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Leading Japanese snack food maker known for potato chips, Jagariko and Jagabee snacks.
Leading Japanese snack food maker known for potato chips, Jagariko and Jagabee snacks.
Buys potatoes mainly from contracted farms in Japan, so harvest quality and volume affect supply and cost. Sells to supermarkets and convenience stores through wholesalers, with Japan far larger than its overseas arms, notably Calbee North America.
In one line: Japan's Frito-Lay (PepsiCo).
Moat: narrow (brand, scale, distribution). Leading snack brand and potato-supply/processing scale in Japan.
Headquarters: Tokyo, Japan · Founded: 1949 · Employees: 6,974
Size CALBEE (2229.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $2.37B, the 430th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,184 on 6 Nov 2026.
Performance Over six months the shares gained 7.3%, against -5.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +2.8%); the operating margin is 8.0% (peer median 11.4%).
Valuation It trades at 22.0× forward earnings against a peer median of 19.4× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -7 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 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥345B | ¥340B | ¥323B | ¥303B | ¥279B |
| Revenue growth | — | +5% | +6% | +8% | — |
| Gross profit | ¥113B | ¥111B | ¥110B | ¥102B | ¥90.1B |
| EBITDA | ¥44.9B | ¥43.2B | ¥43.3B | ¥39.8B | ¥34.1B |
| Net income | ¥17.9B | ¥17.3B | ¥20.9B | ¥19.9B | ¥14.8B |
| Free cash flow | ¥13.1B | ¥12.4B | ¥11.0B | -¥6.24B | -¥6.44B |
| Capital expenditure | ¥19.9B | ¥25.0B | ¥29.5B | ¥31.2B | ¥26.7B |
| Total debt | ¥36.7B | ¥38.0B | ¥36.6B | ¥27.0B | ¥1.85B |
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 |
|---|---|---|---|---|---|---|
| CALBEE 2229.T | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% |
| PepsiCo PEP | $193B | -8% | +6% | 16% | 16.6× | -5.5% |
| Yamazaki Baking 2212.T | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% |
| KOIKE-YA 2226.T | $321M | +2% | +3% | 7% | n/a | n/a |
| Kameda Seika 2220.T | $525M | -8% | +17% | 6% | 18.0× | 0.3% |
| Ezaki Glico 2206.T | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% |
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 | 2229.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.3% | +1.1% | 8th highest of 21 |
| 6-month return | +7.3% | -5.2% | 7th highest of 21 |
| Distance from 52-week high | -4.6% | -17.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +5.4% | +2.8% | 9th highest of 21 |
| Operating margin | 8.0% | 11.4% | 9th lowest of 21 |
| Forward P/E | 22.0× | 19.4× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 0.9% | 4th least demanding of 18 |
| Growth delivered (Del g) | +5.0% | +8.4% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -6.8 pp | -4.9 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +3.6 pp | +3.6 pp | 11th highest of 21 |
| EV / EBITDA | 8.4× | 11.1× | 5th cheapest of 15 |
| Net debt / EBITDA | -0.2× | 0.6× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| 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% |
| Gambol Pet 301498.SZ | China | $2.25B | -32% | +14% | 7% | 43.6× | n/a | n/a |
| 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% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| UTZ Brands UTZ | United States | $2.05B | +90% | +2% | 4% | 17.9× | 31.8% | +8.3% |
| Chongqing Fuling Zhacai 002507.SZ | China | $2.04B | -6% | +3% | 28% | 18.0× | -0.9% | +1.4% |
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| Nissui 1332.T | Japan | $1.97B | -16% | +8% | 4% | 10.8× | 0.9% | +8.7% |
| 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 |
| Robertet RBT.PA | France | $1.84B | +4% | 0% | 15% | 18.3× | -0.4% | +9.4% |
| Anhui Jinhe Industrial 002597.SZ | China | $1.83B | -8% | +22% | 4% | 19.4× | 10.3% | +6.0% |
| Cloetta CLA-B.ST | Sweden | $1.82B | +16% | 0% | 14% | 20.9× | -0.3% | +8.4% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |