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Bull-Dog Sauce Co., Ltd.
(2804)
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Rating:58Neutral
Price Target:
¥1,834.00
▼(-1.29% Downside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by inconsistent profitability and cash-flow history (despite recent improvement) and a weak technical setup with bearish momentum and the stock trading below key moving averages. A solid, low-to-moderate leverage balance sheet and a moderate dividend yield provide partial support, but the P/E remains relatively elevated.
Positive Factors
Business model diversification
The company sells through retail CPG channels, foodservice/B2B and exports, giving multiple stable demand sources. This diversification reduces concentration risk, smooths revenue across cycles, and supports predictable baseline volumes and shelf presence over months to years.
Negative Factors
Inconsistent cash generation
Multiyear swings from deeply negative to positive FCF point to working-capital volatility or lumpy investments. That history weakens the firm's ability to reliably fund dividends, capex or opportunistic M&A without depending on earnings timing or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model diversification
The company sells through retail CPG channels, foodservice/B2B and exports, giving multiple stable demand sources. This diversification reduces concentration risk, smooths revenue across cycles, and supports predictable baseline volumes and shelf presence over months to years.
Read all positive factors
Bull-Dog Sauce Co., Ltd. (2804) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥23.04B
Dividend Yield2.06%
Average Volume (3M)32.40K
Price to Earnings (P/E)17.9
Beta (1Y)0.41
Revenue Growth0.16%
EPS Growth-44.46%
CountryJP
Employees282
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)189.03
Shares Outstanding13,208,780
10 Day Avg. Volume21,190
30 Day Avg. Volume32,396
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.94
Price to Sales (P/S)1.62
P/FCF Ratio16.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Bull-Dog Sauce Co., Ltd. Business Overview & Revenue Model
Company Description
Bull-Dog Sauce Co., Ltd. (2804) is a Japan-based food manufacturer primarily engaged in producing and selling sauces and seasonings. The company is best known for its Bulldog-branded products, including Worcestershire-style sauce, tonkatsu sauce, ...
How the Company Makes Money
Bull-Dog Sauce makes money mainly by manufacturing and selling sauces/seasonings under its own brands, with revenue recognized from product shipments to customers. Its key revenue streams are: (1) Retail/consumer packaged goods sales, where produc...
Bull-Dog Sauce Co., Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.69B | 14.62B | 14.48B | 13.53B | 13.30B |
| Gross Profit | 4.74B | 4.22B | 4.32B | 4.35B | 4.50B |
| EBITDA | 1.76B | 1.36B | 1.10B | 1.17B | 1.36B |
| Net Income | 2.44B | 623.68M | 145.41M | 595.77M | 716.87M |
Balance Sheet | |||||
| Total Assets | 37.31B | 32.47B | 33.75B | 36.30B | 29.76B |
| Cash, Cash Equivalents and Short-Term Investments | 4.73B | 2.46B | 1.99B | 6.06B | 4.59B |
| Total Debt | 4.29B | 4.90B | 6.31B | 5.80B | 742.65M |
| Total Liabilities | 12.04B | 11.03B | 12.29B | 16.04B | 9.62B |
| Stockholders Equity | 25.26B | 21.45B | 21.46B | 20.26B | 20.14B |
Cash Flow | |||||
| Free Cash Flow | 1.41B | 2.25B | -4.65B | -3.91B | -109.35M |
| Operating Cash Flow | 1.64B | 2.33B | 90.17M | 45.00M | 1.13B |
| Investing Cash Flow | 2.54B | 635.72M | -4.08B | -3.13B | -1.19B |
| Financing Cash Flow | -1.90B | -2.49B | 31.18M | 4.57B | -413.76M |
Bull-Dog Sauce Co., Ltd. Technical Analysis
Negative
1858.00
Price Trends
1764.08
Positive
1802.09
Negative
1846.24
Negative
Market Momentum
18.91
Positive
48.40
Neutral
48.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2804, the sentiment is Negative. The current price of 1858 is above the 20-day moving average (MA) of 1814.90, above the 50-day MA of 1764.08, and above the 200-day MA of 1846.24, indicating a neutral trend. The MACD of 18.91 indicates Positive momentum. The RSI at 48.40 is Neutral, neither overbought nor oversold. The STOCH value of 48.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2804.
Bull-Dog Sauce Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥22.97B | 13.50 | ― | 1.87% | 4.26% | 27.35% | |
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% | |
58 Neutral | ¥23.04B | 17.92 | ― | 2.05% | 0.16% | -44.46% |
* Consumer Defensive Sector Average
JP:2804
Bull-Dog Sauce Co., Ltd.
1,797.00
-226.04
-11.17%
JP:2802
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JP:2801
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JP:2809
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JP:2805
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JP:2819
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Bull-Dog Sauce Co., Ltd. Corporate Events
Bull-Dog Sauce Advances Share Buyback Under Board-Approved Program
Jul 27, 2026
Bull-Dog Sauce Co., Ltd., a TSE Prime-listed food manufacturer specializing in sauces and condiments for the Japanese consumer and retail market, continues to leverage its established brand and stable positioning to support shareholder-focused fin...
Bull-Dog Sauce Expands Share Buyback Program and Sets ToSTNeT-3 Repurchase
Jul 24, 2026
Bull-Dog Sauce Co., Ltd. has expanded its previously authorized share repurchase program, increasing the maximum buyback from 280,000 to 660,000 shares and boosting the total repurchase value from JPY 500 million to JPY 1,200 million. The move, dr...
Bull-Dog Sauce Extends Performance-Linked Stock Compensation Plan for Directors to 2031
Jul 24, 2026
Bull-Dog Sauce Co., Ltd. will continue its performance-linked stock compensation plan for directors, originally introduced in 2016, to strengthen alignment between management and shareholders over the medium to long term. The plan uses a Board Inc...
Bull-Dog Sauce Q1 Profit Falls Despite Higher Sales, Guidance Signals Weaker Earnings Ahead
Jul 24, 2026
Bull-Dog Sauce reported first-quarter consolidated net sales of ¥3.71 billion, up 0.4% year on year, with operating profit rising 23.4% to ¥154 million and ordinary profit more than doubling to ¥890 million. However, profit attribut...
Bull-Dog Sauce Reports No Share Repurchases Yet Under Approved Buyback Program
Jul 3, 2026
Bull-Dog Sauce Co., Ltd. reported that, despite a board resolution on April 24, 2026 authorizing the repurchase of up to 280,000 common shares for a maximum of JPY 500 million, it did not buy back any shares during June 1–30, 2026. As of Jun...
Bull-Dog Sauce Refreshes Independent Committee for Takeover Defense
Jun 12, 2026
Bull-Dog Sauce has refreshed the membership of its Independent Committee established under its takeover response policies, following the scheduled departure of outside director and committee member Hiroyasu Ishikawa at the close of the 101st share...
Bull-Dog Sauce Announces No Share Buybacks Yet Under New Repurchase Program
Jun 5, 2026
Bull-Dog Sauce has disclosed the status of a board-approved share repurchase program conducted under its Articles of Incorporation and Japan’s Companies Act. The company had authorization to buy back up to 280,000 common shares, or about 2.2...
Bull-Dog Sauce Profit Surges, Dividend Raised as Cash Position Strengthens
May 15, 2026
Bull-Dog Sauce reported fiscal 2026 consolidated net sales of ¥14.69 billion, up 0.5% year on year, with operating profit surging 174.9% to ¥613 million and profit attributable to owners of parent jumping to ¥2.44 billion. Strong ea...
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.