KewpieKewpie Corporation2809東証プライム食料品FY ending Nov 2025, consolidated, J-GAAP
Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +6.1% from the prior year, operating profit +0.9%.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2021 | 4.4% | 1.07× | 4.7% | 1.58× | 7.5% |
| 2022 | 3.7% | 1.10× | 4.1% | 1.60× | 6.5% |
| 2023 | 2.9% | 1.10× | 3.2% | 1.64× | 5.2% |
| 2024 | 4.4% | 1.09× | 4.8% | 1.68× | 8.1% |
| 2025 | 5.9% | 1.09× | 6.5% | 1.70× | 11.0% |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
Track R&D investment and how long operating capital remains tied up before sales turn into cash.
R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Revenue | 407,039 | 430,304 | 455,086 | 483,985 | 513,417 |
| Cost of revenue | 282,807 | 306,114 | 332,755 | 336,217 | 362,490 |
| Gross profit | 124,232 | 124,189 | 122,330 | 147,767 | 150,927 |
| SG&A | 96,260 | 98,755 | 102,636 | 113,437 | 116,298 |
| Operating income | 27,972 | 25,433 | 19,694 | 34,329 | 34,628 |
| Pretax income | 28,860 | 26,630 | 22,075 | 33,638 | 47,517 |
| Income tax | 8,590 | 8,264 | 6,550 | 9,228 | 13,627 |
| Net income attributable to owners | 18,014 | 16,033 | 13,174 | 21,419 | 30,506 |
| Operating margin | 6.9% | 5.9% | 4.3% | 7.1% | 6.7% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
|---|---|---|---|---|---|
| Cash and equivalents | ¥66.7B | ¥65.3B | ¥62.4B | ¥80.5B | ¥65.8B |
| Total assets | ¥381B | ¥403.4B | ¥426B | ¥462.4B | ¥480.5B |
| Net assets | ¥269.3B | ¥294.6B | ¥311.3B | ¥331.6B | ¥347.6B |
| Share capital | ¥24.1B | ¥24.1B | ¥24.1B | ¥24.1B | ¥24.1B |
| Trade receivables | ¥56.9B | ¥59.4B | ¥64.5B | ¥71.8B | ¥75.1B |
| Property, plant and equipment | ¥146.5B | ¥147.1B | ¥146.2B | ¥147.4B | ¥148B |
| Intangible assets excluding goodwill | ¥13.3B | ¥15.6B | ¥15.8B | ¥19B | ¥17.7B |
| Goodwill | ¥552M | ¥364M | ¥182M | — | ¥73M |
| Investment securities | ¥43.6B | ¥45.6B | ¥49B | ¥51.2B | ¥55.6B |
| Current assets | ¥157.5B | ¥167.7B | ¥182.1B | ¥203.7B | ¥203.4B |
| Current liabilities | ¥71.2B | ¥65.3B | ¥81.4B | ¥91.2B | ¥105B |
| Trade payables | ¥28B | ¥33.1B | ¥33.4B | ¥44.8B | — |
| Short-term borrowings | ¥11.6B | ¥3.06B | ¥17.2B | ¥2.27B | ¥7.2B |
| Long-term borrowings | ¥16.4B | ¥16.1B | ¥784M | ¥5.5B | — |
| Bonds | ¥10B | ¥10B | ¥10B | ¥10B | — |
| Interest-bearing debt | ¥37.9Bderived | ¥29.1Bderived | ¥28Bderived | ¥17.8Bderived | — |
| Total liabilities | ¥111.7B | ¥108.8B | ¥114.7B | ¥130.7B | ¥132.9B |
| Non-controlling interests | ¥23.7B | ¥27B | ¥29.4B | ¥29.3B | ¥23.5B |
| Equity attributable to owners of parent | ¥240.9B | ¥250.4B | ¥256.6B | ¥270.9B | ¥283.1B |
| Retained earnings | ¥194B | ¥203.5B | ¥209.7B | ¥224.2B | ¥246B |
| Treasury stock | -¥5.84B | -¥5.84B | -¥5.84B | -¥5.85B | -¥7.91B |
EDINET (FSA Japan)
有価証券報告書－第113期(2024/12/01－2025/11/30)
EDINET (FSA Japan)
有価証券報告書－第112期(2023/12/01－2024/11/30)
EDINET (FSA Japan)
有価証券報告書－第111期(2022/12/01－2023/11/30)
EDINET (FSA Japan)
訂正有価証券報告書－第110期(2021/12/01－2022/11/30)
EDINET (FSA Japan)
有価証券報告書－第109期(令和2年12月1日－令和3年11月30日)
EDINET (FSA Japan)
有価証券報告書－第108期(令和1年12月1日－令和2年11月30日)
Extracted from XBRL: 53 / Derived from other figures: 1
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