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Japanese flour milling company also producing pasta, bread mixes and processed foods.
Japanese flour milling company also producing pasta, bread mixes and processed foods.
Mills imported wheat that the Japanese government buys in bulk and sells on to millers at prices it resets twice a year, so flour prices follow that cost and the milling margin is the main earner. Processed foods supply a second line less tied to wheat prices.
In one line: Japan's General Mills/ADM for flour milling.
Moat: narrow (scale, distribution). Milling capacity scale and long-run distribution relationships with bakers/food makers.
Headquarters: Tokyo, Japan · Founded: 1896 · Employees: 3,935
Size NIPPN (2001.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $1.50B, the 577th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,868 on 6 Nov 2026.
Performance Over six months the shares gained 8.1%, against -13.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 2.0% over the last twelve months (peer median +4.2%); the operating margin is 5.0% (peer median 7.1%).
Valuation It trades at 11.3× forward earnings against a peer median of 20.2× (4th cheapest of 21).
Capital Return on invested capital runs 0.4 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥421B | ¥418B | ¥411B | ¥401B | ¥366B |
| Revenue growth | — | +2% | +3% | +10% | — |
| Gross profit | ¥104B | ¥103B | ¥97.9B | ¥92.5B | ¥78.6B |
| EBITDA | ¥33.1B | ¥33.8B | ¥32.6B | ¥30.8B | ¥22.5B |
| Net income | ¥21.4B | ¥21.8B | ¥24.8B | ¥26.4B | ¥10.3B |
| Free cash flow | n/a | -¥5.95B | -¥1.39B | ¥2.87B | ¥7.22B |
| Capital expenditure | n/a | ¥31.2B | ¥20.2B | ¥21.2B | ¥7.83B |
| Total debt | ¥78.2B | ¥80.7B | ¥58.8B | ¥62.9B | ¥65.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2001.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +2.3% | 10th highest of 21 |
| 6-month return | +8.1% | -13.1% | 6th highest of 21 |
| Distance from 52-week high | -6.1% | -23.9% | 4th highest of 21 |
| Revenue growth (TTM) | +2.0% | +4.2% | 7th lowest of 21 |
| Operating margin | 5.0% | 7.1% | 6th lowest of 21 |
| Forward P/E | 11.3× | 20.2× | 4th cheapest of 21 |
| ROIC minus cost of capital | -0.4 pp | +1.5 pp | 6th lowest of 21 |
| EV / EBITDA | 7.9× | 10.8× | 6th cheapest of 14 |
| Net debt / EBITDA | 0.5× | 0.8× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Corbion CRBN.AS | Netherlands | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% | +5.1% |
| Nongshim 004370.KS | South Korea | $1.74B | +8% | +5% | 6% | 11.8× | -16.1% | +5.9% |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Cloetta CLA-B.ST | Sweden | $1.82B | +16% | 0% | 14% | 20.9× | -0.3% | +8.4% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Anhui Jinhe Industrial 002597.SZ | China | $1.83B | -8% | +22% | 4% | 19.4× | 10.3% | +6.0% |