Yakult Honsha Co Ltd YKLTY

Consumer StaplesFood & TobaccoJapan

Last close 8.71 USD on Nov 3, 2026, +13.8% year to date

Quant rating

Quant rating B Rank 50 of 174 in Consumer Staples

Growth B 62 of 174
Valuation D 148 of 174
Quality A 19 of 174
Revisions B 33 of 174
Momentum C 89 of 174

Wall Street consensus Hold (3.44)Average target 15.94 USD +82.9%

Historical valuation

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

Key data

Market cap: 5.4B
Enterprise value: 5.0B
52-week range: 7.02 – 10.34
3-year range: 7.02 – 12.97
Dividend yield: 3.17%
Beta (5 years): 0.11
Shares outstanding: 303M
Next earnings: Nov 13, 2026

About the company

Yakult Honsha Co Ltd is a Japan-based company primarily engaged in the beverage and food manufacturing and sales business. It conducts business through regional segments in Japan, the Americas, Asia-Oceania, and Europe. The Beverages and Food Products Manufacturing and Sales business (Japan) primarily manufactures and sells dairy products and noodles, and sells soft drinks. The Beverages and Food Products Manufacturing and Sales business (Americas) primarily manufactures and sells dairy products. The Beverages and Food Products Manufacturing and Sales business (Asia and Oceania) primarily manufactures and sells dairy products. The Beverages and Food Products Manufacturing and Sales business (Europe) manufactures and sells dairy products. Other businesses include the cosmetics manufacturing and sales business, the pharmaceutical manufacturing and sales business, and professional baseball operations.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,065	3,332	3,325	3,638	3,412	–
Revenue growth	−8.0%	0.2%	−8.6%	6.6%	−2.1%	−2.5%
EPS (basic, normalized)	0.96	1.02	1.05	1.19	1.09	–
EPS growth	−6.3%	−3.0%	−11.9%	10.1%	–	–
Gross margin	58.8%	59.1%	59.6%	59.7%	59.8%	59.4%
Net margin	9.1%	9.1%	10.1%	10.5%	10.8%	9.9%
ROE	7.5%	8.1%	9.7%	10.7%	10.6%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,335
Current ratio	2.08x
Long-term debt (mil)	314
Net debt (mil)	−329
Total equity (mil)	3,700
Net debt / equity	−0.09x
Net debt / EBITDA	−0.70x

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	3,065	−8.0%	1.6x	469	−19.9%	10.7x	0.96	−6.3%	9.1x
2027	3,233	+5.5%	1.6x	484	+3.2%	10.4x	1.03	+8.0%	8.4x
2028	3,318	+2.6%	1.5x	488	+0.7%	10.3x	0.94	−9.3%	9.3x
2029	3,404	+2.6%	1.5x	512	+5.0%	9.8x	0.97	+3.7%	9.0x

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	3,233	0.0%	0.0%	+1.6%	1.03	0.0%	+0.5%	+9.6%
2028	3,318	0.0%	0.0%	+1.8%	0.94	0.0%	+0.4%	+2.1%
2029	3,404	0.0%	+0.6%	+2.9%	0.97	0.0%	−0.1%	−1.0%

Earnings surprises EPS beat in 3 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)	115,358	122,644	132,449	131,171	113,419	116,586	124,588	130,604	114,647	120,463
Sales mean (mil)	115,863	122,744	133,393	134,333	116,145	118,750	125,457	130,406	114,280	119,550
Surprise	−0.4%	−0.1%	−0.7%	−2.4%	−2.3%	−1.8%	−0.7%	+0.2%	+0.3%	+0.8%
EPS reported	25.43	46.48	44.13	53.19	6.43	39.36	44.06	58.17	9.07	46.99
EPS mean	30.47	45.48	45.80	47.12	20.55	48.88	41.59	55.40	15.73	25.42
Surprise	−16.5%	+2.2%	−3.7%	+12.9%	−68.7%	−19.5%	+5.9%	+5.0%	−42.3%	+84.8%

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
YKLTY Yakult Honsha Co Ltd	5.4B	−0.70x	9.1%	1.34x	8.4x	9.3x	10.4x	10.3x
PPC Pilgrims Pride Corp	6.5B	1.09x	5.9%	1.68x	12.9x	10.8x	6.9x	6.1x
INGR Ingredion Inc	6.1B	0.66x	10.1%	1.35x	9.3x	8.6x	6.0x	5.6x
YMZBY Yamazaki Baking Co Ltd	5.6B	–	3.1%	1.63x	–	–	–	–
GLAPY Glanbia PLC	5.3B	–	–	–	73.0x	68.5x	9.5x	9.0x
WWNTY Want Want China Holdings Limited	4.4B	–	15.7%	1.50x	463.5x	450.0x	4.2x	4.0x
Mean		0.35x	8.8%	1.50x	113.4x	109.4x	7.4x	7.0x
Median		0.66x	9.1%	1.50x	12.9x	10.8x	6.9x	6.1x

Technical analysis

1M−1.0%
3M+0.8%
1Y+21.8%
3Y−26.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Yakult Honsha Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,065	3,332	3,325	3,638	3,412	3,484
Cost of revenue	1,261	1,362	1,343	1,465	1,370	1,435
Gross profit	1,804	1,971	1,982	2,172	2,042	2,049
Selling, general & administrative expenses	1,425	1,506	1,472	1,570	1,496	1,537
Research & development	61.1	62.4	59.8	70.3	70.8	76.3
Depreciation/amortization	32.7	32.9	30.9	34.6	37.5	40.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.6	12.1	14.6	1.2	3.3	20.2
Other operating expenses	0	0	0	0	0	0
Operating income	282	357	404	496	434	375
Net interest income (expense)	157	162	116	79.4	130	138
Gain (loss) on sale of assets	1.8	8.1	1.4	4.3	−8.8	1.9
Other non-operating income (expense)	0.1	8.6	9.2	11.3	16.1	21.8
Net income before taxes	441	536	531	591	571	536
Provision for taxes	128	171	149	170	166	143
Minority interest	−34.4	−61.5	−45.2	−39.5	−35.9	−38.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	279	304	337	381	369	355
Extraordinary items	–	–	–	–	–	–
Net income	279	304	337	381	369	355
EBIT, normalized	285	369	419	498	437	395
EBITDA, normalized	466	569	603	688	633	594
Basic EPS, normalized	0.96	1.02	1.05	1.19	1.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Yakult Honsha Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,458	1,794	1,687	1,816	1,668	1,592
Receivables	343	364	400	451	430	453
Total inventory	227	229	245	276	252	251
Prepaid expenses	–	–	–	–	–	–
Other current assets	114	133	128	124	119	115
Total current assets	2,143	2,520	2,460	2,667	2,469	2,410
Property, plant & equipment	2,181	1,931	1,725	1,695	1,736	1,834
Goodwill	–	–	–	–	–	–
Intangibles	64.9	68.6	43.4	41.9	44.3	48.6
Long-term investments	1,092	1,037	1,095	1,097	1,156	1,315
Note receivable	–	–	–	–	–	–
Other long-term assets	269	207	184	142	125	129
Total assets	5,750	5,764	5,507	5,644	5,531	5,737
Liabilities
Accounts payable	123	138	167	218	214	205
Payable/accrued	–	–	–	–	–	–
Accrued expenses	49.0	49.2	42.0	51.1	51.1	54.2
Short-term debt	310	417	276	24.2	39.6	139
Current portion of long-term debt	41.4	62.1	59.5	370	72.1	79.8
Other current liabilities	410	385	417	449	357	367
Total current liabilities	934	1,052	962	1,112	734	845
Long-term debt	367	218	255	169	551	650
Minority interest	303	369	374	353	319	314
Other liabilities	326	296	286	255	260	269
Total liabilities	1,930	1,935	1,877	1,888	1,864	2,079
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	196	208	206	234	256	281
Additional paid-in capital	268	284	278	313	338	370
Retained earnings (accumulated deficit)	2,997	3,648	3,434	3,647	3,669	3,716
Treasury stock	−292	−841	−735	−617	−529	−476
Other equity	652	531	447	178	−66.6	−232
Total equity	3,820	3,829	3,630	3,755	3,667	3,658
Total liabilities & shareholders' equity	5,750	5,764	5,507	5,644	5,531	5,737

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Yakult Honsha Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	441	536	531	591	571	536
Depreciation, depletion & amortization	182	200	184	191	195	200
Deferred taxes	–	–	–	–	–	–
Non-cash items	−124	−115	−106	−48.3	−83.8	−74.1
Changes in working capital	−170	−56.1	−141	−82.4	−79.5	−157
Cash from operations	328	565	467	651	603	504
Investing activities
Capital expenditures	−411	−358	−306	−228	−220	−214
Other investing cash flows	165	−48.9	15.4	84.8	122	36.5
Cash from investing	−246	−407	−290	−143	−97.6	−177
Financing activities
Financing cash flow items	−86.1	−45.0	−26.1	−26.5	−18.9	−26.8
Cash dividends paid	−121	−121	−103	−95.7	−81.7	−70.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−74.5	−43.5	−132	−213	−271	−185
Cash from financing	−282	−210	−261	−335	−371	−282
Foreign exchange effects	22.1	21.8	132	127	95.4	−60.8
Net change in cash	−177	−30.2	47.3	299	230	−16.2
Free cash flow	−82.7	207	162	423	384	290

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 3, 2026 after market close.