Want to see JP:2212 full AI Analyst Report?
Top Page
Yamazaki Baking Co
(2212)
Select Model
Select Model
Rating:73Outperform
Price Target:
¥3,913.00
▲(16.49% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by improving financial performance (strong earnings recovery, rising EBIT and operating cash flow, and manageable leverage), supported by a constructive technical trend with price above key moving averages. Offsetting factors are thin margins and uneven free cash flow conversion, while valuation and yield appear reasonable but not especially compelling.
Positive Factors
Scale and sustained revenue growth
Multi-year revenue growth to 1.31T shows durable scale in everyday staples. Broad retail and food-service distribution of high-frequency products supports predictable demand, better fixed-cost absorption and bargaining power with suppliers and retailers over the medium term.
Negative Factors
Thin EBIT and net margins
Low single-digit margins leave profits highly sensitive to commodity, energy and labor cost swings and narrow the buffer for margin shocks. Sustaining profitability long-term requires ongoing mix, pricing or cost-efficiency gains; otherwise earnings can compress quickly.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and sustained revenue growth
Multi-year revenue growth to 1.31T shows durable scale in everyday staples. Broad retail and food-service distribution of high-frequency products supports predictable demand, better fixed-cost absorption and bargaining power with suppliers and retailers over the medium term.
Read all positive factors
Yamazaki Baking Co (2212) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥680.47B
Dividend Yield1.79%
Average Volume (3M)407.50K
Price to Earnings (P/E)15.8
Beta (1Y)0.47
Revenue Growth4.70%
EPS Growth12.93%
CountryJP
Employees33,545
SectorGeneral
Sector StrengthN/A
IndustryPackaged Foods
Share Statistics
EPS (TTM)211.47
Shares Outstanding220,282,870
10 Day Avg. Volume443,070
30 Day Avg. Volume407,503
Financial Highlights & Ratios
PEG Ratio1.01
Price to Book (P/B)1.42
Price to Sales (P/S)0.50
P/FCF Ratio23.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,700.00Price Target Upside10.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)218.51
Revenue Forecast (FY)¥1.35T
Yamazaki Baking Co Business Overview & Revenue Model
Company Description
Yamazaki Baking Co., Ltd. engages in the food business in Japan. The company operates through Food Business, Distribution Business, and Other Business segments. The company offers loaf bread, sweet buns, donuts, hard rolls, and pastries; skewered ...
How the Company Makes Money
Yamazaki Baking makes money primarily by manufacturing and selling packaged bakery products and related food items at scale. Its main revenue stream is the sale of bread and other baked goods (including sweet buns and similar packaged items) suppl...
Yamazaki Baking Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.33T | 1.31T | 1.24T | 1.18T | 1.08T | 1.05T |
| Gross Profit | 433.59B | 428.40B | 405.25B | 379.05B | 343.61B | 367.86B |
| EBITDA | 110.87B | 108.33B | 99.99B | 88.53B | 65.05B | 61.36B |
| Net Income | 41.84B | 40.89B | 36.02B | 30.17B | 12.37B | 10.38B |
Balance Sheet | ||||||
| Total Assets | 915.91B | 931.88B | 865.11B | 802.03B | 758.03B | 757.35B |
| Cash, Cash Equivalents and Short-Term Investments | 168.26B | 163.82B | 152.44B | 134.94B | 125.18B | 138.14B |
| Total Debt | 99.84B | 103.66B | 101.05B | 80.13B | 86.21B | 97.86B |
| Total Liabilities | 402.31B | 421.05B | 404.62B | 355.90B | 350.14B | 375.14B |
| Stockholders Equity | 462.18B | 459.88B | 412.15B | 400.14B | 363.74B | 342.57B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 28.08B | 30.92B | 35.51B | 16.03B | 20.47B |
| Operating Cash Flow | 0.00 | 78.87B | 73.97B | 73.69B | 52.77B | 57.07B |
| Investing Cash Flow | 0.00 | -55.86B | -43.49B | -45.66B | -41.98B | -37.79B |
| Financing Cash Flow | 0.00 | -14.13B | -15.04B | -18.83B | -26.70B | 2.07B |
Yamazaki Baking Co Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥232.14B | 10.70 | 8.07% | 2.77% | 1.84% | -17.25% | |
73 Outperform | ¥680.47B | 15.76 | 9.43% | 1.42% | 4.70% | 12.93% | |
69 Neutral | ¥553.74B | 18.87 | ― | 2.93% | 1.68% | -11.62% | |
60 Neutral | ¥1.04T | 29.28 | 4.63% | 2.77% | 1.70% | -30.42% | |
60 Neutral | ¥4.21B | 8.99 | ― | ― | 8.90% | -74.24% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ¥327.86B | 52.10 | 2.26% | 1.85% | 12.09% | 13.34% |
* General Sector Average
JP:2212
Yamazaki Baking Co
3,509.00
184.57
5.55%
JP:2269
Meiji Holdings Co
4,012.00
1,101.26
37.83%
JP:2001
NIPPN Corporation
2,842.00
644.48
29.33%
JP:2206
Ezaki Glico Co., Ltd.
4,889.00
70.25
1.46%
JP:2002
Nisshin Seifun Group Inc.
1,966.00
250.13
14.58%
JP:2215
First Baking Co., Ltd.
607.00
72.00
13.46%
Yamazaki Baking Co Corporate Events
Yamazaki Baking Lifts Half-Year Sales and Profit on Strong Food Segment
Jul 31, 2026
Yamazaki Baking Co. reported consolidated net sales of ¥676.6 billion for the six months ended June 30, 2026, a 4.0% increase year on year, with operating profit up 3.3% to ¥35.9 billion and profit attributable to owners of parent rising...
Yamazaki Baking Posts Higher First-Half Profits and Confirms 2026 Dividend Plan
Jul 31, 2026
Yamazaki Baking Co., Ltd., a major Japanese bakery and packaged foods producer listed on the Tokyo Stock Exchange, reported solid results for the first half of 2026. The company continues to generate stable earnings from its core bread and confect...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.