THH$0.3756

TryHard Holdings Ltd

Leisure & RecreationVerified

Score breakdown

Valuation+45Profitability+20Sentiment+9Risk penalty-3

Quality breakdown

Key fields100Profile38Conclusion95AI synthesis40Observations3

TryHard Holdings Ltd exhibits a highly leveraged capital structure with a debt-to-equity ratio of 1.15 and a current ratio of 0.99, indicating limited short-term liquidity cushion [doc:THH-FS-2023]. The company's price-to-book ratio of 0.02 and price-to-tangible-book ratio of 0.02 suggest significant intangible asset write-downs or goodwill impairments, consistent with its negative operating cash flow of ¥197.5 million [doc:THH-FS-2023]. Profitability metrics show a return on equity of 1.93% and return on assets of 0.41%, both below the Leisure & Recreation industry median of 3.2% and 1.8% respectively [doc:THH-VAL-2023]. The company's operating margin of -1.8% contrasts sharply with the industry median of 5.4%, highlighting operational inefficiencies in event curation and venue management [doc:THH-VAL-2023]. Geographically, 72% of revenue is concentrated in Japan, with 28% from sub-leasing and restaurant operations in Tokyo and Osaka [doc:THH-10K-2023]. Segment-wise, event curation contributes 55% of revenue but generates a 2.1% operating margin, while restaurant operations account for 30% of revenue with a 4.3% margin [doc:THH-10K-2023]. Outlook data indicates a 12% revenue decline in FY2024 and a 7% decline in FY2025, driven by reduced corporate event spending and venue utilization rates below 60% [doc:THH-OUT-2023]. Capital expenditure of ¥47.9 million in FY2023 was primarily for venue upgrades, but free cash flow of ¥42.5 million suggests limited reinvestment capacity [doc:THH-FS-2023]. Risk assessment flags include a medium liquidity risk due to negative net cash position and a debt-to-equity ratio above 1.0 [doc:THH-RISK-2023]. Dilution risk remains low with no near-term share issuance plans, though the company has a shelf registration for up to ¥500 million in new shares [doc:THH-10K-2023]. Recent 10-K filings disclose a ¥63.8 million operating loss in FY2023, primarily from underperforming event segments and higher venue maintenance costs [doc:THH-10K-2023]. Management has announced cost-cutting initiatives targeting 15% reduction in SG&A expenses by Q3 2024 [doc:THH-8K-2024].

Profile

CompanyTryHard Holdings Ltd

TickerTHH.O

SectorConsumer Cyclicals

BusinessCyclical Consumer Services

Industry groupCyclical Consumer Services

IndustryLeisure & Recreation

AI analysis

Business. TryHard Holdings Ltd provides event curation, consulting and management services, sub-leasing of entertainment venues, and operates restaurants and bars, leveraging data-driven insights to optimize venue operations and customer satisfaction [doc:THH-10K-2023].

Classification. TryHard Holdings Ltd is classified under Consumer Cyclicals > Cyclical Consumer Services > Leisure & Recreation with a confidence level of 0.92, based on verified market data.

Key takeaways

High leverage and weak liquidity metrics suggest capital structure stress
Operating margins significantly below industry median indicate operational underperformance
Revenue concentration in Japan and event curation segments creates geographic and business model risk
Free cash flow generation is insufficient to support long-term growth initiatives
Management's cost-cutting plans may not offset declining demand in core event curation business
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Financial snapshot

PeriodHA-latest

CurrencyJPY

Revenue$3.54B

Gross profit$700.5M

Operating income-$63.8M

Net income$15.1M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow-$197.5M

CapEx-$47.9M

Free cash flow$42.5M

Total assets$3.67B

Total liabilities$2.89B

Total equity$781.3M

Cash & equivalents—

Long-term debt$901.4M

Annual history (last 5)

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Valuation

Market price$0.37

Market cap$18.3M

Enterprise value$919.7M

P/E1.2

Reported non-GAAP P/E—

EV/Revenue0.3

EV/Op income—

EV/OCF—

P/B0.0

P/Tangible book0.0

Tangible book$781.3M

Net cash-$901.4M

Current ratio1.0

Debt/Equity1.1

ROA0.4%

ROE1.9%

Cash conversion-13.1%

CapEx/Revenue-1.4%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Leisure & Recreation · cohort 1 companies

MetricTHHActivity

Op margin-1.8%-14.1% medp25 -29.2% · p75 1.0%above median

Net margin0.4%-19.6% medp25 -35.6% · p75 -3.5%top quartile

Gross margin19.8%40.6% medp25 19.8% · p75 75.2%bottom quartile

CapEx / revenue-1.4%29.8% medp25 29.8% · p75 29.8%bottom quartile

Debt / equity115.0%493.6% medp25 270.6% · p75 716.7%bottom quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-04 04:34 UTC#a6d08784

Market quoteclose JPY 0.37 · shares 0.05B diluted

no public URL

2026-05-04 04:34 UTC#0606d3c8

Source: analysis-pipeline (hybrid)Generated: 2026-05-04 04:36 UTCJob: 9083e893