Nara National Higher Education and Research Corporation) (resigned Dec 2012) Jan 2015 Joined Asahi Breweries, Ltd. Apr 2015 General Manager, Social and Environmental Affairs Department, Asahi Breweries, Ltd. Oct 2015 General Manager, Sustainability Promotion Bureau, Olympic and Paralympic Promotion Headquarters, Asahi Breweries, Ltd. (concurrent) Apr 2017 Executive, General Manager, CSR Division, Asahi Group Holdings, Ltd. May 2019 Left Asahi Breweries, Ltd. May 2020 Director of the Company Jun 2020 Outside Director, Yamazen Corporation (resigned Jun 2024) Mar 2021 Outside Audit & Supervisory Board Member, Lion Corporation (resigned Mar 2025) May 2021 Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Shin Meiwa Industry Co., Ltd. (current)
1962-09-09
Michiko IJIMA
Director (Audit and Supervisory Committee Member)
Oct 2001 Passed the National Bar Examination Apr 2002 Entered the Legal Training and Research Institute of the Supreme Court of Japan Sep 2003 Completed the 56th Legal Training Course Oct 2003 Registered with Osaka Bar Association; joined Eichi Law Office (Attorney-at-law Corporation) Dec 2005 Registered with Tokyo Bar Association Mar 2006 Established Shinsaibashi Partners Law Office (Attorney-at-law Corporation); Partner Attorney (current) Jul 2011 Registered with Osaka Bar Association May 2018 Outside Director (Audit and Supervisory Committee Member), Plus Co., Ltd. (resigned Jan 2019) May 2025 Director (Audit and Supervisory Committee Member) of the Company (current)
1971-08-30
Large Shareholding Reports
Sumitomo Mitsui DS Asset Management Company, Limited
2026-05-11
5.78%→3.79%
Sumitomo Mitsui DS Asset Management Company, Limited
2026-02-05
6.79%→5.78%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-30
Semi-Annual Securities Report
Period: Feb 2026 – Feb 2027
TDnet
2026-09-25
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-06-22
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-13
Annual Securities Report
Period: Feb 2025 – Feb 2026
EDINET
2026-05-11
Large Shareholding Report
EDINET
2026-02-05
Large Shareholding Report
TDnet
2025-12-22
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-09-29
Semi-Annual Securities Report
Period: Feb 2025 – Feb 2026
TDnet
2025-06-23
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-19
Annual Securities Report
Period: Feb 2024 – Feb 2025
TDnet
2024-12-23
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-09-30
Semi-Annual Securities Report
Period: Feb 2024 – Aug 2024
EDINET
2024-06-28
Quarterly Securities Report
Period: Feb 2024 – May 2024
TDnet
2024-06-24
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-13
Annual Securities Report
Period: Feb 2023 – Feb 2024
EDINET
2023-12-28
Quarterly Securities Report
Period: Aug 2023 – Nov 2023
EDINET
2023-09-29
Quarterly Securities Report
Period: May 2023 – Aug 2023
EDINET
2023-06-30
Quarterly Securities Report
Period: Feb 2023 – May 2023
EDINET
2023-05-15
Annual Securities Report
Period: Feb 2022 – Feb 2023
EDINET
2022-12-28
Quarterly Securities Report
EDINET
2022-09-30
Quarterly Securities Report
EDINET
2022-07-01
Quarterly Securities Report
EDINET
2022-05-16
Annual Securities Report
EDINET
2021-12-28
Quarterly Securities Report
EDINET
2021-10-01
Quarterly Securities Report
EDINET
2021-07-02
Quarterly Securities Report
EDINET
2021-05-17
Annual Securities Report
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