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

• Market Cap: ¥32.60B
• Dividend Yield: 2.23%
• Average Volume (3M): 28.21K
• Price to Earnings (P/E): 12.3
• Beta (1Y): 0.65
• Revenue Growth: -0.25%
• EPS Growth: -41.09%
• Country: JP
• Employees: 1,031
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 45.91
• 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: ¥2,238.00 ▲(18.60% Upside)

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 cash generation

Consistently strong operating cash flow relative to net income and a supportive free cash flow profile give the company durable financial flexibility. This underpins ability to fund capex, pay dividends, and absorb commodity cost swings without relying on external financing over the medium term.

Improving profitability margins

Sustained improvements in gross, EBIT and net margins reflect better cost management and potentially higher-margin product mix. Structural margin gains support stronger cash conversion and return on capital, making earnings more resilient to moderate volume fluctuations over several quarters.

Conservative leverage and stronger ROE

A low debt burden and an improving ROE signal prudent financial policy and efficient capital use. Stable equity proportions reduce refinancing and solvency risk, leaving capacity to pursue strategic investments or weather demand shocks without materially increasing leverage.

Negative Factors

Falling recent revenue and EPS growth

Material declines in top-line and EPS growth indicate weakening underlying demand or margin pressure that could erode the company’s growth trajectory. If these trends persist, they may offset margin gains and limit capacity to expand product lines or invest in distribution over the medium term.

Decline in total assets

A shrinking asset base can signal underinvestment in capacity, inventory, or working capital management. Over time, declining assets may constrain the company’s ability to scale production, support retail and foodservice volumes, or respond to demand recoveries without new investment.

Slower FCF growth and operational headroom

A drop in free cash flow growth combined with below-expectation EBITDA margin highlights remaining operational efficiency gaps. Persisting weakness would limit reinvestment, constrain dividend or buyback flexibility, and raise execution risk for margin preservation initiatives over the coming 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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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: Positive
• RSI: Neutral
• STOCH: Neutral

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 1983.90, below the 50-day MA of 1934.18, and above the 200-day MA of 1871.66, indicating a bullish trend. The MACD of 23.29 indicates Positive momentum. The RSI at 56.86 is Neutral, neither overbought nor oversold. The STOCH value of 22.23 is Neutral, 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
2612	77 Outperform	¥36.90B	13.95	―	2.55%	8.21%	20.27%
2915	72 Outperform	¥32.60B	12.28	―	2.23%	-0.25%	-41.09%
2804	66 Neutral	¥24.17B	9.96	―	2.05%	0.99%	830.67%
2811	66 Neutral	¥235.27B	20.00	―	2.11%	3.69%	-50.13%
2820	66 Neutral	¥33.90B	20.66	―	1.56%	10.89%	25.32%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2819	62 Neutral	¥24.32B	18.40	―	1.87%	3.08%	-16.77%

KENKO Mayonnaise Co., Ltd. Corporate Events

KENKO Mayonnaise Completes Share Buyback to Boost Capital Efficiency

KENKO Mayonnaise Co., Ltd. has completed the acquisition of 543,000 of its own shares through the Tokyo Stock Exchange’s off-auction share repurchase trading system, ToSTNeT-3. This move, which aligns with a recent board resolution, is aimed at enhancing shareholder returns, improving capital efficiency, and enabling more agile capital policies.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2082.00 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 Revises Financial Forecasts Amid Rising Costs

KENKO Mayonnaise Co., Ltd. has revised its consolidated financial forecasts for the fiscal year ending March 31, 2026, due to rising raw material costs and other economic challenges. The company anticipates a decrease in net sales and profits compared to previous forecasts, largely driven by increased egg prices and reduced sales opportunities. Despite these challenges, the company remains committed to its long-term management plan and maintains its dividend forecast.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2082.00 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 Reports Decline in Semi-Annual Profits, Revises Forecasts

KENKO Mayonnaise Co., Ltd. reported a decline in its financial performance for the six months ending September 30, 2025, with net sales slightly decreasing by 1.1% and significant drops in operating and ordinary profits by 39.1% and 38.7%, respectively. This downturn reflects challenges in the company’s operational efficiency and market conditions, prompting a revision in their financial forecasts for the fiscal year ending March 31, 2026, with expectations of modest growth in net sales but continued pressure on profitability.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2082.00 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 Announces Strategic Share Repurchase

KENKO Mayonnaise Co., Ltd. has announced a resolution to repurchase its own shares, aiming to enhance shareholder returns and improve capital efficiency. The repurchase will be conducted through the Tokyo Stock Exchange Trading Network, with a maximum acquisition of 543,000 shares at a total cost of ¥1,140,000,000, reflecting the company’s commitment to agile capital policies.

The most recent analyst rating on (JP:2915) stock is a Buy with a Yen2082.00 price target. To see the full list of analyst forecasts on KENKO Mayonnaise Co., Ltd. stock, see the JP:2915 Stock Forecast page.