Financials

Tsuruha Holdings: 28 fiscal years of results, 1990–2026

Revenue · FYE Feb 2026
¥1.45tn
Operating profit · FYE Feb 2026
¥63bn
Net profit · FYE Feb 2026
¥43bn
Total assets
¥1.65tn
Equity ratio
53.1%
Fiscal years on record
28 · 1990–2026

This page carries 28 fiscal years of results, from 1990 to 2026. 9 years in that range carry no figure on record and are left out rather than interpolated. It is stitched from 2 sources — securities reports for the modern years, and company yearbooks or printed corporate histories for the older ones. Each column in the table below is footnoted with the one it came from. Revenue is at its highest on record in the latest year filed. No year on record closed in a net loss.

Tsuruha Holdings: long-term performance & turning pointsSales (revenue) and profit-margin ratio
Sales (¥ bn)Net margin (%)
Long-term results, every fiscal year on record (¥ bn). Scroll sideways for earlier years.
Fiscal year Unit 1990 *1 FYE May 1991 *1 FYE May 1992 *1 FYE May 1993 *1 FYE May 1996 *2 FYE May 1997 *2 FYE May 1998 *2 FYE May 2006 FYE May 2007 FYE May 2008 FYE May 2009 FYE May 2010 FYE May 2011 FYE May 2012 FYE May 2013 FYE May 2014 FYE May 2015 FYE May 2016 FYE May 2017 FYE May 2018 FYE May 2019 FYE May 2020 FYE May 2021 FYE May 2022 FYE May 2023 FYE May 2024 FYE May 2025 FYE Feb 2026 FYE Feb
Revenue JPY ¥16bn¥15bn¥18bn¥20bn¥34bn¥43bn¥50bn¥158bn¥174bn¥228bn¥252bn¥280bn¥300bn¥321bn¥343bn¥389bn¥440bn¥528bn¥577bn¥673bn¥782bn¥841bn¥919bn¥916bn¥970bn¥1.03tn¥846bn¥1.45tn
YoY % -8.2%+22.8%+10.7%+24.2%+16.2%+10.2%+31.2%+10.6%+11.1%+7.1%+7.1%+6.9%+13.3%+13.4%+19.8%+9.4%+16.7%+16.2%+7.5%+9.3%-0.4%+5.9%+5.9%-17.7%+71.5%
Operating profit JPY ¥7.4bn¥8.7bn¥10bn¥11bn¥12bn¥16bn¥19bn¥22bn¥24bn¥27bn¥31bn¥35bn¥40bn¥42bn¥45bn¥48bn¥41bn¥46bn¥47bn¥38bn¥63bn
YoY % +17.6%+16.1%+5.0%+16.0%+28.5%+20.9%+15.2%+9.5%+11.6%+16.4%+12.8%+13.9%+4.0%+7.7%+7.6%-16.1%+12.3%+3.5%-19.7%+66.2%
Ordinary profit JPY ¥1.1bn¥1.7bn¥2.1bn¥7.9bn¥9.3bn¥11bn¥11bn¥13bn¥17bn¥20bn¥24bn¥25bn¥28bn¥33bn¥37bn¥42bn¥43bn¥46bn¥48bn¥40bn¥46bn¥48bn¥38bn¥63bn
Net profit JPY ¥0.5bn¥0.8bn¥1.0bn¥4.8bn¥5.0bn¥6.3bn¥5.4bn¥6.6bn¥7.9bn¥11bn¥14bn¥15bn¥17bn¥19bn¥23bn¥25bn¥25bn¥28bn¥26bn¥21bn¥25bn¥22bn¥17bn¥43bn
YoY % +60.0%+25.0%+4.2%+26.0%-14.3%+22.2%+19.7%+34.2%+27.4%+8.1%+17.8%+12.2%+20.2%+6.9%0.0%+12.5%-5.7%-18.6%+18.2%-14.2%-20.7%+148.3%
Operating margin % 4.7%5.0%4.4%4.2%4.4%5.3%6.0%6.4%6.2%6.1%5.9%6.1%6.0%5.3%5.4%5.3%4.4%4.7%4.6%4.5%4.3%
Net margin % 1.5%1.9%2.0%3.0%2.9%2.8%2.1%2.4%2.6%3.3%3.9%3.8%3.9%3.7%4.0%3.7%3.2%3.3%2.9%2.3%2.6%2.1%2.0%2.9%
Standard Japanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAP
Basis Parent onlyParent onlyParent onlyParent onlyParent onlyParent onlyParent onlyConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidated
  • *1 "有力ドラッグチェーンと新業態化戦略の全貌(日本経営情報, 1994 edition
  • *2 有価証券報告書「業績の推移」(単体)
Cost structure Cost of sales SG&A Operating profit Operating margin

Where each yen of revenue goes — cost of sales, SG&A and what is left as operating profit (¥ bn, stacked)

Revenue and its cost lines, every year the breakdown was filed (¥ bn).
Fiscal year Unit 2006 *1 FYE May 2007 *1 FYE May 2008 *1 FYE May 2009 *1 FYE May 2010 *1 FYE May 2011 *1 FYE May 2012 *1 FYE May 2013 *1 FYE May 2014 *1 FYE May 2015 *1 FYE May 2016 *1 FYE May 2017 *1 FYE May 2018 *1 FYE May 2019 *1 FYE May 2020 *1 FYE May 2021 *1 FYE May 2022 *1 FYE May 2023 *1 FYE May 2024 *1 FYE May 2025 *1 FYE Feb 2026 *1 FYE Feb
Revenue JPY ¥157bn¥174bn¥228bn¥252bn¥280bn¥300bn¥321bn¥343bn¥388bn¥440bn¥528bn¥577bn¥673bn¥782bn¥841bn¥919bn¥916bn¥970bn¥1.03tn¥846bn¥1.45tn
YoY % +10.2%+31.2%+10.6%+11.1%+7.1%+7.1%+6.9%+13.2%+13.4%+19.8%+9.4%+16.7%+16.2%+7.5%+9.3%-0.4%+5.9%+5.9%-17.7%+71.5%
Cost of sales JPY ¥117bn¥128bn¥165bn¥183bn¥203bn¥216bn¥230bn¥246bn¥279bn¥316bn¥378bn¥412bn¥480bn¥559bn¥597bn¥653bn¥644bn¥677bn¥715bn¥588bn¥1.01tn
SG&A JPY ¥33bn¥37bn¥52bn¥58bn¥65bn¥68bn¥72bn¥75bn¥85bn¥97bn¥118bn¥130bn¥153bn¥182bn¥199bn¥218bn¥231bn¥248bn¥265bn¥220bn¥381bn
Operating profit JPY ¥7.4bn¥8.7bn¥10bn¥11bn¥12bn¥16bn¥19bn¥22bn¥24bn¥27bn¥31bn¥35bn¥40bn¥42bn¥45bn¥48bn¥41bn¥46bn¥47bn¥38bn¥63bn
YoY % +18.1%+16.7%+4.2%+16.1%+28.6%+20.9%+15.4%+9.5%+11.6%+16.5%+12.6%+14.0%+4.0%+7.6%+7.5%-16.1%+12.3%+3.5%-19.6%+66.4%
Operating margin % 4.7%5.0%4.5%4.2%4.4%5.3%5.9%6.4%6.2%6.1%5.9%6.1%6.0%5.3%5.4%5.3%4.4%4.7%4.6%4.5%4.3%
Change pp +0.3pp-0.5pp-0.3pp+0.2pp+0.9pp+0.6pp+0.5pp-0.2pp-0.1pp-0.2pp+0.2pp-0.1pp-0.7pp+0.1pp-0.1pp-0.9pp+0.3pp-0.1pp-0.1pp-0.2pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Balance sheet Total assets Equity Interest-bearing debt Equity ratio

Total assets, equity and interest-bearing debt (¥ bn), with the equity ratio (%)

Balance-sheet totals, every year on record (¥ bn).
Fiscal year Unit 2012 *1 FYE May 2013 *1 FYE May 2014 *1 FYE May 2015 *1 FYE May 2016 *1 FYE May 2017 *1 FYE May 2018 *1 FYE May 2019 *1 FYE May 2020 *1 FYE May 2021 *1 FYE May 2022 *1 FYE May 2023 *1 FYE May 2024 *1 FYE May 2025 *1 FYE Feb 2026 *1 FYE Feb
Total assets JPY ¥143bn¥163bn¥193bn¥214bn¥294bn¥282bn¥338bn¥372bn¥414bn¥537bn¥562bn¥540bn¥550bn¥583bn¥1.65tn
YoY % +14.0%+18.9%+10.5%+37.3%-3.9%+19.8%+10.2%+11.2%+29.7%+4.7%-4.0%+1.8%+6.2%+182.5%
Equity JPY ¥88bn¥104bn¥120bn¥132bn¥152bn¥167bn¥192bn¥206bn¥235bn¥255bn¥260bn¥278bn¥282bn¥282bn¥876bn
YoY % +17.8%+15.3%+9.8%+15.7%+9.5%+15.1%+7.4%+13.9%+8.4%+2.2%+6.9%+1.2%+0.2%+210.5%
Interest-bearing debt JPY ¥0.3bn¥6.5bn¥5.3bn¥4.1bn¥9.6bn¥7.2bn¥34bn¥47bn¥39bn¥32bn¥33bn¥140bn
Equity ratio % 62.0%64.0%62.0%61.6%51.9%59.2%56.8%55.4%56.8%47.4%46.3%51.6%51.2%48.4%53.1%
Change pp +2.0pp-2.0pp-0.4pp-9.7pp+7.3pp-2.4pp-1.4pp+1.4pp-9.4pp-1.1pp+5.3pp-0.4pp-2.8pp+4.7pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Cash flow Operating CF Investing CF Financing CF

Cash generated by operations, spent on investment and raised or repaid in financing (¥ bn)

Cash flows as filed, every year on record (¥ bn). A negative figure is cash out.
Fiscal year Unit 2006 *1 FYE May 2007 *1 FYE May 2008 *1 FYE May 2009 *1 FYE May 2010 *1 FYE May 2011 *1 FYE May 2012 *1 FYE May 2013 *1 FYE May 2014 *1 FYE May 2015 *1 FYE May 2016 *1 FYE May 2017 *1 FYE May 2018 *1 FYE May 2019 *1 FYE May 2020 *1 FYE May 2021 *1 FYE May 2022 *1 FYE May 2023 *1 FYE May 2024 *1 FYE May 2025 *1 FYE Feb 2026 *1 FYE Feb
Operating CF JPY ¥3.8bn¥7.1bn¥7.4bn¥9.2bn¥19bn¥15bn¥0.4bn¥14bn¥14bn¥24bn¥49bn¥3.7bn¥27bn¥34bn¥41bn¥76bn¥36bn¥0.8bn¥52bn¥65bn¥85bn
YoY % +89.1%+4.0%+24.4%+106.3%-19.5%-97.5%+3552.2%-3.1%+73.8%+106.5%-92.5%+635.1%+23.9%+20.6%+88.2%-53.1%-97.8%+6363.2%+24.4%+30.8%
Investing CF JPY -¥2.1bn-¥10bn-¥5.3bn-¥6.7bn-¥4.2bn-¥4.0bn-¥1.0bn-¥19bn-¥4.4bn-¥14bn-¥6.8bn-¥24bn-¥17bn-¥25bn-¥17bn-¥30bn-¥28bn-¥30bn-¥36bn-¥20bn-¥20bn
Financing CF JPY ¥11bn-¥0.9bn-¥1.9bn-¥2.6bn-¥2.3bn-¥2.4bn-¥1.9bn-¥1.8bn-¥8.6bn-¥7.6bn-¥3.0bn-¥6.2bn-¥8.5bn-¥9.1bn-¥10bn¥13bn¥3.1bn-¥19bn-¥36bn-¥11bn-¥39bn
Cash & equivalents JPY ¥16bn¥12bn¥14bn¥14bn¥27bn¥36bn¥33bn¥27bn¥27bn¥30bn¥69bn¥42bn¥44bn¥44bn¥57bn¥116bn¥127bn¥79bn¥59bn¥93bn¥201bn
YoY % -25.0%+19.5%-0.7%+87.6%+33.4%-6.9%-19.7%+2.8%+9.6%+131.5%-38.7%+3.8%-1.0%+30.3%+104.4%+9.0%-37.8%-25.8%+58.2%+117.4%
  • *1 Securities report (yuka shoken hokokusho), as filed
Key ratios Operating margin Net margin ROE Equity ratio

Profitability and balance-sheet strength (%). ROE uses year-end equity.

Ratios by fiscal year (%), with the year-on-year move in percentage points. Derived from the filed figures above.
Fiscal year Unit 2006 *1 FYE May 2007 *1 FYE May 2008 *1 FYE May 2009 *1 FYE May 2010 *1 FYE May 2011 *1 FYE May 2012 *1 FYE May 2013 *1 FYE May 2014 *1 FYE May 2015 *1 FYE May 2016 *1 FYE May 2017 *1 FYE May 2018 *1 FYE May 2019 *1 FYE May 2020 *1 FYE May 2021 *1 FYE May 2022 *1 FYE May 2023 *1 FYE May 2024 *1 FYE May 2025 *1 FYE Feb 2026 *1 FYE Feb
Operating margin % 4.7%5.0%4.5%4.2%4.4%5.3%5.9%6.4%6.2%6.1%5.9%6.1%6.0%5.3%5.4%5.3%4.4%4.7%4.6%4.5%4.3%
Change pp +0.3pp-0.5pp-0.3pp+0.2pp+0.9pp+0.6pp+0.5pp-0.2pp-0.1pp-0.2pp+0.2pp-0.1pp-0.7pp+0.1pp-0.1pp-0.9pp+0.3pp-0.1pp-0.1pp-0.2pp
Net margin % 3.0%2.9%2.7%2.1%2.3%2.6%3.3%3.9%3.7%3.9%3.7%4.0%3.7%3.2%3.3%2.9%2.3%2.6%2.1%2.0%2.9%
Change pp -0.1pp-0.2pp-0.6pp+0.2pp+0.3pp+0.7pp+0.6pp-0.2pp+0.2pp-0.2pp+0.3pp-0.3pp-0.5pp+0.1pp-0.4pp-0.6pp+0.3pp-0.5pp-0.1pp+0.9pp
ROE % 12.0%12.9%12.1%13.1%12.7%13.9%12.9%12.0%11.9%10.3%8.2%9.1%7.7%6.1%4.9%
Change pp +0.9pp-0.8pp+1.0pp-0.4pp+1.2pp-1.0pp-0.9pp-0.1pp-1.6pp-2.1pp+0.9pp-1.4pp-1.6pp-1.2pp
Equity ratio % 62.0%64.0%62.0%61.6%51.9%59.2%56.8%55.4%56.8%47.4%46.3%51.6%51.2%48.4%53.1%
Change pp +2.0pp-2.0pp-0.4pp-9.7pp+7.3pp-2.4pp-1.4pp+1.4pp-9.4pp-1.1pp+5.3pp-0.4pp-2.8pp+4.7pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Revenue in US dollars Revenue (US$m)

The revenue line above, converted at the average ¥/US$ rate of each figure’s own year — never today’s.

Between 1990–2026, Tsuruha Holdings’s revenue grew 92-fold in yen (13.4% a year). Converted at each year’s own average rate, the same span is 84-fold in dollars (13.1% a year), from $109m to $9.2bn. The two are close, so little of the growth is a currency effect.

Revenue in millions of US dollars, converted at each year’s own average rate, with the yen figure as filed and the rate applied.
Fiscal year Unit 1990 *4 FYE May 1991 *4 FYE May 1992 *4 FYE May 1993 *4 FYE May 1996 *4 FYE May 1997 *4 FYE May 1998 *4 FYE May 2006 *4 FYE May 2007 *4 FYE May 2008 *4 FYE May 2009 *4 FYE May 2010 *4 FYE May 2011 *4 FYE May 2012 *4 FYE May 2013 *4 FYE May 2014 *4 FYE May 2015 *4 FYE May 2016 *4 FYE May 2017 *4 FYE May 2018 *4 FYE May 2019 *4 FYE May 2020 *4 FYE May 2021 *4 FYE May 2022 *4 FYE May 2023 *4 FYE May 2024 *4 FYE May 2025 *4 FYE Feb 2026 *4,5 FYE Feb
Revenue USD $109m$108m$141m$177m$315m$352m$378m$1.4bn$1.5bn$2.2bn$2.7bn$3.2bn$3.8bn$4.0bn$3.5bn$3.7bn$3.6bn$4.8bn$5.1bn$6.1bn$7.2bn$7.9bn$8.4bn$7.0bn$6.9bn$6.8bn$5.7bn$9.2bn
YoY % -1.2%+30.4%+26.1%+11.6%+7.4%+8.8%+49.6%+22.2%+18.4%+17.8%+7.1%-12.6%+4.4%-0.9%+33.2%+6.2%+18.5%+17.7%+9.7%+6.3%-16.8%-1.0%-1.8%-16.7%+62.3%
Revenue as filed JPY ¥16bn¥15bn¥18bn¥20bn¥34bn¥43bn¥50bn¥158bn¥174bn¥228bn¥252bn¥280bn¥300bn¥321bn¥343bn¥389bn¥440bn¥528bn¥577bn¥673bn¥782bn¥841bn¥919bn¥916bn¥970bn¥1.03tn¥846bn¥1.45tn
Rate applied ¥/US$ ¥144.81¥134.51¥126.67¥111.18¥108.77¥121.02¥130.89¥116.28¥117.77¥103.33¥93.53¥87.77¥79.78¥79.79¥97.60¥105.84¥121.02¥108.84¥112.16¥110.40¥109.01¥106.78¥109.78¥131.37¥140.51¥151.50¥149.65¥158.16
  • *1 1949-1971: Fixed Bretton Woods peg ¥360/$ (Dodge Line 1949; Smithsonian ¥308 from Dec 1971).
  • *2 1972: Smithsonian peg ¥308/$ (held until Feb 1973 float).
  • *3 1973-1979: JIL (Japan Institute for Labour Policy and Training) g0001.xlsx — fiscal-year (Apr–Mar) basis, integer-rounded. PROVISIONAL; upgrade to BOJ FXERM07 calendar-year later.
  • *4 1980-2026: Bank of Japan stat-search FM08'FXERM07 (Tokyo market, USD/JPY spot, 17:00 fixing, monthly average) — calendar-year average of monthly averages.
  • *5 Provisional — part-year average, not a full calendar year.

Every rate used, and where it comes from →

Reporting basis

Which accounting standard each stretch of the series was filed under, and whether the accounts are consolidated.

The series crosses 2 reporting regimes — parent-only Japanese GAAP for 1990–1998; and consolidated Japanese GAAP for 2006–2026. Figures are not strictly comparable across a change of basis: consolidation in particular adds subsidiaries that were previously outside the accounts.

Reporting regimes across the long series, oldest first.
Fiscal years Standard Basis Years
1990–1998 Japanese GAAP parent-only 7
2006–2026 Japanese GAAP consolidated 21
Download the long-term series (CSV) → Compiled from securities reports and other public filings. We do not guarantee accuracy or currency, and do not track post-filing corrections. Check the primary sources before relying on these figures.

All figures are in Japanese yen as filed. Where a foreign-currency comparison is needed elsewhere on this site, yen amounts are converted at the average rate of each figure's own year — not today's rate. Exchange rates & sources →

Read the company history → 日本語版(詳細)— full financial data in Japanese →



Data API

Tsuruha Holdings’s history, financials, executives and shareholders are published as static JSON — no key, plain GET. Full specification →

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