RYOHIN KEIKAKU CO., LTD. RYKKY

Consumer DiscretionaryDiversified RetailJapan

Last close 15.02 USD on Nov 2, 2026, +70.1% year to date

Quant rating

Quant rating B Rank 60 of 297 in Consumer Discretionary

Growth C 184 of 297
Valuation C 157 of 297
Quality B 81 of 297
Revisions C 176 of 297
Momentum A 4 of 297

Wall Street consensus Strong Buy (1.00)Average target 18.00 USD +19.9%

Historical valuation

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

Key data

Market cap: 16.9B
Enterprise value: 16.4B
52-week range: 8.80 – 16.91
3-year range: 3.39 – 16.91
Dividend yield: 0.63%
Beta (5 years): 0.83
Shares outstanding: 562M
Next earnings: Jan 12, 2027

About the company

Ryohin Keikaku Co Ltd is a Japan-based company mainly engaged in sale of products under the brands of Mujirushi Ryohin and MUJI. The Company has four segments including Domestic segment, East Asia segment, Europe and Americas segment as well as Southeast Asia and Oceania segment. The Domestic segment is engaged in sale and supplement, the operation of camp sites and house sale business. The East Asia Business segment is engaged in product sales and restaurant business in East Asia. The Southeast Asia & Oceania Business segment is engaged in product sales and restaurant business in Southeast Asia and Oceania. The Europe and America Business segment is engaged in product sales and restaurant business in Europe and America. The Company is also involved in food and beverage sale under Cafe&Meal MUJI brand, the operation of camp sites, sale of houses and sale of IDEE brand products.

Growth and profitability fiscal year ends August 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	5,782	5,337	4,527	3,995	3,571	–
Revenue growth	8.3%	17.9%	13.3%	11.9%	−13.4%	7.0%
EPS (basic, normalized)	0.32	0.26	0.15	–	–	–
EPS growth	23.5%	73.0%	–	–	–	–
Gross margin	52.8%	51.4%	50.8%	46.7%	47.2%	49.8%
Net margin	8.3%	6.5%	6.3%	3.8%	4.9%	6.0%
ROE	20.6%	16.3%	14.9%	8.7%	10.8%	14.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,056
Current ratio	2.98x
Long-term debt (mil)	489
Net debt (mil)	−405
Total equity (mil)	2,573
Net debt / equity	−0.16x
Net debt / EBITDA	−0.45x

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	5,782	+8.3%	2.8x	905	+37.0%	18.1x	0.31	−5.0%	49.1x
2027	6,613	+14.4%	2.5x	969	+7.1%	16.9x	0.46	+50.3%	32.6x
2028	7,181	+8.6%	2.3x	1,083	+11.7%	15.1x	0.53	+15.2%	28.3x
2029	7,181	0.0%	2.3x	1,083	0.0%	15.1x	0.53	0.0%	28.3x

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	6,613	+2.4%	+6.8%	+7.9%	0.46	+2.2%	+4.5%	+15.0%
2028	7,181	+6.8%	+6.8%	+7.9%	0.53	+4.5%	+4.5%	+15.0%
2029	7,181	–	–	–	0.53	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	1,071	1,147	1,079	1,328	1,196	1,432	1,322	1,508	1,349	1,589
Sales mean (mil)	1,034	1,103	1,153	1,262	1,232	1,448	1,311	1,445	1,340	1,592
Surprise	+3.6%	+4.0%	−6.4%	+5.2%	−2.9%	−1.1%	+0.9%	+4.4%	+0.6%	−0.2%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
RYKKY RYOHIN KEIKAKU CO., LTD.	16.9B	−0.45x	8.3%	6.11x	32.6x	28.3x	16.9x	15.1x
BIGGQ Former BL Stores, Inc.	0M	−2.64x	−10.2%	–	–	–	–	–
Mean		−1.54x	−1.0%	6.11x	32.6x	28.3x	16.9x	15.1x
Median		−1.54x	−1.0%	6.11x	32.6x	28.3x	16.9x	15.1x

Technical analysis

1M+14.3%
3M+7.2%
1Y+49.8%
3Y+344.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, RYOHIN KEIKAKU CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	5,782	5,337	4,527	3,995	3,571	4,124
Cost of revenue	2,729	2,596	2,225	2,129	1,884	2,103
Gross profit	3,053	2,741	2,302	1,866	1,687	2,021
Selling, general & administrative expenses	2,406	2,009	1,712	1,459	1,285	1,453
Research & development	–	12.9	12.3	8.1	7.0	9.5
Depreciation/amortization	–	217	194	171	158	172
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	27.3	43.2	26.1	37.3	29.1	−21.6
Other operating expenses	0	0	0	0	0	0
Operating income	620	459	358	190	207	407
Net interest income (expense)	19.5	−15.4	−1.5	36.0	20.9	16.4
Gain (loss) on sale of assets	0	0	54.4	0.5	0	6.6
Other non-operating income (expense)	3.0	4.9	−0.9	5.1	11.2	11.2
Net income before taxes	643	449	410	232	239	442
Provision for taxes	156	103	124	78.6	60.6	136
Minority interest	−8.8	−0.2	−1.8	−1.9	−1.6	2.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	478	346	284	152	177	308
Extraordinary items	–	–	–	–	–	–
Net income	478	346	284	152	177	308
EBIT, normalized	648	502	384	228	236	386
EBITDA, normalized	888	722	582	407	403	561
Basic EPS, normalized	0.32	0.26	0.15	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, RYOHIN KEIKAKU CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,056	918	857	790	649	1,234
Receivables	262	256	223	173	188	187
Total inventory	1,288	1,156	1,054	916	932	968
Prepaid expenses	–	–	–	–	–	–
Other current assets	196	166	161	137	118	57.0
Total current assets	2,802	2,497	2,295	2,016	1,887	2,445
Property, plant & equipment	817	748	640	575	526	610
Goodwill	0.8	1.2	1.5	5.2	12.7	22.2
Intangibles	243	286	237	198	200	246
Long-term investments	–	19.9	17.1	11.8	32.9	43.0
Note receivable	–	–	85.2	–	–	–
Other long-term assets	347	276	211	312	215	209
Total assets	4,209	3,828	3,486	3,118	2,874	3,575
Liabilities
Accounts payable	398	384	405	242	262	232
Payable/accrued	–	–	–	–	–	–
Accrued expenses	118	107	83.4	79.1	58.6	67.8
Short-term debt	3.2	33.4	37.3	102	28.1	42.1
Current portion of long-term debt	108	163	83.2	240	88.0	686
Other current liabilities	312	229	219	186	131	260
Total current liabilities	940	916	828	848	568	1,288
Long-term debt	489	498	509	316	434	271
Minority interest	51.7	26.0	25.3	22.1	18.9	18.8
Other liabilities	156	129	117	115	110	63.6
Total liabilities	1,636	1,569	1,480	1,302	1,131	1,641
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	42.4	46.0	46.3	46.5	48.7	61.5
Additional paid-in capital	200	216	203	204	213	254
Retained earnings (accumulated deficit)	2,259	2,048	1,788	1,588	1,585	1,878
Treasury stock	−186	−207	−200	−206	−224	−282
Other equity	258	156	170	183	121	22.6
Total equity	2,573	2,259	2,007	1,816	1,743	1,934
Total liabilities & shareholders' equity	4,209	3,828	3,486	3,118	2,874	3,575

Cash flow statement in millions of USD, fiscal years

Cash flow statement, RYOHIN KEIKAKU CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	643	449	410	232	239	442
Depreciation, depletion & amortization	241	220	198	179	168	183
Deferred taxes	–	–	–	–	–	–
Non-cash items	31.3	−9.7	−26.2	15.7	14.0	8.3
Changes in working capital	−293	−161	−183	−38.4	−252	2.3
Cash from operations	622	498	399	388	168	635
Investing activities
Capital expenditures	−196	−261	−237	−160	−114	−158
Other investing cash flows	7.6	−17.7	47.4	8.2	−5.8	34.5
Cash from investing	−189	−278	−189	−152	−120	−123
Financing activities
Financing cash flow items	16.9	0	1.0	0.7	0.7	0.5
Cash dividends paid	−104	−79.1	−75.6	−75.9	−79.4	−59.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−187	−71.3	−85.6	−2.1	−343	−78.5
Cash from financing	−274	−150	−160	−77.2	−422	−138
Foreign exchange effects	52.1	−2.0	21.2	12.1	51.8	20.4
Net change in cash	212	66.9	70.8	171	−322	395
Free cash flow	426	237	162	228	53.7	477

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 2, 2026 after market close.