Overview
Wholesale Trade

Iceco Inc.

ISCO operates two core businesses: a Frozen Business and a Supermarket Business. The Frozen Business involves wholesale distribution of frozen foods and ice cream, primarily to drugstores and food supermarkets across the Kanto and Tokai regions, supported by 15 logistics centers and approximately 350 delivery trucks. A key competitive differentiator is its proprietary 'Full Maintenance Service,' whereby company staff directly stock retail shelves and manage ordering on behalf of clients, addressing labor shortages in the retail sector. The Supermarket Business operates eight stores in Kanagawa Prefecture under the 'Super Senshikan TAIGA' banner, differentiating itself from large competitors through a focus on fresh produce, seafood, and meat with same-day market procurement and sales.

Market Cap
¥10.4B
US$66.5M
EV
¥13.2B
US$84.1M
Stock¥2,653▼-0.26%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
12.3
x
LTM EV/EBIT
19.7
x
LTM PER
35.4
x
LTM PBR
2.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+7.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
10.4BUS$66.5MMarket Cap4.59BUS$29.3M+ Debt1.81BUS$11.5M− Cash0.02BUS$0.12M− Inv. Sec.13.2BUS$84.1MEV
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Performance & Balance
Revenue 5Y (¥B)
42.3US$270M'22/344.9US$286M'23/350.5US$322M'24/354.7US$349M'25/357.7US$368M'26/3
EBITDA 5Y (¥B)
0.70US$4.45M'22/30.46US$2.93M'23/30.77US$4.93M'24/31.01US$6.43M'25/31.17US$7.48M'26/3
Net Income 5Y (¥B)
0.26US$1.63M'22/30.14US$0.92M'23/30.32US$2.03M'24/30.48US$3.07M'25/30.37US$2.39M'26/3
Capital Structure
48%
52%
EquityD/E 1.09xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
2.37US$15.1M3.38US$21.5M'22/32.04US$13.0M2.92US$18.6M'23/32.47US$15.7M2.82US$18.0M'24/31.49US$9.50M2.47US$15.8M'25/31.78US$11.4M5.15US$32.9M'26/3
Shareholders
Top 10 hold 58.7%
1
KAN Corporation
34.35%
2
Toshitaka AIHARA
5.72%
3
Takahisa AIHARA
4.96%
4
Ezaki Glico Co.,Ltd.
3.82%
5
Iceco Inc. Employee Stock Ownership Association
3.63%
6
Taiyo Kensetsu Co., Ltd.
1.54%
7
Hisako AIHARA
1.53%
8
Tetsuya AOKI
1.53%
9
Muneo YAMAMOTO
0.85%
10
Isao ASAI
0.76%
Management
7 officers
Takahisa AIHARA
Representative Director, President
Apr 1994 Joined the Company Jun 1999 Director, General Affairs Department Manager of the Company Mar 2002 Senior Managing Director, Taiga Sangyo Co., Ltd. (now the Company) May 2002 Senior Managing Director of the Company Jun 2018 Representative Director, President of the Company (current)
1971-05-24
Toshitaka AIHARA
Director, Chairman of the Board
Apr 1966 Joined Aihara Reika-ten Apr 1972 Renamed Aihara Reika Co., Ltd. (now the Company), Senior Managing Director Mar 1992 Representative Director, President, Taiga Sangyo Co., Ltd. (now the Company) May 1992 Aihara Reika Co., Ltd. and Takashima Bussan Co., Ltd. merged to form Aisco Co., Ltd., Representative Director, President Jun 2018 Representative Director, Chairman of the Company Jun 2022 Director, Chairman of the Board of the Company (current)
1947-12-04
Makoto MIKUNI
Senior Managing Director
Apr 1996 Joined Ohayo Dairy Products Co., Ltd. Jul 2015 Director, Ohayo Dairy Products Co., Ltd. Apr 2016 Senior Managing Director, Ohayo Dairy Products Co., Ltd.; Executive Officer, Nihon Kabaya Ohayo Holdings Co., Ltd. Jun 2020 Assistant to the President, the Company Oct 2020 Senior Managing Director of the Company (current)
1972-11-20
Yasutaka NAGANO
Director, CFO
Feb 2013 Joined Deloitte Touche Tohmatsu LLC Dec 2016 Registered as Certified Public Accountant May 2017 Joined the Company Jul 2017 General Manager, Corporate Planning Office, the Company Jan 2018 Director, CFO of the Company (current)
1990-09-25
Kenichi OKAMIYA
Director (Audit and Supervisory Committee Member)
Apr 1984 Joined Kanagawa Sogo Bank (now Kanagawa Bank, Ltd.) Jul 2005 Manager, Negishi Branch, Kanagawa Bank, Ltd. Apr 2013 Seconded to Granpa Co., Ltd., General Manager, Management Administration Division and Finance Department Manager Feb 2017 Seconded to General Incorporated Association Yokohama Bankers Association Oct 2019 Transferred to Yokohama Bankers Association Jun 2022 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1959-09-29
Masaaki NAKATA
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Okamura Corporation Aug 1987 Joined Chiyoda Trading Co., Ltd. Jan 1994 Joined Uoriki Co., Ltd. Jun 1996 Director, Uoriki Co., Ltd. Jun 2010 Managing Director, Uoriki Co., Ltd. Apr 2011 General Manager, Administration Division, Uoriki Co., Ltd. Jun 2011 Representative Director, President, Uoriki Co., Ltd. Jun 2017 Director, Adviser, Uoriki Co., Ltd. Jun 2018 Outside Director of the Company Oct 2019 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1958-04-05
Shinichiro ENOMOTO
Director (Audit and Supervisory Committee Member)
Apr 2001 Joined Legal Training and Research Institute Oct 2002 Registered as Attorney (Kanagawa Bar Association); joined Minoyama Law Office (now Minoyama Enomoto Law Office) (current) Jun 2019 Audit and Supervisory Board Member of the Company Oct 2019 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1974-10-11
Large Shareholding Reports
Toshitaka AIHARA
2026-03-02
6.17%→5.74%
Annual report (as of 2026-03-31): 5.72%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-03-02
Large Shareholding Report
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
2025-08-13
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Sep 2024
TDnet
2024-08-13
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
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
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-26
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINETAmended
2022-08-12
Amended Annual Securities Report
EDINETAmended
2022-08-12
Amended Annual Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-27
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINETAmended
2021-06-28
Amended Annual Securities Report
EDINET
2021-06-28
Annual Securities Report
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