Overview
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RIDE ON EXPRESS HOLDINGS Co.,Ltd.

Ride On Express Holdings operates Japan's leading food delivery service business, primarily through its flagship delivery sushi brand 'Gin no Sara' (368 locations), delivery meal brand 'Kamatora' (228 locations), and value-oriented delivery sushi brands 'Sushi Joto!' and 'Gin no Sara Nagomi,' totaling 742 locations across Japan and Thailand as of March 2025. The company operates under both directly managed and franchise models, with a distinctive 'multi-brand co-location strategy' that deploys multiple brand concepts within a single delivery hub to maximize revenue per location while minimizing capital expenditure and shared operating costs. Competitive strengths include proprietary high-field thawing technology exclusive to the sushi delivery industry, a large customer database enabling One-to-One marketing, and centralized bulk procurement of fresh ingredients across 350+ locations.

Market Cap
¥9.74B
US$62.1M
EV
¥1.94B
US$12.4M
Stock¥994▼-0.50%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
1.8
x
LTM EV/EBIT
2.4
x
LTM PER
14.8
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
9.74BUS$62.1MMarket Cap2.56BUS$16.3M+ Debt6.52BUS$41.6M− Cash3.84BUS$24.5M− Inv. Sec.0.00BUS$0.02M+ NCI1.94BUS$12.4MEV
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Performance & Balance
Revenue 5Y (¥B)
25.7US$164M'22/325.4US$162M'23/324.0US$153M'24/323.4US$149M'25/323.8US$152M'26/3
EBITDA 5Y (¥B)
2.29US$14.6M'22/31.63US$10.4M'23/31.39US$8.83M'24/31.06US$6.77M'25/31.14US$7.29M'26/3
Net Income 5Y (¥B)
1.25US$7.95M'22/30.55US$3.48M'23/30.36US$2.32M'24/30.33US$2.12M'25/30.70US$4.46M'26/3
Capital Structure
78%
22%
EquityD/E 0.29xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.66US$36.1M0.39US$2.50M'22/38.81US$56.2M2.88US$18.4M'23/38.90US$56.8M2.28US$14.5M'24/39.04US$57.7M1.65US$10.5M'25/311.1US$70.9M2.81US$17.9M'26/3
Shareholders
Top 10 hold 44.8%
1
EMI A&Y Co., Ltd.
21.57%
2
Akira EMI
7.54%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.74%
4
Kazuyuki MATSUSHIMA
2.11%
5
Katsuyuki TOMIITA
1.80%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.52%
7
Kazumasa WATANABE
1.36%
8
RIDE ON EXPRESS HOLDINGS Co.,Ltd. Employee Stock Ownership Association
0.74%
9
Toshihiko MIZUTANI
0.70%
10
Kakuaki NAKAMURA
0.69%
Management
8 officers
Akira EMI
Representative Director, President
Born Sep 1960 Mar 1984 Joined Restaurant Genkai (USA) Apr 1992 Opened Submarine (Note 5) Aug 1995 Established Submarine Co., Ltd.; Representative Director, President Jul 2001 Established the Company; Representative Director, President (current) Oct 2017 Ride On Express Co., Ltd.; Representative Director, President (current) Oct 2017 Ride On Demand Co., Ltd.; Representative Director, President Apr 2022 Ride On Seeds Co., Ltd.; Representative Director, President (current)
1960-09-10
Kazuyuki MATSUSHIMA
Director, Vice President
Born Sep 1959 Mar 1981 Joined Mori Shoten (Ltd.) Apr 1986 Joined Yamako Group Co., Ltd. Apr 1992 Opened Submarine (Note 5) Aug 1995 Established Submarine Co., Ltd.; Director, Vice President Jul 2001 Established the Company; Director Nov 2003 The Company; Senior Managing Director Aug 2010 The Company; Director, Vice President (current) Oct 2017 Ride On Express Co., Ltd.; Director, Vice President Oct 2017 Ride On Demand Co., Ltd.; Director, Vice President Apr 2022 Ride On Express Co., Ltd.; Director, Vice President (current)
1959-09-24
Kazumasa WATANABE
Director, Vice President
Born Jan 1969 Apr 1991 Joined Recruit Cosmos Co., Ltd. Apr 1992 Joined Kansai Recruit Jinzai Center Co., Ltd. (now Recruit Co., Ltd.) Oct 2003 Managing Director, NEXT Japan Co., Ltd. Oct 2005 Senior Executive Director, NEXT Japan Co., Ltd. Oct 2006 Representative Director, President, NEXT Japan Co., Ltd. Nov 2007 Established Third Stage; Representative (Note 5) Aug 2010 The Company; Senior Managing Director Jan 2015 Established A-Start Co., Ltd.; Representative Director (current) Apr 2016 The Company; Director, Vice President (current) Oct 2017 Ride On Express Co., Ltd.; Director, Vice President Oct 2017 Ride On Demand Co., Ltd.; Director, Vice President Apr 2022 Ride On Express Co., Ltd.; Director, Vice President (current)
1969-01-17
Katsuyuki TOMIITA
Managing Director
Apr 1988 Joined Kisoji Co., Ltd. Aug 1995 Joined Submarine Co., Ltd. Aug 1998 Senior Managing Director, Submarine Co., Ltd. Jul 2001 Joined the Company Feb 2002 Director, the Company Aug 2010 Managing Director, the Company (current) Oct 2017 Managing Director, Ride On Express Co., Ltd. Oct 2017 Managing Director, Ride On Demand Co., Ltd. Jun 2020 Managing Director, Ride On Express Co., Ltd. (current)
1965-03-17
Yutaka AKAGI
Managing Director
Apr 1999 Joined Japan LCA Co., Ltd. Dec 1999 Joined Idea Link Co., Ltd. (now Idea Plus Co., Ltd.) Dec 2001 Director, Idea Link Co., Ltd. Oct 2007 Representative Director, Idea Link Co., Ltd. May 2008 Director, Vice President, Idea Link Co., Ltd. Aug 2010 Director, the Company Jun 2015 Managing Director, the Company (current) Oct 2017 Managing Director, Ride On Express Co., Ltd. Oct 2017 Managing Director, Ride On Demand Co., Ltd. Apr 2022 Managing Director, Ride On Express Co., Ltd. (current)
1976-09-04
Masao SAITO
Director, Audit and Supervisory Committee Member
Oct 1976 Joined Showa Audit Corporation (now EY ShinNihon LLC) Apr 1980 Registered as Certified Public Accountant Jun 1981 Representative, Masao Saito CPA Office (current) Jun 2022 Director, Audit and Supervisory Committee Member, the Company (current)
1952-11-19
Makoto YOSHIDA
Director, Audit and Supervisory Committee Member
Apr 1997 Joined Intertech Co., Ltd. Apr 2000 Established Gotta Ride Ltd. (now Gotta Ride Co., Ltd.); Representative Director (current) May 2013 Director, Dandori Works Co., Ltd. (now Dandori Work Co., Ltd.) Jun 2023 Director, Audit and Supervisory Committee Member, the Company (current)
1974-10-17
Tomoka SUNAKO
Director, Audit and Supervisory Committee Member
Apr 2006 Joined Gifu Shimbun Co., Ltd. Apr 2018 Joined Japan International Cooperation Agency (JICA) Mar 2021 Dispatched to JICA Guatemala Office Jun 2023 Director, Audit and Supervisory Committee Member, the Company (current)
1983-02-25
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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