April 2026
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Largest Pharmacies Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Tsuruha Holdings, MatsukiyoCocokara, Sugi Holdings, COSMOS Pharmaceutical and Sundrug.
 | Tsuruha Holdings Inc manages pharmaceutical companies in Japan, where the drugstore business is the core of their operations. The company generates revenue through selling prescription and over-the-counter drugs, medical supplies, nursing care products, discount cosmetics, health products, and a miscellaneous assortment of general merchandise. It also provides blood testing services, disease prevention solutions, and at-home drug delivery services. | $13 | -7% | $6B | $6B | 1.1x | 20.8x | ||
| MatsukiyoCocokara & Co operates retail drugstores and insurance dispensing pharmacies in Japan. The company's main segments are the Matsumotokiyoshi Group Business, focused on stores under the Matsumotokiyoshi brand; the Cocokara Fine Group Business, centered on Cocokara Fine stores; and the Management Support Business, which procures products, oversees group operations, and manages indirect functions such as advertising and promotion. It generates the majority of its revenue from the Matsumotokiyoshi Group Business segment. | $15 | -20% | $6B | $5B | 0.7x | 7.4x | ||
| Sugi Holdings Co Ltd is a Japan-based company engaged in drugstore operations and the pharmaceutical dispensing business. Through its subsidiaries, the company is involved in selling pharmaceuticals, health foods, cosmetics, daily essentials, and prescription drugs. It also operates community-based drugstores that support home healthcare in collaboration with local medical professionals. The company also supports regional healthcare facilities and provides at-home nursing services. | $20 | -1% | $4B | $3B | 0.6x | 9.7x | ||
| COSMOS Pharmaceutical Corp manages retail drugstores in Japan. The company emphasizes convenience regarding its product selection, which includes medical products, health and beauty aids, personal-care items, discount cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, alcoholic beverages, tobacco, insect repellent, and miscellaneous everyday consumables. The majority of the company’s revenue is derived from common grocery sales. It also operates a private grocery brand called ON 365. | $39 | -29% | $3B | $3B | 0.5x | 7.7x | ||
| Sundrug Co Ltd is a Japanese-based company engaged in the operation of drug stores and discount stores. The Group operates through two segments: the Drug Store Business, which mainly sells pharmaceuticals, cosmetics, and daily necessities, and the Discount Store Business, which mainly sells food products, household goods, and other related items. It generates the majority of its revenue from the Drugstore business segment. | $24 | -15% | $3B | $3B | 0.5x | 6.3x | ||
| Kusuri No Aoki Holdings is a pharmaceutical retail chain that sells health, beauty, and cleaning supplies. The company operates stores that focus primarily on residential areas in Japan. Kusuri's business includes pharmaceutical drugs, and the company also operates a bone-marrow bank. The company breaks out its sales into four different product lines, including health, beauty, life, and dispensing. The vast majority of the company's revenue is derived from its life product category, followed by beauty products. Most of Kusuri's revenue is derived from the Hokuriku region. | $24 | +7% | $2B | $3B | 0.8x | 10.4x | ||
| Create SD Holdings Co Ltd operates drugstores, pharmacy dispensing businesses, and nursing care services. The company’s drugstores sell pharmaceuticals, cosmetics, and food products, while the dispensing pharmacy business operates regional clinics. Create SD maintains nursing homes that facilitate elderly residents with services regarding health management, diet, and long-term care through preventative training classes. | $21 | +4% | $1B | $1B | 0.4x | 6.4x | ||
| Ain Holdings Inc's core business is the dispensing pharmacy business that includes preparing and dispensing drugs based on prescriptions. The company also generates revenue by selling generic drugs wholesale, pharmacy staffing services, and pharmacy consulting services. The company’s additional business activity includes both urban and suburban drug and cosmetic stores. Ain operates the ainz & tuple brand that specifically targets female consumers in urban areas. The company also executes small real estate rental strategies. | $36 | +1% | $1B | $2B | 0.7x | 9.7x | ||
| Genky Drug Stores Co Ltd sells beauty and pharmaceutical products. | $22 | -1% | $683M | $856M | 0.6x | 7.8x | ||
| Cawachi Ltd is a drug store operator based in Japan. The firm primarily sells pharmaceutical-related products to its customers. It also sells health foods, child care products, cosmetics, grocery, general food and confectionery through its retail outlets. The company operates over 300 stores across Japan. | $19 | +8% | $427M | $287M | 0.2x | 4.0x | ||
| Median | $22 | -1% | $3B | $3B | 0.6x | 7.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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