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Japanese meat and ham/sausage processing holding company formed from the merger of Itoham and Yonekyu.
Japanese meat and ham/sausage processing holding company formed from the merger of Itoham and Yonekyu.
Buys much of its pork, beef and chicken from overseas, so import prices and the yen influence margins, and turns it into ham, sausage and other processed meat sold to supermarkets and restaurants. The 2016 merger of Itoham and Yonekyu created the holding company, and Mitsubishi Corporation is a major shareholder.
In one line: Japan's Hormel/Smithfield.
Moat: narrow (brand, scale). Combined scale of two established meat-processing brands after their merger.
Headquarters: Tokyo, Japan · Founded: 2016 · Employees: 6,805
Size Itoham Yonekyu (2296.T) is a Japan Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $1.53B, the 567th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,555 on 6 Nov 2026.
Performance Over six months the shares fell 12.7%, against -6.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +3.2%); the operating margin is 2.5% (peer median 2.8%).
Valuation It trades at 13.2× forward earnings against a peer median of 24.9× (5th cheapest of 16).
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.07T | ¥1.07T | ¥989B | ¥956B | ¥923B |
| Revenue growth | — | +8% | +3% | +4% | — |
| Gross profit | ¥145B | ¥146B | ¥133B | ¥133B | ¥130B |
| EBITDA | ¥41.3B | ¥43.8B | ¥34.2B | ¥36.4B | ¥36.7B |
| Net income | ¥18.2B | ¥20.2B | ¥13.1B | ¥15.6B | ¥17.0B |
| Free cash flow | -¥29.7B | -¥9.54B | -¥9.35B | ¥14.8B | -¥8.50B |
| Capital expenditure | ¥34.8B | ¥26.1B | ¥22.1B | ¥16.5B | ¥15.2B |
| Total debt | ¥182B | ¥92.3B | ¥62.5B | ¥43.4B | ¥45.7B |
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 |
|---|---|---|---|---|---|---|
| Itoham Yonekyu 2296.T | $1.53B | -13% | +3% | 3% | 13.2× | n/a |
| Nh Foods 2282.T | $3.40B | -10% | +7% | 3% | 14.0× | 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 | 2296.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | +1.1% | 5th lowest of 21 |
| 6-month return | -12.7% | -6.3% | 5th lowest of 20 |
| Distance from 52-week high | -29.7% | -20.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +2.7% | +3.2% | 11th highest of 21 |
| Operating margin | 2.5% | 2.8% | 8th lowest of 21 |
| Forward P/E | 13.2× | 24.9× | 5th cheapest of 16 |
| ROIC minus cost of capital | -0.9 pp | -1.2 pp | 10th highest of 21 |
| Net debt / EBITDA | 4.0× | 1.8× | 3rd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| 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 |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | n/a | n/a | n/a |
| NewPrinces NWL.MI | Italy | $1.16B | +40% | +81% | 1% | n/a | 0.6% | +44.5% |
| Umios 1333.T | Japan | $1.14B | -10% | +3% | 3% | n/a | n/a | n/a |
| 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% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| Jinzi Ham 002515.SZ | China | $1.06B | -15% | -2% | -11% | 277.0× | n/a | n/a |
| HUANLEJIA Food 300997.SZ | China | $1.06B | -17% | +4% | 7% | 54.7× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Beijing Sanyuan Foods 600429.SS | China | $973M | -29% | 0% | -1% | 23.4× | 24.8% | -2.8% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |