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Japanese maker of spices, curry roux and seasonings, known for its S&B curry and spice brands.
Japanese maker of spices, curry roux and seasonings, known for its S&B curry and spice brands.
Sells through food wholesalers to supermarkets, with curry roux, its best-known line, sold in blocks that home cooks use for dinner. Imported spices are its main inputs, so exchange rates and spice prices affect margins.
In one line: Japan's McCormick & Company.
Moat: narrow (brand, distribution). Long-standing spice/curry brand recognition and retail distribution in Japan.
Headquarters: Tokyo, Japan · Founded: 1923 · Employees: 2,082
Size S&B Foods (2805.T) is a Japan Consumer Staples company (Food: Major Diversified) with a market value of $1.16B, the 675th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥7,050 on 6 Nov 2026.
Performance Over six months the shares gained 52.9%, against -7.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +4.4%); the operating margin is 9.4% (peer median 8.2%).
Valuation It trades at 16.8× forward earnings against a peer median of 18.3× (7th cheapest of 13).
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 +2%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥134B | ¥129B | ¥124B | ¥126B | ¥121B |
| Revenue growth | — | +4% | -2% | +5% | — |
| Gross profit | ¥39.1B | ¥35.7B | ¥33.4B | ¥31.3B | ¥28.7B |
| EBITDA | ¥16.3B | ¥13.9B | ¥13.1B | ¥12.1B | ¥10.1B |
| Net income | ¥9.86B | ¥8.41B | ¥7.57B | ¥6.72B | ¥4.08B |
| Free cash flow | n/a | ¥6.52B | ¥5.62B | ¥2.81B | -¥4.34B |
| Capital expenditure | n/a | ¥2.90B | ¥3.18B | ¥2.08B | ¥5.09B |
| Total debt | ¥24.2B | ¥23.1B | ¥20.3B | ¥28.1B | ¥31.7B |
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 |
|---|---|---|---|---|---|---|
| S&B Foods 2805.T | $1.16B | +53% | +7% | 9% | 16.8× | -1.8% |
| House Foods 2810.T | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% |
| McCormick & MKC | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% |
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 | 2805.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | -1.4% | 7th highest of 21 |
| 6-month return | +52.9% | -7.1% | highest of 21 |
| Distance from 52-week high | -11.8% | -22.6% | 5th highest of 21 |
| Revenue growth (TTM) | +7.0% | +4.4% | 3rd highest of 21 |
| Operating margin | 9.4% | 8.2% | 8th highest of 21 |
| Forward P/E | 16.8× | 18.3× | 7th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | -2.3% | 8th most demanding of 16 |
| Growth delivered (Del g) | +2.5% | +2.6% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | -4.3 pp | -5.6 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | +4.2 pp | +3.1 pp | 10th highest of 21 |
| EV / EBITDA | 10.9× | 8.1× | 6th most expensive of 12 |
| Net debt / EBITDA | -0.4× | -0.3× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| S&B Foods 2805.T | Japan | $1.16B | +53% | +7% | 9% | 16.8× | -1.8% | +2.5% |
| Jiangsu Hengshun Vinegar-Industry 600305.SS | China | $1.15B | -7% | +6% | 6% | 49.9× | 17.3% | +2.6% |
| Cheng De Lolo 000848.SZ | China | $1.18B | -11% | +5% | 24% | 12.6× | -10.8% | +11.3% |
| Shanghai Ziyan Foods 603057.SS | China | $1.09B | -37% | +7% | 6% | 39.1× | n/a | n/a |
| Simply Good Foods SMPL | United States | $1.05B | -2% | -7% | 13% | 7.9× | -12.3% | +6.2% |
| Bombay Burmah Trading BBTC.NS | India | $947M | -18% | +7% | 16% | n/a | -8.8% | +8.2% |
| AGT Food and Ingredients AGTF.TO | Canada | $922M | +12% | -19% | -2% | 16.0× | n/a | n/a |
| Zydus Wellness ZYDUSWELL.NS | India | $1.58B | -7% | +74% | 9% | 41.0× | 32.3% | +16.2% |
| Herbalife HLF | United States | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% | -1.9% |
| Yankershop Food 002847.SZ | China | $1.64B | -30% | 0% | 14% | 14.6× | 2.9% | +24.1% |
| Hongmian Zhihui Science and Technology Innovation Co., Ltd. Guangzhou 000523.SZ | China | $798M | -16% | +4% | 2% | n/a | 12.1% | -8.5% |
| Vitasoy International 0345.HK | Hong Kong | $794M | -3% | -3% | 7% | 21.8× | -9.8% | -4.2% |
| Standard Foods 1227.TW | Taiwan | $751M | -5% | 0% | 4% | n/a | n/a | n/a |
| V V Food & Beverage 600300.SS | China | $717M | -18% | +6% | 11% | n/a | -9.2% | -6.8% |
| Lian Hwa Foods 1231.TW | Taiwan | $694M | -12% | +3% | 9% | n/a | n/a | n/a |
| Yihai International 1579.HK | Hong Kong | $2.02B | +3% | +11% | 18% | 14.2× | 6.8% | +3.6% |
| Xiangpiaopiao Food 603711.SS | China | $660M | -24% | +2% | 7% | 20.7× | -11.3% | -4.9% |
| Qingdao Foods 001219.SZ | China | $656M | +42% | +3% | 23% | n/a | 7.3% | +2.4% |
| Dongsuh 026960.KS | South Korea | $2.06B | +6% | +6% | 8% | n/a | 16.2% | +1.6% |
| ITO EN,Ltd 2593.T | Japan | $2.12B | +14% | +5% | 5% | 26.0× | n/a | n/a |
| Jiangxi Salt Industry 601065.SS | China | $613M | -23% | -14% | 0% | n/a | -2.3% | +11.7% |