NH Foods (2282) AI Stock Analysis

• Market Cap: ¥703.40B
• Dividend Yield: 2.04%
• Average Volume (3M): 418.49K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 0.19
• Revenue Growth: 5.55%
• EPS Growth: 27.03%
• Country: JP
• Employees: 15,429
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 107.94
• Shares Outstanding: 99,095,000
• 10 Day Avg. Volume: 401,560
• 30 Day Avg. Volume: 418,490
• PEG Ratio: -4.90
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 12.21
• 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: ¥6,900.00
• Price Target Upside: 20.15% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): 362.9
• Revenue Forecast (FY): ¥1.43T

• Rating: 63 Neutral
• Price Target: ¥7,382.00 ▲(28.54% Upside)
• Action: Downgraded Date: 02/04/26
• Date: Action: Downgraded 02/04/26

The score is driven primarily by stable financials with improving operating performance and manageable leverage, offset by persistently thin net margins and uneven free-cash-flow conversion. Technicals are supportive but not strongly overbought or oversold, while valuation (P/E ~22.6) appears only fair given the modest profitability and a moderate dividend yield (~1.95%).

Positive Factors

Integrated supply chain

NH Foods’ vertical integration across procurement, processing, manufacturing and distribution creates durable control over input sourcing, quality and margins. That multi-stage presence supports cost management, supply reliability and channel flexibility across retail and foodservice over months to years.

Steady revenue growth and improving margins

Consistent ~5% TTM revenue growth combined with rising gross and operating margins points to sustainable top-line momentum and operational improvements. Over a 2-6 month horizon this suggests the company can convert sales into higher operating earnings, reducing execution risk and supporting reinvestment.

Positive cash generation and manageable leverage

Meaningful OCF and positive FCF provide financial flexibility to fund working capital, capex and dividends. Combined with manageable reported leverage (~0.44x debt/equity), the cash-generation profile supports balance-sheet resilience and strategic options across market cycles.

Negative Factors

Structurally thin net margins

A net margin near 2.2% leaves limited buffer against commodity cost swings, input inflation or pricing pressure. Structurally thin profitability constrains retained earnings and weakens the company’s ability to absorb shocks or finance growth internally without relying on operational improvement or external funding.

Volatile free cash flow conversion

Declining and historically inconsistent FCF undermines predictability of cash available for dividends, debt reduction and reinvestment. Working-capital swings or cyclical input costs that drive FCF volatility increase financing and execution risk over the medium term.

Moderate returns on equity

An ROE around 5.9% indicates modest returns relative to capital employed and peers. Moderate capital efficiency limits long-term shareholder value creation, reducing the firm’s ability to self-fund expansion or generate high returns from incremental investments.

NH Foods Business Overview & Revenue Model

Company Description

NH Foods Ltd. (2282) is a leading Japanese food company primarily engaged in the processing and distribution of meat products, including pork, beef, and chicken. The company operates across various sectors, such as processed foods, fresh foods, and dairy products, offering a wide range of consumer goods and ingredients. NH Foods is known for its commitment to quality and safety, and it also invests in research and development to innovate new products that meet changing consumer preferences.

How the Company Makes Money

NH Foods generates revenue through multiple key streams, primarily from the sale of its processed meat products, which includes packaged meats, sausages, and ready-to-eat meals. The company also earns income from its fresh food segment, which encompasses the sale of fresh meat and seafood. In addition, NH Foods has a dairy division that contributes to its overall revenue through the sale of dairy products. Significant partnerships with retailers, food service providers, and international markets enhance its distribution network, allowing the company to reach a broader customer base. Factors contributing to its earnings include the growing demand for convenient and high-quality food products, strategic acquisitions, and an emphasis on sustainability in its supply chain.

NH Foods Financial Statement Overview

Summary

Steady TTM revenue growth (~5%) with improving margins (gross ~17%, operating ~3.8%), and manageable leverage (~0.44x debt/equity). The key constraint is structurally thin net margin (~2.2%) and less consistent free-cash-flow conversion (FCF down ~12% TTM; prior volatility).

Income Statement

TTM (Trailing-Twelve-Months) revenue grew about 5% versus the latest annual period, showing steady top-line momentum. Profitability is modest but improving: gross margin rose to ~17% and operating margin to ~3.8% in TTM, with net margin at ~2.2%. The main weakness is structurally thin net profitability for a packaged foods business, which limits earnings leverage even when revenue grows.

Balance Sheet

Leverage looks manageable with debt at ~0.44x equity in TTM and a sizable equity base relative to total assets. Returns are moderate: return on equity improved to ~5.9% in TTM from ~5.1% in the latest annual period, but remains not especially high. Overall balance sheet risk appears contained, though returns are not strong enough to be viewed as a clear balance-sheet-driven advantage.

Cash Flow

Cash generation is solid in TTM with operating cash flow (~¥90B) and free cash flow (~¥59B) both positive, and free cash flow covering roughly two-thirds of net income. However, free cash flow declined (~12% in TTM), indicating some pressure from working capital or reinvestment needs. Prior years also show volatility (including periods of negative free cash flow), which tempers confidence in consistency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.42T	1.37T	1.30T	1.26T	1.15T	1.11T
Gross Profit	241.41B	220.38B	203.63B	177.03B	200.03B	211.73B
EBITDA	98.17B	82.39B	82.17B	59.56B	80.31B	81.71B
Net Income	31.01B	26.59B	28.08B	16.64B	48.05B	32.62B
Balance Sheet
Total Assets	1.01T	949.27B	958.24B	937.15B	909.21B	825.40B
Cash, Cash Equivalents and Short-Term Investments	63.11B	71.56B	65.47B	74.08B	85.37B	83.83B
Total Debt	237.03B	223.90B	214.85B	242.06B	211.41B	193.75B
Total Liabilities	451.19B	412.20B	419.04B	434.37B	419.66B	381.10B
Stockholders Equity	539.28B	524.29B	527.50B	492.91B	479.07B	433.60B
Cash Flow
Free Cash Flow	58.60B	41.47B	38.11B	-70.93B	-11.09B	23.12B
Operating Cash Flow	90.49B	77.44B	86.59B	11.33B	33.39B	82.52B
Investing Cash Flow	-41.57B	-42.72B	-39.22B	-63.68B	-22.84B	-57.83B
Financing Cash Flow	-71.91B	-29.85B	-53.19B	28.42B	-12.16B	-14.93B

NH Foods Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5743.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2282, the sentiment is Positive. The current price of 5743 is below the 20-day moving average (MA) of 6931.65, below the 50-day MA of 6848.14, and below the 200-day MA of 5959.41, indicating a bullish trend. The MACD of 49.26 indicates Negative momentum. The RSI at 62.02 is Neutral, neither overbought nor oversold. The STOCH value of 85.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2282.

NH Foods Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2875	76 Outperform	¥1.26T	18.99	13.26%	1.82%	3.64%	5.31%
1332	76 Outperform	¥482.11B	16.87	10.81%	2.56%	3.87%	29.64%
2871	72 Outperform	€538.55B	20.47	9.86%	2.58%	1.08%	2.71%
2897	66 Neutral	¥972.12B	18.92	9.77%	2.41%	1.46%	-2.17%
2296	64 Neutral	¥341.93B	21.77	―	2.61%	6.54%	15.08%
2282	63 Neutral	¥703.40B	22.54	6.04%	2.04%	5.55%	27.03%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

NH Foods Corporate Events

NH Foods Updates Progress on ¥30 Billion Share Buyback Program

NH Foods has disclosed the latest status of its ongoing share buyback program authorized by its board in May 2025 under Article 459 of the Companies Act. During the period from January 1 to January 31, 2026, the company repurchased 518,600 of its own common shares through market purchases on the Tokyo Stock Exchange, at a total cost of about ¥3.58 billion. This brings cumulative buybacks under the current authorization to 3,932,600 shares for approximately ¥23.68 billion, against an upper limit of 6 million shares and ¥30 billion to be acquired by March 31, 2026. The continued execution of the buyback signals management’s focus on capital efficiency and shareholder returns, and may support earnings per share and share price by reducing the free float if the remaining capacity under the program is utilized.

The most recent analyst rating on (JP:2282) stock is a Buy with a Yen7751.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Reshapes Top Management as Fumio Maeda Named Next President and CEO

NH Foods has announced a major leadership reshuffle effective April 1, 2026, with current President and CEO Nobuhisa Ikawa moving to the role of Chairperson and Director, while Director and Vice President Fumio Maeda will be promoted to President and Representative Director (President and CEO), and current Chairperson Tetsuhiro Kito will become a Director. The board-approved changes, which will be followed by additional officer and organizational adjustments through June 2026, are aimed at strengthening the company’s management structure for its 82nd business year, signaling a planned generational transition and potential realignment of strategic priorities across corporate planning, finance and growth initiatives under Maeda’s leadership experience spanning key divisions of the group.

The most recent analyst rating on (JP:2282) stock is a Buy with a Yen7751.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Lifts Earnings and Dividend Forecasts on Strong Meat Business

NH Foods has raised its full-year net sales and business profit forecasts for the fiscal year ending March 31, 2026, citing stronger-than-expected performance in its Fresh Meats Business. Higher unit prices for domestic chicken and robust beef sales in Australia are expected to lift net sales to ¥1.44 trillion and business profit to ¥64 billion, though profit before tax and profit attributable to owners of the parent remain unchanged due to the impact of a fire at a subsidiary’s Shiretoko Plant. Reflecting the improved earnings outlook and its policy to consistently return profits to shareholders under its Medium-Term Management Plan 2026, the company also lifted its forecast for the year-end dividend from ¥156 to ¥160 per share, aiming to enhance shareholder returns through a higher dividend-on-equity level and payout ratio.

The most recent analyst rating on (JP:2282) stock is a Buy with a Yen7751.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Lifts Profit Outlook and Dividend on Strong Nine-Month Results

NH Foods reported solid results for the nine months ended 31 December 2025, with net sales up 5.1% year-on-year to ¥1.11 trillion and business profit surging 45.3%, driving a 16.7% rise in profit before tax and a 15.2% increase in profit attributable to owners of the parent; basic earnings per share climbed to ¥343.14. The company also strengthened its financial position with higher total equity and an equity ratio above 50%, raised its full-year forecasts for fiscal 2026 including a 50.4% jump in projected business profit, and revised up its year-end dividend forecast to ¥160 per share, signaling confidence in sustained earnings momentum and enhanced shareholder returns.

The most recent analyst rating on (JP:2282) stock is a Buy with a Yen7751.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Advances Share Buyback, Reaching Over Half of Authorized Limit

NH Foods has continued its share buyback program authorized by its board in May 2025, acquiring 476,100 common shares on the Tokyo Stock Exchange between December 1 and December 31, 2025 for a total of ¥3.22 billion. Under the broader approved framework allowing purchases of up to 6 million shares or ¥30 billion through March 31, 2026, the company has cumulatively repurchased 3,414,000 shares for about ¥20.1 billion by the end of December, signaling an ongoing effort to enhance shareholder returns and optimize its capital structure.

The most recent analyst rating on (JP:2282) stock is a Buy with a Yen7512.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Ltd. Advances Treasury Stock Acquisition Strategy

NH Foods Ltd. announced the acquisition of 512,100 shares of its treasury stock, valued at approximately 3.42 billion yen, through market purchases on the Tokyo Stock Exchange during November 2025. This acquisition is part of a broader strategy approved by the Board of Directors to acquire up to 6 million shares by March 2026, aiming to enhance shareholder value and optimize capital structure.

The most recent analyst rating on (JP:2282) stock is a Hold with a Yen7000.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Ltd. Advances Treasury Stock Acquisition Strategy

NH Foods Ltd. announced the acquisition of 752,500 treasury stocks valued at approximately 4.37 billion yen, as part of a broader plan authorized by its Board of Directors to acquire up to 6 million shares by March 2026. This strategic move is intended to enhance shareholder value and optimize capital structure, reflecting the company’s proactive approach to managing its financial resources.

The most recent analyst rating on (JP:2282) stock is a Hold with a Yen5861.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Adjusts Forecast with Positive Outlook for 2026

NH Foods Ltd. has adjusted its forecast for the fiscal year ending March 31, 2026, reflecting an increase in expected net sales and profits. The adjustments are driven by higher unit prices for domestic chicken and strong sales of Australian beef, leading to improved business profits and increased earnings per share.

The most recent analyst rating on (JP:2282) stock is a Hold with a Yen5861.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.

NH Foods Reports Strong Financial Growth and Upward Forecast Adjustments

NH Foods Ltd. reported a significant improvement in its financial performance for the six months ended September 30, 2025, with net sales increasing by 5.7% to 722,599 million yen. The company also experienced a notable rise in business profit and profit before tax, reflecting a strong recovery from the previous fiscal year. This positive trend is expected to continue, as the company has adjusted its full-year forecast upwards, anticipating further growth in net sales and profits. These results and projections indicate a robust position for NH Foods in the market, potentially benefiting stakeholders and reinforcing its competitive standing in the food industry.

The most recent analyst rating on (JP:2282) stock is a Hold with a Yen5861.00 price target. To see the full list of analyst forecasts on NH Foods stock, see the JP:2282 Stock Forecast page.