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CALBEE
(2229)
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Rating:70Outperform
Price Target:
¥3,431.00
▲(16.68% Upside)
Action:Upgraded
Date:07/31/26
The score is driven primarily by generally healthy financial fundamentals (steady growth and a conservative balance sheet), tempered by inconsistent free-cash-flow conversion and recent margin compression. Technicals add support from a clear uptrend versus major moving averages, while valuation is fair but not especially attractive given a ~21.9 P/E and a ~2.1% dividend yield.
Positive Factors
Strong branded retail distribution in Japan
Calbee's core business is durable: established branded snacks sold through supermarkets, convenience stores and other retail channels. This entrenched shelf presence, broad retail relationships and repeat-purchase snack demand support steady cash generation and resilience to cyclical shocks over months.
Negative Factors
Margin compression from recent peak levels
A multi-point decline in net margin signals persistent cost or mix pressure that can erode long-term profitability. If input costs, product mix shifts, or reinvestment needs persist, sustaining prior margins will be hard, reducing free cash generation and normalized returns over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong branded retail distribution in Japan
Calbee's core business is durable: established branded snacks sold through supermarkets, convenience stores and other retail channels. This entrenched shelf presence, broad retail relationships and repeat-purchase snack demand support steady cash generation and resilience to cyclical shocks over months.
Read all positive factors
CALBEE (2229) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥374.97B
Dividend Yield2.27%
Average Volume (3M)400.30K
Price to Earnings (P/E)20.0
Beta (1Y)0.19
Revenue Growth5.36%
EPS Growth4.50%
CountryJP
Employees6,974
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)145.19
Shares Outstanding133,929,800
10 Day Avg. Volume399,620
30 Day Avg. Volume400,303
Financial Highlights & Ratios
PEG Ratio-1.35
Price to Book (P/B)1.81
Price to Sales (P/S)1.12
P/FCF Ratio31.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,875.00Price Target Upside-2.23% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)145.29
Revenue Forecast (FY)¥366.62B
CALBEE Business Overview & Revenue Model
Company Description
Calbee, Inc. is a major producer and distributor of snack foods and other culinary items, with a significant international presence encompassing Japan, North America, Greater China, the United Kingdom, and Indonesia, among other global regions. Th...
How the Company Makes Money
Calbee makes money by selling packaged snack products to the food retail distribution chain. Its primary revenue stream is domestic Japan sales of branded snacks, where Calbee supplies products that are then sold to consumers through supermarkets,...
CALBEE Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 344.68B | 340.15B | 322.56B | 303.03B | 279.31B | 245.42B |
| Gross Profit | 112.92B | 110.75B | 109.83B | 101.82B | 90.10B | 83.87B |
| EBITDA | 45.34B | 43.67B | 44.05B | 43.18B | 34.83B | 37.85B |
| Net Income | 17.87B | 17.33B | 20.87B | 19.89B | 14.77B | 18.05B |
Balance Sheet | ||||||
| Total Assets | 323.76B | 327.61B | 319.17B | 292.16B | 239.09B | 236.60B |
| Cash, Cash Equivalents and Short-Term Investments | 45.23B | 51.55B | 56.76B | 44.30B | 32.17B | 59.00B |
| Total Debt | 36.71B | 38.04B | 36.55B | 27.04B | 1.85B | 2.00B |
| Total Liabilities | 104.89B | 105.83B | 104.10B | 91.07B | 56.41B | 53.14B |
| Stockholders Equity | 207.64B | 210.60B | 205.18B | 191.75B | 174.11B | 175.38B |
Cash Flow | ||||||
| Free Cash Flow | 12.93B | 12.20B | 10.99B | -6.24B | -6.44B | 9.84B |
| Operating Cash Flow | 31.68B | 35.60B | 39.10B | 24.35B | 19.31B | 22.33B |
| Investing Cash Flow | -19.64B | -26.21B | -28.32B | -35.03B | -19.88B | 4.10B |
| Financing Cash Flow | -17.86B | -17.00B | 2.25B | 16.57B | -20.45B | -25.63B |
CALBEE Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥680.47B | 15.76 | 9.43% | 1.42% | 4.70% | 12.93% | |
70 Outperform | ¥374.97B | 20.00 | 8.43% | 2.20% | 5.36% | 4.50% | |
64 Neutral | ¥83.60B | 19.94 | ― | 1.47% | 23.42% | -65.03% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | ¥1.04T | 29.28 | 4.63% | 2.77% | 1.70% | -30.42% | |
59 Neutral | ¥50.84B | 19.60 | ― | 1.19% | 2.99% | 0.15% | |
55 Neutral | ¥327.86B | 52.10 | 2.26% | 1.85% | 12.09% | 13.34% |
* Consumer Defensive Sector Average
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CALBEE
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CALBEE Corporate Events
Calbee Delivers Profit Growth in Q1 and Plans Higher Dividend
Jul 30, 2026
Calbee reported consolidated net sales of ¥86.8 billion for the quarter ended June 30, 2026, up 5.5% year on year, with operating profit climbing 24.4% to ¥6.6 billion and profit attributable to owners of parent rising 15.2% to ¥4.1...
Calbee Affirms Independence as PepsiCo-Linked Stake Reaches 22%
Jun 26, 2026
Calbee disclosed details of its relationship with PepsiCo, which is classified as an other affiliated company and, together with its 100%-owned subsidiary Frito-Lay Global Investments B.V., controls 22.02% of Calbee’s voting rights. Despite ...
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.