9627
AIN HOLDINGS INC.
株式会社アインホールディングス
Retail Trade
Ain Holdings Inc. engages in the management of pharmacies, cosmetic stores, and interior shops in Japan. The company operates and manages dispensing and insurance pharmacies; and sells generic drugs. It is also involved in the provision of management consulting services for medical institutions; dissemination of information on hospital management; and introduction and dispatch of medical personnel, etc. In addition, the company operates cosmetic stores under the AINZ & TULPE; and interior furnishing shops under the Francfranc brand name. Further, it manages convenience stores. The company was formerly known as Ain Pharmaciez Inc. and changed its name to Ain Holdings Inc. in November 2015. Ain Holdings Inc. was incorporated in 1969 and is headquartered in Sapporo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Net Sales
¥456.8B
¥399.8B
¥358.7B
¥316.2B
Cost of Sales
¥382.4B
¥340.3B
¥305.0B
¥266.3B
Gross Profit
¥74.4B
¥59.5B
¥53.7B
¥50.0B
SG&A
¥57.6B
¥39.1B
¥37.7B
¥34.8B
Operating Income
¥16.9B
¥20.4B
¥16.0B
¥15.1B
Non-Operating Income
¥2.1B
¥1.4B
¥1.4B
¥1.3B
Dividend Income
¥36M
¥40M
¥62M
¥45M
Interest Income
¥49M
¥52M
¥54M
¥41M
Non-Operating Expenses
¥859M
¥428M
¥318M
¥421M
Interest Expense
¥264M
¥39M
¥52M
¥38M
Ordinary Income
¥18.1B
¥21.4B
¥17.1B
¥16.0B
Pre-tax Income
¥16.7B
¥19.1B
¥15.9B
¥13.1B
Income Taxes
¥7.4B
¥7.7B
¥6.6B
¥6.0B
Current Tax
¥8.3B
¥8.0B
¥6.8B
¥6.9B
Deferred Tax
¥-843M
¥-309M
¥-205M
¥-899M
Net Income (owners)
¥9.3B
¥11.4B
¥9.2B
¥7.1B
Minority Interest
¥7M
¥7M
¥9M
¥8M
Comprehensive Income
¥9.6B
¥11.8B
¥9.4B
¥7.1B
EBITDA
¥31.0B
¥31.3B
¥25.8B
¥24.1B
Goodwill Amort. (J-GAAP)
¥5.8B
¥4.4B
¥4.3B
¥4.1B
EPS
¥264.32
¥324.64
¥262.87
¥201.47
Shares Outstanding
35.3M
35.3M
35.1M
35.1M
Shares Issued (total)
35.4M
35.4M
35.4M
35.4M
Treasury Shares
0.1M
0.1M
0.3M
0.3M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Total Assets
¥311.9B
¥249.4B
¥231.8B
¥212.5B
Current Assets
¥112.8B
¥110.7B
¥98.3B
¥100.8B
Cash & Deposits
¥26.9B
¥48.6B
¥46.8B
¥59.7B
Trade Receivables
¥22.3B
¥15.9B
¥13.2B
—
Inventories
¥35.6B
¥24.3B
¥21.3B
¥14.6B
Non-Current Assets
¥199.1B
¥138.7B
¥133.4B
¥111.7B
PP&E
¥49.7B
¥43.5B
¥39.5B
¥30.6B
Goodwill
¥84.8B
¥44.1B
¥46.4B
¥36.4B
Intangible Assets
¥97.6B
¥51.2B
¥52.3B
¥41.2B
Investment Securities
¥3.2B
¥3.3B
¥2.7B
¥2.5B
Deferred Tax Assets
¥7.7B
¥6.4B
¥6.0B
¥5.3B
Total Liabilities
¥169.3B
¥114.0B
¥105.2B
¥93.5B
Current Liabilities
¥132.0B
¥103.2B
¥93.0B
¥81.8B
ST Debt
¥12.2B
¥3.5B
¥3.7B
¥2.6B
Taxes Payable
¥4.4B
¥4.5B
¥3.3B
¥4.4B
Non-Current Liabilities
¥37.2B
¥10.8B
¥12.2B
¥11.6B
Total LT Borrowings
¥26.5B
¥3.2B
¥5.0B
¥5.8B
Pension Obligations
¥4.8B
¥4.7B
¥4.5B
¥3.6B
Total Equity
¥142.6B
¥135.4B
¥126.5B
¥119.0B
Capital Stock
¥21.9B
¥21.9B
¥21.9B
¥21.9B
Capital Surplus
¥20.1B
¥20.1B
¥20.5B
¥20.5B
Retained Earnings
¥101.7B
¥95.3B
¥86.0B
¥78.7B
Treasury Stock
¥-2.0B
¥-2.4B
¥-2.0B
¥-2.0B
AOCI
¥802M
¥459M
¥87M
¥-114M
Equity (owners)
¥141.7B
¥134.8B
¥126.4B
¥119.0B
Minority Interests
¥111M
¥104M
¥96M
¥86M
Total Interest-Bearing Debt ⓘ
¥38.6B
¥6.7B
¥8.7B
¥8.5B
Net Cash ⓘ
¥-11.7B
¥41.9B
¥38.1B
¥51.3B
NCAV ⓘ
¥-56.5B
¥-3.3B
¥-6.9B
¥7.3B
NCAV/Share
¥-1,599
¥-92
¥-196
¥208
BV/Share
¥4,011
¥3,817
¥3,597
¥3,389
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Operating CF
¥23.1B
¥23.0B
¥20.3B
¥26.2B
Interest Paid
¥-252M
¥-39M
¥-52M
¥-38M
Interest Received
¥85M
¥93M
¥123M
¥89M
D&A
¥8.4B
¥6.5B
¥5.5B
¥4.8B
Goodwill Amort.
¥5.8B
¥4.4B
¥4.3B
¥4.1B
Investing CF
¥-65.9B
¥-15.7B
¥-22.3B
¥-13.9B
CapEx
¥8.0B
¥9.1B
¥9.5B
¥5.9B
Purchase Investments
¥-60M
¥-556M
¥-511M
¥-905M
Proceeds from Invest.
¥458M
¥29M
¥555M
¥819M
Financing CF
¥21.1B
¥-5.1B
¥-11.2B
¥-7.8B
Dividends Paid
¥-2.8B
¥-2.1B
¥-1.9B
¥-1.9B
Share Buybacks
¥0M
¥-2.4B
—
¥-2.0B
LT Debt Repaid
¥-13.5B
¥-4.2B
¥-8.6B
¥-3.8B
Free Cash Flow
¥15.2B
¥13.9B
¥10.7B
¥20.3B
Net Change in Cash
¥-21.7B
¥2.2B
¥-13.3B
¥4.5B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
ROE
6.7%
8.7%
7.5%
6.0%
ROA
3.3%
4.7%
4.2%
3.3%
EPS
¥264.32
¥324.64
¥262.87
¥201.47
DPS
¥80.00
¥80.00
¥60.00
¥55.00
BPS
¥4,063.53
¥3,866.55
¥3,599.47
¥3,385.51
FCF/Share
¥430
¥393
¥305
¥577
NCAV/Share
¥-1,599
¥-92
¥-196
¥208
Payout Ratio
30.3%
24.6%
22.8%
27.3%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 14
Date Activist Stake Event Flag Demands Source
2026-05-21
Nomura Securities Co.,Ltd.
5.18%
+0.11%
change
Passive
—
2026-05-12
Nomura Securities Co.,Ltd.
5.07%
initial_5pct
Passive
—
2026-05-08
Oasis Management Company Ltd.
16.68%
+1.79%
change
✓ Activist
—
2026-02-24
Sprucegrove Investment Management Ltd.
5.86%
-1.06%
change
Passive
—
2025-09-19
Sprucegrove Investment Management Ltd.
6.92%
-1.07%
change
Passive
—
2025-06-02
Sprucegrove Investment Management Ltd.
7.99%
-1.04%
change
Passive
—
2025-04-24
Sprucegrove Investment Management Ltd.
9.03%
-1.1%
change
Passive
—
2025-01-15
Sprucegrove Investment Management Ltd.
10.13%
-1.3%
change
Passive
—
2024-11-01
Sprucegrove Investment Management Ltd.
11.43%
-1.14%
change
Passive
—
2024-05-01
Oasis Management Company Ltd.
14.89%
+5.29%
change
✓ Activist
—
2024-04-22
Nomura Asset Management Co., Ltd.
4.8%
-0.33%
change
Passive
—
2024-04-05
Nomura Asset Management Co., Ltd.
5.13%
initial_5pct
Passive
—
2024-03-06
Oasis Management Company Ltd.
9.6%
initial_5pct
✓ Activist
—
2023-06-16
Sprucegrove Investment Management Ltd.
12.57%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
Shareholder
Shares (thou.)
% of Total
1
大谷 喜一
3,240
9.17%
2
株式会社セブン&アイ・ホールディングス
2,750
7.78%
3
OASIS JAPAN STRATEGIC FUND LTD.
OASIS JAPAN STRATEGIC FUND LTD. (常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部)
2,633
7.45%
4
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
2,528
7.16%
5
OASIS INVESTMENTS II MASTER FUND LTD.
OASIS INVESTMENTS II MASTER FUND LTD. (常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部)
1,911
5.41%
6
North Pacific Bank,Ltd.
株式会社北洋銀行
1,743
4.93%
7
Custody Bank of Japan, Ltd. (Trust Account)
みずほ信託銀行株式会社 退職給付信託 丸紅口 再信託受託者 株式会社日本カストディ銀行
1,594
4.51%
8
株式会社北海道銀行
1,472
4.17%
9
STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部)
1,259
3.57%
10
Oasis Japan Strategic Fund Ltd.
Oasis Japan Strategic Fund Ltd. (常任代理人 ゴールドマン・サックス証券株式会社)
729
2.07%
Domestic Nominees
11.7%
-4.4% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
44.5%
+3.6% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
大谷 喜一
9.22%
9.17%
9.17%
式会社セブン&アイ・ホールディングス
7.83%
7.78%
7.78%
OASIS JAPAN STRATEGIC FUND LTD.
—
7.45%
7.45%
Japan Master Trust Bank
日本マスタートラスト信託銀行
9.71%
8.82%
7.16%
-1.66%
OASIS INVESTMENTS II MASTER FUND LTD.
—
5.41%
5.41%
North Pacific Bank,Ltd.
式会社北洋銀行
4.96%
4.94%
4.93%
-0.01%
Japan Custody Bank
日本カストディ銀行
8.12%
7.21%
4.51%
-2.70%
式会社北海道銀行
4.19%
4.17%
4.17%
STATE STREET BANK AND TRUST COMPANY
NEW ENTRY
—
—
—
3.57%
NEW
Oasis Japan Strategic Fund Ltd.
—
2.07%
2.07%
State Street
last seen 2023
Exited Top 10
3.33%
—
—
JP Morgan
last seen 2023
Exited Top 10
2.79%
—
—
BNY Mellon
last seen 2023
Exited Top 10
2.03%
—
—
Concentration (HHI)
ⓘ
372
405
360
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥983M
+74% since 2023
Holdings
7
1 exited
Trend
1 building
vs 2023
Held Company
FY2025
¥983M total
FY2023
¥564M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
447
175,740
170
175,740
North Pacific Bank,Ltd.
㈱北洋銀行
360
729,200
210
729,200
M
Shionogi & Co.,Ltd.
塩野義製薬㈱
143
+200.0%
↑
60,000
121
20,000
Econos Co., Ltd.
㈱エコノス
15
15,000
8
15,000
ECOMIC CO.,LTD
㈱エコミック
7
16,000
8
16,000
TAIHEIYO KOUHATSU INCORPORATED
太平洋興発㈱
6
10,000
8
10,000
SPARX Group Co., Ltd.
スパークス・グループ㈱
5
4,000
5
4,000
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
—
−100%
Exit
—
34
17,674
Portfolio total
983
564
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding