Financials Kikkoman Corporation

Equities

2801

JP3240400006

Food Processing

Delayed Japan Exchange Other stock markets 08:00:00 19/01/2026 am IST			5-day change	1st Jan Change
1,409.00 ^JPY	+1.44%		+0.75%	-0.91%

01/12	Tranche Update on Kikkoman Corporation's Equity Buyback Plan announced on April 28, 2025.	CI
28/11	Kikkoman Corporation's Equity Buyback announced on April 28, 2025, has closed with 15,366,200 shares, representing 1.64% for ¥19,999.91 million.	CI

Projected Income Statement: Kikkoman Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,68,119	5,16,440	6,18,899	6,60,835	7,08,979	7,33,858	7,71,462	8,06,180
Change	-	10.32%	19.84%	6.78%	7.29%	3.51%	5.12%	4.5%
EBITDA ¹	60,308	70,712	77,610	90,753	1,04,192	1,04,874	1,12,291	1,16,939
Change	-	17.25%	9.76%	16.93%	14.81%	0.65%	7.07%	4.14%
EBIT ¹	42,613	50,682	55,370	66,733	73,698	76,183	78,823	82,037
Change	-	18.94%	9.25%	20.52%	10.44%	3.37%	3.46%	4.08%
Interest Paid ¹	-523	-738	-995	-8,764	-2,019	-2,000	-5,456	-5,735
Earnings before Tax (EBT) ¹	40,519	54,231	60,797	75,605	83,754	82,940	84,699	87,255
Change	-	33.84%	12.11%	24.36%	10.78%	-0.97%	2.12%	3.02%
Net income ¹	28,828	38,903	43,733	56,441	61,695	60,658	61,960	63,969
Change	-	34.95%	12.42%	29.06%	9.31%	-1.68%	2.15%	3.24%
Announcement Date	27/04/21	27/04/22	27/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	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	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	1,20,741	1,19,856	1,23,739	1,24,942	1,36,179	1,31,580	1,47,748	1,57,630	1,60,985	1,52,536	1,58,506	1,64,227	1,72,142	1,65,960	1,78,218	1,77,351	1,79,946	1,73,464	1,75,660	1,82,950	1,88,341	1,85,833	1,86,000	1,94,000	2,04,500	1,98,500
Change	-	-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%	-3.6%	1.27%	4.15%	2.95%	-1.33%	0.09%	4.3%	5.41%	-2.93%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	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	11,218	19,091	20,542	21,189	15,288	20,400	21,900	20,900	15,300
Change	-	-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%	-45.23%	70.18%	7.6%	3.15%	-27.85%	33.44%	7.35%	-4.57%	-26.79%
Charge d'intérêts ¹	-135	-144	-352	-	-1,697	-	-6,775	-	-5,155	-	-5,914	-	-3,360	-	-3,675	-	-1,653	-	-1,722	-	-1,679	-	-	-	-	-
Earnings before Tax (EBT) ¹	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	13,695	21,084	21,955	19,494	16,458	-	-	-	-
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%	-39.71%	53.95%	4.13%	-11.21%	-15.57%	-	-	-	-
Net income ¹	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	10,366	15,293	16,022	16,790	13,095	16,300	17,600	17,900	10,700
Change	-	-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%	-37.46%	47.53%	4.77%	4.79%	-22%	24.47%	7.98%	1.7%	-40.22%
Announcement Date	04/02/21	27/04/21	05/08/21	05/11/21	04/02/22	27/04/22	04/08/22	04/11/22	03/02/23	27/04/23	04/08/23	02/11/23	05/02/24	26/04/24	05/08/24	06/11/24	05/02/25	28/04/25	05/08/25	07/11/25	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	2,48,681	2,67,759	3,05,378	3,13,521	3,22,733	3,55,569	3,53,410	3,58,610	3,71,800
Change	-	7.67%	14.05%	2.67%	2.94%	10.17%	-0.61%	1.47%	3.68%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT	27,086	-	30,343	-	33,484	41,997	-	39,633	-
Change	-	-	-	-	-	25.42%	-	-	-
Charge d'intérêts	-988	-	-10,745	-	-7,320	-3,148	-	-1,009	-
Earnings before Tax (EBT)	29,651	-	32,459	-	37,854	47,344	-	43,039	-
Change	-	-	-	-	-	25.07%	-	-	-
Net income	21,367	-	23,292	-	28,809	34,755	-	31,315	-
Change	-	-	-	-	-	20.64%	-	-	-
Announcement Date	05/11/21	27/04/22	04/11/22	27/04/23	02/11/23	06/11/24	28/04/25	07/11/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Kikkoman Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-22,769	-38,311	-48,364	-59,249	-87,942	-50,631	-41,542	-27,451
Change	-	-68.26%	-26.24%	-22.51%	-48.43%	42.43%	17.95%	33.92%
Announcement Date	27/04/21	27/04/22	27/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Kikkoman Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	19,702	24,617	38,228	43,501	46,835	68,736	51,236	50,836
Change	-	24.95%	55.29%	13.79%	7.66%	46.76%	-25.46%	-0.78%
Free Cash Flow (FCF) ¹	35,434	35,988	32,577	37,306	27,143	20,667	40,719	53,079
Change	-	1.56%	-9.48%	14.52%	-27.24%	-23.86%	97.03%	30.35%
Announcement Date	27/04/21	27/04/22	27/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Kikkoman Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	12.88%	13.69%	12.54%	13.73%	14.7%	14.29%	14.56%	14.51%
EBIT Margin (%)	9.1%	9.81%	8.95%	10.1%	10.39%	10.38%	10.22%	10.18%
EBT Margin (%)	8.66%	10.5%	9.82%	11.44%	11.81%	11.3%	10.98%	10.82%
Net margin (%)	6.16%	7.53%	7.07%	8.54%	8.7%	8.27%	8.03%	7.93%
FCF margin (%)	7.57%	6.97%	5.26%	5.65%	3.83%	2.82%	5.28%	6.58%
FCF / Net Income (%)	122.92%	92.51%	74.49%	66.1%	44%	34.07%	65.72%	82.98%
Profitability
ROA	10.18%	10.77%	8.18%	12.25%	12.43%	10.02%	9.58%	9.64%
ROE	10%	11.7%	11.4%	12.5%	12.3%	11.71%	11.52%	11.69%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.21%	4.77%	6.18%	6.58%	6.61%	9.37%	6.64%	6.31%
CAPEX / EBITDA (%)	32.67%	34.81%	49.26%	47.93%	44.95%	65.54%	45.63%	43.47%
CAPEX / FCF (%)	55.6%	68.4%	117.35%	116.61%	172.55%	332.59%	125.83%	95.77%
Items per share
Cash flow per share ¹	48.47	61.48	68.9	84.39	93.34	-	-	-
Change	-	26.85%	12.06%	22.48%	10.61%	-	-	-
Dividend per Share ¹	9	12.2	15.6	20.8	25	25.03	25.72	26.82
Change	-	35.56%	27.87%	33.33%	20.19%	0.14%	2.74%	4.26%
Book Value Per Share ¹	318.8	373.6	428.8	516.4	539.5	560.8	584.4	607
Change	-	17.21%	14.76%	20.44%	4.48%	3.95%	4.2%	3.87%
EPS ¹	30.03	40.59	45.67	59.19	64.99	64.91	67.08	70.45
Change	-	35.14%	12.53%	29.59%	9.8%	-0.13%	3.35%	5.02%
Nbr of stocks (in thousands)	9,59,862	9,58,084	9,57,391	9,51,469	9,42,537	9,26,540	9,26,540	9,26,540
Announcement Date	27/04/21	27/04/22	27/04/23	26/04/24	28/04/25	-	-	-