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Bull-Dog Sauce Co., Ltd.
(2804)
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Rating:65Neutral
Price Target:
¥1,982.00
▲(6.67% Upside)
Action:Reiterated
Date:08/21/26
Overall score is driven primarily by mixed financial performance: a solid balance sheet and resilient revenue are offset by historically volatile profitability and cash flow consistency. Technicals add support with a moderately positive trend above key moving averages, while valuation is reasonable with a modest dividend yield but not strongly compelling on P/E.
Positive Factors
Resilient Revenue
Stable to improving revenue indicates resilient demand for the company’s branded sauces and seasonings, supporting dependable distribution and providing a base for continued growth across retail and foodservice channels.
Negative Factors
Volatile Profitability
Earnings volatility and lower operating margins weaken confidence in repeatable profitability. Persistent margin pressure could limit the benefit of revenue growth and reduce funds available for reinvestment and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Revenue
Stable to improving revenue indicates resilient demand for the company’s branded sauces and seasonings, supporting dependable distribution and providing a base for continued growth across retail and foodservice channels.
Read all positive factors
Bull-Dog Sauce Co., Ltd. (2804) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥23.39B
Dividend Yield2.03%
Average Volume (3M)32.40K
Price to Earnings (P/E)18.2
Beta (1Y)0.37
Revenue Growth0.16%
EPS Growth-44.46%
CountryJP
Employees282
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)101.39
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 Co., Ltd. makes money mainly by selling its manufactured sauces and seasonings under its own brands. Revenue is generated through (1) retail/consumer sales, where packaged sauces are sold via supermarkets, grocery retailers, and oth...
Bull-Dog Sauce Co., Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.70B | 14.69B | 14.62B | 14.48B | 13.53B | 13.30B |
| Gross Profit | 4.78B | 4.74B | 4.22B | 4.32B | 4.35B | 4.50B |
| EBITDA | 1.79B | 1.76B | 1.36B | 1.10B | 1.17B | 1.36B |
| Net Income | 1.28B | 2.44B | 623.68M | 145.41M | 595.77M | 716.87M |
Balance Sheet | ||||||
| Total Assets | 36.31B | 37.31B | 32.47B | 33.75B | 36.30B | 29.76B |
| Cash, Cash Equivalents and Short-Term Investments | 4.62B | 4.73B | 2.46B | 1.99B | 6.06B | 4.59B |
| Total Debt | 4.14B | 4.29B | 4.90B | 6.31B | 5.80B | 742.65M |
| Total Liabilities | 10.90B | 12.04B | 11.03B | 12.29B | 16.04B | 9.62B |
| Stockholders Equity | 25.40B | 25.26B | 21.45B | 21.46B | 20.26B | 20.14B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.41B | 2.25B | -4.65B | -3.91B | -109.35M |
| Operating Cash Flow | 0.00 | 1.64B | 2.33B | 90.17M | 45.00M | 1.13B |
| Investing Cash Flow | 0.00 | 2.54B | 635.72M | -4.08B | -3.13B | -1.19B |
| Financing Cash Flow | 0.00 | -1.90B | -2.49B | 31.18M | 4.57B | -413.76M |
Bull-Dog Sauce Co., Ltd. Technical Analysis
Positive
1858.00
Price Trends
1787.22
Positive
1793.60
Positive
1834.65
Positive
Market Momentum
11.56
Negative
58.81
Neutral
84.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2804, the sentiment is Positive. The current price of 1858 is above the 20-day moving average (MA) of 1819.15, above the 50-day MA of 1787.22, and above the 200-day MA of 1834.65, indicating a bullish trend. The MACD of 11.56 indicates Negative momentum. The RSI at 58.81 is Neutral, neither overbought nor oversold. The STOCH value of 84.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥176.73B | 16.51 | ― | 1.08% | 5.84% | 41.39% | |
72 Outperform | ¥1.78T | 26.15 | 11.56% | 1.55% | 9.27% | 12.89% | |
69 Neutral | ¥24.25B | 11.24 | ― | 1.87% | 5.01% | 120.83% | |
68 Neutral | ¥664.30B | 26.43 | 7.76% | 1.30% | 4.85% | -9.29% | |
65 Neutral | ¥23.39B | 18.20 | ― | 2.05% | 0.16% | -44.46% | |
63 Neutral | ¥5.05T | 37.51 | 18.38% | 0.94% | 6.72% | 83.84% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
* Consumer Defensive Sector Average
JP:2804
Bull-Dog Sauce Co., Ltd.
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Bull-Dog Sauce Co., Ltd. Corporate Events
Bull-Dog Sauce Updates Capital- and Stock Price-Conscious Management Policy
Aug 21, 2026
Bull-Dog Sauce Co., Ltd. has announced that its Board of Directors approved an updated framework for management that explicitly incorporates the cost of capital and stock price into decision-making. The move, resolved at the August 21, 2026 board ...
Bull-Dog Sauce Reports Progress on Share Buyback Program
Aug 7, 2026
Bull-Dog Sauce Co., Ltd. has disclosed the progress of its ongoing share repurchase program authorized by its board of directors in April and July 2026 under the Companies Act and its articles of incorporation. The buyback targets common shares vi...
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...
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.