2802
Ajinomoto Co., Inc.
味の素株式会社
Consumer Defensive · Packaged Foods
Ajinomoto Co., Inc. engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally. The Seasonings and Foods segment offers sauces and seasoning products under the AJI-NO-MOTO, HON-DASHI, Cook Do, Ajinomoto KK Consommé, Pure Select Mayonnaise, Ros Dee, Masako, Aji-ngon, Sazón, Sajiku, and CRISPY FRY names. This segment also provides instant noodles under the Knorr Cup Soup and YumYum names; coffee beverages under the Birdy and Blendy brands; powdered drink under the Birdy 3in1 name; MAXIM brand products; A Little Luxury Coffee Shop brand products and various gifts, office drinks, cup vending machines, and tea dispensers, etc. The Frozen Foods segment offers Gyoza dumplings, rice dishes, noodles, sweets, shumai, processed chicken, and other products. The Healthcare and Other segment provides amino acids for applications in various industries, such as pharmaceuticals and foods; contract development and manufacturing services for pharmaceutical intermediates and active ingredients, and sterile preparations. This segment also offers Ajinomoto Build-up Film, an interlayer insulating material for semiconductor packages; functional materials under the Plainset names; AFTINNOVA, such as activated carbon, release paper, etc.; feed amino acids, sports nutrition under the brand Aminovital, personal care materials under the brand Amisoft, amino acid-based makeup oil under the brand Eldew, and powder under the brand Amihope, medical foods, and agricultural services, etc. Ajinomoto Co., Inc. was founded in 1909 and is headquartered in Tokyo, Japan.
Price
¥5,152
Market Cap
¥2.6T
Ent. Value
¥2.7T
Net Debt
−¥106.1B
Shares Out.
497.6M
P / E
37.2×
EV / EBIT
13.4×
P / Book
6.41×
P / NCAV
N/M
Div. Yield
0.47%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥1,583.7B | ¥1,583.7B | ¥1,439.2B | ¥1,359.1B | ¥1,149.4B |
| Cost of Sales | ¥986.6B | ¥986.6B | ¥927.8B | ¥888.7B | ¥723.5B |
| Gross Profit | ¥597.1B | ¥597.1B | ¥511.4B | ¥470.4B | ¥425.9B |
| Operating Income | ¥199.4B | ¥199.4B | ¥146.7B | ¥148.9B | ¥124.6B |
| Non-Operating Income | — | ¥8.8B | ¥7.8B | ¥6.1B | ¥6.9B |
| Interest Income | — | ¥6.3B | ¥5.5B | ¥3.4B | ¥1.3B |
| Non-Operating Expenses | — | ¥14.4B | ¥12.4B | ¥15.0B | ¥9.0B |
| Interest Expense | — | ¥8.6B | ¥5.1B | ¥4.1B | ¥3.6B |
| Ordinary Income | ¥196.1B | ¥108.3B | — | — | — |
| Pre-tax Income | ¥196.1B | ¥196.1B | ¥142.0B | ¥140.0B | ¥122.5B |
| Net Income (owners) | ¥134.7B | ¥134.7B | ¥87.1B | ¥94.1B | ¥75.7B |
| Minority Interest | — | ¥10.5B | ¥14.9B | ¥6.1B | ¥4.5B |
| Comprehensive Income | — | ¥72.5B | ¥199.6B | ¥149.0B | ¥143.4B |
| EBITDA | ¥288.3B | ¥288.3B | ¥225.0B | ¥220.7B | ¥190.8B |
| EPS | ¥138.36 | ¥138.36 | ¥167.44 | ¥175.97 | ¥139.42 |
| Shares Outstanding | — | 497.6M | 513.0M | 529.7M | 536.9M |
| Shares Issued (total) | — | 502.8M | 521.4M | 529.8M | 537.0M |
| Treasury Shares | — | 5.2M | 8.5M | 0.1M | 0.1M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,812.3B | ¥1,812.3B | ¥1,774.5B | ¥1,511.7B | ¥1,457.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥704.2B | ¥704.2B | ¥709.6B | ¥615.5B | ¥581.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥106.7B | ¥106.7B | ¥171.5B | ¥132.8B | ¥151.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,108.2B | ¥1,108.2B | ¥1,064.9B | ¥896.2B | ¥875.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥647.4B | ¥647.4B | ¥587.4B | ¥536.6B | ¥522.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥117.9B | ¥146.0B | ¥92.1B | ¥99.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥92.2B | ¥97.8B | ¥65.9B | ¥68.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥10.2B | ¥8.6B | ¥9.0B | ¥7.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥968.1B | ¥968.1B | ¥890.4B | ¥688.8B | ¥717.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥449.1B | ¥449.1B | ¥501.5B | ¥339.6B | ¥324.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥6.3B | ¥6.3B | ¥97.6B | ¥12.6B | ¥8.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥519.0B | ¥519.0B | ¥389.0B | ¥349.1B | ¥392.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥206.4B | ¥206.4B | ¥104.6B | ¥119.5B | ¥131.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥23.0B | ¥44.5B | ¥22.4B | ¥20.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥844.3B | ¥844.3B | ¥884.1B | ¥823.0B | ¥739.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥587.9B | ¥587.9B | ¥657.8B | ¥652.3B | ¥616.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-32.7B | ¥-49.2B | ¥-1.3B | ¥-1.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥105.8B | ¥126.2B | ¥37.8B | ¥-7.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥770.8B | ¥770.8B | ¥814.7B | ¥768.7B | ¥686.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥66.5B | ¥69.4B | ¥54.3B | ¥52.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥212.8B | ¥212.8B | ¥202.2B | ¥132.1B | ¥139.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-106.1B | ¥-106.1B | ¥-30.6B | ¥630M | ¥11.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-263.9B | ¥-263.9B | ¥-180.8B | ¥-73.2B | ¥-135.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-530 | ¥-352 | ¥-138 | ¥-253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,549 | ¥1,588 | ¥1,451 | ¥1,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥239.4B | ¥239.4B | ¥168.1B | ¥117.6B | ¥145.6B |
| D&A | ¥88.9B | ¥88.9B | ¥78.3B | ¥71.8B | ¥66.2B |
| Investing CF | ¥-84.2B | ¥-84.2B | ¥-132.4B | ¥-30.1B | ¥-61.6B |
| CapEx | ¥96.4B | ¥96.4B | ¥65.8B | ¥68.4B | ¥73.8B |
| Financing CF | ¥-225.6B | ¥-225.6B | ¥-6.8B | ¥-111.1B | ¥-123.1B |
| Free Cash Flow | ¥142.9B | ¥142.9B | ¥102.3B | ¥49.3B | ¥71.7B |
| Net Change in Cash | — | ¥-6.8B | ¥38.8B | ¥-18.7B | ¥-30.2B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 16.0% | 15.6% | 10.2% | 12.0% | 10.2% |
| ROA | 7.4% | 7.5% | 5.3% | 6.3% | 5.2% |
| EPS | ¥138.36 | ¥138.36 | ¥167.44 | ¥175.97 | ¥139.42 |
| DPS | ¥24.00 | ¥24.00 | ¥74.00 | ¥68.00 | ¥52.00 |
| BPS | ¥804.24 | ¥804.24 | — | — | — |
| FCF/Share | — | ¥287 | ¥199 | ¥93 | ¥134 |
| NCAV/Share | — | ¥-530 | ¥-352 | ¥-138 | ¥-253 |
| Payout Ratio | 17.3% | 17.3% | 44.2% | 38.6% | 37.3% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 19
| # | 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株式会社(信託口)
|
86,308 | 17.34% |
| 2 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
|
34,084 | 6.85% |
| 3 | 日本生命保険相互会社 | 25,706 | 5.17% |
| 4 |
JPMorgan Chase Bank, N.A.
JP MORGAN CHASE BANK 385632 (常任代理人 株式会社みずほ銀行決済営業部)
|
23,440 | 4.71% |
| 5 | 第一生命保険株式会社 | 22,924 | 4.61% |
| 6 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部)
|
13,740 | 2.76% |
| 7 | 明治安田生命保険相互会社 | 11,362 | 2.28% |
| 8 |
State Street Bank and Trust Company
STATE STREET BANK WEST CLIENT - TREATY 505234 (常任代理人 株式会社みずほ銀行決済営業部)
|
9,267 | 1.86% |
| 9 |
JPMorgan Chase Bank, N.A.
JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部)
|
6,846 | 1.38% |
| 10 | GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店) | 5,869 | 1.18% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
24.2%
-0.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
10.7%
-2.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
13.2%
-0.1% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 48.1% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 18.93% | 17.39% | 17.34% -0.05% | |
| 日本カストディ銀行 | 7.96% | 7.05% | 6.85% -0.20% | |
| JP Morgan | 6.49% | 9.73% | 6.09% -3.64% | |
| 日本生命保険 | 4.85% | 5.01% | 5.17% +0.16% | |
| State Street | 1.56% | 3.27% | 4.62% +1.35% | |
| 第一生命保険 | 4.95% | 5.11% | 4.61% -0.50% | |
| 明治安田生命保険 | 2.15% | 2.22% | 2.28% +0.06% | |
| GOVERNMENT OF NORWAY NEW ENTRY | — | — | — | 1.18% NEW |
| 損害保険ジャパン last seen 2024 | Exited Top 10 | 1.19% | 0.98% | — |
| 三菱UFJ銀行 last seen 2023 | Exited Top 10 | 1.54% | — | — |
| Concentration (HHI) ⓘ | 523 | 515 | 461 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥18,968M
-30% since 2023
Holdings
30
+2 new
7 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥18,968M total | FY2023 ¥27,201M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
| ㈱セブン&アイ・ ホールディングス | 6,451 |
+200.0%
↑
2,982,849
|
5,940 | 994,283 | |
|
House Foods Group Headquarters Co., Ltd.
ハウス食品グループ本社㈱
|
3,063 |
-17.0%
↓
1,124,843
|
3,807 | 1,354,843 | M |
|
ITOCHU-SHOKUHIN Co., Ltd.
伊藤忠食品㈱
|
2,550 |
339,129
|
1,729 | 339,129 | M |
|
T.HASEGAWA CO.,LTD.
長谷川香料㈱
|
2,532 |
900,000
|
2,673 | 900,000 | M |
|
AEON Co.,Ltd.
イオン㈱
|
1,630 |
+2.0%
↑
434,861
|
1,093 | 426,188 | |
|
Kato Sangyo Co., Ltd.
加藤産業㈱
|
1,567 |
318,017
|
1,116 | 318,017 | M |
|
�シィ�ス��ス��ス抵ス費ス難ス��ス��ス�譬ェ蠑丈シ夂、セ
Heartseed㈱
|
377 |
NEW
New
172,400
|
— | ||
|
Central Forest Group, Inc.
セントラルフォレストグループ㈱
|
327 |
106,000
|
193 | 106,000 | M |
|
DUSKIN CO.,LTD.
㈱ダスキン
|
163 |
45,000
|
143 | 45,000 | |
|
ARCS COMPANY,LIMITED
㈱アークス
|
81 |
27,870
|
62 | 27,870 | |
|
MARUDAI FOOD CO.,LTD.
丸大食品㈱
|
75 |
-24.9%
↓
44,657
|
86 | 59,457 | |
|
oie sangyo co.,ltd
尾家産業㈱
|
74 |
37,950
|
41 | 37,950 | |
|
VALOR HOLDINGS CO.,LTD.
㈱バローホールディングス
|
37 |
15,840
|
30 | 15,840 | |
|
Maruichi Sanisho Co., Ltd.
㈱マルイチ産商
|
28 |
25,808
|
28 | 25,808 | M |
|
YAMANAKA CO.,LTD.
㈱ヤマナカ
|
8 |
15,040
|
10 | 15,040 | M |
|
RETAIL PARTNERS CO., LTD.
㈱リテールパートナーズ
|
4 |
3,000
|
4 | 3,000 | |
|
HEIWADO CO.,LTD.
㈱平和堂
|
1 |
NEW
New
546
|
— | ||
| エイチ・ツー・オー リテイリング㈱ | — | — | |||
|
Lawson,Inc.
㈱ローソン
|
— | — | |||
|
OKUWA CO., LTD.
㈱オークワ
|
— | — | |||
|
YAOKO CO., LTD.
㈱ヤオコー
|
— | — | |||
|
Belc CO., LTD.
㈱ベルク
|
— | — | |||
| ㈱マミーマート | — | — | |||
| アクシアル リテイリング㈱ | — | — | |||
|
LIFE CORPORATION
㈱ライフコーポレーション
|
— | — | |||
|
TOHO Co.,Ltd.
㈱トーホー
|
— | — | |||
|
FUJI CO., LTD.
㈱フジ
|
— | — | |||
|
Maruyoshi Center Inc.
㈱マルヨシセンター
|
— | — | |||
|
KANSAI FOOD MARKET LTD.
㈱関西フードマーケット
|
— | — | |||
|
ALBIS Co.,Ltd.
アルビス㈱
|
— | — | |||
| 第一生命ホールディングス㈱ | — |
−100%
Exit
—
|
1,800 | 739,500 | M |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
— |
−100%
Exit
—
|
1,525 | 599,115 | M |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
— |
−100%
Exit
—
|
1,274 | 242,665 | M |
|
ITOHAM YONEKYU HOLDINGS INC.
伊藤ハム米久ホールディングス㈱
|
— |
−100%
Exit
—
|
142 | 203,082 | |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
4,985 | 5,879,830 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
487 | 259,822 | M |
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
33 | 26,089 | |
| Portfolio total | 18,968 | 27,201 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding