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CALBEE (JP:2229)
:2229
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CALBEE (2229) AI Stock Analysis

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JP:2229

CALBEE

(OTC:2229)

Rating:74Outperform
Price Target:
¥3,226.00
▲(15.79%Upside)
Calbee's strong financial performance and fair valuation are significant drivers of its overall score. The company's solid profitability, efficient operational management, and attractive dividend yield contribute positively. However, technical analysis indicates some caution due to bearish momentum and resistance levels. Overall, Calbee is well-positioned for stability and growth, making it a favorable investment in the packaged foods industry.

CALBEE (2229) vs. iShares MSCI Japan ETF (EWJ)

CALBEE Business Overview & Revenue Model

Company DescriptionCalbee, Inc. (2229) is a leading Japanese snack food manufacturer, renowned for its wide range of potato-based snacks, including potato chips, and other snack products like vegetable snacks and cereal products. Established in 1949, the company operates in the food manufacturing sector, focusing on delivering tasty and innovative snack solutions to consumers worldwide. Calbee has expanded its operations beyond Japan, reaching markets in North America, Europe, and Asia, thereby establishing itself as a prominent player in the global snack food industry.
How the Company Makes MoneyCalbee 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 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
85
Very Positive
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
78
Positive
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
82
Very Positive
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.
BreakdownMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Income Statement
Total Revenue322.56B303.03B279.31B245.42B266.75B
Gross Profit109.81B101.96B90.20B83.95B117.81B
EBITDA44.05B43.18B34.83B37.85B37.29B
Net Income20.87B19.89B14.77B18.05B17.68B
Balance Sheet
Total Assets319.17B292.16B239.09B236.60B238.98B
Cash, Cash Equivalents and Short-Term Investments56.76B44.30B32.17B59.00B73.47B
Total Debt36.55B27.04B1.85B1.98B6.56B
Total Liabilities104.10B91.07B56.41B53.14B56.24B
Stockholders Equity205.18B191.75B174.11B175.38B175.37B
Cash Flow
Free Cash Flow10.99B-6.84B-7.41B8.81B19.11B
Operating Cash Flow39.10B24.35B19.31B22.33B30.45B
Investing Cash Flow-28.32B-35.31B-20.33B3.64B-32.07B
Financing Cash Flow2.25B16.85B-20.00B-25.17B-7.63B

CALBEE Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2786.00
Price Trends
50DMA
2772.84
Negative
100DMA
2801.83
Negative
200DMA
2940.70
Negative
Market Momentum
MACD
-11.61
Negative
RSI
61.26
Neutral
STOCH
84.83
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2229, the sentiment is Neutral. The current price of 2786 is above the 20-day moving average (MA) of 2695.05, above the 50-day MA of 2772.84, and below the 200-day MA of 2940.70, indicating a neutral trend. The MACD of -11.61 indicates Negative momentum. The RSI at 61.26 is Neutral, neither overbought nor oversold. The STOCH value of 84.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:2229.

CALBEE Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
¥359.73B16.5610.34%2.08%6.45%4.96%
74
Outperform
¥85.60B15.61
1.40%8.09%140.01%
71
Outperform
€559.91B19.739.37%1.42%5.82%32.64%
70
Neutral
¥51.21B19.77
1.15%8.31%17.33%
68
Neutral
¥197.01B21.348.29%2.27%4.93%0.97%
67
Neutral
¥259.06B16.45
1.96%25.63%-24.35%
58
Neutral
¥300.81B54.142.04%1.94%-3.24%-63.77%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JP:2229
CALBEE
2,774.50
-488.92
-14.98%
JP:2220
Kameda Seika Co., Ltd.
4,095.00
-150.87
-3.55%
JP:2226
KOIKE-YA Inc.
4,825.00
-15.90
-0.33%
JP:2811
Kagome Co., Ltd.
2,915.00
-380.64
-11.55%
JP:2206
Ezaki Glico Co., Ltd.
4,671.00
192.14
4.29%
JP:2809
Kewpie Corporation
4,028.00
351.24
9.55%

CALBEE Corporate Events

Calbee Maintains Independence Amid Strategic Alliance with PepsiCo
Jun 26, 2025

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.

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.Date of analysis: Jul 23, 2025