# KAGOME CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第82期(2025/01/01－2025/12/31) (S100XQN0)
> Page: https://vizora.meequs.com/en/company/kagome
> Retrieved: 2026-09-30T21:00:44.250Z

## Company

Kagome, founded in 1914, is a company in Agriculture & Seeds listed on TSE Prime. It has 3,253 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAGOME CO., LTD. |
| Ticker | 2811 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2811.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区錦三丁目14番15号 |
| Representative (per filing) | 代表取締役社長 奥谷 晴信 |
| Founded | Dec 1914 |
| Share capital | ¥20B |
| Employees (consolidated) | 3,253 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | December |
| Website | www.kagome.co.jp (https://www.kagome.co.jp/) |
| Corporate number | 2180001035109 |
| EDINET | E00444 |
| Industries (Vizora) | Agriculture & Seeds, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100XQN0, filed 2026-03-13). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.2 | 17 |
| Profitability | 67.5 | 20 |
| Cash conversion | 57.5 | 20 |
| Efficiency | 27.5 | 20 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 53% of Kagome's sales come from Domestic processed food business, with Overseas and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit -37.5%.

## Company structure

- Segment revenue mix: Domestic processed food business 53.5%、Overseas 39.0%、Other 7.5%
- Revenue → net income: ¥294264000000 → ¥16056000000
- Net income → operating cash flow: ¥16056000000 → ¥26930000000（difference ¥10874000000）
- Main uses of operating cash flow: CapEx ¥11393000000 / dividends ¥5335000000 / buybacks —
- Change in cash: ¥5570000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥294.3B |  |
| Operating income | ¥22.6B | Margin 7.7% |
| Net income | ¥14.8B | Margin 5.0% |
| Free cash flow | ¥15.5B |  |
| Largest business | Domestic processed food business | of segment revenue 53.5% |
| Employees (consolidated) | 3,253 |  |
| EPS | ¥161.42 |  |
| Diluted EPS | ¥161.23 |  |
| Book value per share | ¥1487.43 |  |
| Equity ratio | 50.7% | Derived from disclosed figures |
| Shares outstanding | 91,132,000 |  |
| Treasury shares | 116,900 |  |
| Shareholders | 241,577 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | +3.3 pp | Beverages & Dairy |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥183041000000 | ¥294264000000 | +60.8% |
| Operating income | ¥10682000000 | ¥22638000000 | +111.9% |
| Operating margin | 5.8% | 7.7% | +1.9 pp |
| Employees | 2,684 people | 3,253 people | +21.2% |
| Cash and equivalents | ¥56768000000 | ¥26844000000 | -52.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 加工食品 → 事業再編・廃止 | 40.9% |
| 国際事業 → 国際事業 | 11.4% |
| 農 → 事業再編・廃止 | 3.1% |
| その他 → その他 | 0.2% |
| 国内事業 → 事業再編・廃止 | 44.3% |
| 新設・再編 → 国内加工食品事業 | 53.5% |
| 新設・再編 → 国際事業 | 27.6% |
| 新設・再編 → その他 | 7.3% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic processed food business | 4 years | +3.6% | ¥157324000000 | — | 2 |
| Overseas | 5 years | +25.0% | ¥114829000000 | — | 2 |
| Other | 5 years | +95.1% | ¥22109000000 | — | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 294,264 | 100.0% | S100XQN0 |
| Cost of revenue | 198,853 | 67.6% | S100XQN0 |
| Gross profit | 95,410 | 32.4% | S100XQN0 |
| SG&A | 73,043 | 24.8% | S100XQN0 |
| Operating income | 22,638 | 7.7% | S100XQN0 |
| Pretax income | 21,118 | 7.2% | S100XQN0 |
| Income tax | 5,062 | 1.7% | S100XQN0 |
| Net income | 16,056 | 5.5% | S100XQN0 |
| Net income attributable to owners | 14,800 | 5.0% | S100XQN0 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.4% → Operating margin 7.7% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.1%; Core profit growth: -37.5%
Operating leverage (core profit growth ÷ revenue growth): 9.13×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 306,869 | 294,264 | -12,605 | -4.1% |
| Gross profit | 99,732 | 95,410 | -4,322 | -4.3% |
| Operating income | 36,221 | 22,638 | -13,583 | -37.5% |
| Net income attributable to owners | 25,015 | 14,800 | -10,215 | -40.8% |
| Operating cash flow | 31,692 | 26,930 | -4,762 | -15.0% |
| Free cash flow | 20,749 | 15,537 | -5,212 | -25.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2018 | 184,595 | 12,228 | 6.6% | 8,998 | 10,722 | — | S100QP6V |
| FY ending Dec 2019 | 180,849 | 14,079 | 7.8% | 10,198 | 12,224 | 1,780 | S100KWXO |
| FY ending Dec 2020 | 183,041 | 10,682 | 5.8% | 7,425 | 20,442 | 14,335 | S100NN81 |
| FY ending Dec 2021 | 189,652 | 14,010 | 7.4% | 9,763 | 14,796 | -27 | S100QP6V |
| FY ending Dec 2022 | 205,618 | 12,757 | 6.2% | 9,116 | 4,635 | -5,243 | S100U4P8 |
| FY ending Dec 2023 | 224,730 | 17,472 | 7.8% | 10,432 | 4,617 | -1,809 | S100VCWG |
| FY ending Dec 2024 | 306,869 | 36,221 | 11.8% | 25,015 | 31,692 | 20,749 | S100XQN0 |
| FY ending Dec 2025 | 294,264 | 22,638 | 7.7% | 14,800 | 26,930 | 15,537 | S100XQN0 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.5M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥4.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,822 | 2,818 | 2,921 | 3,184 | 3,253 |
| Average salary (parent company) | ¥7.7M | ¥7.5M | ¥8M | ¥8.9M | ¥9M |
| Average age (parent company) | 41.2 years | 40.4 years | 41.8 years | 42.1 years | 42.4 years |
| Average tenure (parent company) | 17.1 years | 17.1 years | 17.4 years | 17.7 years | 18.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) -4.1%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic processed food business | 157,324 | 53.5% | — | — |
| Overseas | 114,829 | 39.0% | — | — |
| Other | 22,109 | 7.5% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Domestic processed food business | 53.5% |
| Overseas | 39.0% |
| Other | 7.5% |

Segment → industry: Other → Agriculture & Seeds / Domestic processed food business → Beverages & Dairy / Overseas → Processed Foods / Domestic processed food business → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,930 | 9.2% | S100XQN0 |
| Capital expenditure | 11,393 | 3.9% | S100XQN0 |
| Free cash flow | 15,537 | 5.3% | 算出 |
| Investing cash flow | -11,485 | -3.9% | S100XQN0 |
| Financing cash flow | -10,394 | -3.5% | S100XQN0 |
| Dividends paid | 5,335 | 1.8% | S100XQN0 |
| Change in cash | 5,570 | 1.9% | S100XQN0 |
| Cash and equivalents | 26,844 | 9.1% | S100XQN0 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 31,231 | 21,390 | 36,010 | 21,273 | 26,844 | S100U4P8, S100VCWG, S100XQN0 |
| Total assets | 215,208 | 225,372 | 265,648 | 362,415 | 375,820 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Net assets | 119,542 | 121,792 | 136,435 | 211,640 | 214,890 | S100U4P8, S100VCWG, S100XQN0 |
| Share capital | 19,985 | 19,985 | 19,985 | 19,985 | 19,985 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Property, plant and equipment | 60,193 | 61,779 | 60,756 | 82,589 | 85,295 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Goodwill | 687 | 757 | 799 | 11,484 | 11,375 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Current assets | 123,485 | 129,162 | 165,451 | 209,958 | 216,779 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Total liabilities | 95,666 | 103,580 | 129,213 | 150,774 | 160,930 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Equity attributable to owners of parent | 117,565 | 119,071 | 132,265 | 185,740 | 190,559 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Retained earnings | 84,235 | 90,708 | 98,017 | 119,725 | 123,007 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |
| Treasury stock | -14,810 | -22,543 | -22,398 | -653 | -787 | S100QP6V, S100U4P8, S100VCWG, S100XQN0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XQN0 |
| Property, plant and equipment | 23% | S100XQN0 |
| Intangibles and goodwill | 3% | — |
| Other assets | 67% | S100XQN0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100XQN0 |
| Equity | 57% | S100XQN0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 215,208 | 225,372 | 265,648 | 362,415 | 375,820 |
| Equity | 119,542 | 121,792 | 136,435 | 211,640 | 214,890 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,231 | 21,390 | 36,010 | 21,273 | 26,844 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 29.0% | S100XQN0 |
| Fixed assets ÷ total assets | 22.7% | S100XQN0 |
| Goodwill ÷ parent equity | 6.0% | S100XQN0 |

Goodwill over 4 years: 687 → 11,375 JPY; total investing cash flow: -87,485 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 7.1% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.0% |
| Cash vs. profit gap | 12,130 JPY mn (of net income 82.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.0% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 42.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.1% | 0.88× | 4.5% | 1.83× | 8.3% | S100QP6V |
| 2022 | 4.4% | 0.93× | 4.1% | 1.86× | 7.7% | S100U4P8 |
| 2023 | 4.6% | 0.92× | 4.2% | 1.95× | 8.3% | S100VCWG |
| 2024 | 8.2% | 0.98× | 8.0% | 1.98× | 15.7% | S100XQN0 |
| 2025 | 5.0% | 0.80× | 4.0% | 1.96× | 7.9% | S100XQN0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 14.0% | 2025-12-31 |
| ダイナパック㈱ | Major shareholder | 4.3% | 2025-12-31 |
| ㈱日本カストディ銀行 | Major shareholder | 2.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-12-31 |
| カゴメ社員持株会 | Major shareholder | 1.1% | 2025-12-31 |
| カゴメ取引先持株会 | Major shareholder | 1.0% | 2025-12-31 |
| 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） | Major shareholder | 1.0% | 2025-12-31 |
| 佐野眞一 | Major shareholder | 0.9% | 2025-12-31 |
| 野村信託銀行㈱ | Major shareholder | 0.8% | 2025-12-31 |
| ｉＳｈａｒｅｓ Ｃｏｒｅ ＭＳＣＩ ＥＡＦＥ ＥＴＦ(常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/01/01－2025/12/31) | S100XQN0 | 2026-03-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQN0,, |
| 有価証券報告書－第81期(2024/01/01－2024/12/31) | S100VCWG | 2025-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VCWG,, |
| 訂正有価証券報告書－第80期(2023/01/01－2023/12/31) | S100U4P8 | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4P8,, |
| 訂正有価証券報告書－第79期(2022/01/01－2022/12/31) | S100QP6V | 2023-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QP6V,, |
| 有価証券報告書－第78期(令和3年1月1日－令和3年12月31日) | S100NN81 | 2022-03-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NN81,, |
| 有価証券報告書－第77期(令和2年1月1日－令和2年12月31日) | S100KWXO | 2021-03-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KWXO,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アサヒ | Alliance | 飲料・チルド・食品・海外事業、調達・物流での業務提携 | S100YVTZ |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).