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Kewpie Corporation
(2809)
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Rating:68Neutral
Price Target:
¥4,852.00
▲(12.16% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by strong underlying financials—meaningful margin improvement and a very low-leverage balance sheet—tempered by inconsistent cash-flow conversion (notably weaker operating cash flow versus earnings in 2025). Technicals are mixed (longer-term trend support but near-term softness), and valuation is only moderate given a ~25x P/E and ~1.41% dividend yield.
Positive Factors
Margin Expansion
Sustained margin improvement over several years indicates stronger unit economics and better cost or pricing management. Higher EBIT and net margins create durable operating leverage, enabling reinvestment, resilience to input shocks, and a larger earnings buffer to support long‑term returns even without higher leverage.
Negative Factors
Weak Cash Conversion
A sharp drop in operating cash conversion suggests working‑capital pressure or timing issues that can erode free cash flow reliability. If persistent, this weakens the firm's ability to fund capex, dividends, or buybacks from operations and increases sensitivity to shortfalls in reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion
Sustained margin improvement over several years indicates stronger unit economics and better cost or pricing management. Higher EBIT and net margins create durable operating leverage, enabling reinvestment, resilience to input shocks, and a larger earnings buffer to support long‑term returns even without higher leverage.
Read all positive factors
Kewpie Corporation (2809) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥661.94B
Dividend Yield1.35%
Average Volume (3M)482.67K
Price to Earnings (P/E)26.3
Beta (1Y)0.13
Revenue Growth4.85%
EPS Growth-9.29%
CountryJP
Employees10,773
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)180.83
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)189.14
Revenue Forecast (FY)¥524.28B
Kewpie Corporation Business Overview & Revenue Model
Company Description
Operating both within Japan and globally, Kewpie Corporation, alongside its various subsidiaries, is a diversified entity involved in the production, distribution, logistics, and storage of food items. Its extensive product range features prominen...
How the Company Makes Money
Kewpie makes money primarily by manufacturing and selling food products under its brands and as business-to-business ingredients. Its key revenue streams are: (1) Retail/consumer packaged goods: Sales of mayonnaise, dressings, and related condimen...
Kewpie Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 523.21B | 513.42B | 483.99B | 455.09B | 430.30B | 407.04B |
| Gross Profit | 157.01B | 146.97B | 144.04B | 119.39B | 121.64B | 121.96B |
| EBITDA | 58.65B | 66.08B | 51.65B | 39.59B | 43.13B | 44.63B |
| Net Income | 24.92B | 30.51B | 21.42B | 13.17B | 16.03B | 18.01B |
Balance Sheet | ||||||
| Total Assets | 486.10B | 480.53B | 462.37B | 426.01B | 403.38B | 381.00B |
| Cash, Cash Equivalents and Short-Term Investments | 77.98B | 80.60B | 88.14B | 68.61B | 67.83B | 68.34B |
| Total Debt | 25.24B | 25.26B | 22.42B | 31.79B | 32.47B | 41.73B |
| Total Liabilities | 135.82B | 132.93B | 130.73B | 114.70B | 108.76B | 111.70B |
| Stockholders Equity | 325.31B | 324.06B | 302.29B | 281.88B | 267.66B | 245.64B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 16.21B | 45.00B | 8.56B | 14.72B | 30.79B |
| Operating Cash Flow | 0.00 | 31.80B | 63.13B | 23.73B | 27.20B | 38.53B |
| Investing Cash Flow | 0.00 | -16.91B | -23.89B | -16.68B | -15.95B | -20.28B |
| Financing Cash Flow | 0.00 | -30.10B | -21.13B | -10.56B | -16.81B | -18.70B |
Kewpie Corporation Technical Analysis
Positive
4326.00
Price Trends
4491.54
Positive
4261.33
Positive
4282.66
Positive
Market Momentum
74.07
Negative
59.10
Neutral
71.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2809, the sentiment is Positive. The current price of 4326 is below the 20-day moving average (MA) of 4659.45, below the 50-day MA of 4491.54, and above the 200-day MA of 4282.66, indicating a bullish trend. The MACD of 74.07 indicates Negative momentum. The RSI at 59.10 is Neutral, neither overbought nor oversold. The STOCH value of 71.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ¥1.78T | 26.05 | 11.56% | 1.55% | 9.27% | 12.89% | |
69 Neutral | ¥33.12B | 10.14 | ― | 2.23% | 1.78% | 10.63% | |
68 Neutral | ¥661.94B | 26.33 | 7.76% | 1.30% | 4.85% | -9.29% | |
63 Neutral | ¥550.06B | 19.01 | 10.08% | 2.58% | 10.36% | 20.76% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | ¥5.03T | 37.33 | 18.38% | 0.94% | 6.72% | 83.84% | |
60 Neutral | ¥1.20T | 29.43 | 4.63% | 2.77% | 3.53% | -14.19% |
* Consumer Defensive Sector Average
JP:2809
Kewpie Corporation
4,699.00
559.93
13.53%
JP:2802
Ajinomoto Co
5,416.00
1,411.01
35.23%
JP:2801
Kikkoman
1,833.00
570.69
45.21%
JP:2269
Meiji Holdings Co
4,479.00
1,483.85
49.54%
JP:2871
Nichirei Corporation
2,129.50
470.61
28.37%
JP:2915
KENKO Mayonnaise Co., Ltd.
2,020.00
178.68
9.70%
Kewpie Corporation Corporate Events
Kewpie Advances Share Buyback, Nears ¥8.2 Billion in Treasury Stock Purchases
Aug 3, 2026
Kewpie Corporation has reported progress on its ongoing share buyback program authorized by its board in January 2026 under Article 459 of the Companies Act. Between July 1 and July 31, the company repurchased 350,900 common shares on the Tokyo St...
Kewpie lifts profit outlook on value-added shift and overseas growth
Jul 9, 2026
Kewpie Corporation reported improved profitability in Japan for the first half of fiscal 2026, driven by a shift to higher value-added products and price revisions that generated a ¥6.0 billion synergy effect. Marketing initiatives helped sus...
Kewpie details H1 FY2026 segment performance and forex-driven gains
Jul 9, 2026
Kewpie released supplementary data for the first half of its fiscal year ending November 30, 2026, detailing segment-level net sales and operating income, cost factors, raw material price trends, and capital investments. The company noted that whi...
Kewpie lifts first-half sales and operating profit but flags lower full-year net earnings
Jul 9, 2026
Kewpie reported consolidated net sales of ¥261.6 billion for the first half of the fiscal year ending November 30, 2026, up 3.9% year on year, with operating income rising 23.9% to ¥20.0 billion and ordinary income up 23.3% to ¥21.5...
Kewpie Advances Share Buyback, Repurchasing 1.65 Million Shares Under 2026 Program
Jul 1, 2026
Kewpie Corporation has continued its share buyback program authorized by its board in January 2026, acquiring 604,600 common shares for approximately ¥2.46 billion between June 1 and June 30 via market purchases on the Tokyo Stock Exchange. T...
Kewpie Advances ¥10 Billion Share Buyback, Repurchases Top 1 Million Shares
Jun 1, 2026
Kewpie Corporation has continued its share buyback program authorized by its board in January 2026, acquiring 305,200 common shares on the Tokyo Stock Exchange between May 1 and May 31 for a total of about ¥1.23 billion. This brings total rep...
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.