Major Consolidated Index

Unit : millions of yen
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Revenue 439,411 516,440 618,899 660,835 685,000
Revenue YoY Change (%) (0.0) 17.5 19.8 6.8 3.7
Business Profit 42,650 52,273 58,777 73,402 74,000
Business Profit Ratio (%) 9.7 10.1 9.5 11.1 10.8
Business Profit YoY Change (%) 12.1 22.6 12.4 24.9 0.8
Operating Profit 41,672 50,682 55,370 66,733 70,800
Operating Profit Ratio (%) 9.5 9.8 8.9 10.1 10.3
Operating Profit YoY Change (%) 19.4 21.6 9.2 20.5 6.1
Profit before Income Taxes 43,194 54,231 60,797 75,605 78,100
Profit before Income Taxes Ratio (%) 9.8 10.5 9.8 11.4 11.4
Profit before Income Taxes YoY Change (%) 14.2 25.6 12.1 24.4 3.3
Profit for the Year Attributable to Owners of the Parent 31,159 38,903 43,733 56,441 57,600
Ratio of Profit for the Year Attributable to Owners of the Parent to Revenue (%) 7.1 7.5 7.1 8.5 8.4
Profit for the Year Attributable to Owners of the Parent YoY Change (%) 16.1 24.9 12.4 29.1 2.1
Comprehensive Income for the Period Attributable to Owners of the Parent 43,919 61,686 66,665 106,304 -
Unit: yen
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Basic Earnings per Share 32.46 40.59 45.67 59.19 60.41
Diluted Earnings per Share - - - - -
Cash Dividends per Share 45 61 78 104 21
Dividend Payout Ratio (Consolidated) (%) 27.7 30.1 34.2 35.1 34.8
Unit : millions of yen
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Total Equity 313,514 363,907 416,969 498,255 -
Equity Attributable to Owners of the Parent 308,130 357,816 410,513 491,355 -
Equity Attributable to Owners of the Parent per Share (yen) 321.02 373.63 428.78 516.42 -
Total Assets 438,508 503,061 566,385 667,877 -
Equity Attributable to Owners of the Parent to Total Assets (%) 70.3 71.1 72.5 73.6 -
D/E Ratio (%) 14.6 13.1 13.2 12.8 -
Ratio of Dividend to Equity Attributable to Owners of the Parent (consolidated) (%) 3.0 3.5 3.9 4.4 -
ROE Attributable to Owners of the Parent (%) 10.7 11.7 11.4 12.5 -
Ratio of Profit before Income Taxes to Total Assets (%) 10.3 11.5 11.4 12.3 -
Return on Invested Capital (ROIC) (%) 9.5 10.4 10.2 11.2 -
Weighted average cost of capital (WACC) (%) 5.9 6.5 6.3 6.8 -
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Share Price at End of Period (before split) (yen) 6,590 8,130 6,740 9,845 -
Share Price at End of Period (after split) (yen) 1,318 1,626 1,348 1,969 -
PER (times) 40.6 40.1 29.5 33.3 -
Unit : millions of yen
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Cash Flows From Operating Activities 57,167 52,093 59,197 80,807 -
Cash Flows From Investing Activities (16,886) (16,105) (26,620) (42,994) -
Cash Flows From Financing Activities (15,420) (17,900) (20,379) (31,418) -
Cash and Cash Equivalents at End of Period 55,678 79,229 99,347 119,159 -
Free Cash Flows 40,393 32,730 32,755 49,838 -
Free Cash Flows per Share (yen) 42.08 34.15 34.21 52.27 -
Unit : millions of yen
  2021.3
Actual		 2022.3
Actual		 2023.3
Actual		 2024.3
Actual		 2025.3
Forecast
Interest-bearing Debt 44,943 46,704 54,145 63,101 -
Capital Expenditures 20,946 24,617 38,228 43,501 56,900
Depreciation and Amortization 19,371 20,041 22,252 24,020 26,400
R&D Costs 4,758 4,892 5,174 5,067 -
Net Financial Income (Loss) 196 430 1,704 3,619 -
Average Term Exchange Rate (yen/US$) 106.17 112.86 134.95 144.40 140.00
Number of Employees (people) 7,645 7,686 7,775 7,521 -
Average Number of Temporary Workers (people) 646 633 612 568 -
Shares Issued and Outstanding at End of
Period (pre-split) (thousand)		 191,971 191,537 191,477 190,293 -
Shares Issued and Outstanding at End of
Period (after split) (thousand)		 959,858 957,687 957,386 951,467 -

(Notes)

  1. 1Revenue does not include consumption and other taxes.
  2. 2Free cash flows = Cash flows from operating activities
    - Cash used for the acquisition of property, plant and equipment and intangible assets
    + Cash provided from the sale of property, plant and equipment and intangible assets
  3. 3Interest-bearing debt refers to all liabilities on the consolidated statement of financial position on which interest is paid.
  4. 4Net financial income = Interest and dividend income - Interest expense
  5. 5Equity attributable to owners of the parent = Total equity - Share acquisition rights - Non-controlling interest
  6. 6D/E ratio = Interest-bearing debt/Equity attributable to owners of the parent
  7. 7Shares issued and outstanding at end of period is computed, excluding treasury stock.
  8. 8Business profit = Revenue - Cost of sales - Selling, general and administrative expenses
  9. 9Return on invested capital = Profit before interest after tax / (Average of interest-bearing debt at beginning and end of the period + Average of total equity at beginning and end of the period)
  10. 10The weighted average cost of capital (WACC) is the capital structure weighted average of cost of debt and cost of equity, which is the risk-free rate plus the product of β and the market risk premium.
  11. * The risk-free rate is the average rate for the most recent one year of 10-year JGBs.
  12. * β, or the beta coefficient, is a 5-year weekly beta of Kikkoman Corporation.
  13. * The market risk premium is set at 6% based on the deviation between the risk-free rate and the average total return of the stock market over the past years.
  14. 11Effective on April 1, 2024, the Company conducted a 5-for-1 stock split for its common stock. To reflect this transaction, basic earnings per share, equity attributable to owners of the parent per share, and free cash flow per share are calculated as if the stock split had been conducted at the beginning of Fiscal 2021. For the share price at the end of period and the number of shares issued at the end of period, the figures calculated as if the stock split had been conducted at the beginning of Fiscal 2021 and those before the stock split are both presented.
    For annual dividends per share, the figures for the fiscal year ended March 31, 2024 and before represent the actual dividends paid before the stock split, and the figure for the fiscal year ending March 31, 2025 represents a dividend forecast reflecting the stock split.

As for the data for years prior to listed above, please refer to our Factbook.

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