Kato Sangyo Co., Ltd.

加藤産業株式会社

Wholesale Trade

Kato Sangyo Co., Ltd. engages in the general food wholesaling business in Japan and internationally. Its products include ambient temperature processed foods, frozen/chilled foods, confectionery, alcoholic beverages, etc. The company also manufactures and sells food products, including jam spreads, peanut butter whip, honey and syrup, canned fruit, fisheries, livestock, and agricultural canned food, ANKO products, chestnut nectar stew, nori, dry, powder, noodles, pasta related, instant and convenient products, condiment, cooking oil, drink, pastry, and gift products. In addition, it offers retail support and logistics solutions. The company was founded in 1945 and is headquartered in Nishinomiya, Japan.

← Companies

Price

¥5,850

Market Cap

¥180.2B

Ent. Value

¥113.8B

Net Cash

¥66.4B

Shares Out.

30.8M

P / E

13.7×

EV / EBIT

6.3×

P / Book

1.07×

P / NCAV

21.13×

Div. Yield

2.39%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥1,178.8B	¥1,135.8B	¥1,066.1B	¥1,003.2B	¥1,137.1B
Cost of Sales	¥1,096.0B	¥1,057.3B	¥992.9B	¥935.5B	¥1,062.8B
Gross Profit	¥82.7B	¥78.5B	¥73.2B	¥67.7B	¥74.3B
SG&A	¥70.0B	¥66.6B	¥61.3B	¥58.3B	¥62.7B
Operating Income	¥18.2B	¥16.9B	¥16.7B	¥13.4B	¥11.6B
Non-Operating Income	¥2.7B	¥2.6B	¥2.4B	¥2.6B	¥2.1B
Dividend Income	¥929M	¥978M	¥916M	¥914M	¥812M
Interest Income	¥300M	¥246M	¥233M	¥173M	¥169M
Non-Operating Expenses	¥752M	¥803M	¥610M	¥591M	¥402M
Interest Expense	¥274M	¥305M	¥224M	¥143M	¥109M
Ordinary Income	¥20.1B	¥18.7B	¥18.5B	¥15.4B	¥13.3B
Pre-tax Income	¥20.7B	¥23.3B	¥18.8B	¥17.2B	¥12.9B
Income Taxes	¥6.6B	¥7.9B	¥5.9B	¥5.5B	¥4.2B
Current Tax	¥6.4B	¥8.0B	¥5.9B	¥5.4B	¥4.1B
Deferred Tax	¥152M	¥-123M	¥41M	¥79M	¥66M
Net Income (owners)	¥13.2B	¥14.5B	¥12.0B	¥11.3B	¥8.4B
Minority Interest	¥883M	¥1.0B	¥904M	¥511M	¥298M
Comprehensive Income	¥20.5B	¥19.9B	¥18.8B	¥11.1B	¥11.5B
EBITDA	¥24.4B	¥22.8B	¥21.7B	¥18.3B	¥16.4B
Goodwill Amort. (J-GAAP)	¥456M	¥464M	¥344M	¥396M	¥393M
EPS	¥425.71	¥453.05	¥356.94	¥329.95	¥238.32
Shares Outstanding	30.8M	31.2M	33.6M	33.6M	34.6M
Shares Issued (total)	35.0M	35.0M	35.0M	38.2M	38.2M
Treasury Shares	4.2M	3.8M	1.4M	4.5M	3.5M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥466.3B	¥454.7B	¥452.9B	¥400.8B	¥384.1B
Current Assets	¥297.8B	¥305.5B	¥311.4B	¥271.6B	¥255.5B
Cash & Deposits	¥71.3B	¥90.8B	¥85.0B	¥83.4B	¥82.3B
Trade Receivables	¥175.7B	¥167.2B	¥183.3B	¥149.1B	—
Non-Current Assets	¥168.5B	¥149.2B	¥141.5B	¥129.2B	¥128.6B
PP&E	¥63.9B	¥55.5B	¥50.6B	¥47.3B	¥48.1B
Goodwill	¥1.1B	¥1.6B	¥1.5B	¥673M	¥943M
Intangible Assets	¥8.0B	¥7.3B	¥7.3B	¥5.8B	¥6.5B
Investment Securities	¥66.8B	¥58.1B	¥56.5B	¥48.2B	¥48.4B
Deferred Tax Assets	¥278M	¥343M	¥375M	¥483M	¥277M
Total Liabilities	¥289.3B	¥291.8B	¥297.2B	¥260.6B	¥248.5B
Current Liabilities	¥261.1B	¥265.9B	¥272.3B	¥237.2B	¥223.3B
Accounts Payable	¥236.8B	¥238.0B	¥246.6B	¥212.3B	¥203.0B
ST Debt	¥4.6B	¥5.1B	¥5.6B	¥4.2B	¥3.7B
Taxes Payable	¥2.5B	¥5.2B	¥3.1B	¥3.4B	¥2.1B
Non-Current Liabilities	¥28.2B	¥25.9B	¥24.9B	¥23.4B	¥25.3B
Total LT Borrowings	¥211M	¥273M	—	—	¥136M
Pension Obligations	¥5.1B	¥5.5B	¥5.5B	¥5.4B	¥5.4B
Deferred Tax Liab.	¥12.6B	¥9.0B	¥7.7B	¥5.4B	¥6.4B
Total Equity	¥177.0B	¥162.8B	¥155.7B	¥140.2B	¥135.6B
Capital Stock	¥5.9B	¥5.9B	¥5.9B	¥5.9B	¥5.9B
Capital Surplus	¥8.4B	¥8.4B	¥8.6B	¥8.5B	¥8.8B
Retained Earnings	¥136.4B	¥127.3B	¥116.4B	¥116.4B	¥107.7B
Treasury Stock	¥-14.9B	¥-13.0B	¥-3.9B	¥-12.7B	¥-9.7B
AOCI	¥33.2B	¥27.0B	¥22.6B	¥17.0B	¥17.5B
Equity (owners)	¥135.8B	¥128.7B	¥127.1B	¥118.1B	¥112.7B
Minority Interests	¥8.0B	¥7.1B	¥6.0B	¥5.1B	¥5.4B

Total Interest-Bearing Debt ⓘ	¥4.8B	¥5.4B	¥5.6B	¥4.2B	¥3.9B
Net Cash ⓘ	¥66.4B	¥85.5B	¥79.4B	¥79.2B	¥78.4B
NCAV ⓘ	¥8.5B	¥13.7B	¥14.2B	¥11.0B	¥7.0B
NCAV/Share	¥277	¥440	¥423	¥328	¥201
BV/Share	¥4,409	¥4,131	¥3,779	¥3,513	¥3,251

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.1B	¥25.9B	¥14.7B	¥15.1B	¥14.3B
Interest Paid	¥-274M	¥-305M	¥-224M	¥-143M	¥-109M
Interest Received	¥1.3B	¥1.2B	¥1.2B	¥1.1B	¥998M
D&A	¥5.8B	¥5.5B	¥4.6B	¥4.5B	¥4.4B
Goodwill Amort.	¥456M	¥464M	¥344M	¥396M	¥393M
Investing CF	¥-14.9B	¥-3.7B	¥-9.0B	¥-6.3B	¥-9.4B
CapEx	¥11.9B	¥7.0B	¥5.9B	¥3.6B	¥5.1B
Purchase Investments	¥-1.7B	¥-1.6B	¥-4.5B	¥-4.3B	¥-1.8B
Proceeds from Invest.	¥838M	¥6.9B	¥846M	¥501M	¥15M
Financing CF	¥-8.4B	¥-15.7B	¥-4.5B	¥-8.2B	¥-7.1B
Dividends Paid	¥-4.2B	¥-3.4B	¥-3.1B	¥-2.6B	¥-2.5B
Share Buybacks	¥-2.0B	¥-9.1B	¥0M	¥-3.0B	¥-3.2B
LT Debt Repaid	¥-162M	¥-158M	—	¥-175M	¥-99M
Free Cash Flow	¥-7.8B	¥18.9B	¥8.8B	¥11.5B	¥9.1B
Net Change in Cash	¥-19.3B	¥6.7B	¥1.3B	¥902M	¥-2.1B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.1%	9.5%	8.4%	8.5%	6.6%
ROA	2.9%	3.2%	2.8%	2.9%	2.2%
EPS	¥425.71	¥453.05	¥356.94	¥329.95	¥238.32
DPS	¥140.00	¥120.00	¥97.00	¥83.00	¥72.00
BPS	¥5,487.49	¥4,997.86	¥4,452.56	¥4,018.57	¥3,757.48
FCF/Share	¥-255	¥606	¥262	¥341	¥264
NCAV/Share	¥277	¥440	¥423	¥328	¥201
Payout Ratio	32.9%	26.5%	27.2%	25.2%	30.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2026-05-12	FMR LLC	5.24%	initial_5pct	Passive	—
2024-01-12	Mitsui & Co., LTD.	4.5% -4.51%	change	Passive	—
2023-12-15	Mitsui & Co., LTD.	9.01%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	3,389	11.00%
2	Mitsui & Co., Ltd. 三井物産株式会社（常任代理人株式会社日本カストディ銀行）	1,576	5.11%
3	株式会社プラスダブル	1,280	4.15%
4	Mitsubishi Corporation 三菱商事株式会社	893	2.90%
5	株式会社加藤興産	850	2.75%
6	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	846	2.74%
7	Kewpie Corporation キユーピー株式会社	841	2.73%
8	House Foods Group Headquarters Co., Ltd. ハウス食品グループ本社株式会社	838	2.72%
9	KAGOME CO.,LTD. カゴメ株式会社	731	2.37%
10	JP MORGAN CHASE BANK JP MORGAN CHASE BANK 385632 （常任代理人株式会社みずほ銀行）	646	2.09%

as of 2025-09-30 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

13.7%

+0.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.1%

-0.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

22.7%

+0.3% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	9.96%	10.55%	11.00% +0.45%
Mitsui & Co., Ltd. 三井物産	9.37%	5.06%	5.11% +0.05%
式会社プラスダブル	3.80%	4.10%	4.15% +0.05%
Mitsubishi Corporation 三菱商事	5.31%	2.86%	2.90% +0.04%
式会社加藤興産	2.52%	2.72%	2.75% +0.03%
Japan Custody Bank 日本カストディ銀行	2.77%	2.89%	2.74% -0.15%
Kewpie Corporation キユーピー	2.50%	2.70%	2.73% +0.03%
House Foods Group Headquarters Co., Ltd. ハウス食品グループ本社	2.49%	2.69%	2.72% +0.03%
KAGOME CO.,LTD. カゴメ	2.17%	2.34%	2.37% +0.03%
JP Morgan	2.12%	2.31%	2.09% -0.22%
Concentration (HHI) ⓘ	265	203	213

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

Portfolio Book Value ¥50,173M +26% since 2023

Holdings 46 +4 new 13 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥50,173M total		FY2023 ¥39,822M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
AEON Co.,Ltd. イオン㈱	21,301	+201.5% ↑ 11,866,876	11,660	3,935,984
Ajinomoto Co., Inc. 味の素㈱	3,801	+100.0% ↑ 895,390	2,580	447,695	M
Mitsui & Co., Ltd. 三井物産㈱	3,414	+0.0% ↑ 927,852	5,031	927,726	M
エイチ・ツー・オーリテイリング㈱	2,754	+131.1% ↑ 1,268,631	995	548,941	M
House Foods Group Headquarters Co., Ltd. ハウス食品グループ本社㈱	2,241	772,954	2,411	772,954	M
LIFE CORPORATION ㈱ライフコーポレーション	1,873	+106.1% ↑ 741,573	1,309	359,806
YAOKO CO., LTD. ㈱ヤオコー（注）３	1,451	NEW New 150,540	—		M
TRIAL Holdings, Inc. ㈱トライアルホールディングス	1,410	NEW New 600,000	—
FUJI CO., LTD. ㈱フジ	1,374	+2.5% ↑ 680,506	1,186	664,137	M
TOYO SUISAN KAISHA, LTD. 東洋水産㈱	1,235	116,786	684	116,786	M
Mitsubishi Corporation 三菱商事㈱	989	+50.0% ↑ 280,184	1,330	186,728	M
Aeon Hokkaido Corporation イオン北海道㈱	911	1,012,560	882	1,012,560
HEIWADO CO.,LTD. ㈱平和堂	824	+6.0% ↑ 283,671	698	267,703
CHIMNEY CO., LTD. チムニー㈱	757	600,000	858	600,000	M
AEON KYUSHU CO., LTD. イオン九州㈱	721	+0.8% ↑ 249,075	592	247,045
Maxvalu Tokai Co., Ltd. マックスバリュ東海㈱	633	182,100	534	182,100
FUJICCO CO., LTD. フジッコ㈱	530	322,282	621	322,282	M
Nissui Corporation ㈱ニッスイ	397	NEW New 381,000	—		M
OKUWA CO., LTD. ㈱オークワ	396	-22.6% ↓ 428,167	481	553,131
VALOR HOLDINGS CO.,LTD. ㈱バローホールディングス	336	115,700	253	115,700
NISSHIN SEIFUN GROUP INC. ㈱日清製粉グループ本社	327	180,185	343	180,185
DOSHISHA CO.,LTD. ㈱ドウシシャ	296	105,000	234	105,000
SATO FOODS CO., LTD. サトウ食品㈱	273	31,500	179	31,500	M
Kewpie Corporation キユーピー㈱	243	60,404	145	60,404	M
ＧｅｎｋｙＤｒｕｇＳｔｏｒｅｓ㈱	212	+103.3% ↑ 42,207	114	20,765
ROKKO BUTTER CO., LTD. 六甲バター㈱	193	153,246	211	153,246	M
WATAMI CO.,LTD. ワタミ㈱	192	200,000	236	200,000
アクシアルリテイリング㈱	187	+300.0% ↑ 160,000	149	40,000
MINISTOP CO., LTD. ミニストップ㈱	154	+4.5% ↑ 77,257	108	73,901
J-OIL MILLS, INC. ㈱Ｊ－オイルミルズ	135	66,084	117	66,084	M
S&B FOODS INC. ヱスビー食品㈱	112	+100.0% ↑ 33,160	65	16,580	M
DAIKOKUTENBUSSAN CO.,LTD. 大黒天物産㈱	86	12,000	75	12,000
WELCIA HOLDINGS CO., LTD. ウエルシアホールディングス㈱	70	+11.8% ↑ 25,932	59	23,202
イオンストアーズ香港	58	7,300,000	108	7,300,000
OCEAN SYSTEM CORPORATION ㈱オーシャンシステム	42	30,000	30	30,000
ARCLANDS CORPORATION アークランズ㈱	38	20,000	31	20,000
RETAIL PARTNERS CO., LTD. ㈱リテールパートナーズ	37	26,500	46	26,500
㈱ＴｒｕｅＤａｔａ	33	40,000	19	40,000
Yoshimura Food Holdings K.K. ㈱ヨシムラ・フード・ホールディングス	32	35,300	40	35,300
key coffee inc キーコーヒー㈱	31	16,000	32	16,000	M
KAGOME CO.,LTD. カゴメ㈱	29	10,155	32	10,155	M
YAMAZAWA CO.,LTD. ㈱ヤマザワ	17	14,520	18	14,520
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㈱	15	NEW New 15,914	—
marutai co.,ltd ㈱マルタイ	8	2,200	7	2,200	M
ASAHIMATSU FOODS CO.,LTD. 旭松食品㈱	5	2,288	5	2,288	M
繧ｵ繝ｳ繝医Μ繝ｼ鬟溷刀繧､繝ｳ繧ｿ繝ｼ繝翫す繝ｧ繝翫Ν譬ｪ蠑丈ｼ夂､ｾサントリー食品インターナショナル㈱	—		—
NIPPN CORPORATION ㈱ニップン	—	−100% Exit —	195	90,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	190	25,908
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	—	−100% Exit —	50	7,885
EZAKI GLICO CO.,LTD. 江崎グリコ㈱	—	−100% Exit —	56	13,832	M
Riken Vitamin Co., Ltd. 理研ビタミン㈱	—	−100% Exit —	48	21,680	M
Resona Holdings, Inc. ㈱りそなホールディングス	—	−100% Exit —	24	30,000
inageya co.,ltd. ㈱いなげや	—	−100% Exit —	33	23,086
Sumitomo Corporation 住友商事㈱	—	−100% Exit —	2,240	750,947
YAOKO CO., LTD. ㈱ヤオコー	—	−100% Exit —	1,157	150,540	M
KANSAI FOOD MARKET LTD. ㈱関西フードマーケット	—	−100% Exit —	1,013	700,000
Nissui Corporation ㈱ニッスイ（注）１	—	−100% Exit —	278	381,000	M
NAGATANIEN HOLDINGS CO.,LTD. ㈱永谷園ホールディングス	—	−100% Exit —	22	10,182	M
Maruyoshi Center Inc. ㈱マルヨシセンター	—	−100% Exit —	8	2,500
Portfolio total	50,173		39,822

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding