# Suntory Beverage & Food Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/01/01－2025/12/31) (S100XSOA)
> Page: https://vizora.meequs.com/en/company/suntory
> Retrieved: 2026-09-30T20:24:36.614Z

## Company

Suntory Beverage & Food, founded in 2009, is a company in Beverages & Dairy listed on TSE Prime. It has 22,700 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Suntory Beverage & Food Limited |
| Ticker | 2587 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2587.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小野 真紀子 |
| Founded | Jan 2009 |
| Share capital | ¥168.4B |
| Employees (consolidated) | 22,700 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | December |
| Website | www.suntory.co.jp (https://www.suntory.co.jp/) |
| Corporate number | 8010401080079 |
| EDINET | E27622 |
| Industries (Vizora) | Beverages & Dairy |

> Profile source: annual securities report (S100XSOA, filed 2026-03-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 77.5 | 20 |
| Cash conversion | 42.5 | 20 |
| Efficiency | 32.5 | 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 43% of Suntory Beverage & Food's sales come from Japan, with Asia Pacific and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit -7.2%.

## Company structure

- Segment revenue mix: Japan 42.9%、Asia Pacific 23.0%、Europe 22.7%、Americas 11.4%
- Revenue → net income: ¥1715438000000 → ¥110118000000
- Net income → operating cash flow: ¥110118000000 → ¥159307000000（difference ¥49189000000）
- Main uses of operating cash flow: CapEx ¥94006000000 / dividends ¥38624000000 / buybacks —
- Change in cash: ¥-11830000000
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 | ¥1.72T |  |
| Operating income | ¥148.7B | Margin 8.7% |
| Net income | ¥88.7B | Margin 5.2% |
| Free cash flow | ¥65.3B |  |
| Largest business | Japan | of segment revenue 42.9% |
| Employees (consolidated) | 22,700 |  |
| EPS | ¥287.13 |  |
| Book value per share | ¥2283.02 |  |
| Equity ratio | 59.3% | Derived from disclosed figures |
| Shares outstanding | 309,000,000 |  |
| Treasury shares | 900 |  |
| Shareholders | 34,639 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | +4.3 pp | Beverages & Dairy |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1178137000000 | ¥1715438000000 | +45.6% |
| Operating income | ¥96177000000 | ¥148739000000 | +54.7% |
| Operating margin | 8.2% | 8.7% | +0.5 pp |
| Employees | 24,102 people | 22,700 people | -5.8% |
| Cash and equivalents | ¥167480000000 | ¥148663000000 | -11.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 42.9% |
| 日本 → 事業再編・廃止 | 1.0% |
| アジアパシフィック → アジアパシフィック | 18.4% |
| アジア → 事業再編・廃止 | 14.7% |
| 欧州 → 欧州 | 13.2% |
| オセアニア → 事業再編・廃止 | 3.7% |
| 米州 → 米州 | 6.2% |
| 新設・再編 → アジアパシフィック | 4.6% |
| 新設・再編 → 欧州 | 9.6% |
| 新設・再編 → 米州 | 5.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.0% | ¥735188000000 | 6.4% | 2 |
| Asia Pacific | 5 years | +8.3% | ¥394057000000 | 10.8% | 2 |
| Europe | 5 years | +15.5% | ¥390202000000 | 15.8% | 2 |
| Americas | 5 years | +16.8% | ¥195990000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,715,438 | 100.0% | S100XSOA |
| Cost of revenue | 1,073,452 | 62.6% | S100XSOA |
| Gross profit | 641,986 | 37.4% | S100XSOA |
| SG&A | 484,684 | 28.3% | S100XSOA |
| Operating income | 148,739 | 8.7% | S100XSOA |
| Pretax income | 146,985 | 8.6% | S100XSOA |
| Income tax | 36,867 | 2.1% | S100XSOA |
| Net income | 110,118 | 6.4% | S100XSOA |
| Net income attributable to owners | 88,723 | 5.2% | S100XSOA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 28 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.4% → Operating margin 8.7% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.1%; Core profit growth: -7.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.53×
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 | 1,696,765 | 1,715,438 | 18,673 | +1.1% |
| Gross profit | 646,879 | 641,986 | -4,893 | -0.8% |
| Operating income | 160,249 | 148,739 | -11,510 | -7.2% |
| Net income attributable to owners | 93,495 | 88,723 | -4,772 | -5.1% |
| Operating cash flow | 193,730 | 159,307 | -34,423 | -17.8% |
| Free cash flow | 85,423 | 65,301 | -20,122 | -23.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,209,149 | — | — | 71,501 | 163,083 | — | S100LC7L |
| FY ending Dec 2017 | 1,234,008 | — | — | 78,112 | 149,513 | — | S100NRBZ |
| FY ending Dec 2018 | 1,294,256 | — | — | 80,024 | 146,354 | — | S100QGLN |
| FY ending Dec 2019 | 1,299,385 | 113,948 | 8.8% | 68,888 | 170,596 | 111,781 | S100LC7L |
| FY ending Dec 2020 | 1,178,137 | 96,177 | 8.2% | 52,212 | 134,019 | 71,534 | S100NRBZ |
| FY ending Dec 2021 | 1,268,917 | 118,568 | 9.3% | 68,676 | 158,180 | 102,058 | S100QGLN |
| FY ending Dec 2022 | 1,450,397 | 139,688 | 9.6% | 82,317 | 150,509 | 90,281 | S100T62P |
| FY ending Dec 2023 | 1,591,722 | 141,726 | 8.9% | 82,743 | 158,292 | 79,056 | S100VHVQ |
| FY ending Dec 2024 | 1,696,765 | 160,249 | 9.4% | 93,495 | 193,730 | 85,423 | S100XSOA |
| FY ending Dec 2025 | 1,715,438 | 148,739 | 8.7% | 88,723 | 159,307 | 65,301 | S100XSOA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.6M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 23,866 | 23,485 | 23,532 | 22,446 | 22,700 |
| Average salary (parent company) | ¥10.3M | ¥11.3M | ¥11.1M | ¥11.6M | ¥11.7M |
| Average age (parent company) | 41.3 years | 41.3 years | 41.2 years | 40.7 years | 40.1 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 16.4 years | 15.7 years | 15.0 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 735,188 | 42.9% | 46,950 | 6.4% |
| Asia Pacific | 394,057 | 23.0% | 42,516 | 10.8% |
| Europe | 390,202 | 22.7% | 61,559 | 15.8% |
| Americas | 195,990 | 11.4% | 23,529 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 42.9% | 26.9% | -16.0 | 6.4% |
| Asia Pacific | 23.0% | 24.4% | 1.4 | 10.8% |
| Europe | 22.7% | 35.3% | 12.5 | 15.8% |
| Americas | 11.4% | 13.5% | 2.1 | 12.0% |

Segment → industry: Americas → Beverages & Dairy / Europe → Beverages & Dairy / Asia Pacific → Beverages & Dairy / Japan → Beverages & Dairy

## 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 | 159,307 | 9.3% | S100XSOA |
| Capital expenditure | 94,006 | 5.5% | S100XSOA |
| Free cash flow | 65,301 | 3.8% | 算出 |
| Investing cash flow | -88,799 | -5.2% | S100XSOA |
| Financing cash flow | -84,024 | -4.9% | S100XSOA |
| Dividends paid | 38,624 | 2.3% | S100XSOA |
| Change in cash | -11,830 | -0.7% | S100XSOA |
| Cash and equivalents | 148,663 | 8.7% | S100XSOA |

## 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 | 176,655 | 200,630 | 171,755 | 160,493 | 148,663 | S100T62P, S100VHVQ, S100XSOA |
| Total assets | 1,676,926 | 1,783,349 | 1,912,415 | 2,058,032 | 2,218,015 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Net assets | 943,952 | 1,060,104 | 1,185,027 | 1,315,278 | 1,425,198 | S100T62P, S100VHVQ, S100XSOA |
| Share capital | 168,384 | 168,384 | 168,384 | 168,384 | 168,384 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Property, plant and equipment | 372,337 | 381,511 | 416,600 | 481,950 | 518,141 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Goodwill | 255,599 | 264,573 | 278,231 | 285,224 | 299,861 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Current assets | 530,253 | 606,370 | 638,907 | 660,541 | 727,157 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Total liabilities | 732,974 | 723,244 | 727,388 | 742,754 | 792,817 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Equity attributable to owners of parent | 860,593 | 965,220 | 1,087,370 | 1,209,587 | 1,315,948 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Retained earnings | 536,996 | 594,773 | 652,706 | 716,919 | 767,388 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |
| Treasury stock | 0 | 0 | 0 | -1 | -1 | S100QGLN, S100T62P, S100VHVQ, S100XSOA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XSOA |
| Property, plant and equipment | 23% | S100XSOA |
| Intangibles and goodwill | 14% | — |
| Other assets | 56% | S100XSOA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XSOA |
| Equity | 64% | S100XSOA |

### 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 | 1,676,926 | 1,783,349 | 1,912,415 | 2,058,032 | 2,218,015 |
| Equity | 943,952 | 1,060,104 | 1,185,027 | 1,315,278 | 1,425,198 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 176,655 | 200,630 | 171,755 | 160,493 | 148,663 |

## 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) | 30.2% | S100XSOA |
| Fixed assets ÷ total assets | 23.4% | S100XSOA |
| Goodwill ÷ parent equity | 22.8% | S100XSOA |

Goodwill over 4 years: 255,599 → 299,861 JPY; total investing cash flow: -367,156 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) | 6.7% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.1% |
| Cash vs. profit gap | 70,584 JPY mn (of net income 79.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.5% |
| Shareholder payments — dividends / FCF | 59.1% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 55.7% |

## 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 | 5.4% | 0.76× | 4.1% | 1.95× | 8.0% | S100QGLN |
| 2022 | 5.7% | 0.84× | 4.8% | 1.90× | 9.0% | S100T62P |
| 2023 | 5.2% | 0.86× | 4.5% | 1.80× | 8.1% | S100VHVQ |
| 2024 | 5.5% | 0.85× | 4.7% | 1.73× | 8.1% | S100XSOA |
| 2025 | 5.2% | 0.80× | 4.1% | 1.69× | 7.0% | S100XSOA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サントリーホールディングス株式会社 | Major shareholder | 59.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 510312 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 510311 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （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 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| BBH FOR BRIDGE BUILDER INTERNATIONAL EQUITY FUND - PZENA （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 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 | 0.7% | 2025-12-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 0.6% | 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 | 0.6% | 2025-12-31 |

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

- Revenue for FY ending Dec 2025 edged up +1.1% to ¥1.72T.
- Profits went the other way: operating income fell -7.2% to ¥148.7B and net income fell -5.1% to ¥88.7B.
- Cash generation dropped more sharply. Operating cash flow was ¥159.3B (-17.8%) and free cash flow was ¥65.3B (-23.6%).

### Drivers

- Higher raw material costs and currency moves pushed up costs, and Europe's economy slowed
- In Asia Pacific, sales volumes fell in Vietnam (tougher competition, weak spending) and Thailand (poor weather), so segment sales declined
- Japan held sales up through price increases, but rising material and logistics costs cut its profit. Europe grew sales on price increases and marketing
- Operating cash flow fell because pretax profit was lower and more income tax was paid

### Risks

- The company expects the fast-changing conditions in Vietnam and Thailand to continue
- If raw material and energy prices keep rising and cannot be passed on in prices, margins will suffer
- Countries are tightening rules on drinks, including higher taxes on sugary beverages

Cited: Annual Securities Report (17th fiscal year) (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 (17th fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XSOA | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSOA,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VHVQ | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVQ,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T62P | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T62P,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QGLN | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGLN,, |
| 有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100NRBZ | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRBZ,, |
| 訂正有価証券報告書－第12期(令和2年1月1日－令和2年12月31日) | S100LC7L | 2021-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LC7L,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| PepsiCo, Inc. | Co-development | ペプシブランド製品の製造・販売のライセンス（ベトナム・タイでは合弁も） | S100XSOA |
| PepsiCo, Inc. | Joint venture | ベトナムでの飲料の製造・販売の合弁 | S100XSOA |
| Pepsi Lipton Trading SARL | Co-development | リプトンブランド紅茶飲料の製造・販売のライセンス | S100XSOA |
| ㈱福寿園 | Alliance | 日本茶製品（伊右衛門）の共同開発と商品展開の業務提携 | S100XSOA |
| STARBUCKS CORPORATION | Co-development | スターバックスブランド RTD コーヒーの製造・販売のライセンス | S100XSOA |
| Pepsi Ventures Holdings, Inc. | Joint venture | 米国でペプシブランド製品を製造・販売する合弁（Pepsi Bottling Ventures） | S100XSOA |
| Keurig Dr Pepper Inc. | Co-development | Pepsi Bottling Ventures がドクターペッパーブランド製品のフランチャイズを受ける | S100XSOA |

## 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).