NH Foods Ltd. NIPMY

Consumer StaplesFood & TobaccoJapan

Last close 14.00 USD on Nov 1, 2026, −2.3% year to date

Quant rating

Quant rating B Rank 37 of 174 in Consumer Staples

Growth A 19 of 174
Valuation C 80 of 174
Quality B 33 of 174
Revisions C 74 of 174
Momentum C 85 of 174

Wall Street consensus Hold (2.88)Average target 14.20 USD +1.4%

Historical valuation

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

Key data

Market cap: 3.7B
Enterprise value: 4.9B
52-week range: 14.00 – 14.33
3-year range: 10.83 – 14.33
Dividend yield: 2.38%
Beta (5 years): –
Shares outstanding: 283M
Next earnings: Nov 2, 2026

About the company

NH Foods Ltd is a Japan-based company mainly engaged in the food business. The Company operates through three business segments. The Processing Business Headquarter segment is mainly engaged in the manufacture and sale of ham, sausages and processed foods, as well as the manufacture and sale of marine products and dairy products in Japan. The Meat Business Headquarter segment is mainly engaged in the production and sale of meat, the breeding and raising of pigs and broilers, and the sale of meat products in Japan. The Overseas Business Headquarters segment is mainly engaged in the production, manufacture and sale of ham, sausages, processed foods and meat. The ballpark business is engaged in the operation of professional baseball teams and stadiums.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	9,183	9,140	8,614	9,487	9,468	–
Revenue growth	0.5%	6.1%	−9.2%	0.2%	−5.3%	−1.7%
EPS (basic, normalized)	0.77	0.60	0.59	0.40	1.20	–
EPS growth	27.4%	3.0%	45.4%	−66.4%	–	–
Gross margin	17.1%	16.3%	15.4%	14.0%	17.3%	16.0%
Net margin	2.4%	1.9%	2.1%	1.4%	3.4%	2.3%
ROE	6.6%	5.1%	5.5%	3.7%	8.6%	5.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	458
Current ratio	1.71x
Long-term debt (mil)	1,109
Net debt (mil)	1,198
Total equity (mil)	3,285
Net debt / equity	0.36x
Net debt / EBITDA	1.84x

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	9,183	+0.5%	0.5x	650	+26.0%	7.6x	0.77	+27.4%	18.2x
2027	9,541	+3.9%	0.5x	658	+1.3%	7.5x	0.88	+14.5%	15.9x
2028	9,709	+1.8%	0.5x	682	+3.7%	7.2x	0.97	+10.4%	14.4x
2029	9,862	+1.6%	0.5x	708	+3.7%	7.0x	1.08	+11.1%	13.0x

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	9,541	+0.3%	+1.1%	+3.3%	0.88	+0.3%	−0.8%	−5.1%
2028	9,709	+0.3%	+1.3%	+3.3%	0.97	−0.1%	−1.6%	−4.2%
2029	9,862	+0.3%	+1.3%	+4.4%	1.08	0.0%	−1.7%	−2.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	305,475	338,050	345,814	371,154	315,535	354,141	368,458	385,982	348,800	384,946
Sales mean (mil)	299,872	330,967	336,207	356,574	315,462	344,833	358,420	384,534	333,173	365,567
Surprise	+1.9%	+2.1%	+2.9%	+4.1%	0.0%	+2.7%	+2.8%	+0.4%	+4.7%	+5.3%
EPS reported	−4.70	42.36	15.70	37.54	−7.79	38.47	39.93	35.98	5.23	38.15
EPS mean	−51.71	31.42	16.88	41.03	−9.00	36.08	25.41	41.03	7.89	40.23
Surprise	+90.9%	+34.8%	−7.0%	−8.5%	+13.4%	+6.6%	+57.1%	−12.3%	−33.7%	−5.2%

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
NIPMY NH Foods Ltd.	3.7B	1.84x	2.4%	1.09x	15.9x	14.4x	7.5x	7.2x
CRWCY Cranswick PLC	3.9B	–	5.3%	2.67x	15.6x	14.6x	8.9x	8.3x
SEB Seaboard Corporation	3.7B	–	5.1%	0.68x	–	–	–	–
POST Post Holdings, Inc.	3.7B	4.79x	4.1%	1.19x	10.9x	11.6x	7.1x	7.4x
ACOPY The a2 Milk Company Limited	3.5B	–	10.6%	5.84x	28.1x	20.7x	17.6x	13.7x
PIFFY Indofood CBP Sukses Makmur Tbk PT	3.5B	1.88x	12.3%	1.21x	134.6x	123.3x	5.5x	5.2x
Mean		2.84x	6.6%	2.11x	41.0x	36.9x	9.3x	8.4x
Median		1.88x	5.2%	1.20x	15.9x	14.6x	7.5x	7.4x

Technical analysis

1M0.0%
3M0.0%
1Y−2.3%
3Y+10.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NH Foods Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	9,183	9,140	8,614	9,487	9,468	9,994
Cost of revenue	7,611	7,651	7,289	8,162	7,833	8,200
Gross profit	1,572	1,489	1,325	1,325	1,635	1,794
Selling, general & administrative expenses	1,103	1,126	1,036	1,134	1,170	1,230
Research & development	–	–	–	–	–	–
Depreciation/amortization	113	105	102	116	117	124
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	25.2	53.2	5.6	8.7	53.8	89.3
Other operating expenses	0	0	0	0	0	0
Operating income	330	205	182	66.0	294	352
Net interest income (expense)	53.1	31.9	66.7	73.1	123	60.5
Gain (loss) on sale of assets	14.0	5.8	3.3	5.4	2.0	8.3
Other non-operating income (expense)	−53.9	4.9	16.0	22.3	6.9	9.7
Net income before taxes	344	248	268	167	425	430
Provision for taxes	111	62.7	74.4	35.9	106	156
Minority interest	−11.7	−8.1	−9.1	5.0	3.3	14.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	221	177	185	136	322	288
Extraordinary items	–	–	0.7	−10.7	72.7	6.4
Net income	221	177	186	125	395	295
EBIT, normalized	356	259	188	74.7	348	441
EBITDA, normalized	641	538	452	361	640	748
Basic EPS, normalized	0.77	0.60	0.59	0.40	1.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NH Foods Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	479	498	470	558	904	894
Receivables	992	948	1,091	1,104	1,118	1,148
Total inventory	1,208	1,164	1,103	1,280	1,255	1,188
Prepaid expenses	–	–	–	–	–	–
Other current assets	82.3	99.4	135	281	128	77.3
Total current assets	2,762	2,710	2,798	3,223	3,405	3,306
Property, plant & equipment	2,662	2,804	2,786	3,063	3,225	3,300
Goodwill	30.0	29.7	1.4	1.5	1.7	1.7
Intangibles	216	222	169	151	124	94.1
Long-term investments	279	242	263	276	392	405
Note receivable	–	–	–	–	–	–
Other long-term assets	336	324	314	342	326	349
Total assets	6,285	6,331	6,333	7,057	7,473	7,456
Liabilities
Accounts payable	511	497	542	567	607	631
Payable/accrued	–	–	–	–	–	–
Accrued expenses	268	241	265	251	284	296
Short-term debt	210	252	309	585	488	421
Current portion of long-term debt	92.4	318	82.1	185	253	114
Other current liabilities	475	411	433	509	686	607
Total current liabilities	1,557	1,719	1,631	2,098	2,317	2,070
Long-term debt	1,138	923	1,028	1,053	997	1,214
Minority interest	92.9	85.2	77.3	74.3	86.2	96.8
Other liabilities	114	107	110	120	135	158
Total liabilities	2,902	2,834	2,847	3,345	3,536	3,539
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	229	242	240	273	298	328
Additional paid-in capital	443	474	470	535	586	644
Retained earnings (accumulated deficit)	2,609	2,586	2,580	2,782	2,966	2,896
Treasury stock	−192	−5.2	−9.3	−15.5	−23.5	−31.9
Other equity	295	200	206	137	111	81.4
Total equity	3,383	3,496	3,486	3,712	3,938	3,917
Total liabilities & shareholders' equity	6,285	6,331	6,333	7,057	7,473	7,456

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NH Foods Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	344	248	268	167	422	441
Depreciation, depletion & amortization	284	278	263	289	300	308
Deferred taxes	–	–	–	–	–	–
Non-cash items	17.9	−3.1	23.7	−26.7	52.3	58.4
Changes in working capital	−116	3.7	33.0	−336	−500	−62.6
Cash from operations	529	527	588	93.4	274	745
Investing activities
Capital expenditures	−217	−240	−320	−619	−366	−537
Other investing cash flows	2.7	−45.0	61.2	140	178	14.2
Cash from investing	−215	−285	−259	−480	−188	−522
Financing activities
Financing cash flow items	−5.3	–	–	0	−1.6	−13.4
Cash dividends paid	−84.8	−82.1	−74.8	−78.7	−79.0	−83.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−263	−117	−277	293	−19.4	−37.7
Cash from financing	−353	−199	−352	214	−100.0	−135
Foreign exchange effects	20.1	−2.4	26.4	18.6	25.9	15.1
Net change in cash	−18.1	40.6	3.2	−154	12.7	103
Free cash flow	312	287	267	−526	−91.1	209

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.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.