# KIKKOMAN CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第109期(2025/04/01－2026/03/31) (S100YE5V)
> Page: https://vizora.meequs.com/en/company/kikkoman
> Retrieved: 2026-09-30T18:10:42.524Z

## Company

Kikkoman, founded in 1917, is a company in Beverages & Dairy listed on TSE Prime. It has 7,911 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIKKOMAN CORPORATION |
| Ticker | 2801 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2801.T) |
| Listing | TSE Prime |
| Head office | 千葉県野田市野田250番地 |
| Representative (per filing) | 代表取締役社長 中野 祥三郎 |
| Founded | Dec 1917 |
| Share capital | ¥11.6B |
| Employees (consolidated) | 7,911 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.kikkoman.com (https://www.kikkoman.com/) |
| Corporate number | 2040001071167 |
| EDINET | E00435 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YE5V, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.8 | 179 |
| Profitability | 95.9 | 185 |
| Cash conversion | 63.4 | 179 |
| Efficiency | 15.4 | 185 |

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 58% of Kikkoman's sales come from Overseas Foods-Wholesale, with Domestic Foods-Manufacturing and Sales and Overseas Foods-Manufacturing and Sales making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Overseas Foods-Wholesale 58.1%、Domestic Foods-Manufacturing and Sales 20.9%、Overseas Foods-Manufacturing and Sales 20.1%、Domestic Others 1.0%
- Revenue → net income: ¥745539000000 → ¥62158000000
- Net income → operating cash flow: ¥62158000000 → ¥90508000000（difference ¥28350000000）
- Main uses of operating cash flow: CapEx ¥59612000000 / dividends ¥23501000000 / buybacks ¥20992000000
- Change in cash: ¥5586000000
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 | ¥745.5B |  |
| Operating income | ¥75.9B | Margin 10.2% |
| Net income | ¥61.6B | Margin 8.3% |
| Free cash flow | ¥30.9B |  |
| Largest business | Overseas Foods-Wholesale | of segment revenue 58.1% |
| Employees (consolidated) | 7,911 |  |
| EPS | ¥65.99 |  |
| Book value per share | ¥133.67 |  |
| Equity ratio | 74.6% | Derived from disclosed figures |
| Shares outstanding | 969,416,000 |  |
| Treasury shares | 42,775,600 |  |
| Shareholders | 152,907 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | +7.3 pp | Specialty Trading & Wholesale |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥439411000000 | ¥745539000000 | +69.7% |
| Operating income | ¥41672000000 | ¥75940000000 | +82.2% |
| Operating margin | 9.5% | 10.2% | +0.7 pp |
| Employees | 7,645 people | 7,911 people | +3.5% |
| Cash and equivalents | ¥55678000000 | ¥111770000000 | +100.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内食料品製造・販売 → 国内食料品製造・販売 | 20.9% |
| 国内食料品製造・販売 → 事業再編・廃止 | 12.2% |
| 国内その他 → 国内その他 | 1.0% |
| 国内その他 → 事業再編・廃止 | 0.7% |
| 海外食料品製造・販売 → 海外食料品製造・販売 | 20.1% |
| 海外食料品製造・販売 → 事業再編・廃止 | 0.1% |
| 海外食料品卸売 → 海外食料品卸売 | 45.0% |
| 新設・再編 → 海外食料品卸売 | 13.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas Foods-Wholesale | 5 years | +16.9% | ¥432800000000 | 7.1% | 2 |
| Domestic Foods-Manufacturing and Sales | 5 years | +1.4% | ¥155718000000 | 6.3% | 2 |
| Overseas Foods-Manufacturing and Sales | 5 years | +11.0% | ¥149491000000 | 27.4% | 2 |
| Domestic Others | 5 years | -0.0% | ¥7528000000 | 21.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 745,539 | 100.0% | S100YE5V |
| Cost of revenue | 492,926 | 66.1% | S100YE5V |
| Gross profit | 252,613 | 33.9% | S100YE5V |
| SG&A | 173,101 | 23.2% | S100YE5V |
| Operating income | 75,940 | 10.2% | S100YE5V |
| Pretax income | 84,069 | 11.3% | S100YE5V |
| Income tax | 21,910 | 2.9% | S100YE5V |
| Net income | 62,158 | 8.3% | S100YE5V |
| Net income attributable to owners | 61,615 | 8.3% | S100YE5V |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.9% → Operating margin 10.2% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.59×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 708,979 | 745,539 | 36,560 | +5.2% |
| Gross profit | 239,233 | 252,613 | 13,380 | +5.6% |
| Operating income | 73,698 | 75,940 | 2,242 | +3.0% |
| Net income attributable to owners | 61,695 | 61,615 | -80 | -0.1% |
| Operating cash flow | 73,978 | 90,508 | 16,530 | +22.3% |
| Free cash flow | 33,309 | 30,896 | -2,413 | -7.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 439,627 | 34,903 | 7.9% | 26,827 | 41,958 | 15,926 | S100LM4K |
| FY ending Mar 2021 | 439,411 | 41,672 | 9.5% | 31,159 | 57,167 | 40,096 | S100OB0O |
| FY ending Mar 2022 | 516,440 | 50,682 | 9.8% | 38,903 | 52,093 | 32,529 | S100R6C4 |
| FY ending Mar 2023 | 618,899 | 55,370 | 8.9% | 43,733 | 59,197 | 32,653 | S100TQSH |
| FY ending Mar 2024 | 660,835 | 66,733 | 10.1% | 56,441 | 80,807 | 49,744 | S100W06C |
| FY ending Mar 2025 | 708,979 | 73,698 | 10.4% | 61,695 | 73,978 | 33,309 | S100YE5V |
| FY ending Mar 2026 | 745,539 | 75,940 | 10.2% | 61,615 | 90,508 | 30,896 | S100YE5V |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94.2M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥7.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,686 | 7,775 | 7,521 | 7,716 | 7,911 |
| Average salary (parent company) | ¥7.9M | ¥7.9M | ¥8.2M | ¥8.2M | ¥8.2M |
| Average age (parent company) | 43.5 years | 43.4 years | 43.6 years | 43.5 years | 43.1 years |
| Average tenure (parent company) | 13.5 years | 13.4 years | 14.1 years | 14.2 years | 13.4 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +5.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Foods-Manufacturing and Sales | 155,718 | 20.9% | 9,886 | 6.3% |
| Domestic Others | 7,528 | 1.0% | 1,627 | 21.6% |
| Overseas Foods-Manufacturing and Sales | 149,491 | 20.1% | 40,929 | 27.4% |
| Overseas Foods-Wholesale | 432,800 | 58.1% | 30,668 | 7.1% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Foods-Manufacturing and Sales | 20.9% | 11.9% | -9.0 | 6.3% |
| Domestic Others | 1.0% | 2.0% | 0.9 | 21.6% |
| Overseas Foods-Manufacturing and Sales | 20.1% | 49.2% | 29.2 | 27.4% |
| Overseas Foods-Wholesale | 58.1% | 36.9% | -21.2 | 7.1% |

Segment → industry: Domestic Foods-Manufacturing and Sales → Beverages & Dairy / Overseas Foods-Manufacturing and Sales → Processed Foods / Domestic Foods-Manufacturing and Sales → Processed Foods / Overseas Foods-Wholesale → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 90,508 | 12.1% | S100YE5V |
| Capital expenditure | 59,612 | 8.0% | S100YE5V |
| Free cash flow | 30,896 | 4.1% | 算出 |
| Investing cash flow | -43,245 | -5.8% | S100YE5V |
| Financing cash flow | -53,088 | -7.1% | S100YE5V |
| Dividends paid | 23,501 | 3.2% | S100YE5V |
| Share buyback | 20,992 | 2.8% | S100YE5V |
| Change in cash | 5,586 | 0.7% | S100YE5V |
| Cash and equivalents | 111,770 | 15.0% | S100YE5V |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 79,229 | 99,347 | 119,159 | 106,184 | 111,770 | S100TQSH, S100W06C, S100YE5V |
| Total assets | 503,061 | 566,385 | 667,877 | 679,414 | 751,660 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Net assets | 363,907 | 416,969 | 498,255 | 516,049 | 568,841 | S100TQSH, S100W06C, S100YE5V |
| Share capital | 11,599 | 11,599 | 11,599 | 11,599 | 11,599 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Property, plant and equipment | 136,291 | 150,675 | 171,832 | 189,321 | 242,056 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Goodwill | 4,626 | 4,657 | 3,403 | 3,196 | 3,261 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Current assets | 240,192 | 281,211 | 342,482 | 334,849 | 348,900 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Total liabilities | 139,153 | 149,416 | 169,621 | 163,364 | 182,818 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Equity attributable to owners of parent | 357,816 | 410,513 | 491,355 | 508,539 | 560,924 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Retained earnings | 297,116 | 329,482 | 376,307 | 415,215 | 450,328 | S100R6C4, S100TQSH, S100W06C, S100YE5V |
| Treasury stock | -6,808 | -7,326 | -16,973 | -31,808 | -52,710 | S100R6C4, S100TQSH, S100W06C, S100YE5V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YE5V |
| Property, plant and equipment | 32% | S100YE5V |
| Intangibles and goodwill | 0% | — |
| Other assets | 53% | S100YE5V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YE5V |
| Equity | 76% | S100YE5V |
| Other liabilities | 0% | S100YE5V |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 503,061 | 566,385 | 667,877 | 679,414 | 751,660 |
| Equity | 363,907 | 416,969 | 498,255 | 516,049 | 568,841 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 79,229 | 99,347 | 119,159 | 106,184 | 111,770 |

## 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) | 32.5% | S100YE5V |
| Fixed assets ÷ total assets | 32.2% | S100YE5V |
| Goodwill ÷ parent equity | 0.6% | S100YE5V |

Goodwill over 4 years: 4,626 → 3,261 JPY; total investing cash flow: -167,420 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) | 14.9% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.2% |
| Cash vs. profit gap | 28,893 JPY mn (of net income 46.9%) |
| Shareholder returns / net income | 72.2% |
| Shareholder returns / FCF | 144.0% |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 76.1% |
| CapEx intensity (capex ÷ revenue) | 8.0% |
| Investing CF relative to operating CF | 47.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.5% | 1.03× | 7.7% | 1.41× | 10.9% | S100R6C4 |
| 2023 | 7.1% | 1.16× | 8.2% | 1.39× | 11.4% | S100TQSH |
| 2024 | 8.5% | 1.07× | 9.1% | 1.37× | 12.5% | S100W06C |
| 2025 | 8.7% | 1.05× | 9.2% | 1.35× | 12.3% | S100YE5V |
| 2026 | 8.3% | 1.04× | 8.6% | 1.34× | 11.5% | S100YE5V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 18.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 8.2% | 2026-03-31 |
| ㈱千秋社 | Major shareholder | 3.6% | 2026-03-31 |
| ㈱茂木佐 | Major shareholder | 3.3% | 2026-03-31 |
| 明治安田生命保険(相) （常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.7% | 2026-03-31 |
| ㈱引高 | Major shareholder | 2.6% | 2026-03-31 |
| ㈲くしがた | Major shareholder | 2.3% | 2026-03-31 |
| ㈱丸仁ホールディングス | Major shareholder | 2.1% | 2026-03-31 |
| (公財)野田産業科学研究所 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue grew 5.2% to ¥745.5B in the FY ending Mar 2026, up from ¥709B.
- Operating income rose 3.0% to ¥75.9B, but net income was essentially unchanged at ¥61.6B versus ¥61.7B.
- Operating cash flow jumped 22.3% to ¥90.5B, yet heavier capital spending pulled free cash flow down 7.2% to ¥30.9B.

### Drivers

- The overseas wholesale business grew sales in North America, Europe, and Asia-Oceania
- Overseas soy sauce sales rose in North America, in Europe (Germany, France, and others), and in Asia (Indonesia, the Philippines, China, and others)
- In Japan, soy milk sold well on health interest and active advertising, and soup bases and Del Monte seasonings also grew

### Risks

- Prices of soybeans, wheat, and oil rising beyond plan could hurt results
- Sharp currency swings could shrink overseas earnings when converted to yen or raise the cost of imported materials
- Political upheaval or armed conflict in markets where it operates could disrupt business

Cited: Annual Securities Report (FY ending Mar 2026) (Management's Analysis of Financial Position, Operating Results and Cash Flows); Annual Securities Report (FY ending Mar 2026) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YE5V | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE5V,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100W06C | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W06C,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TQSH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQSH,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100R6C4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6C4,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OB0O | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB0O,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LM4K | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM4K,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Del Monte International GmbH | Co-development | 日本・アジア太平洋（フィリピンを除く）でデルモンテ商標の加工食品・非アルコール飲料の永久専用使用権をキッコーマンが取得 | S100YE5V |
| Lotte Chilsung Beverage Co.,Ltd. | Co-development | キッコーマンがロッテ七星飲料に韓国でのデルモンテ飲料の技術援助と商標使用を許諾 | S100YE5V |
| ヒゲタ醤油㈱ | Supply/OEM | キッコーマン（とキッコーマン食品）がヒゲタ印製品の販売業務を受託 | S100YE5V |

## 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).