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Japan's leading mayonnaise and dressing maker, also producing processed egg products and baby/care foods.
Japan's leading mayonnaise and dressing maker, also producing processed egg products and baby/care foods.
Sells mayonnaise and dressings to households through supermarkets and in bulk to restaurants and food makers, which makes foodservice demand as important as shelf sales. Eggs are its main raw material, so egg prices matter, and it built a processed-egg business to use them. It also operates in Asia and the US.
In one line: Japan's Hellmann's/Kraft Heinz for mayonnaise and dressings.
Moat: narrow (brand, scale, distribution). Dominant mayonnaise brand recognition and egg-processing scale in Japan.
Headquarters: Tokyo, Japan · Founded: 1919 · Employees: 10,773
Size Kewpie (2809.T) is a Japan Consumer Staples company (Food: Major Diversified) with a market value of $4.07B, the 283rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,616 on 6 Nov 2026.
Performance Over six months the shares gained 10.8%, against -1.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +6.3%); the operating margin is 7.4% (peer median 11.2%).
Valuation It trades at 24.2× forward earnings against a peer median of 16.5× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥527B | ¥513B | ¥484B | ¥455B | ¥430B |
| Revenue growth | — | +6% | +6% | +6% | — |
| Gross profit | ¥159B | ¥147B | ¥144B | ¥119B | ¥122B |
| EBITDA | ¥58.4B | ¥52.8B | ¥51.8B | ¥36.6B | ¥41.7B |
| Net income | ¥25.8B | ¥30.5B | ¥21.4B | ¥13.2B | ¥16.0B |
| Free cash flow | n/a | ¥16.2B | ¥45.0B | ¥8.56B | ¥14.7B |
| Capital expenditure | n/a | ¥16.5B | ¥23.9B | ¥17.4B | ¥16.8B |
| Total debt | ¥25.2B | ¥21.7B | ¥22.4B | ¥32.5B | ¥33.0B |
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 |
|---|---|---|---|---|---|---|
| Kewpie 2809.T | $4.07B | +11% | +4% | 7% | 24.2× | 0.6% |
| Ajinomoto 2802.T | $25.3B | -16% | +7% | 11% | 29.4× | 19.2% |
| Nisshin OilliO 2602.T | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% |
| Kraft Heinz KHC | $29.2B | +5% | -2% | 17% | 12.5× | -3.9% |
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 | 2809.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +3.1% | 8th highest of 18 |
| 6-month return | +10.8% | -1.7% | 5th highest of 18 |
| Distance from 52-week high | -6.3% | -24.9% | 3rd highest of 18 |
| Revenue growth (TTM) | +4.1% | +6.3% | 6th lowest of 18 |
| Operating margin | 7.4% | 11.2% | 5th lowest of 18 |
| Forward P/E | 24.2× | 16.5× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | -1.8% | 8th most demanding of 16 |
| Growth delivered (Del g) | -0.7% | +3.9% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | +1.3 pp | -4.3 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +3.2 pp | +4.2 pp | 8th lowest of 18 |
| EV / EBITDA | 10.6× | 10.9× | 5th cheapest of 10 |
| Net debt / EBITDA | -0.8× | 0.8× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kewpie 2809.T | Japan | $4.07B | +11% | +4% | 7% | 24.2× | 0.6% | -0.7% |
| Hebei Yangyuan Zhihui Beverage 603156.SS | China | $6.06B | -15% | +12% | 28% | 26.5× | 9.9% | +3.9% |
| CSPC Innovation Pharmaceutical 300765.SZ | China | $6.48B | +14% | +117% | 26% | 40.6× | 13.9% | +10.5% |
| Olam VC2.SI | Singapore | $2.55B | -29% | -40% | 2% | 17.6× | -3.7% | -3.7% |
| SamyangFood 003230.KS | South Korea | $6.70B | -9% | +38% | 23% | 16.3× | -6.6% | +29.4% |
| Chagee Holdings Limited Unsponsored ADR CHA | United States | $2.44B | +19% | 0% | 11% | 7.9× | -4.1% | +190.8% |
| Conagra Brands CAG | United States | $7.28B | +8% | -2% | 11% | 10.6× | -4.9% | +0.2% |
| ITO EN,Ltd 2593.T | Japan | $2.12B | +14% | +5% | 5% | 26.0× | n/a | n/a |
| Dongsuh 026960.KS | South Korea | $2.06B | +6% | +6% | 8% | n/a | 16.2% | +1.6% |
| Yihai International 1579.HK | Hong Kong | $2.02B | +3% | +11% | 18% | 14.2× | 6.8% | +3.6% |
| Yankershop Food 002847.SZ | China | $1.64B | -30% | 0% | 14% | 14.6× | 2.9% | +24.1% |
| Herbalife HLF | United States | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% | -1.9% |
| Zydus Wellness ZYDUSWELL.NS | India | $1.58B | -7% | +74% | 9% | 41.0× | 32.3% | +16.2% |
| Cheng De Lolo 000848.SZ | China | $1.18B | -11% | +5% | 24% | 12.6× | -10.8% | +11.3% |
| 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% |
| 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% |