# Ajinomoto vs Kewpie vs Nissin Foods Holdings vs Yamazaki Baking

> Unit: JPY millions (ratios in %)
> Periods: Ajinomoto = FY ending Mar 2026, consolidated, IFRS / Kewpie = FY ending Nov 2025, consolidated, J-GAAP / Nissin Foods Holdings = FY ending Mar 2026, consolidated, IFRS / Yamazaki Baking = FY ending Dec 2025, consolidated, J-GAAP
> Retrieved: 2026-10-01T00:05:32.267Z

| Metric | Ajinomoto | Kewpie | Nissin Foods Holdings | Yamazaki Baking |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,583,719 | 513,417 | 788,131 | 1,311,430 |
| Operating income | 199,412 | 34,628 | 62,330 | 61,141 |
| Net income | 134,675 | 30,506 | 45,380 | 40,893 |
| COGS ratio | 62.3% | 70.6% | 65.9% | 67.3% |
| Operating margin | 12.6% | 6.7% | 7.9% | 4.7% |
| Net margin | 8.5% | 5.9% | 5.8% | 3.1% |
| FCF margin | 8.5% | 3.0% | -0.5% | 2.0% |
| Period | FY ending Mar 2026 | FY ending Nov 2025 | FY ending Mar 2026 | FY ending Dec 2025 |
| Source | S100Y992 | S100XMJE | S100YEWB | S100XQ5C |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | Ajinomoto | Kewpie | Nissin Foods Holdings | Yamazaki Baking |
| --- | ---: | ---: | ---: | ---: |
| Revenue growth | 79.5 (56 peers) | 13.4 (56 peers) | 81.3 (56 peers) | 61.6 (56 peers) |
| Profitability | 92.5 (60 peers) | 75.8 (60 peers) | 82.5 (60 peers) | 57.5 (60 peers) |
| Cash conversion | 50 (57 peers) | 28.9 (57 peers) | 60.5 (57 peers) | 58.8 (57 peers) |
| Efficiency | 30.8 (60 peers) | 49.2 (60 peers) | 24.2 (60 peers) | 82.5 (60 peers) |
| Financial strength | — | — | — | — |

## Company details

- https://vizora.meequs.com/en/company/ajinomoto/md
- https://vizora.meequs.com/en/company/kewpie/md
- https://vizora.meequs.com/en/company/nissin-foods-holdings/md
- https://vizora.meequs.com/en/company/yamazaki-baking/md

## 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).