TSE:9861Hospitality
Yoshinoya Holdings (TSE:9861) Net Margin Improvement Challenges Thin Profitability Bear Case
Yoshinoya Holdings (TSE:9861) closed out FY 2026 with fourth quarter revenue of ¥59.0b and basic EPS of ¥20.38, alongside trailing twelve month EPS of ¥72.08 and net income of ¥4.7b on revenue of ¥225.7b. Over recent quarters the company’s revenue moved from ¥53.0b in Q4 FY 2025 to ¥59.0b in Q4 FY 2026, with basic EPS progressing from ¥7.29 in Q4 FY 2025 to ¥11.47 in Q1 FY 2026, ¥29.39 in Q2 and ¥10.85 in Q3, before landing at ¥20.38 in the latest quarter. This sets up a narrative in which...