Kikkoman Corporation (JP:2801)
:2801
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Kikkoman
(2801)
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Rating:71Outperform
Price Target:
¥1,758.00
▲(18.54% 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 to invest, weather demand cyclicality, and fund international expansion without refinancing pressure. A conservative capital structure supports steady operations and strategic choices over the next 2–6 months.
Negative Factors
Uneven free cash flow
Inconsistent FCF implies cash conversion and working-capital variability, which can constrain shareholder returns or fund growth without tapping reserves. For a low-leverage company, weaker FCF reduces optionality for M&A, buybacks, or dividend increases over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives Kikkoman durable financial flexibility to invest, weather demand cyclicality, and fund international expansion without refinancing pressure. A conservative capital structure supports steady operations and strategic choices over the next 2–6 months.
Read all positive factors
Kikkoman (2801) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.58T
Dividend Yield1.46%
Average Volume (3M)2.89M
Price to Earnings (P/E)24.5
Beta (1Y)0.60
Revenue Growth5.16%
EPS Growth1.57%
CountryJP
Employees7,521
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
¥1,712.50Price Target Upside15.48% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)68.88
Revenue Forecast (FY)¥809.29B
Kikkoman Business Overview & Revenue Model
Company Description
Kikkoman Corporation, founded in Noda, Japan, in 1917, is a global enterprise primarily engaged in the manufacturing and sale of food products across Japan, North America, and other international territories. Its extensive product range encompasse...
How the Company Makes Money
Kikkoman makes money primarily by manufacturing and selling branded food products—most notably soy sauce—through a mix of domestic (Japan) and international sales. Its core revenue model is product sales: the company produces seasonings/condiments...
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
Positive
1483.00
Price Trends
1464.84
Positive
1436.24
Positive
1379.85
Positive
Market Momentum
39.94
Negative
73.12
Negative
89.83
Negative
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 1456.00, above the 50-day MA of 1464.84, and above the 200-day MA of 1379.85, indicating a bullish trend. The MACD of 39.94 indicates Negative momentum. The RSI at 73.12 is Negative, neither overbought nor oversold. The STOCH value of 89.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥1.58T | 24.47 | 11.19% | 1.46% | 5.16% | 1.57% | |
71 Outperform | ¥581.60B | 25.05 | 9.28% | 1.30% | 5.86% | -17.47% | |
66 Neutral | ¥134.89B | 14.92 | ― | 1.08% | 4.45% | 11.13% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ¥4.83T | 36.97 | 9.46% | 1.32% | 3.47% | 100.13% | |
61 Neutral | ¥321.05B | 44.88 | 4.15% | 1.66% | 0.49% | -39.52% | |
61 Neutral | ¥222.57B | 16.68 | ― | 2.11% | -3.91% | -13.01% |
* Consumer Defensive Sector Average
JP:2801
Kikkoman
1,629.00
368.65
29.25%
JP:2802
Ajinomoto Co
5,158.00
1,500.20
41.01%
JP:2810
House Foods Group
3,526.00
754.73
27.23%
JP:2809
Kewpie Corporation
4,184.00
884.17
26.79%
JP:2805
S&B Foods Inc.
5,190.00
2,131.54
69.69%
JP:2811
Kagome Co., Ltd.
2,584.50
-288.07
-10.03%
Kikkoman Corporate Events
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...
Kikkoman Keeps Annual Dividend Steady at 25 Yen Per Share
Apr 24, 2026
Kikkoman’s board has approved a year-end dividend of 15 yen per share for the fiscal year ended March 31, 2026, with retained earnings as the funding source and an effective payment date set for June 24, 2026, pending final approval at the J...
Kikkoman Revamps Board and Executive Lineup to Bolster Governance
Apr 24, 2026
Kikkoman Corporation has announced a series of leadership changes, including the appointment of Ryohei Tsuji as Director and Executive Corporate Officer and the addition of experienced external professionals, such as former Deloitte Tohmatsu Group...
Kikkoman Launches ¥30 Billion Share Buyback to Boost Shareholder Returns
Apr 24, 2026
Kikkoman Corporation has authorized a share buyback of up to 24 million common shares, representing a maximum of 2.59% of its outstanding stock, with a total acquisition cap of 30 billion yen. The purchases will be conducted through market transac...
Kikkoman Posts Higher Revenue but Flat Profit as Comprehensive Income Surges
Apr 24, 2026
Kikkoman reported consolidated revenue of ¥745.5 billion for the year ended March 31, 2026, a 5.2% increase, with business profit up 2.9% to ¥79.5 billion and operating profit up 3.0% to ¥75.9 billion. Profit attributable to owners ...
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.