2801
KIKKOMAN CORPORATION
キッコーマン株式会社
Foods
Kikkoman Corporation, through its subsidiaries, engages in the manufacture and sale of food products in Japan and internationally. It offers soy sauce, soy sauce soup bases, and Del Monte seasonings; soy milk and Del Monte beverages; mirin and wines. The company also manufactures and sells canned fruits, corn products, and tomato ketchup; health foods; and purchases and sells oriental food products, as well as other products. In addition, it produces and sells clinical diagnostic enzymes, hygiene test agents, hyaluronic acid, as well as chemical products; and offers real estate rental, transportation, logistics, and warehousing services. The company was formerly known as Kikkoman Shoyu Co., Ltd. and changed its name to Kikkoman Corporation in 1980. Kikkoman Corporation was founded in 1917 and is headquartered in Noda, Japan.
Price
¥1,393
Market Cap
¥1.3T
Ent. Value
¥1.2T
Net Cash
¥87.9B
Shares Out.
942.0M
P / E
21.4×
EV / EBIT
16.6×
P / Book
—
P / NCAV
7.65×
Div. Yield
1.79%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥709.0B | ¥660.8B | ¥618.9B | ¥516.4B |
| Cost of Sales | ¥469.7B | ¥432.1B | ¥414.5B | ¥337.6B |
| Gross Profit | ¥239.2B | ¥228.7B | ¥204.4B | ¥178.8B |
| SG&A | ¥162.0B | ¥155.3B | ¥145.6B | ¥126.6B |
| Operating Income | ¥73.7B | ¥66.7B | ¥55.4B | ¥50.7B |
| Non-Operating Income | ¥11.6B | ¥17.4B | ¥11.9B | ¥10.2B |
| Non-Operating Expenses | ¥2.0B | ¥8.8B | ¥6.7B | ¥6.9B |
| Pre-tax Income | ¥83.8B | ¥75.6B | ¥60.8B | ¥54.2B |
| Net Income (owners) | ¥61.7B | ¥56.4B | ¥43.7B | ¥38.9B |
| Minority Interest | ¥490M | ¥458M | ¥466M | ¥441M |
| Comprehensive Income | ¥56.1B | ¥107.1B | ¥67.4B | ¥62.7B |
| EBITDA | ¥100.6B | ¥90.8B | ¥77.6B | ¥70.7B |
| EPS | ¥64.99 | ¥59.19 | ¥228.37 | ¥202.94 |
| Shares Outstanding | 942.0M | 190.2M | 191.4M | 191.4M |
| Shares Issued (total) | 969.4M | 193.9M | 193.9M | 193.9M |
| Treasury Shares | 27.4M | 3.7M | 2.5M | 2.5M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥679.4B | ¥667.9B | ¥566.4B | ¥503.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥334.8B | ¥342.5B | ¥281.2B | ¥240.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥106.2B | ¥119.2B | ¥99.3B | ¥79.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥344.6B | ¥325.4B | ¥285.2B | ¥262.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥189.3B | ¥171.8B | ¥150.7B | ¥136.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥3.2B | ¥3.4B | ¥4.7B | ¥4.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥4.9B | ¥5.0B | ¥4.8B | ¥4.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥3.0B | ¥2.7B | ¥3.1B | ¥3.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥163.4B | ¥169.6B | ¥149.4B | ¥139.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥88.1B | ¥95.1B | ¥98.8B | ¥83.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥3.8B | ¥3.8B | ¥17.1B | ¥4.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥75.3B | ¥74.5B | ¥50.7B | ¥55.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥14.4B | ¥14.4B | ¥400M | ¥13.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥14.7B | ¥13.1B | ¥10.1B | ¥8.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥516.0B | ¥498.3B | ¥417.0B | ¥363.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥13.9B | ¥13.9B | ¥13.7B | ¥13.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥415.2B | ¥376.3B | ¥329.5B | ¥297.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-31.8B | ¥-17.0B | ¥-7.3B | ¥-6.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥99.7B | ¥106.5B | ¥63.0B | ¥42.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥508.5B | ¥491.4B | ¥410.5B | ¥357.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥7.5B | ¥6.9B | ¥6.5B | ¥6.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥18.2B | ¥18.2B | ¥17.5B | ¥17.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥87.9B | ¥101.0B | ¥81.9B | ¥61.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥171.5B | ¥172.9B | ¥131.8B | ¥101.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥182 | ¥909 | ¥689 | ¥528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥540 | ¥2,584 | ¥2,145 | ¥1,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥74.0B | ¥80.8B | ¥59.2B | ¥52.1B |
| D&A | ¥26.9B | ¥24.0B | ¥22.2B | ¥20.0B |
| Investing CF | ¥-38.5B | ¥-43.0B | ¥-26.6B | ¥-16.1B |
| CapEx | ¥39.5B | ¥29.7B | ¥25.6B | ¥18.7B |
| Financing CF | ¥-46.1B | ¥-31.4B | ¥-20.4B | ¥-17.9B |
| Free Cash Flow | ¥34.5B | ¥51.1B | ¥33.6B | ¥33.4B |
| Net Change in Cash | ¥-13.0B | ¥19.8B | ¥20.1B | ¥23.6B |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 3
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱ (信託口)
|
179,225 | 19.00% |
| 2 |
Japan Custody Bank
㈱日本カストディ銀行(信託口)
|
78,608 | 8.33% |
| 3 | ㈱千秋社 | 33,603 | 3.56% |
| 4 | ㈱茂木佐 | 30,702 | 3.26% |
| 5 | 明治安田生命保険(相) (常任代理人 ㈱日本カストディ銀行) | 24,799 | 2.63% |
| 6 | ㈱引高 | 23,980 | 2.54% |
| 7 | ㈲くしがた | 20,858 | 2.21% |
| 8 | ㈱丸仁ホールディングス | 19,420 | 2.06% |
| 9 | (公財)野田産業科学研究所 | 18,638 | 1.98% |
| 10 | (公財)興風会 | 16,360 | 1.73% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
27.3%
+1.4% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
20.0%
+0.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 47.3% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 19.60% | 18.65% | 19.00% +0.35% | |
| Japan Custody Bank 日本カストディ銀行 | 7.42% | 7.31% | 8.33% +1.02% | |
| ㈱千秋社 | 3.51% | 3.53% | 3.56% +0.03% | |
| ㈱茂木佐 | 3.20% | 3.22% | 3.26% +0.04% | |
| 明治安田生命保険 | 2.59% | 2.60% | 2.63% +0.03% | |
| ㈱引高 | 2.50% | 2.52% | 2.54% +0.02% | |
| ㈲くしがた | 2.18% | 2.19% | 2.21% +0.02% | |
| ㈱丸仁ホールディングス | 2.03% | 2.04% | 2.06% +0.02% | |
| 野田産業科学研究所 | 1.95% | 1.96% | 1.98% +0.02% | |
| 興風会 | 1.71% | 1.72% | 1.73% +0.01% | |
| Concentration (HHI) ⓘ | 490 | 453 | 483 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥45,037M
+2% since 2023
Holdings
63
+9 new
9 exited
Trend
12 building
vs 2023
| Held Company | FY2025 ¥45,037M total | FY2023 ¥44,195M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
The Chiba Bank, Ltd.
㈱千葉銀行
|
5,062 |
3,618,421
|
3,093 | 3,618,421 | M |
| 統一企業股份有限公司 | 3,281 |
9,037,687
|
2,846 | 9,037,687 | |
|
Meiji Holdings Co., Ltd.
明治ホールディングス㈱
|
2,491 |
+27.8%
↑
766,732
|
3,785 | 599,916 | M |
|
ORIENTAL LAND CO.,LTD.
㈱オリエンタルランド
|
2,356 |
+400.0%
↑
800,000
|
3,622 | 160,000 | M |
|
SAKATA SEED CORPORATION
㈱サカタのタネ
|
2,288 |
678,000
|
2,650 | 678,000 | M |
|
Nisshin Oillio Group Co., Ltd.
日清オイリオグループ㈱
|
2,267 |
470,395
|
1,528 | 470,395 | M |
|
NISSHIN SEIFUN GROUP INC.
㈱日清製粉グループ本社
|
2,206 |
1,274,809
|
1,977 | 1,274,809 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
2,108 |
NEW
New
1,048,706
|
— | M | |
|
TOKYO GAS CO.,LTD.
東京瓦斯㈱
|
1,905 |
400,000
|
998 | 400,000 | M |
|
UKAI CO.,LTD.
㈱うかい
|
1,793 |
498,800
|
1,576 | 498,800 | |
|
Nissui Corporation
㈱ニッスイ
|
1,561 |
NEW
New
1,730,000
|
— | M | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱(注4)
|
1,496 |
NEW
New
402,384
|
— | M | |
|
Kewpie Corporation
キユーピー㈱
|
1,466 |
502,366
|
1,119 | 502,366 | M |
|
ONO PHARMACEUTICAL CO., LTD.
小野薬品工業㈱
|
1,394 |
870,000
|
2,404 | 870,000 | M |
|
KAMEDA SEIKA CO.,LTD.
亀田製菓㈱
|
1,356 |
347,500
|
1,527 | 347,500 | M |
|
KAKEN PHARMACEUTIAL CO., LTD.
科研製薬㈱
|
1,142 |
255,000
|
942 | 255,000 | M |
|
Seven & i Holdings Co., Ltd.
㈱セブン&アイ・ホールディングス
|
1,055 |
+200.0%
↑
488,154
|
972 | 162,718 | |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
1,017 |
+100.0%
↑
480,000
|
889 | 240,000 | M |
|
AEON Co.,Ltd.
イオン㈱
|
918 |
244,988
|
628 | 244,988 | |
|
Kenko Mayonnaise Co., Ltd.
ケンコーマヨネーズ㈱
|
914 |
491,000
|
592 | 491,000 | M |
|
TOPPAN Holdings Inc.
TOPPANホールディングス㈱
|
771 |
NEW
New
190,270
|
— | M | |
| 名糖産業㈱ | 702 |
352,200
|
581 | 352,200 | M |
|
YOMEISHU SEIZO CO.,LTD.
養命酒製造㈱
|
649 |
221,000
|
412 | 221,000 | M |
|
Showa Sangyo Co., Ltd.
昭和産業㈱
|
623 |
220,000
|
558 | 220,000 | M |
|
KIBUN FOODS INC.
㈱紀文食品
|
607 |
568,181
|
567 | 568,181 | M |
|
Rengo Co., Ltd.
レンゴー㈱
|
435 |
550,000
|
472 | 550,000 | M |
|
YUASA FUNASHOKU CO.,LTD.
ユアサ・フナショク㈱
|
430 |
105,695
|
293 | 105,695 | M |
|
FUJI MEDIA HOLDINGS, INC.
㈱フジ・メディア・ホールディングス
|
343 |
134,500
|
160 | 134,500 | M |
|
The Chiba Kogyo Bank, Ltd.
㈱千葉興業銀行
|
303 |
234,583
|
125 | 234,583 | M |
|
MATSUYA CO., LTD.
㈱松屋
|
301 |
283,200
|
312 | 283,200 | M |
|
MS&AD Insurance Group Holdings, Inc.
MS&ADインシュアランスグループホールディングス㈱
|
295 |
+137.2%
↑
91,746
|
158 | 38,682 | M |
|
TOBU RAILWAY CO.,LTD.
東武鉄道㈱
|
265 |
103,971
|
329 | 103,971 | |
|
YOSHINOYA HOLDINGS CO.,LTD.
㈱吉野家ホールディングス
|
228 |
+1.1%
↑
75,981
|
182 | 75,126 | |
|
HOKKAN HOLDINGS LIMITED
ホッカンホールディングス㈱
|
209 |
126,000
|
172 | 126,000 | M |
|
ITOCHU-SHOKUHIN Co., Ltd.
伊藤忠食品㈱
|
150 |
20,000
|
102 | 20,000 | M |
|
YAMAE GROUP HOLDINGS CO.,LTD.
ヤマエグループホールディングス㈱
|
80 |
+4.2%
↑
33,678
|
58 | 32,313 | M |
|
ARCS COMPANY,LIMITED
㈱アークス
|
67 |
23,050
|
51 | 23,050 | |
| エイチ・ツー・オー リテイリング㈱ | 59 |
NEW
New
26,400
|
— | ||
|
LIFE CORPORATION
㈱ライフコーポレーション
|
51 |
+100.0%
↑
26,388
|
34 | 13,194 | |
|
United Super Markets Holdings Inc.
ユナイテッド・スーパーマーケット・ホールディングス㈱
|
45 |
+23.2%
↑
55,010
|
49 | 44,655 | |
|
YAOKO CO., LTD.
㈱ヤオコー
|
40 |
4,400
|
30 | 4,400 | |
|
OHSHO FOOD SERVICE CORP.
㈱王将フードサービス
|
38 |
+200.0%
↑
11,880
|
23 | 3,960 | |
|
Imperial Hotel, Ltd.
㈱帝国ホテル
|
35 |
+100.0%
↑
40,000
|
38 | 20,000 | |
|
Central Forest Group, Inc.
セントラルフォレストグループ㈱
|
30 |
10,000
|
18 | 10,000 | |
|
S&B FOODS INC.
ヱスビー食品㈱
|
23 |
4,400
|
15 | 4,400 | |
| アクシアル リテイリング㈱ | 23 |
+300.0%
↑
24,000
|
20 | 6,000 | |
|
RETAIL PARTNERS CO., LTD.
㈱リテールパートナーズ
|
22 |
17,039
|
23 | 17,039 | |
|
Ishii Food Co.,Ltd.
石井食品㈱
|
18 |
60,000
|
14 | 60,000 | |
|
VALOR HOLDINGS CO.,LTD.
㈱バローホールディングス
|
15 |
6,336
|
12 | 6,336 | |
|
Belc CO., LTD.
㈱ベルク
|
14 |
2,200
|
12 | 2,200 | |
|
FUJI CO., LTD.
㈱フジ
|
14 |
6,502
|
11 | 6,502 | |
|
TOHO Co.,Ltd.
㈱トーホー
|
13 |
4,000
|
8 | 4,000 | |
|
kainos loboratories,inc
㈱カイノス
|
12 |
10,000
|
10 | 10,000 | |
| ㈱マミーマート | 11 |
NEW
New
2,420
|
— | ||
|
Maruichi Sanisho Co., Ltd.
㈱マルイチ産商
|
11 |
10,000
|
11 | 10,000 | |
|
DAISYO CORPORATION
㈱大庄
|
10 |
9,900
|
10 | 9,900 | |
|
JB ELEVEN CO.,LTD.
㈱JBイレブン
|
6 |
NEW
New
10,400
|
— | ||
|
YAMANAKA CO.,LTD.
㈱ヤマナカ
|
6 |
11,050
|
7 | 11,050 | |
|
HACHI-BAN CO.,LTD.
㈱ハチバン
|
4 |
NEW
New
1,386
|
— | ||
|
Maruyoshi Center Inc.
㈱マルヨシセンター
|
3 |
NEW
New
1,000
|
— | ||
|
SAPPORO HOLDINGS LIMITED
サッポロホールディングス㈱
|
— | — | |||
|
YAMAZAWA CO.,LTD.
㈱ヤマザワ
|
— | — | |||
|
HOTEL NEW GRAND CO.,LTD
㈱ホテル、ニューグランド
|
— | — | |||
|
KANSAI FOOD MARKET LTD.
㈱関西フードマーケット
|
— |
−100%
Exit
—
|
39 | 26,400 | |
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
22 | 17,393 | |
|
Riken Vitamin Co., Ltd.
理研ビタミン㈱
|
— |
−100%
Exit
—
|
3,820 | 1,986,800 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
1,641 | 1,936,106 | M |
|
Nissui Corporation
㈱ニッスイ (注4)
|
— |
−100%
Exit
—
|
939 | 1,730,000 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
913 | 201,192 | M |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
724 | 271,770 | M |
|
Shidax Co.
シダックス㈱
|
— |
−100%
Exit
—
|
65 | 94,000 | |
|
JB ELEVEN CO.,LTD.
㈱JBイレブン
|
— |
−100%
Exit
—
|
7 | 10,400 | |
| Portfolio total | 45,037 | 44,195 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding