CALBEE (2229) AI Stock Analysis

• Market Cap: $376.65B
• Dividend Yield: 2.03%
• Average Volume (3M): 400.30K
• Price to Earnings (P/E): 21.4
• Beta (1Y): 0.34
• Revenue Growth: 5.82%
• EPS Growth: -13.40%
• Country: JP
• Employees: 4,939
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 25.95
• Shares Outstanding: 133,929,800
• 10 Day Avg. Volume: 399,620
• 30 Day Avg. Volume: 400,303
• PEG Ratio: 3.38
• Price to Book (P/B): 1.70
• Price to Sales (P/S): 1.08
• P/FCF Ratio: 31.74
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 1.08
• Enterprise Value/Gross Profit: 3.25
• Enterprise Value/Ebitda: 8.93
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 156.31
• Revenue Forecast (FY): $339.70B

• Rating: 70 Outperform
• Price Target: ¥3,145.00 ▲(5.70% Upside)

Calbee's overall stock score is driven by its stable financial performance and strong balance sheet, which provide a solid foundation. The technical analysis suggests a mixed outlook with short-term weakness but a longer-term positive trend. Valuation metrics indicate the stock may be overvalued, but the dividend yield offers some compensation. The absence of recent earnings call data and corporate events limits further insights.

Positive Factors

Revenue Growth

Consistent revenue growth indicates Calbee's ability to expand its market presence and maintain demand for its products, supporting long-term business sustainability.

Balance Sheet Strength

A strong balance sheet with low leverage provides Calbee with financial flexibility to invest in growth opportunities and weather economic downturns.

Cash Flow Improvement

Improved cash flow enhances Calbee's ability to reinvest in the business, pay dividends, and reduce debt, supporting long-term financial health.

Negative Factors

Profit Margin Pressure

Low net profit margins suggest challenges in cost management, which could impact profitability if not addressed, affecting long-term earnings potential.

Earnings Decline

Declining earnings per share reflect challenges in maintaining profitability, which could hinder investor confidence and affect future growth prospects.

Profitability Margins

Moderate profitability margins indicate potential constraints in operational efficiency, which could limit Calbee's ability to maximize returns in a competitive market.

CALBEE Business Overview & Revenue Model

Company Description

Calbee, Inc. engages in the production and sale of snacks and other food products in Japan, North America, Greater China, the United Kingdom, Indonesia, and internationally. It offers potato-based, flour-based, corn-and bean-based, and other snacks, as well as wheat, cereals, and granola. The company markets its products under the Potato Chips, Jagarico, Jaga Pokkuru, Kappa Ebisen, Seabrook, Thin Potato, Sapporo Potato, Sayaendo, Jagabee, and the Frugra brands. It sells its products through e-commerce and retail stores. Calbee, Inc. was incorporated in 1949 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Calbee makes money primarily through the production and sale of its snack food products, with a significant portion of revenue derived from its popular potato chips and other snack varieties. The company operates on a revenue model that includes both direct sales to retailers and distributors and indirect sales through partnerships with various global retailers. Key revenue streams include domestic sales in Japan, which remain a substantial part of its business, and international sales, which contribute to its global expansion strategy. Calbee's strategic partnerships with major retail chains, as well as its continuous innovation in product offerings, play a crucial role in driving its earnings. Additionally, Calbee invests in marketing and brand positioning to maintain a strong presence in the competitive snack food market, further enhancing its revenue-generating capabilities.

CALBEE Financial Statement Overview

Summary

Calbee demonstrates a stable financial position with consistent revenue growth and strong balance sheet metrics. While profitability margins are moderate, the company maintains low leverage, providing financial flexibility. Cash flow improvements are notable, though further enhancement in profitability could strengthen the financial outlook.

Income Statement

Calbee's income statement shows a stable revenue growth trend with a TTM revenue growth rate of 1.42%. The gross profit margin is healthy at 33.2%, although it has slightly decreased from the previous annual report. The net profit margin is relatively low at 5.3%, indicating room for improvement in cost management. EBIT and EBITDA margins are moderate, reflecting stable operational efficiency.

Balance Sheet

The balance sheet is strong with a low debt-to-equity ratio of 0.18, indicating low leverage and financial stability. The return on equity is decent at 8.6%, suggesting effective use of equity to generate profits. The equity ratio is robust, highlighting a solid capital structure.

Cash Flow

Cash flow analysis reveals a significant improvement in free cash flow growth at 38.1% in the TTM period. The operating cash flow to net income ratio is slightly above 1, indicating good cash generation relative to net income. However, the free cash flow to net income ratio is moderate at 0.32, suggesting potential constraints in cash available for reinvestment or dividends.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	327.14B	322.56B	303.03B	279.31B	245.42B	266.75B
Gross Profit	108.71B	109.81B	101.96B	90.20B	83.95B	117.81B
EBITDA	39.60B	44.05B	43.18B	34.83B	37.85B	37.29B
Net Income	17.35B	20.87B	19.89B	14.77B	18.05B	17.68B
Balance Sheet
Total Assets	306.13B	319.17B	292.16B	239.09B	236.60B	238.98B
Cash, Cash Equivalents and Short-Term Investments	50.14B	56.76B	44.30B	32.17B	59.00B	73.47B
Total Debt	35.88B	36.55B	27.04B	1.85B	1.98B	6.56B
Total Liabilities	95.22B	104.10B	91.07B	56.41B	53.14B	56.24B
Stockholders Equity	201.05B	205.18B	191.75B	174.11B	175.38B	175.37B
Cash Flow
Free Cash Flow	15.18B	10.99B	-6.84B	-7.41B	8.81B	19.11B
Operating Cash Flow	47.21B	39.10B	24.35B	19.31B	22.33B	30.45B
Investing Cash Flow	-32.59B	-28.60B	-35.31B	-20.33B	3.64B	-32.07B
Financing Cash Flow	-7.57B	2.54B	16.85B	-20.00B	-25.17B	-7.63B

CALBEE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2975.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2229, the sentiment is Positive. The current price of 2975.5 is above the 20-day moving average (MA) of 2926.55, above the 50-day MA of 2913.36, and above the 200-day MA of 2817.87, indicating a bullish trend. The MACD of 19.38 indicates Negative momentum. The RSI at 56.79 is Neutral, neither overbought nor oversold. The STOCH value of 77.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2229.

CALBEE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2220	74 Outperform	¥80.54B	2.99	―	1.54%	20.44%	1199.18%
2809	74 Outperform	€597.03B	21.46	9.28%	1.31%	5.50%	27.32%
2229	70 Outperform	$376.65B	21.40	8.27%	2.03%	5.82%	-13.40%
2811	67 Neutral	¥242.35B	19.96	―	2.09%	3.69%	-50.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2206	62 Neutral	¥356.79B	48.87	2.66%	1.64%	8.40%	-23.50%
2226	61 Neutral	¥49.08B	22.22	―	1.18%	3.71%	-4.44%