# Kirin Holdings Company, Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第187期(2025/01/01－2025/12/31) (S100YT3M)
> Page: https://vizora.meequs.com/en/company/kirin-holdings
> Retrieved: 2026-09-30T17:57:01.248Z

## Company

Kirin, founded in 1907, is a company in Alcoholic Beverages listed on TSE Prime. It has 31,144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kirin Holdings Company, Limited |
| Ticker | 2503 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2503.T) |
| Listing | TSE Prime |
| Head office | 東京都中野区中野四丁目10番2号 |
| Representative (per filing) | 代表取締役社長COO 南方健志 |
| Founded | Feb 1907 |
| Share capital | ¥102B |
| Employees (consolidated) | 31,144 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | December |
| Website | www.kirinholdings.com (https://www.kirinholdings.com/) |
| Corporate number | 5010001034768 |
| EDINET | E00395 |
| Industries (Vizora) | Alcoholic Beverages, Pharmaceuticals, Beverages & Dairy, Processed Foods, Cosmetics |

> Profile source: annual securities report (S100YT3M, filed 2026-08-03). As of filing

## Five-axis industry profile

Primary industry: Alcoholic Beverages (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 64.3 | 7 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 50 | 7 |

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 44% of Kirin's sales come from Alcoholic Beverages, with Non-Alcoholic Beverages and Pharmaceuticals making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +67.3%.

## Company structure

- Segment revenue mix: Alcoholic Beverages 44.2%、Non-Alcoholic Beverages 23.8%、Pharmaceuticals 20.4%、Health Science 10.3%、Other 1.3%
- Revenue → net income: ¥2433363000000 → ¥178173000000
- Net income → operating cash flow: ¥178173000000 → ¥295428000000（difference ¥117255000000）
- Main uses of operating cash flow: CapEx ¥175592000000 / dividends ¥58730000000 / buybacks ¥19000000
- Change in cash: ¥17406000000
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 | ¥2.43T |  |
| Operating income | ¥209.7B | Margin 8.6% |
| Net income | ¥147.5B | Margin 6.1% |
| Free cash flow | ¥119.8B |  |
| Largest business | Alcoholic Beverages | of segment revenue 44.2% |
| Employees (consolidated) | 31,144 |  |
| EPS | ¥182.13 |  |
| Diluted EPS | ¥182.13 |  |
| Book value per share | ¥680.54 |  |
| Equity ratio | 36.8% | Derived from disclosed figures |
| Shares outstanding | 914,000,000 |  |
| Treasury shares | 102,252,800 |  |
| Shareholders | 446,532 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 3.6% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | +2.2 pp | Alcoholic Beverages |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, employees -2% while operating income rose 67%
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1849545000000 | ¥2433363000000 | +31.6% |
| Operating income | ¥102919000000 | ¥209677000000 | +103.7% |
| Operating margin | 5.6% | 8.6% | +3.1 pp |
| Employees | 31,151 people | 31,144 people | -0.0% |
| Cash and equivalents | ¥161667000000 | ¥125292000000 | -22.5% |

### 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 |
| --- | ---: |
| 国内ビール・スピリッツ → 事業再編・廃止 | 30.4% |
| 国内飲料 → 事業再編・廃止 | 11.8% |
| オセアニア酒類 → 事業再編・廃止 | 13.6% |
| オセアニア綜合飲料 → 事業再編・廃止 | 13.6% |
| 医薬 → 医薬 | 14.8% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 14.4% |
| 新設・再編 → 酒類 | 44.2% |
| 新設・再編 → 飲料 | 23.8% |
| 新設・再編 → 医薬 | 5.6% |
| 新設・再編 → ヘルスサイエンス | 10.3% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Alcoholic Beverages | 2 years | +1.4% | ¥1075261000000 | 12.6% | 2 |
| Non-Alcoholic Beverages | 2 years | +5.8% | ¥578190000000 | 11.7% | 2 |
| Pharmaceuticals | 5 years | +9.3% | ¥496514000000 | 20.6% | 2 |
| Health Science | 2 years | +56.0% | ¥251366000000 | 4.4% | 2 |
| Other | 5 years | -37.5% | ¥32031000000 | -3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,433,363 | 100.0% | S100YT3M |
| Cost of revenue | 1,275,360 | 52.4% | S100YT3M |
| Gross profit | 1,158,003 | 47.6% | S100YT3M |
| SG&A | 906,218 | 37.2% | S100YT3M |
| Operating income | 209,677 | 8.6% | S100YT3M |
| Pretax income | 237,859 | 9.8% | S100YT3M |
| Income tax | 59,686 | 2.5% | S100YT3M |
| Net income | 178,173 | 7.3% | S100YT3M |
| Net income attributable to owners | 147,542 | 6.1% | S100YT3M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 37 |
| Other operating | 2 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 47.6% → Operating margin 8.6% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +67.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.57×
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 | 2,338,385 | 2,433,363 | 94,978 | +4.1% |
| Gross profit | 1,065,955 | 1,158,003 | 92,048 | +8.6% |
| Operating income | 125,340 | 209,677 | 84,337 | +67.3% |
| Net income attributable to owners | 58,214 | 147,542 | 89,328 | +153.4% |
| Operating cash flow | 242,844 | 295,428 | 52,584 | +21.7% |
| Free cash flow | 62,260 | 119,836 | 57,576 | +92.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,853,937 | — | — | 148,918 | 232,263 | — | S100L1A8 |
| FY ending Dec 2017 | 1,863,730 | — | — | 241,991 | 221,710 | — | S100NR8P |
| FY ending Dec 2018 | 1,930,522 | — | — | 164,202 | 198,051 | — | S100QFXL |
| FY ending Dec 2019 | 1,941,305 | 87,727 | 4.5% | 59,642 | 178,826 | 82,429 | S100L1A8 |
| FY ending Dec 2020 | 1,849,545 | 102,919 | 5.6% | 71,935 | 164,839 | 71,813 | S100NR8P |
| FY ending Dec 2021 | 1,821,570 | 68,084 | 3.7% | 59,790 | 219,303 | 132,968 | S100QFXL |
| FY ending Dec 2022 | 1,989,468 | 116,019 | 5.8% | 111,007 | 135,562 | 37,083 | S100T4MO |
| FY ending Dec 2023 | 2,134,393 | 150,294 | 7.0% | 112,697 | 203,206 | 89,396 | S100VH7L |
| FY ending Dec 2024 | 2,338,385 | 125,340 | 5.4% | 58,214 | 242,844 | 62,260 | S100YT3M |
| FY ending Dec 2025 | 2,433,363 | 209,677 | 8.6% | 147,542 | 295,428 | 119,836 | S100YT3M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.1M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 29,515 | 30,538 | 30,183 | 31,934 | 31,144 |
| Average salary (parent company) | ¥8.7M | ¥9.4M | ¥9.6M | ¥10M | ¥10M |
| Average age (parent company) | 42.7 years | 42.5 years | 42.3 years | 41.8 years | 41.6 years |
| Average tenure (parent company) | 15.7 years | 15.0 years | 14.8 years | 14.2 years | 13.6 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Alcoholic Beverages | 1,075,261 | 44.2% | 135,354 | 12.6% |
| Non-Alcoholic Beverages | 578,190 | 23.8% | 67,667 | 11.7% |
| Pharmaceuticals | 496,514 | 20.4% | 102,325 | 20.6% |
| Health Science | 251,366 | 10.3% | 11,105 | 4.4% |
| Other | 32,031 | 1.3% | -1,100 | -3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Alcoholic Beverages | 44.2% | 42.8% | -1.4 | 12.6% |
| Non-Alcoholic Beverages | 23.8% | 21.4% | -2.4 | 11.7% |
| Pharmaceuticals | 20.4% | 32.3% | 11.9 | 20.6% |
| Health Science | 10.3% | 3.5% | -6.8 | 4.4% |
| Other | 1.3% | — | — | -3.4% |

Loss-making segment (excluded from profit shares): Other -1,100 JPY mn

Segment → industry: Alcoholic Beverages → Alcoholic Beverages / Pharmaceuticals → Pharmaceuticals / Non-Alcoholic Beverages → Beverages & Dairy / Health Science → Processed Foods / Health Science → Cosmetics

## 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 | 295,428 | 12.1% | S100YT3M |
| Capital expenditure | 175,592 | 7.2% | S100YT3M |
| Free cash flow | 119,836 | 4.9% | 算出 |
| Investing cash flow | -185,019 | -7.6% | S100YT3M |
| Financing cash flow | -110,524 | -4.5% | S100YT3M |
| Dividends paid | 58,730 | 2.4% | S100YT3M |
| Share buyback | 19 | 0.0% | S100YT3M |
| Change in cash | 17,406 | 0.7% | S100YT3M |
| Cash and equivalents | 125,292 | 5.1% | S100YT3M |

## 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 | 149,488 | 88,060 | 131,399 | 118,617 | 125,292 | S100T4MO, S100VH7L, S100YT3M |
| Total assets | 2,471,933 | 2,542,263 | 2,869,585 | 3,354,159 | 3,494,043 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Net assets | 1,147,990 | 1,253,203 | 1,425,838 | 1,533,714 | 1,595,148 | S100T4MO, S100VH7L, S100YT3M |
| Share capital | 102,046 | 102,046 | 102,046 | 102,046 | 102,046 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Property, plant and equipment | 533,859 | 560,642 | 592,928 | 674,028 | 738,987 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Goodwill | 264,225 | 289,526 | 390,568 | 501,480 | 533,321 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Current assets | 826,620 | 887,021 | 957,821 | 1,041,193 | 1,070,911 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Total liabilities | 1,323,943 | 1,289,060 | 1,443,747 | 1,820,445 | 1,898,896 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Equity attributable to owners of parent | 894,179 | 980,022 | 1,132,581 | 1,181,525 | 1,286,991 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Retained earnings | 998,177 | 1,063,823 | 1,128,541 | 1,130,931 | 1,201,090 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |
| Treasury stock | -201,801 | -251,788 | -251,675 | -251,376 | -251,002 | S100QFXL, S100T4MO, S100VH7L, S100YT3M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YT3M |
| Property, plant and equipment | 21% | S100YT3M |
| Intangibles and goodwill | 15% | — |
| Other assets | 60% | S100YT3M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YT3M |
| Equity | 46% | S100YT3M |

### 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 | 2,471,933 | 2,542,263 | 2,869,585 | 3,354,159 | 3,494,043 |
| Equity | 1,147,990 | 1,253,203 | 1,425,838 | 1,533,714 | 1,595,148 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 149,488 | 88,060 | 131,399 | 118,617 | 125,292 |

## 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) | 30.4% | S100YT3M |
| Fixed assets ÷ total assets | 21.1% | S100YT3M |
| Goodwill ÷ parent equity | 41.4% | S100YT3M |

Goodwill over 4 years: 264,225 → 533,321 JPY; total investing cash flow: -807,292 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) | 3.6% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.9% |
| Cash vs. profit gap | 147,886 JPY mn (of net income 100.2%) |
| Shareholder returns / net income | 39.8% |
| Shareholder returns / FCF | 49.0% |
| Shareholder payments — dividends / net income | 39.8% |
| Shareholder payments — dividends / FCF | 49.0% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 62.6% |

## 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 | 3.3% | 0.74× | 2.4% | 2.76× | 6.7% | S100QFXL |
| 2022 | 5.6% | 0.79× | 4.4% | 2.68× | 11.8% | S100T4MO |
| 2023 | 5.3% | 0.79× | 4.2% | 2.56× | 10.7% | S100VH7L |
| 2024 | 2.5% | 0.75× | 1.9% | 2.69× | 5.0% | S100YT3M |
| 2025 | 6.1% | 0.71× | 4.3% | 2.77× | 12.0% | S100YT3M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 17.5% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.8% | 2025-12-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.9% | 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 | 3.1% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.6% | 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 |
| 日本証券金融株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 1.1% | 2025-12-31 |
| MOXLEY AND CO LLC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.8% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥2.43T, up +4.1% from ¥2.34T.
- Operating income rose +67.3% from ¥125.3B to ¥209.7B, and net income attributable to owners climbed +153.4% from ¥58.2B to ¥147.5B.
- Operating cash flow grew +21.7% to ¥295.4B, and free cash flow rose +92.5% to ¥119.8B.

### Drivers

- A full year of FANCL, plus the sale of Kyowa Hakko Bio's amino acid business, turned the health science business profitable
- In Japan, beer volumes fell, but price increases, a reworked brand mix and tight cost control lifted profit
- In pharmaceuticals, Crysvita and Poteligeo kept growing, so sales and profit rose despite currency effects and Japanese drug price cuts
- Losses booked in the prior year, from a step acquisition and an impairment on an equity-method investment, did not recur

### Risks

- Higher raw material and fuel prices could push up production costs
- Tighter rules on selling and advertising alcohol around the world could reduce drinking
- Healthcare cost controls in Japan and abroad could force drug price cuts and speed the shift to generics

Cited: Annual securities report: Management's discussion and analysis (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report: Business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第187期(2025/01/01－2025/12/31) | S100YT3M | 2026-08-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YT3M,, |
| 有価証券報告書－第186期(2024/01/01－2024/12/31) | S100VH7L | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH7L,, |
| 有価証券報告書－第185期(2023/01/01－2023/12/31) | S100T4MO | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4MO,, |
| 有価証券報告書－第184期(2022/01/01－2022/12/31) | S100QFXL | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFXL,, |
| 有価証券報告書－第183期(令和3年1月1日－令和3年12月31日) | S100NR8P | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR8P,, |
| 有価証券報告書－第182期(令和2年1月1日－令和2年12月31日) | S100L1A8 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1A8,, |

## 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).