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Japan's leading frozen food maker (frozen shrimp, prepared meals) with a nationwide cold-chain logistics business.
Japan's leading frozen food maker (frozen shrimp, prepared meals) with a nationwide cold-chain logistics business.
Makes money from two businesses that share one cold supply chain: selling frozen foods to supermarkets and restaurants, and storing and trucking chilled and frozen goods for other food companies. The logistics arm, including cold-storage warehouses in Japan and Europe, is a large part of the group.
In one line: A Japanese Conagra plus a cold-storage logistics arm.
Moat: narrow (scale, distribution, brand). Largest frozen-food brand in Japan plus a nationwide refrigerated logistics network few rivals match.
Headquarters: Tokyo, Japan · Founded: 1945 · Employees: 17,763
Size Nichirei (2871.T) is a Japan Consumer Staples company (Agricultural Commodities/Milling) with a market value of $3.42B, the 330th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,130 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against -16.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +7.2%); the operating margin is 5.0% (peer median 5.0%).
Valuation It trades at 24.2× forward earnings against a peer median of 15.2× (4th most expensive of 14).
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 -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥774B | ¥716B | ¥702B | ¥680B | ¥662B |
| Revenue growth | — | +2% | +3% | +3% | — |
| Gross profit | ¥138B | ¥129B | ¥126B | ¥120B | ¥109B |
| EBITDA | ¥63.1B | ¥61.9B | ¥63.3B | ¥61.7B | ¥55.6B |
| Net income | ¥28.6B | ¥27.3B | ¥24.7B | ¥24.5B | ¥21.6B |
| Free cash flow | n/a | ¥18.5B | ¥24.9B | ¥35.7B | ¥14.0B |
| Capital expenditure | n/a | ¥32.1B | ¥29.4B | ¥28.9B | ¥25.1B |
| Total debt | ¥153B | ¥125B | ¥106B | ¥98.0B | ¥115B |
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 |
|---|---|---|---|---|---|---|
| Nichirei 2871.T | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% |
| Ajinomoto 2802.T | $25.3B | -16% | +7% | 11% | 29.4× | 19.2% |
| Umios 1333.T | $1.14B | -10% | +3% | 3% | n/a | n/a |
| Nissui 1332.T | $1.97B | -16% | +8% | 4% | 10.8× | 0.9% |
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 | 2871.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | +2.4% | 11th highest of 21 |
| 6-month return | +12.9% | -16.1% | 4th highest of 21 |
| Distance from 52-week high | -10.1% | -25.9% | 6th highest of 21 |
| Revenue growth (TTM) | +10.4% | +7.2% | 8th highest of 21 |
| Operating margin | 5.0% | 5.0% | 11th highest of 21 |
| Forward P/E | 24.2× | 15.2× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | -5.2% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +4.6% | +11.0% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -2.2 pp | -14.2 pp | most demanding of 11 |
| ROIC minus cost of capital | +1.3 pp | +0.6 pp | 10th highest of 21 |
| EV / EBITDA | 10.4× | 7.7× | 5th most expensive of 12 |
| Net debt / EBITDA | 1.5× | 0.9× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% | +157.9% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 22.9× | n/a | n/a |
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% | +4.9% |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | n/a | n/a | n/a |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 11.7× | -7.7% | +10.5% |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| New Hope Liuhe 000876.SZ | China | $4.71B | -19% | +7% | -3% | n/a | n/a | n/a |
| Patanjali Foods PATANJALI.NS | India | $4.75B | -11% | +19% | 4% | 27.1× | n/a | n/a |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |