CALBEE (2229) AI Stock Analysis

• Market Cap: $351.60B
• Dividend Yield: 2.13%
• Average Volume (3M): 267.26K
• Price to Earnings (P/E): 16.3
• Beta (1Y): 0.38
• Revenue Growth: 6.45%
• EPS Growth: 4.96%
• Country: JP
• Employees: 4,939
• Sector: Consumer Defensive
• Sector Strength: 55
• Industry: Packaged Foods
• EPS (TTM): 20.19
• Shares Outstanding: 133,929,800
• 10 Day Avg. Volume: 291,120
• 30 Day Avg. Volume: 267,260
• PEG Ratio: -1.55
• Price to Book (P/B): 2.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -47.99
• 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: $3,099.75
• Price Target Upside: 14.59% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 74 Outperform
• Price Target: ¥3,226.00 ▲(19.26%Upside)

Calbee's strong financial performance, characterized by solid profitability and effective cash flow management, is the primary driver of its overall stock score. The company's neutral technical indicators and fair valuation further support this score. The absence of significant earnings call information and corporate events leaves these areas without influence on the overall assessment.

CALBEE Business Overview & Revenue Model

Company Description

Calbee, Inc. is a leading Japanese snack food company specializing in the production and sale of a wide range of snack products. Founded in 1949 and headquartered in Tokyo, Japan, Calbee is renowned for its innovative and high-quality snack offerings, including potato chips, corn snacks, and cereal products. The company operates in the food processing and consumer goods sectors, with a strong presence in both domestic and international markets. Calbee's commitment to using natural ingredients and developing unique flavors has made it a popular choice among consumers seeking delicious and convenient snack options.

How the Company Makes Money

Calbee primarily generates revenue through the sale of its snack products, which are distributed across various retail channels, including supermarkets, convenience stores, and online platforms. The company's key revenue streams include its flagship potato chips and corn snacks, which are popular in Japan and other Asian markets. Calbee also earns income from its cereal product line, which caters to health-conscious consumers. Additionally, the company benefits from strategic partnerships and joint ventures that expand its market reach and product offerings. Calbee's focus on innovation and product development, coupled with its strong brand recognition, contributes significantly to its earnings. Moreover, the company has been expanding its presence in international markets, tapping into the growing demand for snack foods globally, which further enhances its revenue potential.

CALBEE Financial Statement Overview

Summary

Calbee presents a solid financial profile marked by strong profitability, efficient operational management, and robust cash flow generation. The company demonstrates healthy growth trends and financial stability, with low leverage and effective equity utilization. While the balance sheet shows a slight increase in liabilities, the overall financial health remains strong, positioning Calbee well for future growth and resilience in the packaged foods industry.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	322.56B	303.03B	279.31B	245.42B	266.75B
Gross Profit	109.81B	101.96B	90.20B	83.95B	117.81B
EBITDA	44.05B	43.18B	34.83B	37.85B	37.29B
Net Income	20.87B	19.89B	14.77B	18.05B	17.68B
Balance Sheet
Total Assets	319.17B	292.16B	239.09B	236.60B	238.98B
Cash, Cash Equivalents and Short-Term Investments	56.76B	44.30B	32.17B	59.00B	73.47B
Total Debt	36.55B	27.04B	1.85B	1.98B	6.56B
Total Liabilities	104.10B	91.07B	56.41B	53.14B	56.24B
Stockholders Equity	205.18B	191.75B	174.11B	175.38B	175.37B
Cash Flow
Free Cash Flow	10.99B	-6.84B	-7.41B	8.81B	19.11B
Operating Cash Flow	39.10B	24.35B	19.31B	22.33B	30.45B
Investing Cash Flow	-28.32B	-35.31B	-20.33B	3.64B	-32.07B
Financing Cash Flow	2.25B	16.85B	-20.00B	-25.17B	-7.63B

CALBEE Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2705.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 2705 is below the 20-day moving average (MA) of 2733.58, below the 50-day MA of 2822.31, and below the 200-day MA of 2980.93, indicating a bearish trend. The MACD of -27.30 indicates Negative momentum. The RSI at 35.41 is Neutral, neither overbought nor oversold. The STOCH value of 23.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2229.

CALBEE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2229	74 Outperform	$351.60B	16.30	10.34%	2.13%	6.45%	4.96%
2220	74 Outperform	¥84.76B	15.65		2.09%	8.09%	140.01%
2809	71 Outperform	€491.66B	17.46	9.37%	1.55%	5.82%	32.64%
2226	70 Neutral	¥50.73B	19.59		1.16%	8.31%	17.33%
2811	61 Neutral	¥255.15B	16.20		1.99%	25.63%	-24.35%
Sector *	60 Neutral	HK$17.56B	11.08	0.20%	5.34%	2.68%	-48.29%
2206	54 Neutral	€304.76B	54.89	2.04%	1.91%	-3.24%	-63.77%

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.