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Pickles Holdings Co., Ltd. (2935) AI Stock Analysis

JP:2935

Pickles Holdings Co., Ltd.

(TSE/TYO:2935)

Select Model
Rating:68Neutral
Price Target:JPY 1,324.00â–²(18.64% Upside)
Action:reiterated
Date:08/05/26

The stock's moderate overall score reflects a solid balance sheet and attractive valuation, which offset weak revenue trends and bearish technical signals. The company's low debt and healthy cash flow generation reduce downside risk, while the low P/E and decent dividend yield offer value. However, declining sales and recent price weakness warrant caution.

Positive Factors
Conservative balance sheetLow leverage and declining absolute debt provide financial resilience, reducing pressure on cash flows and refinancing needs. Continued equity growth also gives the company greater capacity to withstand operating volatility, fund auction-related activities, and pursue opportunities without relying heavily on external borrowing.
Negative Factors
Persistent revenue declinesRepeated annual revenue declines indicate that transaction volumes, fee income, or related service demand have not yet established a durable growth trajectory. Continued top-line contraction could limit operating leverage, reduce the resources available for expansion, and make future profit improvement more dependent on cost control.

Pickles Holdings Co., Ltd. (2935) vs. iShares MSCI Japan ETF (EWJ)

-5%0%5%10%15%20%25%JP:2935+4.41%EWJ+15.87%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
JPY 14.19B
Dividend Yield
2.57%
Average Volume (3M)
27.31K
Price to Earnings (P/E)
12.5
Beta (1Y)
0.35
Revenue Growth
-4.81%
EPS Growth
-11.00%
Country
Japan
Employees
411
Sector
Consumer Defensive
Sector Strength
62
Industry
Packaged Foods

Pickles Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Pickles Holdings Co.,Ltd., through its subsidiaries, manufactures and sells pickled vegetables and side dishes in Japan. It also engages in the restaurant and retail business; and agricultural business. The company was founded in 1977 and is headquar...

How the Company Makes Money

Pickles Holdings primarily earns revenue through subsidiary operations tied to B2B used-vehicle transactions. Key revenue streams typically include fees and commissions generated when vehicles are listed and sold through its auction/distribution chan...

Pickles Holdings Co., Ltd. Financial Statement Overview

Summary

Mixed financial performance: declining revenue and margins over the past five years, but recent improvements in operating and net profit margins. Strong balance sheet with low debt (D/E 0.16) and growing equity provides stability. Cash flow rebounded strongly in FY2026. Overall moderate score reflects these offsetting factors.

Income Statement

48Neutral

Balance Sheet

85Very Positive

Cash Flow

72Positive
Financial statement breakdown
BreakdownTTMFeb 2026Feb 2025Feb 2024Feb 2023Feb 2022
Income Statement
Total Revenue40.12B40.92B41.52B43.03B41.05B45.01B
Gross Profit8.56B8.80B8.10B8.64B8.63B12.20B
EBITDA2.67B3.35B2.41B2.80B2.70B4.00B
Net Income1.13B1.38B958.00M1.18B1.14B2.13B
Balance Sheet
Total Assets30.32B30.20B30.24B27.71B26.31B26.20B
Cash, Cash Equivalents and Short-Term Investments5.96B6.21B4.97B7.75B5.94B6.03B
Total Debt3.34B3.22B4.85B3.14B2.65B2.95B
Total Liabilities9.57B10.15B11.36B9.46B8.90B9.44B
Stockholders Equity20.73B20.04B18.86B18.24B17.40B16.76B
Cash Flow
Free Cash Flow03.81B-3.86B1.77B783.00M2.80B
Operating Cash Flow04.20B831.00M2.72B1.67B3.52B
Investing Cash Flow0-428.00M-4.69B-950.00M-882.00M-712.00M
Financing Cash Flow0-2.53B1.08B45.00M-876.00M-1.21B

Pickles Holdings Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price1116.00

Price Trends

50DMA1176.88Negative
100DMA1148.17Negative
200DMA1162.23Negative

Market Momentum

MACD-13.91Positive
RSI35.47Neutral
STOCH24.48Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2935, the sentiment is Negative. The current price of 1116.00 is below the 20-day moving average (MA) of 1151.15, below the 50-day MA of 1176.88, and below the 200-day MA of 1162.23, indicating a bearish trend. The MACD of -13.91 indicates Positive momentum. The RSI at 35.47 is Neutral, neither overbought nor oversold. The STOCH value of 24.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2935.

Pickles Holdings Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (62)

Financial Indicators

JP:2935 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:3392JP:339272OutperformJPY 11.63B9.09―3.50%3.66%9.21%
JP:2935JP:293568NeutralJPY 14.03B12.55―2.57%-4.81%-11.00%
JP:2937JP:293766NeutralJPY 15.82B25.14―2.06%6.36%109.03%
Sector *62Neutral$20.33B14.63-3.31%3.23%1.93%-12.26%
JP:2933JP:293361NeutralJPY 23.99B26.73―1.90%-0.27%-62.67%
JP:2910JP:291059NeutralJPY 35.66B169.32―1.79%0.59%-50.98%
JP:2904JP:290446NeutralJPY 13.88B42.26―1.86%2.79%-56.06%

* Consumer Defensive Sector Average

Performance Comparison

-10%0%10%20%JP:2935JP:2904JP:2910JP:2933JP:2937JP:3392Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
JP:2935 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:2935Pickles Holdings Co., Ltd.1128.0054.435.07%
JP:2904Ichimasa Kamaboko Co., Ltd.753.0020.252.76%
JP:2910Rock Field Co., Ltd.1341.00-51.47-3.70%
JP:2933KIBUN FOODS INC.1051.00-3.77-0.36%
JP:2937St.Cousair CO. LTD.1700.00-10.12-0.59%
JP:3392DELICA FOODS HOLDINGS CO. LTD.715.00-69.23-8.83%

Pickles Holdings Co., Ltd. Corporate Events

Pickles Holdings Finalizes Stock Option Terms for Executive Compensation

Jul 22, 2026

Pickles Holdings Co., Ltd., a Tokyo-listed food company known for its pickled and processed products, targets the domestic Japanese market under the leadership of President Naoji Kageyama. Its Prime Market listing underscores an established presence...

Pickles Holdings Launches Long-Term Stock Option Plan for Internal Directors

Jun 30, 2026

Pickles Holdings Co., Ltd. has approved the issuance of its twelfth series of share acquisition rights as stock options for internal directors, excluding outside directors, to more closely align management incentives with shareholder interests. The p...

Pickles Holdings Delivers Higher Q1 Profit But Guides for Softer Full-Year Earnings

Jun 30, 2026

Pickles Holdings reported consolidated net sales of ¥10.5 billion for the three months ended May 31, 2026, down 4.9% year on year, but achieved double-digit growth in operating profit and profit attributable to owners of parent, with earnings pe...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 04, 2026