Ajinomoto Co., Inc. AJNMY

Consumer StaplesFood & TobaccoJapan

Last close 32.55 USD on Nov 2, 2026, +55.8% year to date

Quant rating

Quant rating C Rank 113 of 174 in Consumer Staples

Growth C 78 of 174
Valuation D 133 of 174
Quality B 58 of 174
Revisions D 144 of 174
Momentum B 50 of 174

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 31.8B
Enterprise value: 34.3B
52-week range: 20.58 – 39.50
3-year range: 17.14 – 39.50
Dividend yield: 0.93%
Beta (5 years): 0.66
Shares outstanding: 978M
Next earnings: Nov 9, 2026

About the company

Ajinomoto Co Inc is a Japan-based company mainly engaged in the food business. The Company operates in three business segments. Seasonings & Foods segment is engaged in the provision of seasonings, nutritional and processed foods, and solutions & ingredients. The Frozen Foods segment is engaged in the provision of frozen foods. The Health Care and Other segment is engaged in the provision of pharmaceutical- and food-use amino acids, biopharmaceutical services, functional materials, and other products and services.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2010	2009	2008	2007	2006	5Y avg
Revenue (mil)	9,979	10,207	9,512	10,235	9,447	–
Revenue growth	−2.2%	7.3%	−7.1%	8.3%	−2.4%	0.6%
EPS (basic, normalized)	0.13	−0.08	0.18	0.20	0.24	–
EPS growth	–	–	−7.8%	−15.6%	–	–
Gross margin	37.7%	36.0%	35.5%	34.6%	37.1%	36.2%
Net margin	8.5%	4.6%	6.1%	6.9%	6.6%	6.5%
ROE	17.7%	9.0%	11.0%	12.9%	11.6%	12.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,447
Current ratio	1.45x
Long-term debt (mil)	2,343
Net debt (mil)	2,464
Total equity (mil)	4,765
Net debt / equity	0.52x
Net debt / EBITDA	1.86x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2010 actual	9,979	−2.2%	3.4x	1,327	–	25.8x	0.13	+269.9%	245.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2011	–	–	–	–	–	–	–	–
2012	–	–	–	–	–	–	–	–
2013	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	Jun 2005	FQ-6	FQ-5	FQ-4	Jun 2006	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	4,920	2,432	–	–	–	2,417	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	0.03	–	–	–	0.02	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AJNMY Ajinomoto Co., Inc.	31.8B	1.86x	8.5%	6.32x	–	–	–	–
ASBFY Associated British Foods PLC	18.3B	–	5.3%	1.21x	–	–	–	–
KRYAY Kerry Group PLC	17.4B	–	–	–	19.3x	17.6x	–	–
ORKLY Orkla ASA	10.5B	–	–	–	15.1x	14.8x	9.9x	9.6x
BRRLY Barry Callebaut AG	8.0B	–	1.3%	2.64x	–	–	–	–
GLAPY Glanbia PLC	5.4B	–	–	–	73.0x	68.5x	9.8x	9.3x
Mean		1.86x	5.0%	3.39x	35.8x	33.7x	9.8x	9.4x
Median		1.86x	5.3%	2.64x	19.3x	17.6x	9.8x	9.4x

Technical analysis

1M−3.0%
3M+4.8%
1Y+16.3%
3Y+78.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ajinomoto Co., Inc., fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Total revenue	9,979	10,207	9,512	10,235	9,447	9,679
Cost of revenue	6,216	6,534	6,132	6,693	5,947	6,009
Gross profit	3,763	3,673	3,380	3,542	3,501	3,670
Selling, general & administrative expenses	2,326	2,280	2,096	2,205	2,158	2,273
Research & development	180	186	172	173	181	208
Depreciation/amortization	171	187	167	178	176	178
Interest expense (income), operating	−65.8	−29.9	7.3	−32.6	−8.1	−11.9
Unusual expense (income)	−176	260	−41.6	−114	−28.7	46.5
Other operating expenses	75.0	40.1	10.9	2.6	−17.1	52.8
Operating income	1,252	750	968	1,131	1,040	923
Net interest income (expense)	−14.2	−21.0	−15.3	−14.3	−33.1	−34.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.5	−6.3	−14.1	−62.1	0	0
Net income before taxes	1,236	722	939	1,055	1,007	888
Provision for taxes	322	184	264	300	347	289
Minority interest	−65.4	−70.0	−98.5	−46.0	−37.0	−62.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	849	469	576	708	622	537
Extraordinary items	–	–	–	–	–	0
Net income	849	469	576	708	622	537
EBIT, normalized	1,010	980	934	984	1,003	957
EBITDA, normalized	1,571	1,557	1,451	1,524	1,547	1,527
Basic EPS, normalized	0.13	−0.08	0.18	0.20	0.24	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ajinomoto Co., Inc., fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Assets
Cash & short-term investments	947	1,206	1,260	1,072	1,333	1,747
Receivables	1,272	1,245	1,375	1,328	1,384	1,532
Total inventory	2,008	1,914	1,898	2,032	1,803	1,704
Prepaid expenses	–	–	–	–	–	–
Other current assets	210	312	157	203	258	303
Total current assets	4,437	4,677	4,690	4,635	4,779	5,286
Property, plant & equipment	4,079	3,877	3,882	4,041	4,293	4,394
Goodwill	782	787	965	694	821	867
Intangibles	581	615	646	496	561	652
Long-term investments	1,210	1,169	1,201	1,298	1,370	1,498
Note receivable	–	–	–	–	–	–
Other long-term assets	331	354	343	220	152	232
Total assets	11,419	11,478	11,728	11,384	11,976	12,929
Liabilities
Accounts payable	1,915	1,605	1,243	1,218	1,323	1,292
Payable/accrued	–	–	–	–	–	–
Accrued expenses	325	315	303	317	317	346
Short-term debt	40.0	39.5	995	94.9	67.6	369
Current portion of long-term debt	270	267	298	327	340	163
Other current liabilities	279	339	475	601	621	868
Total current liabilities	2,829	2,565	3,314	2,558	2,668	3,038
Long-term debt	2,731	3,002	1,956	2,112	2,584	2,633
Minority interest	463	443	458	409	434	430
Other liabilities	539	488	614	517	644	1,225
Total liabilities	6,562	6,498	6,343	5,596	6,330	7,326
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	503	533	528	601	656	721
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,704	3,938	4,347	4,912	5,066	5,493
Treasury stock	−424	−218	−325	−10.1	−11.3	−13.2
Other equity	1,074	728	834	285	−64.7	−598
Total equity	4,857	4,980	5,384	5,789	5,646	5,603
Total liabilities & shareholders' equity	11,419	11,478	11,728	11,384	11,976	12,929

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ajinomoto Co., Inc., fiscal years, most recent first
	2010	2009	2008	2007	2006	2005
Operating activities
Net income	1,236	722	939	1,055	1,007	888
Depreciation, depletion & amortization	560	577	517	541	544	570
Deferred taxes	–	–	–	–	–	–
Non-cash items	−211	220	−104	−117	−16.9	34.4
Changes in working capital	−76.9	−119	−241	−592	−338	−22.8
Cash from operations	1,508	1,400	1,111	886	1,197	1,469
Investing activities
Capital expenditures	−659	−634	−476	−550	−663	−777
Other investing cash flows	128	118	−399	324	157	179
Cash from investing	−531	−516	−875	−227	−506	−598
Financing activities
Financing cash flow items	−60.2	−88.2	−54.9	−91.3	−31.1	−225
Cash dividends paid	−272	−261	−254	−238	−224	−158
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,089	−569	264	−507	−756	−162
Cash from financing	−1,421	−918	−44.6	−836	−1,011	−546
Foreign exchange effects	78.1	−10.6	65.3	36.4	73.1	35.1
Net change in cash	−366	−45.1	256	−141	−248	361
Free cash flow	849	766	635	336	533	692

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.