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Japan's largest flour miller, also making pasta, premixes and health/life-science ingredients.
Japan's largest flour miller, also making pasta, premixes and health/life-science ingredients.
Sells flour whose price follows the government's twice-yearly resale price for imported wheat, so margins depend on how well it passes that cost on. Pasta, premixes and health ingredients add less cyclical lines. Bakeries and food makers buy most of its flour.
In one line: Japan's General Mills/ADM for flour.
Moat: narrow (scale, distribution, brand). Largest flour-milling capacity and distribution network in Japan built over a century.
Headquarters: Tokyo, Japan · Founded: 1900 · Employees: 9,624
Size Nisshin Seifun (2002.T) is a Japan Consumer Staples company (Agricultural Commodities/Milling) with a market value of $3.94B, the 290th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,273 on 6 Nov 2026.
Performance Over six months the shares gained 14.0%, against -16.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +8.1%); the operating margin is 5.3% (peer median 5.0%).
Valuation It trades at 15.4× forward earnings against a peer median of 15.2× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥875B | ¥865B | ¥851B | ¥858B | ¥799B |
| Revenue growth | — | +2% | -1% | +7% | — |
| Gross profit | ¥200B | ¥195B | ¥190B | ¥184B | ¥161B |
| EBITDA | ¥75.5B | ¥74.5B | ¥71.3B | ¥72.1B | ¥59.5B |
| Net income | ¥40.4B | ¥32.6B | ¥34.7B | ¥31.7B | -¥10.4B |
| Free cash flow | n/a | ¥28.0B | ¥13.7B | ¥44.0B | ¥4.76B |
| Capital expenditure | n/a | ¥41.2B | ¥41.5B | ¥29.2B | ¥18.7B |
| Total debt | ¥87.1B | ¥92.8B | ¥85.7B | ¥88.3B | ¥85.0B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nisshin Seifun 2002.T | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% |
| NIPPN 2001.T | $1.50B | +8% | +2% | 5% | 11.3× | n/a |
| Showa Sangyo 2004.T | $820M | +30% | +3% | 3% | 12.9× | 1.3% |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
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 | 2002.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.2% | +0.8% | highest of 21 |
| 6-month return | +14.0% | -16.1% | 3rd highest of 21 |
| Distance from 52-week high | -6.8% | -25.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +2.6% | +8.1% | 7th lowest of 21 |
| Operating margin | 5.3% | 5.0% | 9th highest of 21 |
| Forward P/E | 15.4× | 15.2× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | -5.2% | 5th most demanding of 11 |
| Growth delivered (Del g) | +4.9% | +11.0% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -6.0 pp | -14.2 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | +0.8 pp | +0.8 pp | 11th highest of 21 |
| EV / EBITDA | 8.4× | 7.7× | 6th most expensive of 12 |
| Net debt / EBITDA | -0.1× | 1.0× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% | +4.9% |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 22.9× | n/a | n/a |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | n/a | n/a | n/a |
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% | +157.9% |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 11.7× | -7.7% | +10.5% |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| New Hope Liuhe 000876.SZ | China | $4.71B | -19% | +7% | -3% | n/a | n/a | n/a |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| Patanjali Foods PATANJALI.NS | India | $4.75B | -11% | +19% | 4% | 27.1× | n/a | n/a |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |