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Kikkoman
(2801)
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Rating:71Outperform
Price Target:
¥1,790.00
▲(10.97% Upside)
Action:Reiterated
Date:04/26/26
The score is driven primarily by strong financial performance—especially the low-leverage balance sheet and steady growth—partly offset by weaker and mixed near-term technicals and only moderate valuation support (P/E ~18.6, ~1.74% yield).
Positive Factors
Conservative balance sheet
Very low leverage gives Kikkoman durable financial flexibility: it can fund capex, absorb demand shocks, and pursue selective M&A or investments without stressing liquidity. This structural strength supports stable operations and shareholder returns across business cycles.
Negative Factors
Uneven free cash flow conversion
Inconsistent FCF weakens the company’s ability to self-fund growth, dividends, or buybacks reliably. If higher reinvestment or working-capital needs persist, Kikkoman may face tighter funding trade-offs or need to retain cash, limiting capital allocation flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives Kikkoman durable financial flexibility: it can fund capex, absorb demand shocks, and pursue selective M&A or investments without stressing liquidity. This structural strength supports stable operations and shareholder returns across business cycles.
Read all positive factors
Kikkoman (2801) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.59T
Dividend Yield1.52%
Average Volume (3M)2.89M
Price to Earnings (P/E)25.0
Beta (1Y)0.47
Revenue Growth5.16%
EPS Growth1.55%
CountryJP
Employees7,911
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)65.99
Shares Outstanding969,416,000
10 Day Avg. Volume3,127,410
30 Day Avg. Volume2,894,526
Financial Highlights & Ratios
PEG Ratio14.13
Price to Book (P/B)2.39
Price to Sales (P/S)1.80
P/FCF Ratio39.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,900.00Price Target Upside17.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)68.93
Revenue Forecast (FY)¥809.89B
Kikkoman Business Overview & Revenue Model
Company Description
Kikkoman Corporation, through its subsidiaries, engages in the manufacture and sale of food products in Japan and internationally. It offers soy sauce, soy sauce soup bases, and Del Monte seasonings; soy milk and Del Monte beverages; mirin and win...
How the Company Makes Money
Kikkoman makes money primarily by manufacturing and selling branded food products, with soy sauce as its flagship category. Revenue is generated through (1) retail/consumer channels, where Kikkoman sells packaged soy sauce and related seasonings t...
Kikkoman Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 745.54B | 708.98B | 660.84B | 618.90B | 516.44B |
| Gross Profit | 252.61B | 227.80B | 219.01B | 195.64B | 171.02B |
| EBITDA | 115.18B | 112.40B | 101.11B | 84.03B | 75.00B |
| Net Income | 61.62B | 61.70B | 56.44B | 43.73B | 38.90B |
Balance Sheet | |||||
| Total Assets | 751.66B | 679.41B | 667.88B | 566.38B | 503.06B |
| Cash, Cash Equivalents and Short-Term Investments | 111.77B | 106.18B | 119.16B | 99.35B | 79.23B |
| Total Debt | 61.43B | 59.01B | 59.91B | 50.98B | 43.46B |
| Total Liabilities | 182.82B | 163.36B | 169.62B | 149.41B | 139.15B |
| Stockholders Equity | 560.92B | 508.54B | 491.36B | 410.51B | 357.82B |
Cash Flow | |||||
| Free Cash Flow | 34.12B | 35.71B | 51.10B | 33.60B | 33.40B |
| Operating Cash Flow | 90.51B | 75.20B | 80.81B | 59.20B | 52.09B |
| Investing Cash Flow | -43.24B | -39.67B | -42.99B | -26.62B | -16.11B |
| Financing Cash Flow | -53.09B | -46.09B | -31.42B | -20.38B | -17.90B |
Kikkoman Technical Analysis
Neutral
1613.00
Price Trends
1582.93
Negative
1506.44
Positive
1443.18
Positive
Market Momentum
12.84
Positive
43.48
Neutral
22.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2801, the sentiment is Neutral. The current price of 1613 is below the 20-day moving average (MA) of 1645.33, above the 50-day MA of 1582.93, and above the 200-day MA of 1443.18, indicating a neutral trend. The MACD of 12.84 indicates Positive momentum. The RSI at 43.48 is Neutral, neither overbought nor oversold. The STOCH value of 22.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:2801.
Kikkoman Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥171.54B | 16.02 | ― | 1.08% | 5.84% | 41.39% | |
71 Outperform | ¥1.59T | 24.97 | 11.56% | 1.55% | 5.16% | 1.55% | |
71 Outperform | ¥632.89B | 25.18 | 7.76% | 1.30% | 4.85% | -9.29% | |
67 Neutral | ¥4.65T | 35.88 | 18.38% | 0.94% | 3.47% | 100.13% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ¥224.77B | 17.80 | ― | 2.11% | 0.69% | 1.72% | |
61 Neutral | ¥352.64B | 48.58 | 2.53% | 1.79% | 0.49% | -40.63% |
* Consumer Defensive Sector Average
JP:2801
Kikkoman
1,594.00
333.16
26.42%
JP:2802
Ajinomoto Co
5,333.00
1,456.60
37.58%
JP:2810
House Foods Group
3,682.00
894.99
32.11%
JP:2809
Kewpie Corporation
4,451.00
228.21
5.40%
JP:2805
S&B Foods Inc.
6,960.00
3,797.78
120.10%
JP:2811
Kagome Co., Ltd.
2,545.00
-322.17
-11.24%
Kikkoman Corporate Events
Kikkoman Leaves ¥30 Billion Buyback Authorization Untapped in July
Aug 4, 2026
Kikkoman Corporation has reported that it conducted no share repurchases in July 2026 under its ongoing program authorized pursuant to Japan’s Companies Act. During the period from July 1 to July 31, the company acquired zero shares for a to...
Kikkoman Holds Off on Share Buybacks Despite ¥30 Billion Authorization
Jul 3, 2026
Kikkoman has reported that, during June 2026, it did not purchase any of its own shares under the share buyback framework authorized by its board and permitted by Japan’s Companies Act. Despite an authorization to buy up to 24 million shares...
Kikkoman Reports No Share Buybacks Yet Under ¥30 Billion Repurchase Plan
Jun 5, 2026
Kikkoman has disclosed the status of its ongoing share buyback program authorized under Japan’s Companies Act, confirming that no shares were repurchased and no funds were spent during the period from May 7 to May 31, 2026. The unchanged pos...
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.