NICHIREI CORPORATION NCHEY

Consumer StaplesFood & TobaccoJapan

Last close 14.10 USD on Nov 2, 2026, −0.4% year to date

Quant rating

Quant rating C Rank 91 of 174 in Consumer Staples

Growth D 138 of 174
Valuation B 28 of 174
Quality C 93 of 174
Revisions C 76 of 174
Momentum C 108 of 174

Wall Street consensus Buy (2.50)Average target 14.65 USD +3.9%

Historical valuation

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

Key data

Market cap: 3.5B
Enterprise value: 4.2B
52-week range: 13.20 – 15.00
3-year range: 11.00 – 15.00
Dividend yield: 2.18%
Beta (5 years): –
Shares outstanding: 257M
Next earnings: Nov 9, 2026

About the company

Nichirei Corp is a Japan-based company engaged in processed food business, fishery business, livestock business, low-temperature logistics business, real estate business and other businesses. The Company operates in five business segments. Processed Food segment is engaged in the manufacture, process and sale of frozen foods, processed agriculture products, retort foods and others. Marin Products segment is engaged in the process and trading of seafood products. Animal Husbandry segment is engaged in process and sale of poultry, breeds, as well as the sale of chicken for meat. Low-temperature Logistics segment is engaged in the third-party logistics business, the provision of storage, inventory control and others. Real Estate segment is engaged in the leasing of office buildings and parking lots. The Company is also involved in the bioscience business, the personnel salary related business services, as well as the business related to greening management and cleaning services.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	4,512	4,682	4,495	4,987	4,954	–
Revenue growth	−3.6%	4.2%	−9.9%	0.7%	−4.3%	−2.7%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	18.0%	18.0%	17.7%	16.4%	17.0%	17.4%
Net margin	3.8%	3.5%	3.6%	3.3%	3.9%	3.6%
ROE	10.0%	9.6%	10.3%	9.9%	11.3%	10.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	369
Current ratio	1.55x
Long-term debt (mil)	589
Net debt (mil)	700
Total equity (mil)	1,772
Net debt / equity	0.40x
Net debt / EBITDA	–

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
2026 actual	4,512	−3.6%	0.9x	–	–	–	–	–	–
2027	4,031	−10.7%	1.0x	346	–	12.2x	0.59	–	24.1x
2028	4,880	+21.0%	0.9x	449	+30.0%	9.4x	0.81	+37.9%	17.5x
2029	5,071	+3.9%	0.8x	473	+5.3%	8.9x	0.86	+6.2%	16.5x

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
2027	4,031	+0.1%	+4.1%	–	0.59	−2.7%	−8.7%	–
2028	4,880	−0.8%	−1.7%	–	0.81	−0.3%	−2.5%	–
2029	5,071	−0.7%	−1.9%	–	0.86	−0.4%	−3.8%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	229,037
Sales mean (mil)	–	–	–	–	–	–	–	–	–	187,567
Surprise	–	–	–	–	–	–	–	–	–	+22.1%
EPS reported	–	–	–	–	–	–	–	–	–	27.61
EPS mean	–	–	–	–	–	–	–	–	–	32.10
Surprise	–	–	–	–	–	–	–	–	–	−14.0%

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
NCHEY NICHIREI CORPORATION	3.5B	–	3.8%	1.87x	24.1x	17.5x	12.2x	9.4x
PIFFY Indofood CBP Sukses Makmur Tbk PT	3.7B	2.03x	12.3%	1.21x	134.6x	123.3x	5.8x	5.5x
ACOPY The a2 Milk Company Limited	3.6B	–	10.6%	5.93x	28.1x	20.7x	17.9x	13.9x
SEB Seaboard Corporation	3.6B	–	5.1%	0.65x	–	–	–	–
TATYY Tate & Lyle PLC	3.4B	–	4.4%	1.57x	15.5x	12.0x	8.7x	7.5x
FRPT Freshpet, Inc.	3.3B	0.39x	12.6%	2.74x	32.3x	34.4x	16.0x	13.1x
Mean		1.21x	8.2%	2.33x	46.9x	41.6x	12.1x	9.9x
Median		1.21x	7.9%	1.72x	28.1x	20.7x	12.2x	9.4x

Technical analysis

1M−0.4%
3M−0.4%
1Y−0.4%
3Y+5.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NICHIREI CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	4,512	4,682	4,495	4,987	4,954	5,174
Cost of revenue	3,698	3,840	3,701	4,167	4,114	4,281
Gross profit	814	842	794	820	840	893
Selling, general & administrative expenses	556	572	537	558	566	573
Research & development	12.4	14.7	13.0	14.2	15.9	21.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.6	16.8	9.0	9.0	4.2	19.1
Other operating expenses	0	0	0	0	0	0
Operating income	224	239	235	239	254	279
Net interest income (expense)	35.8	9.8	7.9	7.7	35.5	6.2
Gain (loss) on sale of assets	0.7	0.9	0.9	0.4	0.2	0.4
Other non-operating income (expense)	0.9	2.9	1.9	1.2	−1.2	0.3
Net income before taxes	262	252	246	248	289	285
Provision for taxes	79.9	71.9	74.4	70.4	89.1	80.9
Minority interest	−9.5	−15.5	−9.3	−15.6	−7.3	−13.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	172	165	162	162	192	192
Extraordinary items	–	–	–	–	–	–
Net income	172	165	162	162	192	192
EBIT, normalized	246	256	244	248	258	298
EBITDA, normalized	385	417	404	415	432	475
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NICHIREI CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	328	263	207	210	192	261
Receivables	678	676	698	762	747	737
Total inventory	360	367	339	414	428	432
Prepaid expenses	–	–	–	–	–	–
Other current assets	83.7	61.6	87.0	96.1	114	101
Total current assets	1,450	1,367	1,331	1,481	1,482	1,532
Property, plant & equipment	1,534	1,462	1,369	1,469	1,489	1,571
Goodwill	66.5	49.1	45.6	50.4	55.1	13.5
Intangibles	57.8	59.6	58.7	57.5	66.4	62.3
Long-term investments	296	305	314	295	317	370
Note receivable	–	–	–	–	–	–
Other long-term assets	108	87.1	88.6	91.1	106	116
Total assets	3,511	3,329	3,206	3,444	3,515	3,665
Liabilities
Accounts payable	177	188	207	227	240	254
Payable/accrued	–	–	–	–	–	–
Accrued expenses	260	271	270	284	289	323
Short-term debt	202	62.3	57.6	173	127	62.8
Current portion of long-term debt	89.8	155	93.9	119	150	166
Other current liabilities	212	185	188	178	187	175
Total current liabilities	941	861	816	980	993	980
Long-term debt	497	494	501	577	589	649
Minority interest	114	106	82.9	68.3	55.3	64.1
Other liabilities	155	134	132	129	142	135
Total liabilities	1,707	1,595	1,532	1,754	1,779	1,828
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	193	204	202	230	250	275
Additional paid-in capital	35.3	37.1	36.4	41.4	45.2	52.3
Retained earnings (accumulated deficit)	1,377	1,357	1,347	1,411	1,417	1,558
Treasury stock	−74.0	−78.4	−111	−127	−97.3	−159
Other equity	272	215	201	135	121	111
Total equity	1,804	1,734	1,675	1,690	1,736	1,837
Total liabilities & shareholders' equity	3,511	3,329	3,206	3,444	3,515	3,665

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NICHIREI CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	262	252	246	248	289	285
Depreciation, depletion & amortization	139	162	160	167	173	178
Deferred taxes	–	–	–	–	–	–
Non-cash items	−18.7	0.8	−0.6	−3.8	−33.4	12.1
Changes in working capital	−72.5	−60.3	7.7	−127	−144	−64.6
Cash from operations	310	355	413	285	285	411
Investing activities
Capital expenditures	−202	−196	−191	−189	−187	−277
Other investing cash flows	−5.8	−20.3	−17.5	−13.2	−27.2	−14.1
Cash from investing	−208	−216	−209	−202	−214	−291
Financing activities
Financing cash flow items	9.9	−5.1	−6.6	−3.9	−14.6	−8.6
Cash dividends paid	−76.5	−66.3	−53.1	−49.7	−58.0	−51.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	46.2	−40.6	−147	−11.1	−44.0	−36.4
Cash from financing	−20.3	−112	−207	−64.7	−117	−96.7
Foreign exchange effects	17.3	14.8	15.6	15.0	7.1	0.4
Net change in cash	98.3	41.4	12.9	33.3	−38.4	23.3
Free cash flow	107	159	221	96.2	98.2	134

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.