Financials Kikkoman Corporation

Equities

2801

JP3240400006

Food Processing

Delayed Japan Exchange Other stock markets 12:39:09 2025-06-17 am EDT			5-day change	1st Jan Change
1,281.00 ^JPY	-0.19%		-0.70%	-27.32%

Jun. 12	Trump throws curveball at Japan tea giant's US expansion swing	RE
Apr. 28	Kikkoman to Buy Back Up to 20 Billion Yen of Shares	MT

Projected Income Statement: Kikkoman Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	468,616	439,411	516,440	618,899	660,835	708,979	723,616	753,498
Change	-	-6.23%	17.53%	19.84%	6.78%	7.29%	2.06%	4.13%
EBITDA ¹	53,084	60,308	70,712	77,610	90,753	105,615	105,014	111,151
Change	-	13.61%	17.25%	9.76%	16.93%	16.38%	-0.57%	5.84%
EBIT ¹	39,826	41,672	50,682	55,370	66,733	73,698	74,213	77,543
Change	-	4.64%	21.62%	9.25%	20.52%	10.44%	0.7%	4.49%
Interest Paid ¹	-464	-919	-738	-995	-8,764	-2,019	-9,000	-9,000
Earnings before Tax (EBT) ¹	37,930	43,194	54,231	60,797	75,605	83,754	80,551	83,271
Change	-	13.88%	25.55%	12.11%	24.36%	10.78%	-3.82%	3.38%
Net income ¹	26,595	31,159	38,903	43,733	56,441	61,695	59,102	60,866
Change	-	17.16%	24.85%	12.42%	29.06%	9.31%	-4.2%	2.98%
Announcement Date	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	123,872	113,120	108,090	119,432	120,741	119,856	123,739	124,942	136,179	131,580	147,748	157,630	160,985	152,536	158,506	164,227	172,142	165,960	178,218	177,351	179,946	148,611	176,900	179,200	186,800	179,167
Change	-	-8.68%	-4.45%	10.49%	1.1%	-0.73%	3.24%	0.97%	8.99%	-3.38%	12.29%	6.69%	2.13%	-5.25%	3.91%	3.61%	4.82%	-3.59%	7.39%	-0.49%	1.46%	-17.41%	19.04%	1.3%	4.24%	-4.09%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,626	7,214	9,765	11,485	12,554	8,809	14,335	12,751	16,098	7,498	15,702	14,641	15,979	9,048	13,458	20,026	19,861	13,388	21,474	20,523	20,483	13,965	20,700	20,600	21,200	14,800
Change	-	-37.95%	35.36%	17.61%	9.31%	-29.83%	62.73%	-11.05%	26.25%	-53.42%	109.42%	-6.76%	9.14%	-43.38%	48.74%	48.8%	-0.82%	-32.59%	60.4%	-4.43%	-0.19%	-31.82%	48.23%	-0.48%	2.91%	-30.19%
Charge d'intérêts	-125	-	-121	-123	-135	-144	-352	-	-1,697	-	-6,775	-	-5,155	-	-5,914	-	-3,360	-	-3,675	-	-1,653	-	-	-	-	-
Earnings before Tax (EBT) ¹	11,555	-	9,896	-	12,653	7,109	16,076	13,575	16,860	7,720	16,979	15,480	18,181	10,157	15,806	22,048	22,800	14,951	24,675	22,669	22,715	13,468	-	-	-	-
Change	-	-	-	-	-	-43.82%	126.14%	-15.56%	24.2%	-54.21%	119.94%	-8.83%	17.45%	-44.13%	55.62%	39.49%	3.41%	-34.43%	65.04%	-8.13%	0.2%	-40.71%	-	-	-	-
Net income ¹	8,118	3,188	6,954	7,666	8,983	5,225	11,599	9,768	11,987	5,549	12,127	11,165	13,083	7,358	10,619	18,190	16,712	10,920	18,046	16,709	16,574	10,781	16,818	15,572	15,447	9,663
Change	-	-60.73%	118.13%	10.24%	17.18%	-41.83%	121.99%	-15.79%	22.72%	-53.71%	118.54%	-7.93%	17.18%	-43.76%	44.32%	71.3%	-8.13%	-34.66%	65.26%	-7.41%	-0.81%	-34.95%	56.01%	-7.41%	-0.81%	-37.44%
Announcement Date	2/4/20	5/12/20	8/3/20	11/5/20	2/4/21	4/27/21	8/5/21	11/5/21	2/4/22	4/27/22	8/4/22	11/4/22	2/3/23	4/27/23	8/4/23	11/2/23	2/5/24	4/26/24	8/5/24	11/6/24	2/5/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1	2025 S2
Net sales ¹	227,522	240,597	248,681	267,759	305,378	313,521	322,733	355,569	475,899
Change	-	5.75%	3.36%	7.67%	14.05%	2.67%	2.94%	10.17%	33.84%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT	21,250	21,363	27,086	-	30,343	-	33,484	41,997	-
Change	-	0.53%	26.79%	-	-	-	-	25.42%	-
Charge d'intérêts	-244	-279	-988	-	-10,745	-	-7,320	-3,148	-
Earnings before Tax (EBT)	20,757	19,762	29,651	-	32,459	-	37,854	47,344	-
Change	-	-4.79%	50.04%	-	-	-	-	25.07%	-
Net income	14,620	-	21,367	-	23,292	-	28,809	34,755	-
Change	-	-	-	-	-	-	-	20.64%	-
Announcement Date	11/5/20	4/27/21	11/5/21	4/27/22	11/4/22	4/27/23	11/2/23	11/6/24	4/28/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Kikkoman Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-11,175	-14,016	-38,311	-48,364	-59,249	-87,942	-68,989	-66,503
Change	-	-25.42%	-173.34%	-26.24%	-22.51%	-48.43%	20.96%	3.6%
Announcement Date	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Kikkoman Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	27,464	20,946	24,617	38,228	43,501	46,835	62,355	48,406
Change	-	-23.73%	17.53%	55.29%	13.79%	7.66%	28.57%	-22.37%
Free Cash Flow (FCF) ¹	12,190	36,221	35,988	32,577	37,306	27,143	24,956	39,623
Change	-	197.14%	-0.64%	-9.48%	14.52%	-27.24%	-32.15%	58.77%
Announcement Date	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Kikkoman Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	11.33%	13.72%	13.69%	12.54%	13.73%	14.9%	14.51%	14.75%
EBIT Margin (%)	8.5%	9.48%	9.81%	8.95%	10.1%	10.39%	10.26%	10.29%
EBT Margin (%)	8.09%	9.83%	10.5%	9.82%	11.44%	11.81%	11.13%	11.05%
Net margin (%)	5.68%	7.09%	7.53%	7.07%	8.54%	8.7%	8.17%	8.08%
FCF margin (%)	2.6%	8.24%	6.97%	5.26%	5.65%	3.83%	3.45%	5.26%
FCF / Net Income (%)	45.84%	116.25%	92.51%	74.49%	66.1%	44%	42.23%	65.1%
Profitability
ROA	10.43%	10.18%	10.77%	8.18%	12.25%	12.43%	9.24%	9.11%
ROE	9.9%	10%	11.7%	11.4%	12.5%	12.3%	11.51%	11.39%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.86%	4.77%	4.77%	6.18%	6.58%	6.61%	8.62%	6.42%
CAPEX / EBITDA (%)	51.74%	34.73%	34.81%	49.26%	47.93%	44.35%	59.38%	43.55%
CAPEX / FCF (%)	225.3%	57.83%	68.4%	117.35%	116.61%	172.55%	249.86%	122.17%
Items per share
Cash flow per share ¹	45.2	52.5	61.48	68.9	84.39	93.34	-	-
Change	-	16.17%	17.11%	12.06%	22.48%	10.61%	-	-
Dividend per Share ¹	8.4	9	12.2	15.6	20.8	25	25.22	25.94
Change	-	7.14%	35.56%	27.87%	33.33%	20.19%	14.03%	2.86%
Book Value Per Share ¹	283.8	321	373.6	428.8	516.4	539.5	556.6	584
Change	-	13.1%	16.39%	14.76%	20.44%	4.48%	1.14%	4.93%
EPS ¹	27.71	32.46	40.59	45.67	59.19	64.99	62.72	65.22
Change	-	17.17%	25.03%	12.53%	29.59%	9.8%	-4.21%	3.99%
Nbr of stocks (in thousands)	959,875	959,862	958,084	957,391	951,469	942,875	942,875	942,875
Announcement Date	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	4/28/25	-	-