Trial Holdings - Public Comps and Valuation Multiples

Trial Holdings Overview

About Trial Holdings

Trial Holdings Inc is a holding company. Along with its subsidiaries, it operates in the following reportable segments: Retail Distribution Business and Retail AI Business. The majority of its revenue is generated from the Retail Distribution Business, which operates discount stores across Japan, ranging from small to large, along with medium-sized supercenters. The product lineup of the stores focuses on food (especially fresh foods), and non-food items include daily necessities and hard goods. The Retail AI Business segment is mainly involved in research and development aimed at transforming stores into smart stores, as well as the sale of products and the outsourcing of services related to smart stores. In addition, the group is involved in real estate and resort-related businesses.

Founded

2015

HQ

Employees

23.5K+

Website

trial-holdings.inc

Sectors

General Merchandise

Financials

LTM Revenue $6.2B

LTM EBITDA $271M

EV

$1.8B

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Trial Holdings Financials

As of August 2025, Trial Holdings reported last 12-month revenue of $6.2B and EBITDA of $271M.

In the same period, Trial Holdings generated $1.3B in LTM gross profit and $69.4M in net income.

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Trial Holdings P&L

In the most recent fiscal year, Trial Holdings reported revenue of $4.9B and EBITDA of $208M.

Trial Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$6.2B	XXX	$4.9B	XXX	XXX	XXX
Gross Profit	$1.3B	XXX	$966M	XXX	XXX	XXX
Gross Margin	22%	XXX	20%	XXX	XXX	XXX
EBITDA	$271M	XXX	$208M	XXX	XXX	XXX
EBITDA Margin	4%	XXX	4%	XXX	XXX	XXX
EBIT	$151M	XXX	$130M	XXX	XXX	XXX
EBIT Margin	2%	XXX	3%	XXX	XXX	XXX
Net Profit	$69.4M	XXX	$77.6M	XXX	XXX	XXX
Net Margin	1%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Trial Holdings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $6.2B. EBITDA for the last twelve months was $271M. In the most recent fiscal year, Trial Holdings achieved $4.9B in revenue and $208M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$6.2B	Analyst estimates available to subscribers	$4.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.3B	Analyst estimates available to subscribers	$966M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	21.7% gross margin	Analyst estimates available to subscribers	19.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$271M	Analyst estimates available to subscribers	$208M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.4% EBITDA margin	Analyst estimates available to subscribers	4.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$151M	Analyst estimates available to subscribers	$130M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	2.4% EBIT margin	Analyst estimates available to subscribers	2.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$69.4M	Analyst estimates available to subscribers	$77.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.1% net profit margin	Analyst estimates available to subscribers	1.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Trial Holdings

This financial data table provides comprehensive performance metrics for Trial Holdings, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Trial Holdings generated $6.2B in revenue over the last twelve months.
The company achieved $271M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.3B.
Net income over the last twelve months reached $69.4M.

Fiscal Year Performance

In the most recent fiscal year, Trial Holdings reported $4.9B in total revenue.
Fiscal year EBITDA was $208M.
The company maintained a gross profit margin of 19.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 4.3%.
Net profit margin reached 1.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Trial Holdings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Trial Holdings Stock Performance

Trial Holdings has current market cap of JPY 302B (or $2.0B), and EV of JPY 268B (or $1.8B).

Market Cap Evolution

Trial Holdings Stock Data

As of September 12, 2025, Trial Holdings's stock price is JPY 2470 (or $17).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$2.0B	XXX	XXX	XXX	XXX	$0.57

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Trial Holdings Valuation Multiples

Trial Holdings's trades at 0.4x EV/Revenue multiple, and 9.6x EV/EBITDA.

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Trial Holdings Financial Valuation Multiples

As of September 12, 2025, Trial Holdings has market cap of $2.0B and EV of $1.8B.

Equity research analysts estimate Trial Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Trial Holdings has a P/E ratio of 29.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.0B	XXX	$2.0B	XXX	XXX	XXX
EV (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV/Revenue	0.3x	XXX	0.4x	XXX	XXX	XXX
EV/EBITDA	6.7x	XXX	9.6x	XXX	XXX	XXX
EV/EBIT	12.0x	XXX	16.2x	XXX	XXX	XXX
EV/Gross Profit	1.4x	XXX	n/a	XXX	XXX	XXX
P/E	29.5x	XXX	30.9x	XXX	XXX	XXX
EV/FCF	n/a	XXX	13.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Trial Holdings Margins & Growth Rates

Trial Holdings's last 12 month revenue growth is 47%

Trial Holdings's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $36K for the same period.

Trial Holdings's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Trial Holdings's rule of X is 122% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Trial Holdings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	47%	XXX	41%	XXX	XXX	XXX
EBITDA Margin	4%	XXX	4%	XXX	XXX	XXX
EBITDA Growth	52%	XXX	50%	XXX	XXX	XXX
Rule of 40	51%	XXX	51%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	122%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$36K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	17%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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