Toyo Suisan Kaisha Ltd TSUKY

Consumer StaplesFood & TobaccoJapan

Last close 70.76 USD on Nov 2, 2026, +8.4% year to date

Quant rating

Quant rating A+ Rank 4 of 174 in Consumer Staples

Growth B 33 of 174
Valuation A 21 of 174
Quality A 2 of 174
Revisions B 37 of 174
Momentum B 41 of 174

Wall Street consensus Hold (2.82)Average target 71.85 USD +1.5%

Historical valuation

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

Key data

Market cap: 7.9B
Enterprise value: 6.3B
52-week range: 58.02 – 86.90
3-year range: 49.75 – 86.90
Dividend yield: 1.96%
Beta (5 years): 0.50
Shares outstanding: 111M
Next earnings: Nov 3, 2026

About the company

Toyo Suisan Kaisha Ltd is a Japan-based food manufacturing company. The Company operates through six business segments. The Seafood segment is engaged in the purchase, processing and sale of seafoods in domestic and overseas markets. The Overseas Instant Noodles segment provides cup and bag noodles mainly in the United States and Mexico. The Domestic Instant Noodles segment provides cup and bag noodles in Japan. The Low Temperature Food segment manufactures and sells steamed and roasted buckwheat noodles, raw ramen, boiled noodles, frozen noodles and commercial cocking products. The Processed Food segment is engaged in the manufacture and sale of processed foods such as aseptic packaged rice, retort rice, soup, dashi-no-moto, bonito flakes, and paste products in Japan. The Frozen and Cold Storage segment is engaged in the provision of storage and freezing services. The Company also involves in the bag lunch, prepared food businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,381	3,385	3,232	3,282	2,971	–
Revenue growth	−0.1%	4.7%	−1.5%	10.4%	−21.2%	−2.2%
EPS (basic, normalized)	4.49	4.22	3.50	2.39	1.70	–
EPS growth	6.5%	20.6%	46.4%	40.7%	–	–
Gross margin	30.7%	29.8%	28.7%	24.8%	25.0%	27.8%
Net margin	13.1%	12.4%	11.4%	7.6%	6.2%	10.1%
ROE	13.9%	13.3%	13.0%	8.9%	6.5%	11.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,593
Current ratio	5.65x
Long-term debt (mil)	14.8
Net debt (mil)	−1,493
Total equity (mil)	3,297
Net debt / equity	−0.45x
Net debt / EBITDA	−2.28x

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	3,381	−0.1%	1.9x	656	+0.9%	9.6x	4.49	+6.5%	15.8x
2027	3,708	+9.7%	1.7x	692	+5.5%	9.1x	4.63	+3.2%	15.3x
2028	3,839	+3.5%	1.6x	722	+4.2%	8.8x	4.92	+6.1%	14.4x
2029	3,950	+2.9%	1.6x	756	+4.7%	8.4x	5.25	+6.7%	13.5x

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	3,708	0.0%	+0.2%	+2.2%	4.63	0.0%	+0.6%	−2.3%
2028	3,839	0.0%	0.0%	+2.9%	4.92	0.0%	−0.1%	−2.0%
2029	3,950	0.0%	−0.1%	+3.0%	5.25	0.0%	+0.2%	−1.7%

Earnings surprises EPS beat in 4 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)	130,514	126,697	118,993	149,524	112,386	125,803	130,271	146,562	134,000	135,667
Sales mean (mil)	125,081	120,114	123,324	143,858	124,543	124,500	131,650	140,988	136,555	137,517
Surprise	+4.3%	+5.5%	−3.5%	+3.9%	−9.8%	+1.0%	−1.0%	+4.0%	−1.9%	−1.3%
EPS reported	154.22	172.66	143.14	203.71	106.90	153.08	182.32	206.09	172.25	187.53
EPS mean	103.42	132.00	138.68	176.23	105.28	160.83	159.09	198.89	144.21	157.27
Surprise	+49.1%	+30.8%	+3.2%	+15.6%	+1.5%	−4.8%	+14.6%	+3.6%	+19.4%	+19.2%

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
TSUKY Toyo Suisan Kaisha Ltd	7.9B	−2.28x	13.1%	2.03x	15.3x	14.4x	9.1x	8.8x
DAR Darling Ingredients Inc.	8.5B	3.75x	1.0%	1.63x	8.1x	8.7x	5.5x	5.8x
BRRLY Barry Callebaut AG	8.0B	–	1.3%	2.64x	–	–	–	–
LW Lamb Weston Holdings, Inc.	7.8B	3.28x	4.4%	4.31x	17.5x	16.0x	9.7x	9.1x
MEJHY Meiji Holdings Co Ltd	7.7B	0.64x	3.0%	1.51x	9.0x	8.2x	8.1x	7.6x
SFD Smithfield Foods, Inc.	7.3B	0.65x	6.4%	1.04x	9.4x	9.6x	6.2x	6.1x
Mean		1.21x	4.8%	2.19x	11.9x	11.4x	7.8x	7.5x
Median		0.65x	3.7%	1.83x	9.4x	9.6x	8.1x	7.6x

Technical analysis

1M+18.9%
3M+12.4%
1Y+2.0%
3Y+40.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Toyo Suisan Kaisha Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,381	3,385	3,232	3,282	2,971	3,772
Cost of revenue	2,342	2,376	2,306	2,468	2,227	2,279
Gross profit	1,040	1,009	926	814	744	1,493
Selling, general & administrative expenses	481	486	466	490	479	1,140
Research & development	9.9	10.5	10.4	11.7	12.9	14.2
Depreciation/amortization	8.5	9.3	8.8	8.4	7.7	9.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.6	1.4	10.6	−0.4	0	−4.4
Other operating expenses	0	0	0	0	0	0
Operating income	539	502	430	304	244	334
Net interest income (expense)	49.4	53.8	49.6	19.0	9.6	11.8
Gain (loss) on sale of assets	−0.4	−2.4	−1.8	−1.7	−2.1	−2.5
Other non-operating income (expense)	6.0	5.9	5.8	6.6	7.6	8.5
Net income before taxes	594	559	484	328	260	351
Provision for taxes	150	137	120	75.7	70.5	84.0
Minority interest	−1.8	−2.7	3.7	−2.8	−4.9	−4.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	442	419	368	249	184	263
Extraordinary items	–	–	–	–	–	–
Net income	442	419	368	249	184	263
EBIT, normalized	541	503	441	304	244	329
EBITDA, normalized	656	615	554	424	370	465
Basic EPS, normalized	4.49	4.22	3.50	2.39	1.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Toyo Suisan Kaisha Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,649	1,717	1,683	1,401	1,462	1,441
Receivables	395	421	425	443	461	460
Total inventory	284	260	245	259	216	220
Prepaid expenses	–	–	–	–	–	–
Other current assets	51.0	47.5	43.6	44.1	25.4	28.2
Total current assets	2,379	2,446	2,396	2,147	2,165	2,150
Property, plant & equipment	1,330	1,224	1,103	1,204	1,309	1,427
Goodwill	3.8	4.5	–	–	–	–
Intangibles	48.7	32.7	17.5	19.2	10.8	11.4
Long-term investments	267	234	242	220	232	263
Note receivable	–	–	–	–	–	–
Other long-term assets	21.3	26.4	15.4	153	20.6	20.8
Total assets	4,051	3,968	3,774	3,743	3,737	3,872
Liabilities
Accounts payable	203	233	214	243	234	224
Payable/accrued	–	–	–	–	–	–
Accrued expenses	177	183	179	193	199	210
Short-term debt	3.0	2.9	2.6	2.8	3.1	3.2
Current portion of long-term debt	1.9	1.9	1.9	2.2	2.3	2.7
Other current liabilities	70.6	68.3	63.9	45.0	47.0	82.7
Total current liabilities	456	489	462	487	485	523
Long-term debt	15.7	17.8	19.1	23.2	27.0	31.8
Minority interest	82.1	83.0	80.7	94.7	101	107
Other liabilities	152	169	157	185	207	216
Total liabilities	706	759	718	790	820	878
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	120	127	125	143	156	171
Additional paid-in capital	145	153	152	173	189	207
Retained earnings (accumulated deficit)	2,909	2,756	2,442	2,456	2,484	2,611
Treasury stock	−351	−215	−54.5	−62.0	−67.7	−74.4
Other equity	522	388	391	244	156	79.3
Total equity	3,345	3,209	3,055	2,953	2,917	2,994
Total liabilities & shareholders' equity	4,051	3,968	3,774	3,743	3,737	3,872

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Toyo Suisan Kaisha Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	594	559	484	328	260	351
Depreciation, depletion & amortization	116	112	113	120	126	136
Deferred taxes	–	–	–	–	–	–
Non-cash items	−44.8	−45.9	−30.0	−17.7	−4.9	1.8
Changes in working capital	−128	−99.8	−101	−114	−107	−57.2
Cash from operations	537	525	466	317	274	432
Investing activities
Capital expenditures	−291	−212	−129	−108	−107	−147
Other investing cash flows	7.7	−54.8	−226	−81.9	−118	−304
Cash from investing	−284	−267	−355	−190	−224	−452
Financing activities
Financing cash flow items	−2.8	−3.0	−3.1	−3.2	−3.6	−4.1
Cash dividends paid	−125	−128	−81.0	−69.2	−75.5	−73.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−148	−159	0.1	0	0.2	0.2
Cash from financing	−276	−290	−84.0	−72.4	−78.9	−77.6
Foreign exchange effects	−0.4	14.2	3.0	7.6	1.1	2.1
Net change in cash	−23.3	−17.9	29.7	61.9	−28.6	−95.4
Free cash flow	245	313	337	209	167	284

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.