Tsuruha Holdings Inc.

Tsuruha Holdings Inc.

TSUSF
Tsuruha Holdings Inc.US flagOther OTC
17.25
USD
- -
- -
4.20BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2026 Y
TTM
Revenue per Share
1,448.43
1,628.45
1,854.54
2,215.22
2,407.16
2,797.68
3,239.14
3,477.84
3,791.66
3,772.56
3,993.41
4,227.07
- -
2,104.47
Basic EPS, GAAP
56.84
61.05
72.47
81.15
96.91
103.05
102.77
115.37
108.4
88.12
103.98
89.45
- -
33.04
Free Cash Flow per Basic Share
48.1
38.05
77.76
176.52
-19.76
71.97
101.25
108.79
254.53
52.63
-106.55
68.23
- -
- -
Dividend per Share
11.22
14.48
14.65
19.32
23.57
31.17
29.77
29.79
35.28
33.4
40
55.4
- -
- -
Book Value per Share
314.13
358.97
421.32
483.09
537.81
609.88
682.72
768.65
843.75
894.16
957.88
991.78
- -
999.57
Tangible Book Value per Share
396.68
434.16
480.93
574.92
643.28
726.13
759.26
900.13
973.9
1,013.57
1,107.91
1,135.32
- -
1,142.37
Basic Weighted Avg Shares
237
239
237
238
240
241
242
242
242
243
243
243
- -
243
Sales/Revenue/Turnover
343,019
388,465
440,427
527,508
577,088
673,238
782,447
841,036
919,303
915,700
970,079
1,027,462
1,450,585
511,749
Operating Margin (%)
6.41
6.2
6.11
5.94
6.11
5.98
5.35
5.35
5.26
4.43
4.7
4.59
4.35
4.31
Depreciation Expense
3,313
4,195
5,552
6,803
7,579
8,934
11,509
11,502
13,291
14,663
16,555
18,000
30,696
- -
Net Income, GAAP
13,461
14,563
17,210
19,323
23,232
24,798
24,824
27,899
26,283
21,388
25,258
21,743
42,670
8,034
Effective Tax Rate (%)
41.18
40.53
41.36
37.11
32.65
34.97
35.44
30.58
35.87
35.15
34.09
36.12
31.62
35.52
Profit Margin (%)
3.92
3.75
3.91
3.66
4.03
3.68
3.17
3.32
2.86
2.34
2.6
2.12
2.94
1.57
Working Capital
49,980
46,514
47,130
55,621
65,016
54,450
58,047
75,502
99,566
114,901
110,973
92,120
131,843
93,541
LT Debt
60
200
189
7,239
5,850
6,971
11,307
9,195
31,045
47,769
43,460
41,402
154,796
38,438
Total Equity
104,137
120,054
131,791
155,287
170,339
203,987
220,212
250,932
276,526
284,044
304,142
305,295
895,705
306,859
Return on Invested Capital (%)
12.62
12.11
11.87
12.74
13.36
12.91
11.65
12.13
10.39
7.85
8.43
8.23
5.77
3.9
Return on Capital (%)
19.3
17.27
18.14
16.92
16.9
15.24
12.71
12.65
9.8
6.73
7.46
6.39
10.18
2.29
Return on Common Equity (%)
19.59
18.2
18.54
17.97
19.04
17.99
15.93
15.91
13.46
10.15
11.23
9.18
16.51
3.31

Capital Structure

FRC

in mil. unless spec.
May'24
Aug'26
Nov'26
ST Debt
8,637
- -
8,136
LT Borrowings
25,075
- -
22,100
LT Finance Leases
16,327
- -
16,338
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
243
- -
243
Market Capitalization
581,906
419,214
400,734

Working Capital

FRC

in mil. unless spec.
May'24
Aug'26
Nov'26
Total Current Assets
273,482
- -
279,528
Cash, Cash Equivalents & STI
58,688
- -
64,457
Accounts Receivable, Net
47,504
- -
49,394
Inventories
147,173
- -
148,187
Total Current Liabilities
181,362
- -
185,987
Payables & Accruals
- -
- -
- -
ST Debt
8,637
- -
8,136
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
28.29%
42.75%
193.39%
Free Cash Flow
-57.34%
-34.6%
238.42%
Net Income, GAAP
12.78%
15.2%
96.25%
Sales/Revenue/Turnover
13.15%
12.39%
41.18%
Total Cash Common Dividend
14.45%
12.13%
-11.3%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
259,827
255,886
258,400
253,349
1,027,462
2026
- -
- -
- -
- -
1,450,585

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
34.03
- -
- -
- -
89.45
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
55.4
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Jun Tsuruha
Full Time Employees
11,620
Sector
Healthcare
Industry
Medical - Pharmaceuticals
Address
20-1-21, Kita 24 Johigashi Sapporo Japan 065-0024
IPO Date
Jan 14, 2014
Business
Tsuruha Holdings Inc. operates primarily as a holding company managing subsidiaries that operate a wide network of drugstores across Japan. Its core products and services include retail sales of pharmaceuticals, prescription medicines, over-the-counter drugs, cosmetics, health foods, dietary supplements, daily necessities, and miscellaneous goods. The company also provides dispensing pharmacy services, pharmaceutical training and counseling, private brand product development and sales promotion, mail order services, insurance agency services, and real estate leasing related to its retail operations. Tsuruha manages its drugstore chains and dispensing pharmacies concentrated in key Japanese regions including Hokkaido, Tohoku, Kanto, Koshinetsu, Chugoku, Kyushu, and major prefectures like Shizuoka, Aichi, and Hiroshima. Founded in 1963 and headquartered in Sapporo, Japan, Tsuruha Holdings serves a broad customer base that includes retail consumers seeking healthcare and lifestyle products, as well as patients requiring pharmaceutical dispensing services. The company operates through several business divisions such as Drugstore, Dispensing, Nursing, Mail Order, and Group Support businesses, with a workforce exceeding 11,000 employees. In the most recent major developments, Tsuruha Holdings is undergoing a significant business integration with WELCIA HOLDINGS CO., LTD. via a stock swap scheduled for December 2025, followed by a tender offer completion by AEON CO., LTD. in January 2026, after which Tsuruha is expected to announce a new Medium-Term Management Plan outlining its post-integration strategy and growth objectives. This integration aims to expand its scale and competitiveness in Japan’s drugstore sector. Additionally, Tsuruha plans to launch new private brand products in spring 2026 in collaboration with Welcia. The company maintains a strong cash position to support its integration and continuous investments in store expansions and renovations. Tsuruha also backs AEON’s tender offer, positioning itself for a closer strategic alliance with AEON Group in its growth trajectory. Overall, Tsuruha Holdings is a leading player in Japan’s consumer health retail and pharmaceutical dispensing sectors, operating with a broad product portfolio and regional presence, and currently in a strategic phase of consolidation and expansion through partnership and integration with major industry players.