Overview
Retail Trade

Axial Retailing Inc.

Axial Retailing is a pure holding company headquartered in Niigata Prefecture, Japan, operating a group of supermarket chains primarily in Niigata and Gunma Prefectures through its core subsidiaries Harashino, Nalus, and Fressei. The group offers food and daily necessities through its supermarket network, supported by in-house food manufacturing (Laurie), private-label product development (Axial Label), and shared logistics and procurement services. The group also operates net supermarket services and maintains a vertically integrated supply chain including multiple large-scale distribution centers.

Market Cap
¥115B
US$736M
EV
¥83.9B
US$535M
Stock¥1,314▲+0.38%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.7
x
LTM EV/EBIT
7.0
x
LTM PER
13.4
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-6.4%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
115BUS$736MMarket Cap1.99BUS$12.7M+ Debt28.8BUS$184M− Cash4.83BUS$30.8M− Inv. Sec.83.9BUS$535MEV
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Performance & Balance
Revenue 5Y (¥B)
246US$1.57B'22/3255US$1.63B'23/3270US$1.72B'24/3282US$1.80B'25/3296US$1.88B'26/3
EBITDA 5Y (¥B)
15.2US$97.2M'22/315.6US$99.3M'23/317.1US$109M'24/317.9US$114M'25/318.1US$116M'26/3
Net Income 5Y (¥B)
7.07US$45.1M'22/36.36US$40.5M'23/37.44US$47.5M'24/39.01US$57.4M'25/38.80US$56.1M'26/3
Capital Structure
98%
EquityD/E 0.02xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
21.4US$137M3.21US$20.5M'22/322.7US$145M2.85US$18.2M'23/324.6US$157M2.55US$16.3M'24/325.7US$164M2.31US$14.7M'25/335.3US$225M2.06US$13.1M'26/3
Shareholders
Top 10 hold 34.8%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.16%
2
The Daishi Hokuetsu Bank, Ltd. (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
4.52%
3
Takeyuki UEKI
3.89%
4
The Shoko Chukin Bank, Ltd.
3.28%
5
Kazuhiko HARA
3.16%
6
New Sun Life Co., Ltd.
2.64%
7
Hara Kazuhiko Asset Management Co., Ltd.
2.50%
8
Nobuhiro HARA
2.42%
9
Custody Bank of Japan, Ltd. (Trust Account)
2.23%
10
Axial Retailing Inc. Employee Stock Ownership Association
1.96%
Management
13 officers
Kazuhiko HARA
Representative Director, President and CEO
Apr 1989 Joined Seiyu Foods Co., Ltd. (now Seiyu Co., Ltd.) Apr 1994 Joined the Company Mar 1998 Director, Hara Kogyo Co., Ltd. (current) Apr 2000 General Manager, Planning Department, the Company Jun 2000 Managing Director, the Company Apr 2002 General Manager, Merchandising Department, the Company May 2007 Senior Managing Director, the Company May 2007 Executive Officer, the Company Apr 2008 Representative Director, President, Harashin Narus Logitech Co., Ltd. (now Harashin Narus Operation Service Co., Ltd.) May 2008 Representative Director, President, Harashin Co., Ltd. May 2008 Representative Director, President, the Company (current) Jun 2008 Outside Director, FM Radio Niigata Co., Ltd. (current) Jul 2008 Representative Director, Chairman, Lowry Co., Ltd. (current) May 2013 Director, Chairman, CCJ Japan Co., Ltd. Nov 2016 Representative Director, President, Hara Kazuhiko Asset Management Co., Ltd. (current) Jun 2022 Representative Director, President, Narus Co., Ltd. Mar 2023 CEO, the Company (current) Mar 2023 Representative Director, Chairman, Harashin Co., Ltd. Mar 2023 Representative Director, Chairman, Narus Co., Ltd. Mar 2023 Director, Fressei Co., Ltd. (current) Mar 2023 Representative Director, Chairman, Harashin Narus Operation Service Co., Ltd. Apr 2026 Representative Director, President, Harashin Co., Ltd. (current) Apr 2026 Representative Director, President, Narus Co., Ltd. (current) Apr 2026 Representative Director, President, Harashin Narus Operation Service Co., Ltd. (current)
1967-02-22
Bungo YAMAGISHI
Director, Vice President and CFO; Executive Officer, General Manager of Logistics Planning Department
Mar 1979 Joined Kitanihon Shokuhin Kogyo Co., Ltd. (now Bourbon Corporation) Jan 1986 Joined the Company Jun 1998 General Manager, Accounting Department, the Company Jun 1998 Director, the Company Jun 2000 Managing Director, the Company Mar 2003 General Manager, Management Planning Department, the Company May 2007 Senior Managing Director, Harashin Co., Ltd. May 2007 Executive Officer, the Company (current) May 2007 In charge of Management Planning Office and Internal Control Management Office, the Company Oct 2007 Director, Itec Co., Ltd. (current) May 2008 General Supervisor, Management Planning and Logistics, the Company Apr 2012 In charge of Finance, Accounting, Management Planning, Store Development, Store Planning and Logistics, the Company Jun 2012 Senior Managing Director, Harashin Narus Operation Service Co., Ltd. Jun 2012 Senior Managing Director, the Company Jul 2019 General Manager, Logistics Planning Department, the Company (current) Oct 2020 Director, Fressei Co., Ltd. (current) Jun 2022 Senior Managing Director, Narus Co., Ltd. Mar 2023 Director, Vice President, the Company (current) Mar 2023 CFO, the Company (current) Mar 2023 Director, Vice President, Harashin Co., Ltd. (current) Mar 2023 Director, Vice President, Narus Co., Ltd. (current) Mar 2023 Director, Vice President, Harashin Narus Operation Service Co., Ltd. (current)
1956-09-24
Manabu NAKAGAWA
Senior Managing Director and CMDO
Apr 1981 Joined Seiyu Co., Ltd. Sep 2008 Joined the Company Apr 2009 General Manager, Grocery Department, Merchandising Division, Harashin Narus Logitech Co., Ltd. (now Harashin Narus Operation Service Co., Ltd.) Mar 2015 General Manager, Merchandising Division, Harashin Narus Operation Service Co., Ltd. (current) Jun 2016 Executive Officer, the Company Jun 2016 Director, the Company May 2022 Managing Director, Harashin Narus Operation Service Co., Ltd. Jun 2022 Managing Director, Harashin Co., Ltd. Jun 2022 Managing Director, Narus Co., Ltd. Jun 2022 Managing Director, the Company Mar 2025 CMDO, the Company (current) Mar 2026 Representative Director, President, Axial Label Co., Ltd. (current) Apr 2026 Representative Director, President, Hara Net Order G.K. (current) May 2026 Senior Managing Director, Harashin Narus Operation Service Co., Ltd. (current) Jun 2026 Senior Managing Director, Harashin Co., Ltd. (current) Jun 2026 Senior Managing Director, Narus Co., Ltd. (current) Jun 2026 Senior Managing Director, the Company (current)
1957-11-17
Hitoshi HAYAKAWA
Director
Mar 1980 Joined the Company Apr 2002 General Manager, Work Systems Department, the Company Jul 2006 Director, Harashin Co., Ltd. Apr 2009 Executive Officer, the Company Apr 2009 General Manager, Sales Planning Division, the Company Apr 2012 General Manager, Sales Planning Department, the Company Oct 2013 Executive Officer, Harashin Narus Operation Service Co., Ltd. Oct 2013 General Manager, Sales Planning Department, Harashin Narus Operation Service Co., Ltd. Mar 2015 General Manager, Fresh Food Department, Merchandising Division, Harashin Narus Operation Service Co., Ltd. Mar 2018 Representative Director, President, Lowry Co., Ltd. Jun 2018 Executive Officer, the Company Jun 2018 Director, the Company (current) Mar 2023 Representative Director, President, Fressei Co., Ltd. (current) Mar 2023 Director, Lowry Co., Ltd. (current)
1958-01-03
Masanori MARUYAMA
Director and CHRO; Executive Officer, General Manager of Human Resources Planning Department
Apr 1989 Joined the Company Apr 2005 General Manager, HTS and CSR Office, the Company Apr 2007 General Manager, Internal Control Management Office, the Company Apr 2010 General Manager, TQM Promotion Office, the Company Apr 2012 Executive Officer, Harashin Narus Operation Service Co., Ltd. Apr 2012 General Manager, TQM and CSR Department, Harashin Narus Operation Service Co., Ltd. May 2019 General Manager, Human Resources and Training Department, Harashin Narus Operation Service Co., Ltd. May 2019 Director, Lowry Co., Ltd. (current) Mar 2020 General Manager, Human Resources and Training Department and TQM and CSR Department, Harashin Narus Operation Service Co., Ltd. Jan 2022 Director, Fressei Co., Ltd. (current) Jan 2022 Executive Officer, the Company (current) Jan 2022 General Manager, Human Resources Planning Department, the Company (current) May 2022 Director, Harashin Narus Operation Service Co., Ltd. (current) Jun 2022 Director, Harashin Co., Ltd. (current) Jun 2022 Director, Narus Co., Ltd. (current) Jun 2022 Director, the Company (current) Mar 2023 CHRO, the Company (current)
1966-09-07
Mitsuhiro MIYAJI
Director
Apr 1994 Joined the Company Apr 2001 Meat Buyer, Merchandising Department, the Company Jun 2014 Store Manager, Minami-Mandai Store, Harashin Co., Ltd. Mar 2015 Chief Meat Buyer, Fresh Food Department, Merchandising Division, Harashin Narus Operation Service Co., Ltd. Mar 2018 General Manager, Fresh Food Department, Merchandising Division, Harashin Narus Operation Service Co., Ltd. Mar 2022 Executive Officer, Harashin Narus Operation Service Co., Ltd. Mar 2023 Representative Director, President, Lowry Co., Ltd. (current) Jun 2026 Director, the Company (current)
1971-12-17
Junutaro TSURU
Outside Director
Apr 1981 Joined the Ministry of Construction (now Ministry of Land, Infrastructure, Transport and Tourism) Jul 2003 General Manager, Housing Policy, Urban Development Bureau, Tokyo Metropolitan Government Jan 2007 Director, Building Guidance Division, Housing Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2008 Director General for Research Coordination, Building Research Institute (now National Institute of Building Sciences) May 2011 Deputy Director General, National Institute for Land and Infrastructure Management, Ministry of Land, Infrastructure, Transport and Tourism Jul 2012 Executive Director, Urban Renaissance Agency Sep 2014 President, Nagaoka University of Technology and Design (public university corporation) Apr 2021 General Policy Advisor, City of Nagaoka Jun 2022 Outside Director, the Company (current) Jun 2022 Chairman, Nagaoka Hyakuhyo Foundation Jun 2023 Representative Director, Mirai Hakko Honpo Co., Ltd. (current)
1956-08-12
Hiroki HOSHI
Full-time Corporate Auditor (Outside)
Apr 1984 Joined Hokuetsu Bank, Ltd. (now Daiyon Hokuetsu Bank, Ltd.) Jan 2009 Branch Manager, Teradomari Branch, the same bank Jun 2017 Director, the same bank Jun 2017 General Manager, Head Office Sales Department, the same bank Jun 2019 Managing Director, the same bank Jan 2021 Senior Managing Executive Officer, Daiyon Hokuetsu Bank, Ltd. Jun 2021 Representative Director, Chorei Co., Ltd. Jun 2023 Representative Director, Fuyu Co., Ltd. Oct 2025 Corporate Auditor, Harashin Narus Operation Service Co., Ltd. (current) Nov 2025 Corporate Auditor, Harashin Co., Ltd. (current) Nov 2025 Corporate Auditor, Narus Co., Ltd. (current) Jun 2026 Full-time Corporate Auditor (Outside), the Company (current)
1961-11-14
Ryoji IWASAKI
Full-time Corporate Auditor
Mar 1977 Joined the Company May 2008 General Manager, Training Office, the Company Apr 2012 Executive Officer, the Company Apr 2012 General Manager, Business Systems Department, the Company Oct 2013 Executive Officer, Harashin Narus Operation Service Co., Ltd. Oct 2013 General Manager, Business Systems Department, Harashin Narus Operation Service Co., Ltd. Jun 2016 Corporate Auditor, Narus Co., Ltd. (current) Jun 2016 Full-time Corporate Auditor, the Company (current) Jun 2022 Corporate Auditor, Harashin Narus Operation Service Co., Ltd. (current)
1956-04-19
Tetsuya TAKAHASHI
Full-time Corporate Auditor
Apr 1977 Staff, Shirane City (now Niigata City) Dec 1978 Joined Marshin Foods Co., Ltd. Aug 1981 Joined Fujiwara Shoten Co., Ltd. Jan 1990 Joined the Company Apr 1999 Store Manager, Botanyama Store, the Company Apr 2005 Area Manager, Store Operations Department, the Company Sep 2014 Head of Store Operations, Supervisor Office, Harashin Narus Operation Service Co., Ltd. Jun 2016 Executive Officer, the same company Jun 2016 General Manager, Business Systems Department, the same company May 2023 Senior Managing Director, Harashin Co., Ltd. Jun 2025 Corporate Auditor, Fressei Co., Ltd. (current) Jun 2025 Full-time Corporate Auditor, the Company (current)
1958-06-09
Asako KIKUNO
Outside Director
Apr 1992 Joined NST Niigata Sogo Television Co., Ltd. Apr 1997 Became independent as a freelance announcer Apr 1997 Representative, K Approach (current) May 2008 Board Member, Women's Association, Niigata Chamber of Commerce and Industry (current) Jul 2010 Part-time Lecturer, Faculty of Pharmaceutical Sciences, Niigata University of Pharmacy and Applied Life Sciences (current) Dec 2013 Vice Chairperson, Working Women's Association NPO Apr 2014 Board Member, Niigata New Business Council (current) Jul 2014 Member, Niigata Prefectural Personnel Commission (current) Apr 2016 Visiting Professor, Niigata University of Management, Kamo Gyosei Gakuen Apr 2017 Member, Project Evaluation and Monitoring Committee, Hokuriku Regional Development Bureau Nov 2017 Vice President, Women's Association, Niigata Chamber of Commerce and Industry Jun 2019 Board Member, Tohoku Revitalization Research Center Foundation (current) Apr 2020 Program Review Committee Member, NST Niigata Sogo Television Co., Ltd. Jun 2021 Outside Director, the Company (current) Sep 2022 Member, Niigata City Protection of Citizens Council (current)
1969-08-21
Maki TAKANO
Outside Director
Apr 2000 Joined Fuji Xerox Office Supply Co., Ltd. Sep 2005 Joined Furuta Management Co., Ltd. Sep 2006 Joined AP Outsourcing Co., Ltd. Jun 2011 Registered as Certified Social Insurance and Labor Consultant Jun 2011 Representative, Takano Social Insurance and Labor Consultant Office (current) Jun 2023 Representative Partner, Work Shift G.K. (current) Jun 2026 Outside Director, the Company (current)
1976-09-16
Yoshihito SAITO
Corporate Auditor (Outside)
Apr 1975 Joined Daishi Bank, Ltd. (now Daiyon Hokuetsu Bank, Ltd.) Jun 1997 Branch Manager, New York Branch, the same bank Jun 1999 Deputy General Manager, Head Office Sales Department, the same bank Feb 2001 General Manager, Management Supervision Office, the same bank Jul 2001 General Manager, Management Supervision Department, the same bank Jun 2003 Branch Manager, Shibata Branch, the same bank Jun 2004 Director, the same bank Jun 2005 Branch Manager, Takada Branch, the same bank Jun 2006 General Manager, Human Resources Department, the same bank Apr 2007 Managing Director, the same bank Jun 2011 Senior Managing Director and Representative Director, the same bank Jun 2012 Deputy President and Representative Director, the same bank Jun 2016 Chairman and Representative Director, Daishi Securities Co., Ltd. (now Daiyon Hokuetsu Securities Co., Ltd.) Apr 2018 Director General, Niigata Prefectural Museum of History Jun 2018 Corporate Auditor (Outside), the Company (current) Aug 2021 Member, Niigata Prefectural Public Safety Commission (current) Aug 2024 Chairperson, Niigata Prefectural Public Safety Commission
1952-11-05
Large Shareholding Reports
Ueki Asset Management Co., Ltd.
2026-10-07
2.57%→2.57%
Ueki Asset Management Co., Ltd.
2026-01-29
2.57%→2.57%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Ueki Asset Management Co., Ltd.
2026-01-29
2.57%→2.57%
Kazuhiko HARA
2025-12-03
2.98%→2.99%
Annual report (as of 2026-03-31): 3.16%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-07
Large Shareholding Report
TDnet
2026-08-04
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-03
Q3 Earnings Flash
FY ending Mar 2026
EDINETAmended
2026-01-29
Change Report
EDINET
2026-01-29
Large Shareholding Report
EDINET
2025-12-03
Large Shareholding Report
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-05
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-18
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-04
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-09
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-11
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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