CALBEE (2229) AI Stock Analysis

• Market Cap: ¥383.10B
• Dividend Yield: 1.95%
• Average Volume (3M): 400.30K
• Price to Earnings (P/E): 21.8
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥2,750.00
• Price Target Upside: -7.22% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ¥3,246.00 ▲(9.51% Upside)

Calbee's solid financial health and positive technical indicators are offset by concerns over cash flow decline and moderate valuation. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Strong Balance Sheet

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

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business strategies, supporting long-term sustainability and expansion potential.

Healthy Gross Profit Margin

A healthy gross profit margin reflects efficient production and pricing strategies, enabling CALBEE to maintain profitability and reinvest in its business.

Negative Factors

Declining Cash Flow Growth

Declining cash flow growth can limit CALBEE's ability to fund operations and investments, potentially affecting its financial health and growth prospects.

Pressure on Operational Margins

Pressure on operational margins suggests challenges in cost management or pricing power, which could impact profitability if not addressed.

Declining EPS Growth

Negative EPS growth indicates declining profitability, which may affect investor confidence and the company's ability to reinvest in its business.

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	331.24B	322.56B	303.03B	279.31B	245.42B	266.75B
Gross Profit	107.84B	109.81B	101.96B	90.20B	83.95B	117.81B
EBITDA	40.07B	44.05B	43.18B	34.83B	37.85B	37.29B
Net Income	17.03B	20.87B	19.89B	14.77B	18.05B	17.68B
Balance Sheet
Total Assets	319.28B	319.17B	292.16B	239.09B	236.60B	238.98B
Cash, Cash Equivalents and Short-Term Investments	50.87B	56.76B	44.30B	32.17B	59.00B	73.47B
Total Debt	36.88B	36.55B	27.04B	1.85B	1.98B	6.56B
Total Liabilities	103.14B	104.10B	91.07B	56.41B	53.14B	56.24B
Stockholders Equity	205.53B	205.18B	191.75B	174.11B	175.38B	175.37B
Cash Flow
Free Cash Flow	9.05B	10.99B	-6.84B	-7.41B	8.81B	19.11B
Operating Cash Flow	31.57B	39.10B	24.35B	19.31B	22.33B	30.45B
Investing Cash Flow	-28.86B	-28.60B	-35.31B	-20.33B	3.64B	-32.07B
Financing Cash Flow	-7.62B	2.54B	16.85B	-20.00B	-25.17B	-7.63B

CALBEE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2964.00
• 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 2964 is above the 20-day moving average (MA) of 2927.28, above the 50-day MA of 2919.97, and above the 200-day MA of 2828.46, indicating a bullish trend. The MACD of 5.56 indicates Negative momentum. The RSI at 55.26 is Neutral, neither overbought nor oversold. The STOCH value of 74.20 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	¥81.91B	3.04	―	1.47%	20.44%	1199.18%
2809	74 Outperform	¥615.51B	22.13	9.28%	1.30%	5.50%	27.32%
2229	69 Neutral	¥383.10B	21.77	8.27%	1.95%	5.82%	-13.40%
2811	66 Neutral	¥233.16B	19.82	―	2.11%	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	¥49.24B	22.30	―	1.19%	3.71%	-4.44%