PIGEON CORPORATION PGENY

Consumer StaplesPersonal & Household Products & ServicesJapan

Last close 3.33 USD on Nov 1, 2026, +24.0% year to date

Quant rating

Quant rating A+ Rank 1 of 174 in Consumer Staples

Growth A 23 of 174
Valuation B 45 of 174
Quality A 8 of 174
Revisions A 22 of 174
Momentum B 34 of 174

Wall Street consensus Buy (2.10)Average target 14.67 USD +339.7%

Historical valuation

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

Key data

Market cap: 1.6B
Enterprise value: 1.4B
52-week range: 2.21 – 3.38
3-year range: 2.04 – 3.42
Dividend yield: 3.63%
Beta (5 years): 0.13
Shares outstanding: 122M
Next earnings: Nov 5, 2026

About the company

Pigeon Corp is a Japan-based company mainly engaged in the manufacture, purchase and sale of childcare and nursing products. It has six business segments. Domestic Baby and Mom segment manufactures and sells childcare and women’s products. Products are mainly weaning related products, skin care products, wet tissues, baby foods and outing products. China segment manufactures and sells products in China, South Korea, Hong Kong, Taiwan, Russia. Lansinoh segment manufactures and sells products in United States, Germany, United Kingdom, Turkey, China. Singapore segment manufactures and sells products in ASEAN countries such as Singapore, Indonesia, Thailand and Malaysia, as well as India, Australia and Middle East. Healthcare and Nursing Care segment manufactures and sells products and provides nursing care services. Products are incontinence products, care facility products. Children Support segment operates childcare facilities and infant classrooms and provides baby-sitting services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	697	663	670	724	809	–
Revenue growth	5.2%	−1.0%	−7.5%	−10.5%	−16.0%	−6.3%
EPS (basic, normalized)	0.47	0.46	0.41	0.54	0.64	–
EPS growth	2.1%	11.0%	−23.2%	−15.2%	–	–
Gross margin	50.2%	49.3%	48.1%	47.2%	47.3%	48.4%
Net margin	7.9%	8.0%	7.9%	9.0%	9.4%	8.4%
ROE	10.4%	10.5%	9.6%	11.4%	12.2%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	223
Current ratio	3.99x
Long-term debt (mil)	0
Net debt (mil)	−205
Total equity (mil)	526
Net debt / equity	−0.39x
Net debt / EBITDA	−1.77x

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
2025 actual	697	+5.2%	2.0x	116	+11.6%	12.1x	0.47	+2.1%	7.1x
2026	757	+8.6%	1.9x	123	+5.9%	11.4x	0.53	+12.4%	6.3x
2027	792	+4.6%	1.8x	134	+8.4%	10.6x	0.60	+12.9%	5.6x
2028	818	+3.4%	1.7x	143	+6.9%	9.9x	0.65	+9.2%	5.1x

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
2026	757	0.0%	+1.2%	+3.7%	0.53	0.0%	+2.9%	+4.6%
2027	792	+0.3%	+1.6%	+4.9%	0.60	+0.4%	+4.3%	+7.5%
2028	818	+0.2%	+1.8%	+4.5%	0.65	+0.3%	+4.2%	+7.4%

Earnings surprises EPS beat in 2 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)	23,749	27,564	24,724	28,134	25,227	28,507	26,792	28,644	27,707	31,270
Sales mean (mil)	23,643	25,617	27,292	25,173	25,224	28,352	26,043	29,216	26,154	30,828
Surprise	+0.4%	+7.6%	−9.4%	+11.8%	0.0%	+0.5%	+2.9%	−2.0%	+5.9%	+1.4%
EPS reported	15.94	13.95	15.49	24.62	19.49	19.17	20.15	12.83	19.30	24.36
EPS mean	16.71	17.29	19.32	17.71	16.97	20.81	14.89	–	29.27	23.41
Surprise	−4.6%	−19.3%	−19.8%	+39.0%	+14.9%	−7.9%	+35.4%	–	−34.1%	+4.0%

Peer comparison Personal & Household Products & Services

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
PGENY PIGEON CORPORATION	1.6B	−1.77x	7.9%	2.94x	6.3x	5.6x	11.4x	10.6x
KSRYY KOSE Holdings Corporation	2.3B	−1.39x	4.6%	1.20x	5.3x	4.8x	10.1x	9.3x
DRVN Driven Brands Holdings Inc.	2.0B	3.34x	7.0%	2.46x	10.1x	8.5x	8.2x	7.2x
VSTS Vestis Corporation	2.0B	4.62x	−1.5%	2.23x	24.9x	19.6x	10.1x	8.9x
BLUMY Blue Moon Group Holdings Limited	1.8B	–	−3.9%	2.11x	406.4x	541.9x	55.2x	44.6x
EPC Edgewell Personal Care Company	1.3B	2.93x	1.1%	0.90x	14.8x	14.3x	8.7x	8.3x
Mean		1.55x	2.5%	1.97x	78.0x	99.1x	17.3x	14.8x
Median		2.93x	2.9%	2.17x	12.4x	11.4x	10.1x	9.1x

Technical analysis

1M+3.9%
3M+13.8%
1Y+4.2%
3Y+37.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PIGEON CORPORATION, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	697	663	670	724	809	963
Cost of revenue	347	336	347	382	426	479
Gross profit	350	327	322	342	383	484
Selling, general & administrative expenses	244	228	220	220	236	305
Research & development	22.4	21.7	25.9	28.9	31.3	30.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.3	3.6	2.7	2.5	10.2	1.0
Other operating expenses	0	0	0	0	0	0.1
Operating income	81.6	73.7	73.4	90.5	106	147
Net interest income (expense)	−1.8	1.9	0	1.7	3.5	−0.1
Gain (loss) on sale of assets	0	0.9	0	0	0	−1.9
Other non-operating income (expense)	5.1	5.4	5.6	8.0	8.3	8.1
Net income before taxes	85.0	81.9	79.1	100	118	153
Provision for taxes	28.6	27.5	25.5	33.4	39.6	48.2
Minority interest	−1.7	−1.2	−1.0	−1.4	−1.7	−2.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	54.7	53.3	52.6	65.5	76.3	103
Extraordinary items	–	–	–	–	–	–
Net income	54.7	53.3	52.6	65.5	76.3	103
EBIT, normalized	84.0	77.2	76.0	93.0	116	148
EBITDA, normalized	113	108	112	131	152	187
Basic EPS, normalized	0.47	0.46	0.41	0.54	0.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PIGEON CORPORATION, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	253	249	244	261	306	360
Receivables	122	119	109	123	147	152
Total inventory	104	89.1	95.9	117	110	110
Prepaid expenses	–	–	–	–	–	–
Other current assets	10.1	9.7	11.2	11.0	12.7	10.1
Total current assets	489	467	459	512	576	632
Property, plant & equipment	189	196	227	230	235	225
Goodwill	–	0.1	1.5	2.9	4.6	6.3
Intangibles	7.5	8.1	9.0	14.7	17.7	22.4
Long-term investments	3.6	3.5	4.0	4.2	4.6	6.7
Note receivable	–	–	–	–	–	–
Other long-term assets	13.5	13.7	11.7	12.2	13.8	12.9
Total assets	703	689	712	776	852	905
Liabilities
Accounts payable	35.0	35.4	35.5	50.4	49.6	62.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	24.9	20.7	19.3	22.3	25.1	9.2
Short-term debt	0	0	0.5	0	0	0
Current portion of long-term debt	5.0	5.9	5.8	5.4	4.8	3.7
Other current liabilities	50.8	48.5	34.7	40.6	51.4	76.6
Total current liabilities	116	111	95.9	119	131	152
Long-term debt	9.4	11.9	13.4	16.2	12.7	8.2
Minority interest	19.0	22.0	24.8	24.8	25.4	26.4
Other liabilities	29.4	28.3	27.8	31.2	40.9	42.0
Total liabilities	173	173	162	191	210	228
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	33.2	33.1	36.9	39.7	45.2	50.4
Additional paid-in capital	32.8	32.7	36.4	39.1	45.0	50.2
Retained earnings (accumulated deficit)	368	371	418	463	531	592
Treasury stock	−8.7	−9.5	−10.5	−10.6	−12.9	−14.3
Other equity	104	89.1	68.8	53.3	33.2	−1.1
Total equity	529	516	550	585	642	677
Total liabilities & shareholders' equity	703	689	712	776	852	905

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PIGEON CORPORATION, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	85.0	81.9	79.1	100	118	153
Depreciation, depletion & amortization	29.4	31.0	36.0	37.7	36.2	38.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1.2	−0.6	0	1.7	0	1.6
Changes in working capital	−29.8	−21.5	−12.2	−38.9	−59.0	−15.3
Cash from operations	83.4	90.9	103	101	94.7	178
Investing activities
Capital expenditures	−20.1	−14.3	−40.1	−42.4	−51.2	−37.0
Other investing cash flows	0	7.1	1.3	−0.7	2.6	0.1
Cash from investing	−20.1	−7.2	−38.8	−43.2	−48.6	−37.0
Financing activities
Financing cash flow items	−11.4	−9.2	−7.6	−5.6	0.4	−3.1
Cash dividends paid	−58.1	−57.9	−64.6	−68.4	−76.0	−82.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0.5	−0.6	−0.5	0.3	0	−3.8
Cash from financing	−69.1	−67.7	−72.7	−73.7	−75.5	−89.4
Foreign exchange effects	8.4	14.9	9.0	9.0	13.6	−7.0
Net change in cash	2.6	30.8	0.5	−7.1	−15.9	44.9
Free cash flow	63.3	76.5	62.9	58.3	43.5	141

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.