KENKO Mayonnaise Co., Ltd. (2915) AI Stock Analysis

• Market Cap: ¥37.99B
• Dividend Yield: 2.23%
• Average Volume (3M): 28.21K
• Price to Earnings (P/E): 12.9
• Beta (1Y): 0.61
• Revenue Growth: -0.25%
• EPS Growth: -41.09%
• Country: JP
• Employees: 1,031
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 78.33
• Shares Outstanding: 16,476,000
• 10 Day Avg. Volume: 38,780
• 30 Day Avg. Volume: 28,210
• PEG Ratio: 0.28
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 0.32
• P/FCF Ratio: 7.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ¥2,569.00 ▲(36.14% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

KENKO Mayonnaise's strong financial performance is the primary driver of its stock score, supported by reasonable valuation metrics. However, technical indicators suggest caution due to short-term bearish momentum.

Positive Factors

Strong operating cash generation

Sustained operating cash generation provides durable flexibility to fund working capital, pay dividends, service investment in production, and absorb raw‑material cost swings. Strong OCF relative to net income signals underlying cash quality and supports longer‑term balance sheet resilience.

Improving profit margins

Broad improvement in gross, EBIT and net margins points to lasting gains from pricing power, input cost management, or mix shifts to higher‑margin dressings and prepared foods. More durable margins strengthen cash conversion and reinvestment capacity over multiple quarters.

Manageable leverage and stable equity base

Low leverage and a stable equity ratio reduce refinancing and interest risks, giving management scope to fund targeted expansion or navigate cyclical dips. Improved ROE indicates better capital use, supporting long‑term capacity to generate shareholder returns without overreliance on debt.

Negative Factors

Recent sharp revenue decline

A very large recent negative revenue growth print suggests significant top‑line pressure from lost volume, reduced orders, or market share erosion. If sustained over several quarters, this undermines scale economics, weakens margin sustainability and limits cash flow growth.

Decline in total assets

A shrinking asset base can reflect reduced production capacity, asset sales, or underinvestment. Persisting declines could constrain the company’s ability to support growth, meet foodservice demand variability, or invest in efficiency upgrades, creating long‑term operational risk.

Lower‑than‑expected EBITDA margin

A relatively weak EBITDA margin versus expectations indicates structural operational inefficiencies or higher fixed/variable costs that reduce operating leverage. Without remediation, margin gaps limit free cash flow expansion and reduce buffers against input cost inflation over multiple quarters.

KENKO Mayonnaise Co., Ltd. Business Overview & Revenue Model

Company Description

KENKO Mayonnaise Co.,Ltd. manufactures and sells mayonnaise, dressing, and salad products in Japan. It develops salads that are used at restaurants, bakeries, and convenience stores under the Fashion Delica Foods brand name. The company also offers various processed egg products, including egg salad for use in sandwiches and delicatessen bread, roasted eggs for lunch boxes, brocade eggs for use in chilled Chinese noodles, and oden eggs. In addition, it operates Salad Café; operates a website store; manufactures and sells fresh delicatessen for supermarkets and retailers; and offers sauces. The company also exports its products in 42 countries and regions. KENKO Mayonnaise Co.,Ltd. was founded in 1958 and is headquartered in Tokyo, Japan.

How the Company Makes Money

KENKO Mayonnaise Co., Ltd. generates revenue primarily through the sale of its mayonnaise and condiment products. The company operates a multi-channel distribution model, supplying its products to grocery retailers, food service operators, and export markets. Key revenue streams include direct sales to supermarkets and convenience stores, as well as partnerships with restaurants and catering companies that utilize KENKO's products in their menus. Additionally, KENKO invests in marketing and promotional campaigns to enhance brand recognition and drive consumer demand. The company may also explore collaborations with food manufacturers to create co-branded products, further diversifying its earnings.

KENKO Mayonnaise Co., Ltd. Financial Statement Overview

Summary

KENKO Mayonnaise demonstrates strong revenue and profit growth, stable financial leverage, and robust cash flow generation. However, there is room for improvement in asset management and operational efficiencies.

Income Statement

KENKO Mayonnaise has demonstrated strong revenue growth over the years, with a notable increase from 2022 to 2025. The Gross Profit Margin remains solid, indicating efficient cost management. Net Profit Margin and EBIT Margin have also improved significantly, reflecting enhanced profitability. However, the EBITDA Margin is slightly lower than expected, showing room for operational improvements.

Balance Sheet

The company's financial leverage is manageable, with a low Debt-to-Equity Ratio, indicating prudent use of debt. The Return on Equity has improved, showcasing effective use of equity capital. The Equity Ratio is stable, suggesting a strong financial foundation. However, the decrease in Total Assets over the recent year could be a concern if it continues.

Cash Flow

KENKO Mayonnaise exhibits a healthy Operating Cash Flow to Net Income Ratio, indicating strong cash generation relative to earnings. The Free Cash Flow to Net Income Ratio supports stable cash reserves. Despite a decline in Free Cash Flow Growth Rate in the latest year, cash flow management remains robust.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	91.38B	91.70B	88.72B	82.36B	75.65B	68.50B
Gross Profit	19.83B	20.54B	18.02B	14.63B	15.80B	15.86B
EBITDA	6.54B	7.58B	6.51B	3.48B	4.62B	5.18B
Net Income	2.84B	3.50B	2.73B	485.00M	1.21B	1.46B
Balance Sheet
Total Assets	63.08B	64.08B	67.37B	62.23B	61.76B	62.32B
Cash, Cash Equivalents and Short-Term Investments	14.69B	15.73B	15.73B	12.29B	12.44B	12.38B
Total Debt	3.69B	3.81B	4.32B	5.46B	6.92B	8.64B
Total Liabilities	23.00B	24.11B	28.39B	25.44B	25.22B	26.74B
Stockholders Equity	40.08B	39.96B	38.98B	36.79B	36.54B	35.58B
Cash Flow
Free Cash Flow	0.00	4.07B	5.04B	2.22B	3.36B	4.50B
Operating Cash Flow	0.00	4.59B	5.96B	3.53B	3.76B	5.20B
Investing Cash Flow	0.00	-1.06B	-239.00M	-856.00M	-419.00M	-588.00M
Financing Cash Flow	0.00	-3.53B	-2.28B	-2.82B	-3.28B	-2.98B

KENKO Mayonnaise Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1887.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2915, the sentiment is Positive. The current price of 1887 is below the 20-day moving average (MA) of 2175.15, below the 50-day MA of 2039.24, and below the 200-day MA of 1903.83, indicating a bullish trend. The MACD of 80.00 indicates Negative momentum. The RSI at 74.32 is Negative, neither overbought nor oversold. The STOCH value of 80.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2915.

KENKO Mayonnaise Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2805	73 Outperform	¥120.34B	14.22	―	1.08%	0.48%	-4.27%
2915	72 Outperform	¥37.99B	12.92	―	2.23%	-0.25%	-41.09%
2801	72 Outperform	¥1.41T	23.64	11.19%	1.46%	2.65%	-5.76%
2809	71 Outperform	¥625.94B	20.30	9.28%	1.30%	5.50%	27.32%
2602	69 Neutral	¥197.70B	8.38	12.56%	3.44%	3.80%	63.03%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2802	61 Neutral	¥4.80T	62.42	9.46%	1.32%	1.99%	-18.79%

KENKO Mayonnaise Co., Ltd. Corporate Events

KENKO Mayonnaise Upgrades ‘Vision 2035’ to Pursue Global Food Solutions and Cash-Based Growth

KENKO Mayonnaise has revised its medium- to long-term management plan, “KENKO Vision 2035,” after achieving some management targets earlier than expected and in response to significant changes in the external business environment. The company aims to maintain its independence by strengthening management practices that emphasize cost of capital and stock price, while updating its strategic direction around a new concept of transforming into a global food solution company.

Under the revised plan, KENKO will shift from being primarily a quality-focused food manufacturer to a provider of services that deliver excitement and discovery to customers, deepening its “customer IN” approach and expanding contact points, including accelerated overseas business. The company is also moving from digital transformation to broader business-process transformation across R&D, operations, and finance, and will pursue a long-term balance of growth, profitability, and financial soundness through cash-based management, enhanced corporate value, and increased shareholder returns.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2557.00 price target. To see the full list of analyst forecasts on KENKO Mayonnaise Co., Ltd. stock, see the JP:2915 Stock Forecast page.

KENKO Mayonnaise Revamps Board and Audit Lineup Ahead of 2026 Shareholders’ Meeting

KENKO Mayonnaise announced board changes ahead of its 69th ordinary general meeting of shareholders scheduled for June 26, 2026. Most incumbent directors, including Chairman Takashi Sumii and President Kunikazu Shimamoto, will be reappointed, while Executive Vice President Yoichi Terajima will retire and become a special advisor, and Daisuke Usui will join the board as a new director.

The company also disclosed governance changes in its audit structure, as Corporate Auditor Takashi Murata will resign for personal reasons at the close of the same shareholders’ meeting. To maintain continuity and internal oversight, long-serving executive Shunichi Miyazaki, who has held key roles in systems, finance, and administration, has been nominated as a new corporate auditor, signaling an emphasis on experienced internal talent in the control functions.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2481.00 price target. To see the full list of analyst forecasts on KENKO Mayonnaise Co., Ltd. stock, see the JP:2915 Stock Forecast page.

KENKO Mayonnaise Accelerates DOE Policy With Sharp Hike in Year-End Dividend Forecast

KENKO Mayonnaise has revised its dividend policy as part of a broader review of its medium- to long-term management plan, after achieving some of the original management targets ahead of schedule. The company is shifting to a shareholder return framework based on a Dividends on Equity ratio and aims to enhance sustainable corporate value while maintaining investments in growth and financial stability.

In line with this policy change, the board approved an early implementation of the planned 2.5% DOE originally scheduled for a later phase of the plan, resulting in a significant hike in the year-end dividend forecast for the fiscal year ending March 2026. The year-end dividend per share is now projected to rise from 24 yen to 44 yen, lifting the full-year dividend forecast from 47 yen to 67 yen and signaling a more aggressive stance on shareholder returns compared with the previous fiscal year.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2319.00 price target. To see the full list of analyst forecasts on KENKO Mayonnaise Co., Ltd. stock, see the JP:2915 Stock Forecast page.

KENKO Mayonnaise Profit Slumps but Dividend Outlook Rises

KENKO Mayonnaise reported nine-month net sales to December 31, 2025, of ¥70.26 billion, down 0.4% year on year, with operating profit dropping 22.4% and profit attributable to owners of parent falling 26.1%, reflecting margin pressure despite broadly flat revenues. Basic earnings per share declined to ¥161.78, while total assets rose and the equity ratio remained solid at 59.0%, indicating a strengthened balance sheet even as profitability weakened.

Despite the earnings slump, the company raised its full-year dividend forecast, lifting the projected annual payout to ¥67.00 per share from the prior year’s ¥43.00, signaling confidence in cash generation and a continued shareholder-return focus. For the full fiscal year ending March 31, 2026, KENKO Mayonnaise maintained its guidance, forecasting modest 1.2% sales growth but double-digit declines in operating and net profit, which suggests ongoing cost or pricing challenges that investors will monitor closely.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2319.00 price target. To see the full list of analyst forecasts on KENKO Mayonnaise Co., Ltd. stock, see the JP:2915 Stock Forecast page.