Kikkoman (2801) AI Stock Analysis

• Market Cap: ¥1.45T
• Dividend Yield: 1.46%
• Average Volume (3M): 2.89M
• Price to Earnings (P/E): 23.6
• Beta (1Y): 0.67
• Revenue Growth: 2.65%
• EPS Growth: -5.76%
• Country: JP
• Employees: 7,521
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 19.11
• Shares Outstanding: 969,416,000
• 10 Day Avg. Volume: 3,127,410
• 30 Day Avg. Volume: 2,894,526
• PEG Ratio: 2.26
• Price to Book (P/B): 2.69
• Price to Sales (P/S): 1.93
• P/FCF Ratio: 39.66
• 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: ¥1,442.00
• Price Target Upside: -2.76% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 65.03
• Revenue Forecast (FY): ¥737.28B

• Rating: 72 Outperform
• Price Target: ¥1,555.00 ▲(4.86% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven primarily by strong financial performance (consistent growth, healthy margins, and solid cash flow) offset by some balance-sheet/cash-flow watch items. Technical indicators are mixed with near-term softness despite a longer-term uptrend, and valuation is only average given the P/E and modest dividend yield.

Positive Factors

Strong brand and global distribution

Kikkoman's flagship soy sauce brand and established global manufacturing/sales network generate recurring retail and foodservice demand. Durable brand equity and local production capabilities support predictable repeat consumption, scalability and resilient revenue across markets over months.

Consistent revenue growth with healthy margins

Sustained revenue expansion combined with healthy gross and net margins indicates structural operational strength. Efficient cost management and solid margins provide a durable buffer against input cost swings and underpin long-term earnings and investment capacity over the 2–6 month horizon.

Solid free cash flow and cash conversion

Positive free cash flow and strong operating-cash-to-net-income conversion support liquidity for capex, dividends and strategic initiatives. Reliable cash generation increases financial flexibility and reduces dependency on external financing in the medium term.

Negative Factors

Rising total debt

An upward trend in total debt erodes the cushion provided by an otherwise strong equity position and low leverage. If the increase continues, interest costs and refinancing risk could constrain capital allocation, reducing strategic flexibility over several months.

Decline in operating cash flow

A year-over-year drop in operating cash flow signals weaker cash conversion from core operations. This trend can pressure free cash flow, limit reinvestment or debt paydown, and may force management to alter spending priorities or rely more on external funding in the medium term.

Potential slowdown after sharp revenue gains

Management notes that rapid revenue gains may decelerate. In a mature packaged-food market, sustaining elevated growth is difficult; a slowdown would limit margin expansion and EPS momentum, pressuring reinvestment capacity and shareholder returns over the next few quarters.

Kikkoman Business Overview & Revenue Model

Company Description

Kikkoman Corporation, through its subsidiaries, manufactures and sells food products in Japan, North America, and internationally. The company offers soy sauces, soy sauce soup bases, dipping and marinade sauces, handy seasoning mixes, and Del Monte seasonings; soy milk and Del Monte beverages; sweet sake for cooking; and wines. It also manufactures and sells canned fruits, canned corn, and tomato ketchup, as well as health foods; and purchases and sells oriental food products. In addition, the company produces and sells clinical diagnostic reagents, hygiene inspection agents, and processing enzymes, as well as chemical products, including hyaluronic acid; and offers real estate rental, logistics, and back-office support services. It serves home, and industrial and food service sectors. The company was formerly known as Kikkoman Shoyu Co., Ltd. and changed its name to Kikkoman Corporation in 1980. Kikkoman Corporation was founded in 1917 and is headquartered in Noda, Japan.

How the Company Makes Money

Kikkoman generates revenue primarily through the sale of its various condiment products, with soy sauce being the flagship item. The company operates on a multi-channel distribution model, including retail, food service, and industrial sectors. Key revenue streams include direct sales to supermarkets and grocery stores, partnerships with restaurants and food manufacturers, and exports to international markets. Additionally, Kikkoman benefits from strategic partnerships and collaborations, which enhance its distribution capabilities and brand presence. The company also invests in product innovation and marketing, allowing it to capture diverse consumer preferences and expand its market reach.

Kikkoman Financial Statement Overview

Summary

Strong overall fundamentals: income statement strength (revenue and profit growth, healthy margins) and solid cash generation support a high score. Balance sheet is stable with low leverage and strong equity position, but rising total debt and a decline in operating cash flow from 2024 to 2025 temper the score.

Income Statement

Kikkoman has demonstrated strong revenue growth over the years, with a significant increase from 2021 to 2025. The gross profit margin and net profit margin are healthy, indicating efficient cost management and profitability. The EBIT and EBITDA margins show robust operational efficiency. Consistent revenue and profit growth highlight a positive trend, though the sharp increase in total revenue may slow in future periods.

Balance Sheet

The company maintains a solid balance sheet with a strong equity position and a low debt-to-equity ratio, showcasing financial stability. The return on equity is commendable, indicating good returns for shareholders. The equity ratio further underscores the company's strong financial health. However, attention should be given to increasing total debt, which could pose future risks if not managed carefully.

Cash Flow

Kikkoman's cash flow is solid, with positive free cash flow and a strong operating cash flow to net income ratio, highlighting effective cash management. The free cash flow growth rate is stable, ensuring liquidity for investments and operations. However, the decline in operating cash flow from 2024 to 2025 suggests potential areas for improvement in cash flow management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	706.42B	708.98B	660.84B	618.90B	516.44B	439.41B
Gross Profit	237.55B	239.23B	228.72B	204.43B	178.83B	154.23B
EBITDA	110.72B	112.26B	100.86B	83.78B	74.75B	63.14B
Net Income	58.94B	61.70B	56.44B	43.73B	38.90B	31.16B
Balance Sheet
Total Assets	664.11B	679.41B	667.88B	566.38B	503.06B	438.51B
Cash, Cash Equivalents and Short-Term Investments	88.99B	106.18B	119.16B	99.35B	79.23B	55.68B
Total Debt	58.08B	65.80B	59.91B	50.98B	43.46B	41.66B
Total Liabilities	155.74B	163.36B	169.62B	149.42B	139.15B	124.99B
Stockholders Equity	501.20B	508.54B	491.36B	410.51B	357.82B	308.13B
Cash Flow
Free Cash Flow	0.00	34.49B	49.74B	32.65B	32.53B	40.10B
Operating Cash Flow	0.00	73.98B	80.81B	59.20B	52.09B	57.17B
Investing Cash Flow	0.00	-38.46B	-42.99B	-26.62B	-16.11B	-16.89B
Financing Cash Flow	0.00	-46.09B	-31.42B	-20.38B	-17.90B	-15.42B

Kikkoman Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1483.00
• 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:2801, the sentiment is Positive. The current price of 1483 is above the 20-day moving average (MA) of 1471.20, above the 50-day MA of 1439.92, and above the 200-day MA of 1346.26, indicating a bullish trend. The MACD of 19.99 indicates Negative momentum. The RSI at 54.10 is Neutral, neither overbought nor oversold. The STOCH value of 70.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2801.

Kikkoman Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2810	74 Outperform	¥300.83B	23.75	4.19%	1.66%	0.74%	5.88%
2805	73 Outperform	¥120.21B	14.22	―	1.08%	0.48%	-4.27%
2801	72 Outperform	¥1.45T	23.64	11.19%	1.46%	2.65%	-5.76%
2809	71 Outperform	¥622.46B	20.30	9.28%	1.30%	5.50%	27.32%
2811	63 Neutral	¥249.65B	17.96	―	2.11%	3.69%	-50.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2802	61 Neutral	¥4.83T	62.42	9.46%	1.32%	1.99%	-18.79%

Kikkoman Corporate Events

Kikkoman Posts Higher Revenue but Softer Profits for 3Q FY2026 Nine-Month Period

For the nine months ended December 31, 2025, Kikkoman reported consolidated revenue of ¥552.8 billion, up 3.2% year on year, while business profit was essentially flat at ¥63.0 billion and operating profit declined 2.8% to ¥60.8 billion; profit attributable to owners of the parent fell 4.4% to ¥49.1 billion, and basic earnings per share slipped to ¥52.45. Despite softer profitability, the company’s financial position remained solid, with total assets rising to ¥731.1 billion and equity attributable to owners of the parent increasing to ¥546.6 billion, maintaining a high equity ratio of 74.8%, underscoring balance-sheet strength even as earnings momentum eased compared with the strong prior-year performance.

The most recent analyst rating on (JP:2801) stock is a Buy with a Yen1484.00 price target. To see the full list of analyst forecasts on Kikkoman stock, see the JP:2801 Stock Forecast page.

Kikkoman Completes Share Buyback to Enhance Shareholder Value

Kikkoman Corporation has concluded the acquisition of its own shares, purchasing 2,931,700 shares for approximately 3.97 billion yen through market transactions on the Tokyo Stock Exchange. This move, part of a broader strategy authorized by the Board of Directors, aims to enhance shareholder value and optimize capital structure, reflecting the company’s commitment to strategic financial management.

The most recent analyst rating on (JP:2801) stock is a Hold with a Yen1500.00 price target. To see the full list of analyst forecasts on Kikkoman stock, see the JP:2801 Stock Forecast page.