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.
| 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 GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | Japanese GAAP | |
| Basis | Parent only | Parent only | Parent only | Parent only | Parent only | Parent only | Parent only | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
- *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)
Where each yen of revenue goes — cost of sales, SG&A and what is left as operating profit (¥ bn, stacked)
| 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
Total assets, equity and interest-bearing debt (¥ bn), with the equity ratio (%)
| 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 generated by operations, spent on investment and raised or repaid in financing (¥ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
Profitability and balance-sheet strength (%). ROE uses year-end equity.
| 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
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.
| 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.
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.
| Fiscal years | Standard | Basis | Years |
|---|---|---|---|
| 1990–1998 | Japanese GAAP | parent-only | 7 |
| 2006–2026 | Japanese GAAP | consolidated | 21 |
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 →
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