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Maker of Japanese and Western confectionery, producing private-label and souvenir sweets like baumkuchen for retailers.
Maker of Japanese and Western confectionery, producing private-label and souvenir sweets like baumkuchen for retailers.
In one line: A confectionery OEM/private-label maker.
Moat: narrow (process know-how, customer qualification). OEM manufacturing relationships and recipe/production know-how for private-label sweets.
Headquarters: Okayama, Japan · Founded: 1925 · Employees: 1,801
Size Kotobuki Spirits (2222.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $2.81B, the 380th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,844 on 6 Nov 2026.
Performance Over six months the shares gained 41.3%, against -1.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +6.1%); the operating margin is 24.6% (peer median 8.9%).
Valuation It trades at 29.3× forward earnings against a peer median of 18.1× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 75.2 points above its cost of capital (6.1% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥82.6B | ¥78.8B | ¥72.3B | ¥64.0B | ¥50.2B |
| Revenue growth | — | +9% | +13% | +28% | — |
| Gross profit | ¥51.3B | ¥48.4B | ¥44.8B | ¥39.8B | ¥30.1B |
| EBITDA | ¥22.1B | ¥20.3B | ¥19.1B | ¥16.9B | ¥11.1B |
| Net income | ¥13.6B | ¥12.6B | ¥12.1B | ¥10.8B | ¥7.02B |
| Free cash flow | n/a | ¥11.4B | ¥10.1B | ¥8.97B | ¥8.53B |
| Capital expenditure | n/a | ¥2.52B | ¥3.19B | ¥1.89B | ¥580M |
| Total debt | n/a | ¥14.0M | ¥300M | ¥307M | ¥451M |
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 |
|---|---|---|---|---|---|---|
| Kotobuki Spirits 2222.T | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% |
| 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% |
| Fujiya 2211.T | $393M | -1% | +6% | 1% | n/a | n/a |
| Meiji 2269.T | $7.35B | +14% | +4% | 8% | 17.2× | n/a |
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 | 2222.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.8% | +3.2% | 2nd highest of 21 |
| 6-month return | +41.3% | -1.1% | 4th highest of 21 |
| Distance from 52-week high | -6.7% | -17.9% | 7th highest of 21 |
| Revenue growth (TTM) | +9.9% | +6.1% | 10th highest of 21 |
| Operating margin | 24.6% | 8.9% | 2nd highest of 21 |
| Forward P/E | 29.3× | 18.1× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.2% | 3.9% | 8th most demanding of 17 |
| Growth delivered (Del g) | +27.7% | +8.7% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -22.5 pp | -4.4 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +75.2 pp | +2.3 pp | highest of 21 |
| EV / EBITDA | 18.6× | 9.8× | 3rd most expensive of 16 |
| Net debt / EBITDA | -1.5× | 0.7× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| MeiHua 600873.SS | China | $2.99B | -27% | -3% | 4% | 14.5× | n/a | n/a |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Kanematsu 8020.T | Japan | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% | +10.5% |
| Premier Foods PFD.L | United Kingdom | $2.34B | +3% | +2% | 18% | 12.6× | -1.3% | +4.4% |
| Yantai North Andre Juice 605198.SS | China | $2.31B | +16% | -17% | 18% | 66.5× | 36.8% | +14.8% |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Gambol Pet 301498.SZ | China | $2.25B | -32% | +14% | 7% | 43.6× | n/a | n/a |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Sichuan Teway Food 603317.SS | China | $2.24B | -18% | +22% | 21% | 20.4× | 2.9% | +7.8% |
| Weilong Delicious Global 9985.HK | Hong Kong | $2.22B | -20% | +13% | 25% | 9.6× | -6.3% | +11.1% |