Kirin Holdings Company, Limited KNBWY

Consumer StaplesBeveragesJapan

Last close 18.36 USD on Nov 1, 2026, +23.6% year to date

Quant rating

Quant rating C Rank 94 of 174 in Consumer Staples

Growth C 82 of 174
Valuation B 42 of 174
Quality B 65 of 174
Revisions D 144 of 174
Momentum B 46 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: 15.0B
Enterprise value: 21.2B
52-week range: 14.01 – 19.99
3-year range: 12.29 – 19.99
Dividend yield: 2.58%
Beta (5 years): 0.05
Shares outstanding: 816M
Next earnings: –

About the company

Kirin Holdings Co Ltd is a Japan-based company mainly engaged in the integrated beverage business and the pharmaceutical business. The Company operates in four business segments. The Domestic Beer and Spirits segment is engaged in the manufacture and sale of beer, low-malt beer, new genre products, wines and other liquor products in Japan. The Domestic Beverages segment is engaged in the manufacture and sale of soft drinks in Japan. The Oceania Alcoholic Beverages segment manufactures and sells beer, Western-style liquors in Oceania and other regions. The Pharmaceuticals segment is engaged in the manufacture and sale of pharmaceutical products. The Company is also engaged in the domestic wine business, North American beverage business, and the biochemical business.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2024	2023	2022	2021	2020	5Y avg
Revenue (mil)	15,534	14,877	15,131	15,174	15,829	–
Revenue growth	4.4%	−1.7%	−0.3%	−4.1%	−11.6%	−2.8%
EPS (basic, normalized)	0.47	0.92	1.01	0.62	0.81	–
EPS growth	−49.0%	−8.9%	63.5%	−23.6%	–	–
Gross margin	47.6%	45.6%	45.1%	45.5%	45.2%	45.8%
Net margin	6.1%	2.5%	5.3%	5.6%	3.3%	4.5%
ROE	12.0%	5.0%	10.7%	11.8%	6.9%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,081
Current ratio	1.48x
Long-term debt (mil)	4,938
Net debt (mil)	6,070
Total equity (mil)	8,379
Net debt / equity	0.72x
Net debt / EBITDA	7.38x

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
2024 actual	15,534	+4.4%	1.4x	823	−53.4%	25.8x	0.47	−49.0%	38.9x

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
2025	–	–	–	–	–	–	–	–
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	Dec 2022	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	532,314	–	–	–	–	–	–	–	–
Sales mean (mil)	528,000	539,200	–	–	–	–	–	–	–	–
Surprise	–	−1.3%	–	–	–	–	–	–	–	–
EPS reported	–	−18.29	–	–	–	–	–	–	–	–
EPS mean	72.00	11.48	–	–	–	–	–	–	–	–
Surprise	–	−259.3%	–	–	–	–	–	–	–	–

Peer comparison Beverages

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
KNBWY Kirin Holdings Company, Limited	15.0B	7.38x	6.1%	1.69x	–	–	–	–
BUD Anheuser-Busch Inbev SA	144.6B	3.39x	11.5%	1.68x	18.2x	16.5x	9.3x	8.9x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
ABEV Ambev SA	42.0B	−0.68x	17.6%	2.45x	14.0x	13.4x	6.7x	6.3x
CCEP Coca-Cola Europacific Partners PLC	49.8B	–	9.3%	5.43x	22.1x	20.3x	14.2x	13.4x
DGE Diageo PLC	52.3B	–	8.8%	4.81x	14.1x	13.3x	11.7x	11.1x
Mean		3.36x	12.7%	4.33x	21.9x	19.9x	14.3x	13.2x
Median		3.39x	10.4%	3.63x	18.2x	16.5x	11.7x	11.1x

Technical analysis

1M+1.9%
3M0.0%
1Y+28.7%
3Y+43.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kirin Holdings Company, Limited, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Total revenue	15,534	14,877	15,131	15,174	15,829	17,915
Cost of revenue	8,141	8,095	8,301	8,266	8,679	10,128
Gross profit	7,392	6,782	6,830	6,908	7,150	7,787
Selling, general & administrative expenses	4,686	4,383	4,497	4,564	4,776	5,219
Research & development	754	738	604	621	733	764
Depreciation/amortization	346	318	303	319	332	372
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	165	558	152	17.4	683	359
Other operating expenses	104	109	99.5	135	34.3	74.6
Operating income	1,339	675	1,175	1,252	592	997
Net interest income (expense)	177	206	250	211	292	207
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.7	7.8	−28.2	−2.9	−18.3	2.1
Net income before taxes	1,518	889	1,397	1,460	866	1,206
Provision for taxes	381	343	330	363	271	239
Minority interest	−196	−176	−268	−250	−75.0	−270
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	942	370	799	847	520	697
Extraordinary items	–	–	–	–	–	–
Net income	942	370	799	847	520	697
EBIT, normalized	1,503	1,233	1,327	1,269	1,275	1,356
EBITDA, normalized	2,153	1,842	1,945	1,925	1,980	2,151
Basic EPS, normalized	0.47	0.92	1.01	0.62	0.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kirin Holdings Company, Limited, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	841	809	995	736	1,368	1,643
Receivables	3,420	3,199	3,154	3,121	3,371	3,605
Total inventory	2,224	2,284	2,346	2,213	2,148	2,104
Prepaid expenses	–	–	–	–	–	–
Other current assets	352	332	295	696	296	1,042
Total current assets	6,836	6,624	6,790	6,765	7,183	8,393
Property, plant & equipment	4,717	4,288	4,203	4,276	4,639	5,055
Goodwill	3,405	3,190	2,769	2,208	2,296	2,380
Intangibles	4,435	4,196	2,152	1,532	1,706	2,027
Long-term investments	2,067	2,033	3,375	3,548	4,491	4,777
Note receivable	–	–	–	–	–	–
Other long-term assets	845	1,007	1,054	1,060	1,165	1,188
Total assets	22,305	21,340	20,343	19,390	21,480	23,822
Liabilities
Accounts payable	1,052	1,031	973	919	856	931
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	102	82.7	5.0	156	713	1,543
Current portion of long-term debt	415	413	709	717	169	869
Other current liabilities	3,403	3,206	3,083	3,034	3,466	3,800
Total current liabilities	4,973	4,734	4,770	4,826	5,205	7,143
Long-term debt	5,378	4,960	3,940	3,117	3,910	3,813
Minority interest	1,967	2,241	2,079	2,084	2,206	2,493
Other liabilities	1,771	1,888	1,526	1,889	2,390	2,250
Total liabilities	14,089	13,823	12,314	11,915	13,710	15,699
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	651	649	723	778	887	988
Additional paid-in capital	–	60.4	150	195	218	242
Retained earnings (accumulated deficit)	7,667	7,195	8,000	8,114	8,674	9,501
Treasury stock	−1,602	−1,599	−1,784	−1,920	−1,754	−1,955
Other equity	1,499	1,212	939	308	−255	−654
Total equity	8,216	7,517	8,029	7,475	7,770	8,123
Total liabilities & shareholders' equity	22,305	21,340	20,343	19,390	21,480	23,822

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kirin Holdings Company, Limited, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Operating activities
Net income	1,518	889	1,397	1,460	866	1,206
Depreciation, depletion & amortization	650	609	618	655	705	795
Deferred taxes	–	–	–	–	–	–
Non-cash items	−170	22.4	−110	−171	377	68.2
Changes in working capital	−182	24.8	−284	−1,105	−41.5	−473
Cash from operations	1,817	1,545	1,621	840	1,906	1,597
Investing activities
Capital expenditures	−1,121	−1,149	−807	−751	−750	−901
Other investing cash flows	−60.2	−947	−796	672	260	−222
Cash from investing	−1,181	−2,096	−1,603	−79.3	−490	−1,123
Financing activities
Financing cash flow items	−619	−91.5	−99.9	−59.2	−99.5	−199
Cash dividends paid	−375	−371	−408	−410	−471	−536
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	288	832	762	−811	−998	227
Cash from financing	−706	370	255	−1,280	−1,568	−508
Foreign exchange effects	112	99.4	34.3	51.3	46.8	−3.8
Net change in cash	42.6	−81.3	307	−469	−106	−38.8
Free cash flow	696	396	814	88.5	1,155	696

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 1, 2026 after market close.