Ajinomoto Co., Inc.

¥4,268As of Sun 8 Nov 2026, 12:00 UTC

TSE:2802Consumer Staples

Country Japan

PE (Fwd) •••

TSR 10Y CAGR 15.49%

Div yield 1.17%

ROE 18.49%

Packaged Foods

Beta (5Y) 0.40

PE TTM 29.67

TSR TTM (1.39%)

Mkt cap ¥4.059T

ROIC 11.99%

SE Grade™

Value

Quality

Moat

Consensus

Reference

¥4,278

0.23%

(80.73%)

Hold 6|6|6|10|1

TTM

FYE 31 Mar JPY

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

192.8

Revenue¥B

393.5

419.1

437.0

459.1

482.3

508.5

541.4

570.0

602.8

638.0

213.9

5.76%

5.50%

22.18

Revenue growth%

18.26

18.51

17.31

14.40

14.11

11.54

10.04

7.33

10.16

7.60

25.09

10.04

12.82

17.83

Gross margin%

23.49

24.56

26.87

26.36

26.16

27.23

24.31

24.49

24.74

24.33

10.54

24.49

24.65

2.45

Operating margin%

17.77

16.75

18.35

18.90

17.99

15.23

15.44

12.96

10.73

11.22

13.75

12.96

16.10

21.09

Net margin%

30.35

32.66

31.25

31.18

33.57

31.10

31.54

28.61

30.89

28.25

8.03

30.89

31.14

33.38

P/E ratio (avg)x

8.933

9.487

9.214

10.54

10.18

10.06

11.86

12.85

13.48

15.48

11.21

12.85

10.36

7.662

EV/EBITx

26.85

25.03

24.78

26.50

22.78

23.96

20.35

18.45

19.45

27.30

20.35

23.37

4.69

FCF yield (avg)%

12.96

10.62

10.26

8.46

6.82

6.11

4.87

4.36

5.22

4.85

26.23

4.87

6.46

21.55

FCF margin%

26.45

25.38

25.86

28.82

26.06

24.31

21.47

24.26

26.73

28.32

11.25

24.31

25.96

0.844

FCF / Net incomex

2.022

1.896

1.890

2.023

1.897

2.135

2.102

2.123

2.020

1.869

1.498

2.102

2.021

22.43

ROIC%

22.68

20.83

19.68

17.16

16.39

14.92

15.15

17.71

15.32

13.20

7.65

15.15

16.77

13.48

Return on equity%

17.83

17.22

15.44

13.44

15.82

18.32

16.08

17.28

17.73

16.69

5.56

17.28

16.95

24.81

Return on assets%

32.51

32.15

34.12

33.92

36.84

36.98

38.07

38.01

39.20

37.89

28.05

38.01

36.91

141.41

EPS¥

559.78

655.55

694.43

827.15

918.67

910.39

957.02

972.25

1,135

1,141

147.64

4.43%

7.39%

—

13.70

EPS growth%

33.27

31.88

32.14

33.98

33.10

34.34

33.38

34.02

36.68

38.07

15.33

34.34

33.68

349.35

Bookvalue per sh¥

482.59

490.44

502.97

523.59

515.89

569.73

641.78

646.97

761.79

810.37

159.00

9.45%

5.87%

—

320.39

FCF per share¥

100.12

86.33

92.08

80.91

74.40

75.77

65.28

59.71

51.31

49.54

104.59

(7.81%)

(7.63%)

—

451.13

Dividend per sh¥

455.12

519.71

518.73

553.10

584.62

637.43

588.76

546.85

523.96

568.52

473.28

(0.56%)

2.12%

—

3.44

Div yield (avg)%

19.48

19.93

20.57

21.67

19.09

20.26

19.60

18.88

18.44

18.96

10.84

18.96

19.54

19.56

Payout ratio%

19.83

21.80

22.92

21.43

21.92

20.68

21.17

24.02

24.88

25.49

28.23

24.02

21.86

0.968

Shares (diluted)B

0.882

0.958

1.031

1.069

0.977

0.940

0.898

0.863

0.740

0.715

0.936

(6.07%)

(2.46%)

19.64

Buyback yield%

14.81

11.91

13.18

16.16

14.03

14.27

14.46

13.29

12.38

14.38

5.96

14.27

14.15

1.471

D/E ratiox

0.332

0.286

0.283

0.270

0.290

0.253

0.273

0.282

0.299

0.309

1.317

0.282

0.284

570.0

Enterprise value¥B

605.7

643.6

647.0

662.1

694.8

650.5

643.0

717.5

797.7

780.9

488.8

2.37%

2.38%

231.7

LT debt¥B

607.3

607.2

719.4

726.7

793.5

950.6

1,033

1,195

1,306

1,499

243.5

13.57%

9.73%

Peers (US$25.77B)

Cap (US$)

Kikkoman Corporation

10.45B

25.27x

Meiji Holdings Co.…

7.259B

28.40x

Toyo Suisan Kaisha…

6.258B

13.62x

Nestlé India Limited

26.40B

60.62x

Capital

TTM

10Y

Leveragex

0.463

(0.140)

(0.137)

EBIT/Intx

2.382

0.217

0.225

Own earn%

245.18

(77.16)

(77.92)

Sh yield%

23.08

33.34

33.54

Owners

Insiders/Inst%

2.42

75.11

Short interest%

1.40

SBC / revenue%

0.50

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

11–19

$1 testx

0.1

Incr. ROIC%

Ajinomoto Co., Inc. engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally. The company operates through three segments: Seasonings and Foods; Frozen Foods; and Healthcare, etc.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥638.0B

5.50%

1.00×

Cost of revenue

¥339.7B

5.72%

1.02×

Operating expenses

¥101.9B

5.36%

0.99×