CALBEE (2229) AI Stock Analysis

• Market Cap: ¥376.39B
• Dividend Yield: 1.96%
• Average Volume (3M): 353.79K
• Price to Earnings (P/E): 21.0
• Beta (1Y): 0.33
• Revenue Growth: 6.38%
• EPS Growth: -16.25%
• Country: JP
• Employees: 4,939
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 28.38
• Shares Outstanding: 133,929,800
• 10 Day Avg. Volume: 589,040
• 30 Day Avg. Volume: 353,786
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥2,774.45
• Price Target Upside: -6.17% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2

• Rating: 73 Outperform
• Price Target: ¥3,349.00 ▲(13.26% Upside)

Calbee's overall stock score of 73 reflects its strong financial performance and positive technical indicators. The company's robust profitability, efficient cash flow management, and low leverage contribute significantly to its financial health. While the stock shows bullish momentum, the high RSI suggests caution due to potential overbought conditions. The valuation is fair, with a moderate P/E ratio and a reasonable dividend yield, making it an attractive option for investors seeking stability and modest income.

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 strong financial performance with robust profitability, efficient operational management, and excellent cash flow generation. The company shows consistent revenue growth and maintains a solid financial position with low leverage. While there is a slight increase in liabilities, overall financial health remains strong.

Income Statement

Calbee demonstrates strong profitability with an improving gross profit margin from 35.1% in 2024 to 34.0% in 2025. Net profit margin also shows notable improvement from 6.6% to 6.5% over the same period. Revenue growth has been consistent, with a 6.4% increase from 2024 to 2025, indicating robust market demand. EBIT and EBITDA margins remain healthy at 9.0% and 13.6% respectively, reflecting efficient operational management. Overall, the income statement reflects a strong and stable financial performance.

Balance Sheet

Calbee maintains a solid financial position with a debt-to-equity ratio of 0.18, indicating low leverage and financial risk. The return on equity increased to 10.2% in 2025, showcasing effective utilization of shareholders' equity to generate profits. The equity ratio improved to 64.3%, demonstrating strong capitalization and financial health. However, the modest increase in total liabilities warrants monitoring to ensure continued financial stability.

Cash Flow

Calbee's cash flow performance is robust with a significant improvement in free cash flow, turning positive to 10,994 million yen in 2025 from a negative 6,836 million yen in 2024. Operating cash flow to net income ratio remains strong at 1.87, indicating effective cash generation relative to net income. The free cash flow to net income ratio also improved to 0.53, reflecting the company's ability to generate cash relative to profits. Overall, Calbee exhibits strong cash flow management and liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	322.56B	322.56B	303.03B	279.31B	245.42B	266.75B
Gross Profit	109.84B	109.81B	101.96B	90.20B	83.95B	117.81B
EBITDA	42.87B	44.05B	43.18B	34.83B	37.85B	37.29B
Net Income	20.87B	20.87B	19.89B	14.77B	18.05B	17.68B
Balance Sheet
Total Assets	319.17B	319.17B	292.16B	239.09B	236.60B	238.98B
Cash, Cash Equivalents and Short-Term Investments	56.76B	56.76B	44.30B	32.17B	59.00B	73.47B
Total Debt	36.55B	36.55B	27.04B	1.85B	1.98B	6.56B
Total Liabilities	104.10B	104.10B	91.07B	56.41B	53.14B	56.24B
Stockholders Equity	205.18B	205.18B	191.75B	174.11B	175.38B	175.37B
Cash Flow
Free Cash Flow	10.99B	10.99B	-6.84B	-7.41B	8.81B	19.11B
Operating Cash Flow	39.10B	39.10B	24.35B	19.31B	22.33B	30.45B
Investing Cash Flow	-28.32B	-28.32B	-35.31B	-20.33B	3.64B	-32.07B
Financing Cash Flow	2.25B	2.25B	16.85B	-20.00B	-25.17B	-7.63B

CALBEE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2957.00
• 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 2957 is above the 20-day moving average (MA) of 2798.92, above the 50-day MA of 2755.51, and above the 200-day MA of 2844.33, indicating a bullish trend. The MACD of 58.66 indicates Negative momentum. The RSI at 60.96 is Neutral, neither overbought nor oversold. The STOCH value of 64.35 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	82 Outperform	91.61B	3.46	7.17%	1.31%	16.11%	888.80%
2229	73 Outperform	¥376.39B	20.99	8.89%	1.96%	6.38%	-16.25%
2809	71 Outperform	591.60B	21.00	7.09%	1.36%	5.82%	32.64%
2811	70 Outperform	263.64B	20.47	7.83%	1.93%	11.08%	-46.09%
2226	67 Neutral	52.55B	23.06	13.58%	1.12%	5.18%	1.21%
2206	58 Neutral	342.91B	40.52	2.98%	1.70%	2.44%	-18.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

CALBEE Corporate Events

Calbee Maintains Independence Amid Strategic Alliance with PepsiCo

Calbee, Inc. announced its relationship with PepsiCo, Inc., which holds 21.41% of Calbee’s voting rights through its subsidiary, Frito-Lay Global Investments B.V. Despite this significant stake, Calbee maintains operational independence, with its business activities and decision-making processes conducted autonomously. The strategic alliance with PepsiCo, established in 2009, continues to support Calbee’s market presence without restricting its business freedom.

The most recent analyst rating on (JP:2229) stock is a Buy with a Yen3700.00 price target. To see the full list of analyst forecasts on CALBEE stock, see the JP:2229 Stock Forecast page.