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Leading Japanese maker of cooking oils, margarine and fat-based food ingredients.
Leading Japanese maker of cooking oils, margarine and fat-based food ingredients.
Buys soybeans, rapeseed and palm oil on world markets, mostly in dollars, and passes much of the cost on through prices negotiated with customers, so earnings depend on how quickly selling prices move against raw-material costs and the yen. Japan imports most of its oilseed, so it crushes seed brought in by ship.
In one line: Japan's Bunge/ADM for edible oils.
Moat: narrow (scale, brand). Leading edible-oil refining scale and brand recognition in Japan.
Headquarters: Tokyo, Japan · Founded: 1907 · Employees: 3,286
Size Nisshin OilliO (2602.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $1.22B, the 654th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,044 on 6 Nov 2026.
Performance Over six months the shares gained 13.1%, against -19.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +8.2%); the operating margin is 3.4% (peer median 8.7%).
Valuation It trades at 18.0× forward earnings against a peer median of 23.9× (8th cheapest of 18).
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 +11%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥575B | ¥554B | ¥531B | ¥514B | ¥557B |
| Revenue growth | — | +4% | +3% | -8% | — |
| Gross profit | ¥78.0B | ¥74.8B | ¥74.8B | ¥74.3B | ¥65.6B |
| EBITDA | ¥31.5B | ¥28.6B | ¥29.8B | ¥30.2B | ¥25.6B |
| Net income | ¥10.8B | ¥24.0B | ¥12.9B | ¥15.1B | ¥11.2B |
| Free cash flow | ¥467M | -¥18.8B | ¥5.69B | ¥22.0B | -¥6.83B |
| Capital expenditure | ¥16.1B | ¥29.3B | ¥15.5B | ¥14.8B | ¥7.23B |
| Total debt | ¥123B | ¥128B | ¥98.3B | ¥105B | ¥112B |
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 |
|---|---|---|---|---|---|---|
| Nisshin OilliO 2602.T | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% |
| Kewpie 2809.T | $4.07B | +11% | +4% | 7% | 24.2× | 0.6% |
| Bunge Global BG | $19.0B | -20% | +55% | 4% | 9.2× | 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 | 2602.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.2% | -1.7% | 6th highest of 21 |
| 6-month return | +13.1% | -19.9% | 3rd highest of 20 |
| Distance from 52-week high | -4.2% | -32.6% | highest of 21 |
| Revenue growth (TTM) | +7.5% | +8.2% | 10th lowest of 21 |
| Operating margin | 3.4% | 8.7% | 6th lowest of 21 |
| Forward P/E | 18.0× | 23.9× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 3.1% | 6th most demanding of 12 |
| Growth delivered (Del g) | +10.5% | +8.3% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -7.4 pp | -12.8 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | -0.9 pp | +2.0 pp | 8th lowest of 21 |
| EV / EBITDA | 9.7× | 8.9× | 7th cheapest of 13 |
| Net debt / EBITDA | 3.2× | 0.5× | 3rd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Jiangxi Qiyunshan Food 2797.HK | Hong Kong | $1.10B | n/a | -7% | 17% | n/a | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| JinJian Cereals Industry 600127.SS | China | $1.08B | +64% | +1% | -1% | n/a | n/a | n/a |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Star Lake Bioscience 600866.SS | China | $1.07B | -26% | -3% | 0% | 37.2× | n/a | n/a |
| ORION 001800.KS | South Korea | $1.06B | -4% | +15% | 15% | n/a | -16.5% | +8.3% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| ARIAKE JAPAN 2815.T | Japan | $1.04B | -5% | +3% | 17% | 17.4× | -7.4% | +6.1% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Seneca Foods SENEA | United States | $1.03B | +9% | +12% | 9% | 10.9× | -15.1% | +2.5% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |