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Japan's largest bread and baked-goods maker, also selling confectionery and convenience-store rice/deli items.
Japan's largest bread and baked-goods maker, also selling confectionery and convenience-store rice/deli items.
Bakes at plants across Japan and delivers fresh daily to supermarkets and convenience stores through its own delivery network, so freshness, shelf space and distribution matter as much as the recipe. Imported wheat, energy and labour costs weigh on profit. It also supplies prepared rice and deli items to convenience chains.
In one line: Japan's Flowers Foods/Bimbo.
Moat: narrow (scale, distribution, brand). Largest bakery distribution network and brand scale in Japan.
Headquarters: Tokyo, Japan · Founded: 1948 · Employees: 33,545
Size Yamazaki Baking (2212.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $5.08B, the 241st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,957 on 6 Nov 2026.
Performance Over six months the shares gained 20.6%, against +1.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +8.2%); the operating margin is 4.7% (peer median 10.0%).
Valuation It trades at 18.0× forward earnings against a peer median of 15.9× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.35T | ¥1.31T | ¥1.24T | ¥1.18T | ¥1.08T |
| Revenue growth | — | +5% | +6% | +9% | — |
| Gross profit | ¥443B | ¥414B | ¥391B | ¥366B | ¥331B |
| EBITDA | ¥111B | ¥106B | ¥95.4B | ¥83.9B | ¥63.1B |
| Net income | ¥43.0B | ¥40.9B | ¥36.0B | ¥30.2B | ¥12.4B |
| Free cash flow | n/a | ¥28.1B | ¥30.9B | ¥35.5B | ¥16.0B |
| Capital expenditure | n/a | ¥53.3B | ¥45.7B | ¥40.5B | ¥40.6B |
| Total debt | ¥95.7B | ¥104B | ¥101B | ¥80.1B | ¥86.2B |
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 | 2212.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.0% | +6.5% | 9th highest of 21 |
| 6-month return | +20.6% | +1.2% | 6th highest of 21 |
| Distance from 52-week high | -6.8% | -16.5% | 5th highest of 21 |
| Revenue growth (TTM) | +4.8% | +8.2% | 7th lowest of 21 |
| Operating margin | 4.7% | 10.0% | lowest of 21 |
| Forward P/E | 18.0× | 15.9× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.3% | 4.0% | 6th least demanding of 17 |
| Growth delivered (Del g) | +5.3% | +10.0% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -8.6 pp | -8.9 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | +3.6 pp | +2.3 pp | 9th highest of 21 |
| EV / EBITDA | 7.0× | 9.7× | 3rd cheapest of 18 |
| Net debt / EBITDA | -0.7× | 1.2× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |