141A
TRIAL Holdings, Inc.
株式会社トライアルホールディングス
Retail Trade
TRIAL Holdings, Inc. operates in the retail, logistics, financial / payment services, and retail tech businesses. The company operates through Retail Distribution and Retail AI business segments. The company operates mega center, supermarket center, smart, and small store that provides foods, including fresh and processed foods; and daily necessities, such as consumables; non-food items, such as home appliances and clothing. It also offers various solutions utilizing IoT devices, and software services. In addition, the company is involved in the real estate, restaurant, and resort business; operates golf courses and inns; and operates a retail chain selling groceries, apparel, household goods, etc. TRIAL Holdings, Inc. was founded in 1974 and is headquartered in Fukuoka City, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2026
TDnet
FY 2025
EDINET ↗
FY 2024
EDINET ↗
Net Sales
—
¥803.8B
¥717.9B
Cost of Sales
—
¥639.0B
¥575.6B
Gross Profit
—
¥164.8B
¥142.4B
SG&A
—
¥146.5B
¥125.7B
Operating Income
—
¥21.1B
¥19.2B
Non-Operating Income
—
¥1.5B
¥1.4B
Non-Operating Expenses
—
¥423M
¥723M
Interest Expense
—
¥70M
¥88M
Ordinary Income
—
¥22.2B
¥19.8B
Pre-tax Income
—
¥19.8B
¥18.7B
Income Taxes
—
¥7.6B
¥6.9B
Current Tax
—
¥8.6B
¥7.8B
Deferred Tax
—
¥-924M
¥-932M
Net Income (owners)
¥1M
¥11.8B
¥11.4B
Minority Interest
—
¥437M
¥398M
Comprehensive Income
—
¥11.9B
¥12.1B
EBITDA
—
¥34.9B
¥31.2B
Goodwill Amort. (J-GAAP)
—
—
¥72M
EPS
—
¥96.23
¥109.77
Shares Outstanding
—
122.3M
121.9M
Shares Issued (total)
—
122.4M
122.3M
Treasury Shares
—
0.1M
0.4M
Metric
FY 2026
TDnet
FY 2025
EDINET ↗
FY 2024
EDINET ↗
Total Assets
—
¥300.3B
¥283.6B
Current Assets
—
¥143.2B
¥152.3B
Cash & Deposits
—
¥72.3B
¥91.9B
Trade Receivables
—
¥3.3B
¥1.2B
Inventories
—
¥56.3B
¥46.0B
Non-Current Assets
—
¥157.1B
¥131.3B
PP&E
—
¥136.5B
¥113.7B
Intangible Assets
—
¥2.8B
¥1.9B
Investment Securities
—
¥5.7B
¥5.8B
Deferred Tax Assets
—
¥3.8B
¥2.9B
Total Liabilities
—
¥171.3B
¥165.4B
Current Liabilities
—
¥151.1B
¥143.0B
ST Debt
—
¥29.5B
¥3.9B
Taxes Payable
—
¥5.0B
¥5.4B
Non-Current Liabilities
—
¥20.2B
¥22.4B
Total LT Borrowings
—
¥9.0B
¥12.2B
Total Equity
—
¥129.0B
¥118.2B
Capital Stock
—
¥19.8B
¥19.8B
Capital Surplus
—
¥23.6B
¥23.2B
Retained Earnings
—
¥81.9B
¥72.0B
Treasury Stock
—
¥-105M
¥-529M
AOCI
—
¥930M
¥1.2B
Equity (owners)
—
¥125.2B
¥114.4B
Minority Interests
—
¥2.9B
¥2.5B
Total Interest-Bearing Debt ⓘ
—
¥38.6B
¥16.1B
Net Cash ⓘ
—
¥33.8B
¥75.8B
NCAV ⓘ
—
¥-28.1B
¥-13.1B
NCAV/Share
—
¥-230
¥-108
BV/Share
—
¥1,024
¥938
Metric
FY 2026
TDnet
FY 2025
EDINET ↗
FY 2024
EDINET ↗
Operating CF
—
¥-4.4B
¥59.5B
Interest Paid
—
¥-73M
¥-86M
Interest Received
—
¥147M
¥39M
D&A
—
¥13.8B
¥11.9B
Goodwill Amort.
—
—
¥72M
Investing CF
—
¥-35.9B
¥-26.0B
CapEx
—
¥34.0B
¥22.6B
Purchase Investments
—
—
¥-428M
Proceeds from Invest.
—
¥398M
¥170M
Financing CF
—
¥20.8B
¥34.5B
Dividends Paid
—
¥-1.8B
¥-1.3B
LT Debt Repaid
—
¥-4.1B
¥-4.4B
Free Cash Flow
—
¥-38.4B
¥36.9B
Net Change in Cash
—
¥-19.6B
¥68.0B
Metric
FY 2026
TDnet
FY 2025
EDINET ↗
FY 2024
EDINET ↗
ROE
—
9.7%
12.6%
ROA
—
4.0%
4.0%
EPS
—
¥96.23
¥109.77
DPS
—
¥16.00
¥15.00
BPS
—
¥1,031.30
¥948.64
FCF/Share
—
¥-314
¥303
NCAV/Share
—
¥-230
¥-108
Payout Ratio
—
16.6%
13.7%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 5
Date Activist Stake Event Flag Demands Source
2026-01-30
Heroic investment, Inc.
61.55%
-0.07%
change
Passive
—
2025-02-07
Heroic investment, Inc.
61.62%
change
Passive
—
2025-01-16
Heroic investment, Inc.
61.62%
change
Passive
—
2024-12-16
Heroic investment, Inc.
61.62%
-1.78%
change
Passive
—
2024-03-26
Heroic investment, Inc.
63.4%
initial_5pct
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 1
#
Shareholder
Shares (thou.)
% of Total
1
株式会社ティー・エイチ・シー
66,000,000
53.97%
2
株式会社Heroic investment
9,374,200
7.67%
3
永田 久男
2,165,500
1.77%
4
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
1,846,300
1.51%
5
MORGAN STANLEY & CO. LLC (常任代理人 モルガン・スタンレーMUFG証券株式会社)
1,559,890
1.28%
6
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社(信託口)
1,208,700
0.99%
7
株式会社PALTAC
1,200,000
0.98%
8
サントリー株式会社
1,000,000
0.82%
9
三井物産流通グループ株式会社
1,000,000
0.82%
10
ヤマエ久野株式会社
900,000
0.74%
Domestic Nominees
2.5%
+2.5% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-1.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
68.0%
-3.5% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2024
2025
式会社ティー・エイチ・シー
54.12%
53.97%
-0.15%
式会社Heroic investment
7.69%
7.67%
-0.02%
永田 久男
1.61%
1.77%
+0.16%
日本カストディ銀行
NEW ENTRY
—
—
1.51%
NEW
Morgan Stanley
NEW ENTRY
—
—
1.28%
NEW
日本マスタートラスト信託銀行
NEW ENTRY
—
—
0.99%
NEW
式会社PALTAC
0.98%
0.98%
サントリー
0.82%
0.82%
三井物産流通グループ
0.82%
0.82%
ヤマエ久野
NEW ENTRY
—
—
0.74%
NEW
GIC PRIVATE LIMITED-C
last seen 2024
Exited Top 10
2.63%
—
MSCO CUSTOMER SECURITIES
last seen 2024
Exited Top 10
2.06%
—
Northern Trust
last seen 2024
Exited Top 10
1.34%
—
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)
last seen 2024
Exited Top 10
0.85%
—
Concentration (HHI)
ⓘ
3007
2982
2 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥584M
-8% since 2024
Holdings
1
+1 new
1 exited
Trend
Stable
vs 2024
Held Company
FY2025
¥584M total
FY2024
¥637M total
Book Val ¥M
Shares
Book Val ¥M
Shares
GALILEI CO. LTD.
ガリレイ㈱
584
NEW
New
191,600
—
M
フクシマガリレイ㈱
—
−100%
Exit
—
637
95,800
M
Portfolio total
584
637
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding