Overview
Retail Trade

KUSHIKATSU TANAKA HOLDINGS CO.

Kushikatsu Tanaka Holdings operates a nationwide chain of kushikatsu (deep-fried skewer) restaurants under the 'Kushikatsu Tanaka' brand, targeting a broad customer base from families to business diners with an affordable average spend of approximately ¥2,900 per customer. The company expands through a combination of directly managed stores and franchise operations, with a stated goal of reaching 1,000 locations nationwide, leveraging standardized recipes, simplified cooking processes, and proprietary ingredients to ensure consistent quality across all outlets. In addition to its core kushikatsu brand, the group operates multiple sub-brands including 'Toriyama,' 'Yakiniku Kuruton,' and 'Kyoto Tenpura Tenpuranomeshi,' and has internalized interior construction works through subsidiary GT Design Co., Ltd. to generate group synergies.

Market Cap
¥21.3B
US$136M
EV
¥29.7B
US$189M
Stock¥1,968▼-0.35%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
13.0
x
LTM EV/EBIT
21.5
x
LTM PER
51.3
x
LTM PBR
2.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-34.6%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 16, 26Q2 FY2026/11 earnings announced
MC → EV Bridge
21.3BUS$136MMarket Cap13.5BUS$86.1M+ Debt5.21BUS$33.2M− Cash0.00BUS$0.00M− Inv. Sec.0.03BUS$0.18M+ NCI29.7BUS$189MEV
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Performance & Balance
Revenue 5Y (¥B)
4.98US$31.8M'21/1110.9US$69.6M'22/1114.1US$89.7M'23/1116.9US$108M'24/1121.1US$135M'25/11
EBITDA 5Y (¥B)
-2.26-US$14.4M'21/110.21US$1.31M'22/111.09US$6.94M'23/111.25US$8.00M'24/111.63US$10.4M'25/11
Net Income 5Y (¥B)
-0.58-US$3.68M'21/110.74US$4.74M'22/110.36US$2.28M'23/110.38US$2.42M'24/110.74US$4.74M'25/11
Capital Structure
36%
64%
EquityD/E 1.80xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.70US$10.8M3.65US$23.3M'21/113.12US$19.9M3.00US$19.2M'22/112.09US$13.3M1.95US$12.5M'23/111.80US$11.5M2.14US$13.7M'24/113.35US$21.4M1.88US$12.0M'25/11
Shareholders
Top 10 hold 63.2%
1
Note Inc.
28.51%
2
Keiji NUKI
10.39%
3
Shuei HIROSE
7.67%
4
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.22%
5
Tomonori KIKAI
3.83%
6
Hiroe TANAKA
2.56%
7
Kanon NUKI
2.48%
8
Daiwa Securities Co. Ltd.
1.87%
9
UBS AG LONDON A/CIPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.13%
10
JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO (Standing Proxy: MUFG Bank, Ltd.)
0.49%
Management
11 officers
Keiji NUKI
Representative Director, Chairman and President
Apr 1989 Joined Toyota Transport Co., Ltd. Nov 1998 Founded a restaurant business as a sole proprietor Mar 2002 Established KG Glasses Ltd. (now the Company); Representative Director, President Oct 2013 Established NOTE INC.; Representative Director Aug 2015 Established Note Inc.; Representative Director (current) Dec 2017 Established Kushikatsu Tanaka Co., Ltd. (spin-off preparation company, now Kushikatsu Tanaka Co., Ltd.); Representative Director, President Mar 2020 Director, Second Arrow Co., Ltd. Feb 2021 Director, TANAKA INTERNATIONAL, INC. (current) Jun 2022 Chairman of the Board, the Company Sep 2024 Representative Director, Chairman, the Company Jan 2025 CEO/CFO/President, TI.LA.INC. (current) Dec 2025 Representative Director, Chairman and President, the Company (current) Dec 2025 Representative Director, Kushikatsu Tanaka Co., Ltd. (current)
1971-01-27
Nobuhiro OSUGA
Director and Vice President
Jan 2011 Joined Kyowa Kigyo Co., Ltd. May 2011 Joined the Company Feb 2015 Executive Officer, the Company Dec 2015 Director, General Manager of Sales Division, the Company Dec 2016 Director, Head of Sales, the Company Jun 2018 Director, General Manager of Sales Strategy Division, the Company Aug 2019 Director, the Company Mar 2020 Representative Director, President, Second Arrow Co., Ltd. Dec 2020 Director, General Manager of IT Strategy Division, the Company Oct 2021 Director, Restartz Co., Ltd. (current) Jun 2022 Director and Vice President, the Company (current) Jun 2022 Director and Vice President, Kushikatsu Tanaka Co., Ltd. (current) Oct 2022 Director, GT Design Co., Ltd. Oct 2024 Director and Vice President, UKYE Co., Ltd. Feb 2025 Representative Director, UKYE Co., Ltd. (current) Dec 2025 Director, Pisora Co., Ltd. (current)
1990-09-25
Akihito KONDO
Director, in charge of Store Expansion Strategy Division
Sep 1995 Joined Pronto Corporation Jan 2014 Joined the Company; Executive Officer Feb 2015 Director, General Manager of Store Development Division, the Company Dec 2016 Director, General Manager of Store Planning Division, the Company Jun 2018 Director, General Manager of Store Expansion Strategy Division, the Company Mar 2020 Managing Director, Heijoen Co., Ltd. Dec 2022 Joined the Company; Executive Officer Feb 2023 Director, in charge of Store Expansion Strategy and Product Divisions, the Company Oct 2023 Director, GT Design Co., Ltd. (current) Feb 2024 Director, in charge of Logistics and Purchasing Division and General Manager of Store Expansion Strategy Division, the Company Dec 2024 Director, in charge of Store Expansion Strategy and Logistics and Purchasing Divisions, the Company Dec 2025 Director, in charge of Store Expansion Strategy Division, the Company (current)
1971-10-27
Tatsuya ODA
Director
Jan 2012 Joined the Company Dec 2016 General Manager of East Japan Sales Division, the Company Jun 2018 Director, Head of Sales, Kushikatsu Tanaka Co., Ltd. Jul 2022 Director, General Manager of Sales Promotion Division, Kushikatsu Tanaka Co., Ltd. (current) Sep 2023 General Manager, President's Office, the Company Feb 2025 Director, the Company (current)
1986-09-03
Yasutaka AKABANE
Director
Jul 1971 Joined Nippon Telegraph and Telephone Public Corporation (now NTT, Inc.) Apr 2000 Representative Director and Executive Vice President, NTT ME Information Distribution Co., Ltd. (now NTT DOCOMO, INC.) May 2001 Joined Data Communication Systems Co., Ltd. (now DTS Corporation) Jun 2001 Representative Director and Executive Vice President, DTS Corporation Apr 2002 Representative Director, President, DTS Corporation Apr 2010 Representative Director, Chairman, DTS Corporation Jun 2014 Special Advisor, DTS Corporation Apr 2016 Outside Director, the Company (current) Jun 2017 Director, BHN Telecom Support Council (NPO) Jul 2019 Chairman, BHN Telecom Support Council (NPO) Jul 2021 Director, BHN Telecom Support Council (NPO) (current)
1946-08-05
Tomonori KIKAI
Director
Nov 1996 Part-time staff, Westin Miyako Hotel Kyoto (formerly Miyako Hotel Kyoto) Nov 2000 Promoted to full-time employee, Westin Miyako Hotel Kyoto Sep 2002 Joined Kyoto Amenity Development Co., Ltd. (now Gekkeikan Sake Co., Ltd.) Sep 2004 Joined Muse Co., Ltd. Sep 2019 Established Pisora Co., Ltd.; Representative Director (current) Sep 2022 Established Pisora East Co., Ltd.; Representative Director Apr 2023 Established Pix Holdings Co., Ltd.; Representative Director Feb 2026 Director, the Company (current)
1978-12-05
Kazumasa IWAMOTO
Director, General Manager of Administration Division
Dec 2006 Joined PricewaterhouseCoopers Japan LLC Dec 2014 Transferred to PwC Advisory LLC Sep 2022 Joined H&H Holdings Co., Ltd. Jan 2025 Joined the Company; Executive Officer, General Manager of Administration Division Dec 2025 Director, Pisora Co., Ltd. (current) Feb 2026 Director, General Manager of Administration Division, the Company (current)
1979-05-14
Kenichiro USUI
Director
May 1996 Joined Japan Proposal Ad Co., Ltd. Sep 2000 Joined Arcland Service Co., Ltd. (now Arcland Service Holdings Co., Ltd.) Nov 2004 General Manager of Sales Division, Arcland Service Co., Ltd. Jul 2005 Managing Director, General Manager of Sales Division, Arcland Service Co., Ltd. Jan 2006 President, Representative Director, Arcland Service Co., Ltd. Oct 2010 Director, Sato Arcland Food Service Co., Ltd. Nov 2013 Representative Director, ARCLAND SERVICE KOREA CO., LTD. Oct 2014 President, Representative Director, Arcland Marhamit Co., Ltd. Jan 2015 Chairman and CEO, Representative Director, Arcland Service Co., Ltd. Sep 2015 President, Representative Director, Ever Action Co., Ltd. Jul 2016 President, Representative Director, Arcland Service Holdings Co., Ltd. Jul 2017 Representative Director, Backpackers Co., Ltd. May 2020 President, Representative Director, Mealworks Co., Ltd. Jun 2020 Representative Director, Cosmic Dining Co., Ltd. (now Cosmic SY Co., Ltd.) Jun 2020 Representative Director, Seiwa Yamaki Food Co., Ltd. Jul 2021 Chairman, Arcland Service Holdings Co., Ltd. Jul 2021 Established U.RAKATA Co., Ltd.; President, Representative Director (current) Mar 2023 Outside Director, Broncobilly Co., Ltd. (current) Feb 2024 Outside Director, the Company (current)
1973-02-04
Katsuhisa NISHIKAWA
Full-time Statutory Auditor
Feb 1984 Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Tohmatsu) Sep 1995 Opened Nishikawa Katsuhisa Certified Public Accountant Office Jun 2005 Statutory Auditor (full-time), Yoshida Holdings Co., Ltd. (now Nihon Wafuku Holdings Co., Ltd.) Nov 2014 Outside Statutory Auditor (full-time), the Company (current) Jun 2018 Statutory Auditor, Kushikatsu Tanaka Co., Ltd. (current) Mar 2020 Statutory Auditor, Second Arrow Co., Ltd. Oct 2022 Statutory Auditor, GT Design Co., Ltd. (current)
1952-04-23
Nobuyoshi KUROSE
Statutory Auditor
Apr 1983 Joined Meisho Corporation (now Mitsui Food Co., Ltd.) Apr 1998 Team Leader, Team A, Food Service Business Division, Meisho Corporation Jan 2003 Seconded to Ryoshoku Food Service Co., Ltd. Oct 2003 Transferred to R-Y Food Service Co., Ltd. Oct 2006 Returned to Meisho Corporation (now Mitsui Food Co., Ltd.) Apr 2018 Executive Officer, Head of General Division, Kashiwagi Shoji Co., Ltd. (current) Feb 2019 Outside Statutory Auditor, the Company (current)
1959-01-04
Takahiro NISHIDA
Statutory Auditor
Feb 2011 Joined Shin Nihon & Co. (now EY Shin Nihon LLC) Aug 2018 Partner, Nishida Accounting Office, Certified Tax Accountant Corporation (current) Aug 2018 Director, Nishida Total Management Co., Ltd. (current) Aug 2018 Opened Takahiro Nishida Certified Public Accountant Office (current) Feb 2023 Outside Statutory Auditor, the Company (current)
1987-05-25
Large Shareholding Reports
Note Co., Ltd.
2026-03-10
27.94%→27.94%
Annual report (as of 2026-05-31): 28.51%
Note Co., Ltd.
2026-03-10
27.94%→27.94%
Annual report (as of 2026-05-31): 28.51%
Shuei HIROSE
2025-12-08
7.52%
Annual report (as of 2026-05-31): 7.67%
Note Co., Ltd.
2025-12-08
32.78%→27.94%
Annual report (as of 2026-05-31): 28.51%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-15
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-07-15
Q2 Earnings Flash
FY ending Nov 2026
TDnet
2026-04-14
Q1 Earnings Flash
FY ending Nov 2026
EDINETAmended
2026-03-10
Change Report
EDINET
2026-03-10
Large Shareholding Report
EDINET
2026-02-25
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2025-12-08
Large Shareholding Report
EDINET
2025-12-08
Large Shareholding Report
EDINETAmended
2025-10-15
Amended Securities Registration Statement
TDnet
2025-10-15
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-09-16
Securities Registration Statement
EDINET
2025-07-15
Semi-Annual Securities Report
Period: Dec 2024 – May 2025
TDnet
2025-04-14
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-27
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-15
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-27
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-27
Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-07-15
Quarterly Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-02-25
Annual Securities Report
EDINET
2021-10-15
Quarterly Securities Report
EDINET
2021-07-15
Quarterly Securities Report
EDINET
2021-04-14
Quarterly Securities Report
EDINET
2021-02-25
Annual Securities Report
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