Isetan Mitsukoshi Holdings Ltd. IMHDY

Consumer DiscretionaryDiversified RetailJapan

Last close 11.54 USD on Nov 1, 2026, +41.4% year to date

Quant rating

Quant rating A+ Rank 1 of 297 in Consumer Discretionary

Growth B 151 of 297
Valuation A 36 of 297
Quality B 51 of 297
Revisions B 56 of 297
Momentum A 17 of 297

Wall Street consensus Buy (2.17)Average target 12.50 USD +8.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.4B
Enterprise value: 8.6B
52-week range: 11.07 – 11.54
3-year range: 8.16 – 11.54
Dividend yield: 1.91%
Beta (5 years): –
Shares outstanding: 735M
Next earnings: Nov 13, 2026

About the company

Isetan Mitsukoshi Holdings Ltd is a Japan-based company mainly engaged in the department store business, credit & finance business/customer organization management business, and real estate business. It operates through three segments. The Department Store Business segment sells clothing, personal items, miscellaneous goods, household goods, and food. The Credit & Finance Business/Customer Organization Management Business segment is involved in credit cards, money lending, non-life insurance agency, life insurance solicitation agency, and customer organization management businesses. The Real Estate Business segment is involved in real estate rental, tenant management, and building interior design. In addition, the Company is also involved in retail, manufacturing/import/export/wholesale, logistics, human resources services, information processing services, media, and travel businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,438	3,705	3,545	3,671	3,439	–
Revenue growth	−7.2%	4.5%	−3.4%	6.7%	−53.4%	−14.1%
EPS (basic, normalized)	0.68	0.48	0.47	0.31	0.13	–
EPS growth	40.4%	3.6%	48.6%	150.5%	–	–
Gross margin	61.7%	60.8%	59.5%	58.8%	58.3%	59.8%
Net margin	13.9%	9.5%	10.4%	6.6%	2.9%	8.7%
ROE	12.5%	8.8%	9.7%	6.1%	2.4%	7.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	273
Current ratio	0.86x
Long-term debt (mil)	315
Net debt (mil)	178
Total equity (mil)	3,678
Net debt / equity	0.05x
Net debt / EBITDA	0.27x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,438	−7.2%	2.5x	662	−3.3%	13.0x	0.68	+40.4%	17.0x
2027	3,581	+4.2%	2.4x	708	+7.0%	12.1x	0.59	−12.3%	19.4x
2028	3,669	+2.4%	2.3x	729	+3.0%	11.8x	0.60	+1.5%	19.1x
2029	3,740	+1.9%	2.3x	762	+4.4%	11.3x	0.64	+6.4%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,581	0.0%	+0.1%	+0.8%	0.59	+0.5%	+3.0%	+4.5%
2028	3,669	0.0%	+0.5%	+1.9%	0.60	+0.4%	+1.9%	+1.6%
2029	3,740	+0.1%	+0.3%	+1.7%	0.64	+0.3%	+0.5%	+8.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	134,670	129,694	134,399	153,357	138,067	124,193	129,673	152,475	139,285	128,912
Sales mean (mil)	129,357	124,767	132,304	155,800	135,288	125,700	130,804	159,461	146,364	130,900
Surprise	+4.1%	+3.9%	+1.6%	−1.6%	+2.1%	−1.2%	−0.9%	−4.4%	−4.8%	−1.5%
EPS reported	32.29	18.28	15.70	28.55	8.64	25.93	14.82	31.07	35.31	31.90
EPS mean	12.31	12.79	10.60	27.98	16.55	16.99	11.01	26.29	19.59	19.48
Surprise	+162.2%	+42.9%	+48.0%	+2.1%	−47.8%	+52.6%	+34.7%	+18.2%	+80.2%	+63.8%

Peer comparison Diversified Retail

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IMHDY Isetan Mitsukoshi Holdings Ltd.	8.4B	0.27x	13.9%	2.10x	19.4x	19.1x	12.1x	11.8x
ETSY Etsy, Inc.	7.7B	1.05x	5.7%	−11.54x	24.1x	18.3x	9.8x	9.2x
CTCa Canadian Tire Corporation Ltd	7.5B	3.66x	3.5%	1.75x	14.1x	12.9x	8.5x	8.2x
MONOY MonotaRO Co Ltd	7.1B	−0.36x	9.7%	9.13x	29.4x	25.7x	17.9x	15.9x
M Macy's, Inc.	6.3B	0.62x	2.8%	1.28x	10.5x	10.2x	4.1x	4.1x
OLLI Ollie's Bargain Outlet Holdings, Inc.	5.4B	−0.51x	9.1%	2.84x	19.6x	18.3x	12.3x	11.7x
Mean		0.79x	7.5%	0.93x	19.5x	17.4x	10.8x	10.1x
Median		0.44x	7.4%	1.92x	19.5x	18.3x	11.0x	10.5x

Technical analysis

1M+0.3%
3M+41.4%
1Y+41.4%
3Y+41.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Isetan Mitsukoshi Holdings Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,438	3,705	3,545	3,671	3,439	7,371
Cost of revenue	1,316	1,453	1,437	1,513	1,436	5,316
Gross profit	2,122	2,252	2,108	2,158	2,003	2,056
Selling, general & administrative expenses	1,473	1,592	1,598	1,759	1,765	2,032
Research & development	–	–	–	–	–	–
Depreciation/amortization	144	151	150	176	189	213
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	25.1	92.5	54.1	25.7	55.3	194
Other operating expenses	0	0	0	0	0	0
Operating income	479	416	305	197	−6.4	−384
Net interest income (expense)	48.3	120	58.0	15.0	29.3	19.8
Gain (loss) on sale of assets	68.8	–	–	–	53.4	53.7
Other non-operating income (expense)	7.5	2.7	1.1	−2.8	15.1	30.5
Net income before taxes	604	539	364	210	91.4	−280
Provision for taxes	124	187	−2.5	−34.2	−8.0	100
Minority interest	0	0.3	0.5	0.1	2.1	9.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	479	352	367	244	101	−371
Extraordinary items	–	–	–	–	–	–
Net income	479	352	367	244	101	−371
EBIT, normalized	504	509	359	223	48.8	−189
EBITDA, normalized	658	676	526	416	253	58.7
Basic EPS, normalized	0.68	0.48	0.47	0.31	0.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Isetan Mitsukoshi Holdings Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	474	265	458	802	674	919
Receivables	1,010	1,011	994	976	959	1,014
Total inventory	165	163	167	196	209	269
Prepaid expenses	–	–	–	–	–	–
Other current assets	234	261	276	192	195	350
Total current assets	1,883	1,700	1,895	2,167	2,036	2,551
Property, plant & equipment	4,513	4,730	4,658	5,298	5,820	6,416
Goodwill	–	–	62.7	77.8	–	–
Intangibles	256	272	268	307	335	351
Long-term investments	698	993	879	910	990	999
Note receivable	34.3	26.9	0.1	0.6	1.1	1.6
Other long-term assets	290	318	333	407	423	506
Total assets	7,674	8,041	8,097	9,167	9,605	10,825
Liabilities
Accounts payable	762	765	767	789	716	751
Payable/accrued	–	–	–	–	–	–
Accrued expenses	72.1	78.4	79.9	78.5	57.7	57.9
Short-term debt	44.3	53.5	214	354	389	522
Current portion of long-term debt	75.2	235	114	237	145	227
Other current liabilities	1,385	1,398	1,423	1,581	1,650	1,856
Total current liabilities	2,338	2,530	2,598	3,040	2,958	3,413
Long-term debt	358	338	495	691	950	1,199
Minority interest	5.9	6.6	42.3	41.5	39.0	44.2
Other liabilities	1,070	1,152	1,033	1,275	1,442	1,621
Total liabilities	3,773	4,027	4,168	5,048	5,389	6,277
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	325	344	340	386	421	461
Additional paid-in capital	1,619	1,894	2,140	2,437	2,662	2,925
Retained earnings (accumulated deficit)	1,898	1,645	1,396	1,232	1,115	1,267
Treasury stock	−228	−190	−218	−137	−151	−169
Other equity	289	321	270	201	170	63.0
Total equity	3,902	4,014	3,928	4,119	4,216	4,547
Total liabilities & shareholders' equity	7,674	8,041	8,097	9,167	9,605	10,825

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Isetan Mitsukoshi Holdings Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	604	539	364	210	91.4	−280
Depreciation, depletion & amortization	154	167	166	193	204	248
Deferred taxes	–	–	–	–	–	–
Non-cash items	−97.8	−38.9	−15.7	3.3	−72.0	−65.3
Changes in working capital	−88.6	−70.2	−134	93.5	88.0	107
Cash from operations	571	597	380	499	312	9.8
Investing activities
Capital expenditures	−193	−181	−182	−138	−220	−281
Other investing cash flows	330	8.0	3.0	−65.8	77.6	238
Cash from investing	136	−173	−179	−204	−143	−42.8
Financing activities
Financing cash flow items	−13.3	−13.9	−11.4	−12.4	−14.1	−15.4
Cash dividends paid	−135	−114	−50.3	−31.6	−34.4	−30.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−336	−505	−391	−78.0	−280	315
Cash from financing	−485	−633	−453	−122	−328	269
Foreign exchange effects	0.9	5.0	8.5	11.2	8.7	0.5
Net change in cash	224	−204	−242	185	−151	236
Free cash flow	378	416	199	362	91.3	−271

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.