Kewpie Corporation (JP:2809)
:2809
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Kewpie Corporation
(2809)
Select Model
Select Model
Rating:71Outperform
Price Target:
¥4,777.00
▲(10.43% Upside)
Action:ReiteratedDate:01/16/26
The score is driven primarily by improving profitability and a very low-leverage balance sheet, which support financial resilience. This is partially offset by uneven cash-flow conversion in 2025 and only modest technical momentum, while valuation (P/E ~18.8 and ~1.33% yield) looks reasonable but not a major catalyst.
Positive Factors
Conservative balance sheet / low leverage
Very low leverage and steadily de-risked balance sheet give the company durable financial flexibility. This supports capital spending, M&A optionality, and dividend stability through cycles, reducing insolvency risk and strengthening resilience to macro shocks.
Negative Factors
Uneven cash-flow conversion
Large swings in cash conversion suggest working-capital stress or timing mismatches. Persistent weak OCF vs. earnings constrains organic investment, dividends, and resilience to shocks; it raises execution risk if cash conversion doesn't stabilize.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low leverage and steadily de-risked balance sheet give the company durable financial flexibility. This supports capital spending, M&A optionality, and dividend stability through cycles, reducing insolvency risk and strengthening resilience to macro shocks.
Read all positive factors
Kewpie Corporation (2809) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥539.34B
Dividend Yield1.3%
Average Volume (3M)482.67K
Price to Earnings (P/E)28.7
Beta (1Y)0.39
Revenue Growth5.50%
EPS Growth27.32%
CountryJP
Employees10,517
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)38.96
Shares Outstanding141,500,000
10 Day Avg. Volume395,940
30 Day Avg. Volume482,670
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)1.84
Price to Sales (P/S)1.16
P/FCF Ratio36.89
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)188.46
Revenue Forecast (FY)¥529.74B
Kewpie Corporation Business Overview & Revenue Model
Company Description
Kewpie Corporation, through its subsidiaries, engages in the manufacturing, wholesaling, transporting, and warehousing of food products in Japan and internationally. It offers condiments, including mayonnaise and dressings, and vinegar; egg produc...
How the Company Makes Money
Kewpie Corporation generates revenue through multiple key streams. The primary source of income is from the sale of its flagship mayonnaise and related condiments, which are sold in supermarkets, convenience stores, and food service establishments...
Kewpie Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 513.42B | 483.99B | 455.09B | 430.30B | 407.04B |
| Gross Profit | 146.97B | 144.04B | 119.39B | 121.64B | 121.96B |
| EBITDA | 52.80B | 51.84B | 36.61B | 41.68B | 43.51B |
| Net Income | 30.51B | 21.42B | 13.17B | 16.03B | 18.01B |
Balance Sheet | |||||
| Total Assets | 480.53B | 462.37B | 426.01B | 403.38B | 381.00B |
| Cash, Cash Equivalents and Short-Term Investments | 80.60B | 88.14B | 68.61B | 67.83B | 68.34B |
| Total Debt | 25.26B | 22.42B | 31.79B | 32.47B | 41.73B |
| Total Liabilities | 132.93B | 130.73B | 114.70B | 108.76B | 111.70B |
| Stockholders Equity | 324.06B | 302.29B | 281.88B | 267.66B | 245.64B |
Cash Flow | |||||
| Free Cash Flow | 16.21B | 45.00B | 8.56B | 14.72B | 30.79B |
| Operating Cash Flow | 31.80B | 63.13B | 23.73B | 27.20B | 38.53B |
| Investing Cash Flow | -16.91B | -23.89B | -16.68B | -15.95B | -20.28B |
| Financing Cash Flow | -30.10B | -21.13B | -10.56B | -16.81B | -18.70B |
Kewpie Corporation Technical Analysis
Negative
4326.00
Price Trends
4334.18
Negative
4325.51
Negative
4175.27
Negative
Market Momentum
-90.28
Positive
38.02
Neutral
17.27
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2809, the sentiment is Negative. The current price of 4326 is above the 20-day moving average (MA) of 4124.15, below the 50-day MA of 4334.18, and above the 200-day MA of 4175.27, indicating a bearish trend. The MACD of -90.28 indicates Positive momentum. The RSI at 38.02 is Neutral, neither overbought nor oversold. The STOCH value of 17.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2809.
Kewpie Corporation Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥1.47T | 18.60 | 11.19% | 1.46% | 2.65% | -5.76% | |
72 Outperform | ¥491.90B | 15.17 | 9.86% | 2.58% | 1.08% | 2.71% | |
72 Outperform | ¥36.95B | 6.02 | ― | 2.23% | -0.25% | -41.09% | |
71 Outperform | ¥539.34B | 28.74 | 9.28% | 1.30% | 5.50% | 27.32% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | ¥1.07T | 13.62 | 5.97% | 2.96% | 2.79% | -6.46% | |
61 Neutral | ¥4.52T | 20.92 | 9.46% | 1.32% | 1.99% | -18.79% |
* Consumer Defensive Sector Average
JP:2809
Kewpie Corporation
3,944.00
905.44
29.80%
JP:2802
Ajinomoto Co
4,617.00
1,714.40
59.06%
JP:2801
Kikkoman
1,482.50
0.23
0.02%
JP:2269
Meiji Holdings Co
3,840.00
469.37
13.93%
JP:2871
Nichirei Corporation
1,922.00
81.77
4.44%
JP:2915
KENKO Mayonnaise Co., Ltd.
2,245.00
492.89
28.13%
Kewpie Corporation Corporate Events
Kewpie Launches New ¥10 Billion Share Buyback to Boost Shareholder Returns
Jan 14, 2026
Kewpie Corporation’s board has approved a new share buyback of up to ¥10 billion, authorizing the market purchase of up to 4 million shares, or about 2.87% of its outstanding stock, on the Tokyo Stock Exchange between January 15 and Nov...
Kewpie Delivers Third Year of Record Profits and Targets Further Earnings Growth in FY2026
Jan 14, 2026
Kewpie Corporation reported a third consecutive year of record operating income, reaching ¥34.6 billion in FY2025 despite a tougher-than-expected cost environment, supported by swift price revisions in Japan and reinforced supply systems in t...
Kewpie Releases Detailed Supplementary Data for FY2025 Results
Jan 14, 2026
Kewpie Corporation released supplementary data for its fiscal year ended November 30, 2025, detailing segment-based net sales and operating income, changes in operating profit drivers, and domestic sales trends for salad condiments. The materials ...
Kewpie Delivers Higher Sales and Profit, Lifts Dividend on Solid FY2025 Results
Jan 14, 2026
Kewpie Corporation reported consolidated net sales of ¥513.4 billion for the fiscal year ended November 30, 2025, up 6.1% year on year, with operating income edging up 0.9% to ¥34.6 billion and profit attributable to owners of parent sur...
Kewpie Reports Continued Progress on Multibillion-Yen Share Buyback Program
Jan 6, 2026
Kewpie Corporation has reported progress on its ongoing share buyback program authorized by its board in July 2025 under provisions of the Companies Act. Between December 1 and December 31, 2025, the company repurchased 588,900 shares of its commo...
Kewpie Corporation Advances Share Buyback Program
Nov 4, 2025
Kewpie Corporation announced the progress of its share buyback program, acquiring 660,900 shares of its common stock at a total cost of 2,692,461,300 yen between October 1 and October 31, 2025. This move is part of a larger initiative approved by ...
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.