Loading…
Japanese confectionery maker known for Pocky, Glico caramel and ice cream, also making dairy and health foods.
Japanese confectionery maker known for Pocky, Glico caramel and ice cream, also making dairy and health foods.
Sells to Japanese supermarkets and convenience stores largely through wholesalers; Pocky is its best-known overseas export and is also sold abroad through the group's overseas subsidiaries. Ice cream and dairy products bring seasonal swings.
In one line: Japan's Mondelez/Hershey for confectionery.
Moat: narrow (brand, distribution). Globally recognized Pocky brand and long-standing confectionery retail distribution.
Headquarters: Osaka, Japan · Founded: 1922 · Employees: 5,588
Size Ezaki Glico (2206.T) is a Japan Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.07B, the 469th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,028 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against -2.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +4.6%); the operating margin is 2.7% (peer median 4.6%).
Valuation It trades at 35.7× forward earnings against a peer median of 14.6× (3rd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.8 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥377B | ¥361B | ¥331B | ¥333B | ¥304B |
| Revenue growth | — | +9% | 0% | +9% | — |
| Gross profit | ¥140B | ¥128B | ¥121B | ¥120B | ¥107B |
| EBITDA | ¥29.7B | ¥28.7B | ¥27.7B | ¥32.5B | ¥26.6B |
| Net income | ¥6.27B | ¥5.04B | ¥8.11B | ¥14.1B | ¥8.10B |
| Free cash flow | n/a | ¥19.3B | -¥6.79B | ¥17.9B | -¥460M |
| Capital expenditure | n/a | ¥12.4B | ¥17.5B | ¥18.4B | ¥25.7B |
| Total debt | ¥17.3B | ¥2.64B | ¥3.36B | ¥41.0B | ¥32.7B |
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 |
|---|---|---|---|---|---|---|
| Ezaki Glico 2206.T | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% |
| Morinaga & 2201.T | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% |
| Meiji 2269.T | $7.35B | +14% | +4% | 8% | 17.2× | n/a |
| Mondelez International MDLZ | $83.6B | +8% | +6% | 18% | 19.9× | -2.7% |
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 | 2206.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | 0.0% | +0.9% | 9th lowest of 21 |
| 6-month return | -11.2% | -2.0% | 4th lowest of 20 |
| Distance from 52-week high | -20.1% | -18.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +10.4% | +4.6% | 4th highest of 21 |
| Operating margin | 2.7% | 4.6% | 8th lowest of 21 |
| Forward P/E | 35.7× | 14.6× | 3rd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | 7.7% | 7th least demanding of 14 |
| Growth delivered (Del g) | +1.0% | +10.7% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +6.5 pp | -3.6 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -1.8 pp | -0.9 pp | 7th lowest of 21 |
| EV / EBITDA | 9.3× | 9.0× | 7th most expensive of 15 |
| Net debt / EBITDA | -1.7× | 2.0× | 2nd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | n/a | n/a | n/a |