ITOHAM YONEKYU HOLDINGS INC.

伊藤ハム米久ホールディングス株式会社

Consumer Defensive · Packaged Foods

Itoham Yonekyu Holdings Inc. engages in the manufacture and sale of processed meat and processed/precooked food products in Japan. The company operates in two segments: Processed Food Division and Meat Division. It offers ham, sausages, cooked, and processed foods products. The company was founded in 1928 and is headquartered in Tokyo, Japan.

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Price

¥4,910

Market Cap

¥278.6B

Ent. Value

¥349.2B

Net Debt

−¥70.7B

Shares Out.

56.7M

P / E

13.8×

EV / EBIT

12.3×

P / Book

0.95×

P / NCAV

3.39×

Div. Yield

1.73%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥1,071.4B	¥988.8B	¥955.6B	¥922.7B	¥854.4B
Cost of Sales	¥924.9B	¥855.5B	¥823.0B	¥792.6B	¥722.5B
Gross Profit	¥146.5B	¥133.3B	¥132.6B	¥130.1B	¥131.9B
SG&A	¥118.0B	¥113.7B	¥110.2B	¥107.1B	¥107.3B
Operating Income	¥28.5B	¥19.6B	¥22.3B	¥23.0B	¥24.6B
Non-Operating Income	¥4.6B	¥3.7B	¥5.8B	¥4.3B	¥4.6B
Dividend Income	—	¥419M	¥375M	¥378M	¥439M
Interest Income	—	¥240M	¥256M	¥102M	¥43M
Non-Operating Expenses	—	¥2.6B	¥2.1B	¥1.2B	¥644M
Interest Expense	—	¥2.3B	¥1.8B	¥799M	¥318M
Ordinary Income	¥30.4B	¥20.8B	¥26.0B	¥26.0B	¥28.6B
Pre-tax Income	¥29.6B	¥19.3B	¥22.5B	¥25.0B	¥28.2B
Income Taxes	¥9.3B	¥6.1B	¥6.9B	¥7.9B	¥9.0B
Current Tax	—	¥4.5B	¥6.9B	¥7.6B	¥8.4B
Deferred Tax	—	¥1.6B	¥2M	¥303M	¥672M
Net Income (owners)	¥20.2B	¥13.1B	¥15.6B	¥17.0B	¥19.1B
Minority Interest	—	¥72M	¥58M	¥44M	¥48M
Comprehensive Income	—	¥12.0B	¥23.9B	¥18.3B	¥22.0B
EBITDA	¥42.1B	¥34.2B	¥36.4B	¥36.7B	¥37.5B
Goodwill Amort. (J-GAAP)	—	¥1.6B	¥1.6B	¥1.5B	¥1.4B
EPS	¥356.43	¥230.88	¥273.24	¥58.81	¥65.34
Shares Outstanding	—	56.7M	56.7M	284.7M	291.9M
Shares Issued (total)	—	57.5M	57.5M	287.4M	297.4M
Treasury Shares	—	0.7M	0.8M	2.6M	5.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥524.7B	¥467.0B	¥462.6B	¥436.8B	¥413.1B
Current Assets	¥311.4B	¥277.2B	¥272.0B	¥256.5B	¥243.4B
Cash & Deposits	¥18.0B	¥21.0B	¥23.2B	¥22.7B	¥48.0B
Trade Receivables	—	¥103.2B	¥110.9B	¥95.2B	¥88.9B
Non-Current Assets	¥213.3B	¥189.8B	¥190.5B	¥180.3B	¥169.7B
PP&E	¥121.9B	¥109.7B	¥105.3B	¥101.5B	¥97.0B
Goodwill	—	¥15.2B	¥16.8B	¥18.3B	¥18.2B
Intangible Assets	—	¥25.5B	¥25.2B	¥26.8B	¥22.1B
Investment Securities	¥39.7B	¥33.3B	¥34.7B	¥30.3B	¥29.6B
Deferred Tax Assets	—	¥1.2B	¥1.0B	¥706M	¥667M
Total Liabilities	¥229.2B	¥180.7B	¥177.2B	¥167.5B	¥150.4B
Current Liabilities	¥181.4B	¥144.4B	¥161.2B	¥152.9B	¥126.5B
Accounts Payable	—	¥65.2B	¥73.8B	¥67.0B	¥62.4B
ST Debt	¥58.5B	¥39.2B	¥39.9B	¥42.2B	¥24.6B
Taxes Payable	—	¥2.0B	¥3.9B	¥5.0B	¥2.9B
Non-Current Liabilities	¥47.8B	¥36.3B	¥16.0B	¥14.6B	¥23.8B
Total LT Borrowings	¥30.1B	¥20.2B	¥340M	¥446M	¥10.6B
Pension Obligations	—	¥1.5B	¥1.6B	¥1.7B	¥1.7B
Deferred Tax Liab.	—	¥8.5B	¥7.9B	¥5.7B	¥5.1B
Total Equity	¥295.5B	¥286.3B	¥285.3B	¥269.3B	¥262.7B
Capital Stock	—	¥30.0B	¥30.0B	¥30.0B	¥30.0B
Capital Surplus	—	¥89.4B	¥89.4B	¥89.4B	¥96.6B
Retained Earnings	¥152.9B	¥150.8B	¥148.8B	¥140.1B	¥129.8B
Treasury Stock	—	¥-2.7B	¥-2.8B	¥-1.8B	¥-4.2B
AOCI	—	¥18.0B	¥19.2B	¥11.0B	¥9.8B
Equity (owners)	¥269.7B	¥267.5B	¥265.4B	¥257.7B	¥252.3B
Minority Interests	—	¥708M	¥632M	¥576M	¥598M

Total Interest-Bearing Debt ⓘ	¥88.6B	¥59.4B	¥40.3B	¥42.6B	¥35.1B
Net Cash ⓘ	¥-70.7B	¥-38.4B	¥-17.0B	¥-19.9B	¥12.9B
NCAV ⓘ	¥82.2B	¥96.5B	¥94.8B	¥89.0B	¥93.0B
NCAV/Share	—	¥1,702	¥1,671	¥312	¥319
BV/Share	—	¥4,716	¥4,680	¥905	¥864

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥13.7B	¥10.0B	¥29.4B	¥3.9B	¥18.5B
Interest Paid	—	¥-2.3B	¥-1.8B	¥-799M	¥-318M
Interest Received	—	¥1.7B	¥1.5B	¥1.3B	¥1.1B
D&A	¥13.7B	¥13.0B	¥12.5B	¥12.2B	¥11.5B
Goodwill Amort.	—	¥1.6B	¥1.6B	¥1.5B	¥1.4B
Investing CF	¥-26.0B	¥-20.6B	¥-16.0B	¥-22.9B	¥-11.3B
CapEx	¥22.9B	¥18.6B	¥14.5B	¥12.4B	¥9.0B
Purchase Investments	—	¥-42M	¥-58M	¥-64M	¥-169M
Financing CF	¥8.5B	¥7.5B	¥-13.3B	¥-6.8B	¥-10.7B
Dividends Paid	—	¥-11.0B	¥-6.8B	¥-6.7B	¥-6.1B
Share Buybacks	—	¥-3M	¥-1.0B	¥-5.0B	¥-649M
LT Debt Repaid	—	¥-106M	¥-10.1B	¥-144M	¥-155M
Free Cash Flow	¥-9.3B	¥-8.6B	¥14.9B	¥-8.5B	¥9.4B
Net Change in Cash	—	¥-2.3B	¥558M	¥-25.3B	¥-3.0B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.0%	4.6%	5.6%	6.4%	7.5%
ROA	4.1%	2.8%	3.5%	4.0%	4.6%
EPS	¥356.43	¥230.88	¥273.24	¥58.81	¥65.34
DPS	¥85.00	¥145.00	¥125.00	¥24.00	¥23.00
BPS	¥5,193.66	¥5,033.02	¥5,018.37	¥943.40	¥897.66
FCF/Share	—	¥-151	¥263	¥-30	¥32
NCAV/Share	—	¥1,702	¥1,671	¥312	¥319
Payout Ratio	23.8%	62.8%	45.7%	40.8%	35.2%

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-20 16:00	Div Increase	¥4.3B ¥75.0/sh +0%	ITOHAM Ham Yonekyu Holdings announced a year-end dividend of ¥75 per share for FY2026 (ended March 31, 2026), totaling ¥…
Summary ITOHAM Ham Yonekyu Holdings announced a year-end dividend of ¥75 per share for FY2026 (ended March 31, 2026), totaling ¥4,256 million. The full-year dividend including special commemorative dividends reaches ¥320 per share with ordinary dividend DOE of 3.1%. FY2027 dividend is planned at ¥155 per share (ordinary), demonstrating progressive dividend policy aligned with mid-term plan targeting DOE ≥3.0%. Deadline: 2026-06-04 YoY: +0% Source (JP) 2026年３月期の期末１株当たり配当金は、直近予想のとおり75円とします。これにより、年間の１株当たり配当金は320円（普通配当145円、記念配当175円）となり、普通配当のDOEは3.1%となります。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	三菱商事株式会社	23,155	40.81%
2	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社	3,598	6.34%
3	公益財団法人伊藤記念財団	2,400	4.23%
4	エス企画株式会社	2,055	3.62%
5	公益財団法人伊藤文化財団	1,240	2.18%
6	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行	1,015	1.78%
7	State Street Bank and Trust Company STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人株式会社みずほ銀行）	628	1.10%
8	伊藤功一	551	0.97%
9	日本生命保険相互会社	549	0.96%
10	State Street Bank and Trust Company STATE STREET BANK AND TRUSTCOMPANY 505103（常任代理人株式会社みずほ銀行）	449	0.79%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

8.1%

-1.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.9%

+1.9% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

52.8%

-1.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
三菱商事		40.66%	40.82%	40.81% -0.01%
日本マスタートラスト信託銀行		7.90%	7.37%	6.34% -1.03%
公益財団法人伊藤記念財団		4.21%	4.23%	4.23%
エス企画		3.61%	3.62%	3.62%
公益財団法人伊藤文化財団		2.17%	2.18%	2.18%
State Street NEW ENTRY		0.73%	—	1.89% NEW
日本カストディ銀行		1.86%	1.86%	1.78% -0.08%
伊藤功一		0.96%	0.96%	0.97% +0.01%
日本生命保険		0.96%	0.96%	0.96%
伊藤ハム米久ホールディングス従業員持株会 last seen 2024	Exited Top 10	0.79%	0.71%	—
DFA INTL SMALL CAP VALUE PORTFOLIO last seen 2024	Exited Top 10	—	0.71%	—
Concentration (HHI) ⓘ		1758	1763	1750

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved