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Definitive Analysis

Financial Statements

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Industry

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Page: Company Financials

Shinobu Foods Products Co., Ltd.

Ticker: 2903.T | Industry: Packaged Foods | Sector: Consumer Defensive
$1,960.00 +10.00 (0.51%)
As of: 2026-01-27

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 1,107.50 943.50 847.25 624.50
Market Capitalization 13,067.62M 11,590.72M 10,481.41M 7,762.87M
(-) Cash & Equivalents 6,265.50M 6,698.50M 6,853.00M 6,221.00M
(+) Total Debt 5,899.50M 6,988.25M 8,273.50M 9,074.00M
Enterprise Value 12,701.62M 11,880.47M 11,901.91M 10,615.87M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Revenue 59,046M 55,495M 57,651M 54,825M 51,047M 48,653M 45,480M 52,488M
Cost of Revenue 50,296M 47,326M 49,106M 46,817M 43,989M 42,070M 39,596M 41,851M
Gross Profit 8,750M 8,169M 8,545M 8,008M 7,058M 6,583M 5,884M 10,637M
Gross Profit Margin 14.8% 14.7% 14.8% 14.6% 13.8% 13.5% 12.9% 20.3%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 6,332M 5,798M 6,212M 5,638M 5,181M 5,056M 9,086M 9,377M
Operating Expenses 6,332M 5,799M 6,212M 5,639M 5,181M 5,056M 4,786M 9,142M
Operating Income (EBIT) 2,418M 2,370M 2,333M 2,369M 1,877M 1,527M 1,098M 1,495M
Operating Income Margin 4.1% 4.3% 4.0% 4.3% 3.7% 3.1% 2.4% 2.8%
Interest Income 0M 38M 37M 38M 32M 25M 25M 22M
Interest Expense 34M 38M 35M 39M 42M 44M 47M 47M
Net Interest Income -34M 0M 2M -1M -10M -19M -22M -25M
Unusual Items -947M -794M -970M -746M -1,397M -7M 64M 0M
EBT Excluding Unusual Items 2,384M 2,370M 2,335M 2,368M 1,867M 1,508M 1,076M 1,470M
Pre-Tax Income 1,437M 1,576M 1,365M 1,622M 470M 1,501M 1,140M 1,470M
Pre-Tax Margin 2.4% 2.8% 2.4% 3.0% 0.9% 3.1% 2.5% 2.8%
Income Tax Expense 410M 402M 365M 453M 366M 419M 347M 376M
Net Income 1,024M 1,173M 997M 1,167M 103M 1,081M 791M 1,093M
Net Income Margin 1.7% 2.1% 1.7% 2.1% 0.2% 2.2% 1.7% 2.1%
Depreciation & Amortization 1,554M 818M 1,568M 1,539M 1,542M 1,549M 1,565M 1,418M
EBITDA 3,972M 3,188M 3,901M 3,908M 3,419M 3,076M 2,663M 2,913M
EBITDA Margin 6.7% 5.7% 6.8% 7.1% 6.7% 6.3% 5.9% 5.5%
NOPAT 1,728M 1,765M 1,709M 1,707M 415M 1,101M 764M 1,113M
NOPAT Margin 2.9% 3.2% 3.0% 3.1% 0.8% 2.3% 1.7% 2.1%
Owner's Earnings 2,578M 1,991M 956M 999M 636M 1,697M 1,069M -1,907M
Owner's Earnings Margin 4.4% 3.6% 1.7% 1.8% 1.2% 3.5% 2.4% -3.6%
EPS (Basic) 84.40 95.29 82.02 94.72 8.33 87.21 63.62 88.11
EPS (Diluted) 84.99 94.99 81.68 94.18 8.26 86.33 62.61 86.52
Shares (Basic) 12M 12M 12M 12M 12M 12M 12M 12M
Shares (Diluted) 12M 12M 12M 12M 12M 13M 13M 13M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Cash & Cash Equivalents 6,252.00M 6,279.00M 6,279.00M 6,981.00M 6,633.00M 5,482.00M 4,681.00M 3,032.00M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 6,252.00M 6,279.00M 6,279.00M 6,981.00M 6,633.00M 5,482.00M 4,681.00M 3,032.00M
Net Receivables 6,358.00M 6,379.00M 6,379.00M 5,880.00M 5,518.00M 5,509.00M 5,175.00M 5,166.00M
Inventory 388.00M 389.00M 389.00M 310.00M 299.00M 280.00M 257.00M 257.00M
Other Current Assets 274.00M 151.00M 151.00M 160.00M 210.00M 179.00M 174.00M 743.00M
Total Current Assets 13,272.00M 13,198.00M 13,198.00M 13,331.00M 12,660.00M 11,450.00M 10,287.00M 9,198.00M
Property, Plant & Equipment 15,415.00M 15,407.00M 15,407.00M 16,214.00M 16,985.00M 18,841.00M 19,492.00M 20,038.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 145.00M 156.00M 156.00M 146.00M 131.00M 103.00M 79.00M 85.00M
Long-Term Investments 811.00M 262.00M 262.00M 47.00M 301.00M 376.00M 13.00M 109.00M
Tax Assets 0.00M 659.00M 659.00M 0.00M 303.00M 170.00M 157.00M 259.00M
Other Non-Current Assets 3.00M 2.00M 2.00M 697.00M 0.00M 0.00M 320.00M 328.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 1.00M 1.00M 2.00M 0.00M
Total Non-Current Assets 16,374.00M 16,486.00M 16,486.00M 17,104.00M 17,721.00M 19,491.00M 20,063.00M 20,819.00M
Total Assets 29,646.00M 29,684.00M 29,684.00M 30,435.00M 30,381.00M 30,941.00M 30,350.00M 30,017.00M
Accounts Payable 4,413.00M 4,471.00M 4,471.00M 4,088.00M 3,955.00M 3,959.00M 3,667.00M 3,718.00M
Short-Term Debt 2,055.00M 1,954.00M 1,954.00M 1,864.00M 1,892.00M 1,951.00M 2,034.00M 1,720.00M
Tax Payables 0.00M 0.00M 0.00M 464.00M 422.00M 379.00M 231.00M 232.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 3,036.00M 3,006.00M 2,697.00M 232.00M
Other Current Liabilities 3,518.00M 3,375.00M 3,375.00M 3,228.00M -91.00M -187.00M 272.00M 3,142.00M
Total Current Liabilities 9,986.00M 9,800.00M 9,800.00M 9,644.00M 9,214.00M 9,108.00M 8,901.00M 9,044.00M
Long-Term Debt 3,924.00M 3,866.00M 3,866.00M 5,398.00M 6,650.00M 7,203.00M 7,592.00M 8,029.00M
Capital Lease Obligations 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 25.00M
Deferred Tax Liabilities 0.00M 0.00M 22.00M 39.00M 22.00M 24.00M 26.00M 39.00M
Other Non-Current Liabilities 114.00M 121.00M 121.00M 102.00M 158.00M 129.00M 159.00M 257.00M
Total Non-Current Liabilities 4,038.00M 3,987.00M 4,009.00M 5,539.00M 6,830.00M 7,356.00M 7,777.00M 8,350.00M
Total Liabilities 14,024.00M 13,787.00M 13,809.00M 15,183.00M 16,044.00M 16,464.00M 16,678.00M 17,394.00M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 4,693.00M 4,693.00M 4,693.00M 4,693.00M 4,693.00M 4,693.00M 4,693.00M 4,693.00M
Retained Earnings 8,759.00M 8,439.00M 8,439.00M 7,773.00M 6,871.00M 7,034.00M 6,164.00M 5,590.00M
Accumulated OCI 175.00M 164.00M 164.00M 184.00M 94.00M 118.00M 140.00M 145.00M
Minority Interest 4.00M 6.00M 6.00M 5.00M 4.00M 4.00M 4.00M 4.00M
Total Shareholders’ Equity 13,627.00M 13,296.00M 13,296.00M 12,650.00M 11,658.00M 11,845.00M 10,997.00M 10,428.00M
Total Equity 13,631.00M 13,302.00M 13,302.00M 12,655.00M 11,662.00M 11,849.00M 11,001.00M 10,432.00M
Total Liabilities & Equity 27,655.00M 27,089.00M 27,111.00M 27,838.00M 27,706.00M 28,313.00M 27,679.00M 27,826.00M
Tangible Assets 29,501.00M 29,528.00M 29,528.00M 30,289.00M 30,250.00M 30,838.00M 30,271.00M 29,932.00M
Tangible Equity 13,486.00M 13,146.00M 13,146.00M 12,509.00M 11,531.00M 11,746.00M 10,922.00M 10,347.00M
Tangible Book Value 13,486.00M 13,146.00M 13,146.00M 12,509.00M 11,531.00M 11,746.00M 10,922.00M 10,347.00M
Total Investments 811.00M 262.00M 262.00M 47.00M 301.00M 376.00M 13.00M 109.00M
Net Debt -273.00M -459.00M -459.00M 281.00M 1,909.00M 3,672.00M 4,945.00M 6,717.00M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Working Capital 2,868.0M 2,635.0M 2,635.0M 3,354.0M 3,116.0M 2,028.0M 1,110.0M 354.0M
Total Capital 21,176.0M 20,950.0M 20,950.0M 22,215.0M 22,567.0M 23,337.0M 23,044.0M 22,566.0M
Capital Employed 19,242.0M 19,121.0M 19,121.0M 20,458.0M 20,837.0M 21,519.0M 21,173.0M 21,173.0M
Invested Capital 14,924.0M 14,671.0M 14,671.0M 15,234.0M 15,934.0M 17,855.0M 18,363.0M 19,534.0M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Net Income 1,023.00M 1,173.00M 997.00M 1,622.00M 103.00M 1,081.00M 791.00M 1,093.00M
Depreciation & Amortization 0.00M 0.00M 1,568.00M 1,539.00M 1,542.00M 1,549.00M 1,565.00M 1,418.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 51.00M 39.00M 0.00M 14.00M 0.00M
Change in Working Capital 0.00M 0.00M -146.00M 217.00M -101.00M -192.00M 778.00M -548.00M
Accounts Receivable 0.00M 0.00M -498.00M -362.00M -8.00M -333.00M -9.00M -163.00M
Inventory 0.00M 0.00M -79.00M -11.00M -18.00M -22.00M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 383.00M 132.00M -3.00M 292.00M -51.00M 93.00M
Other Working Capital 0.00M 0.00M 48.00M 458.00M -72.00M -129.00M 838.00M -385.00M
Other Non-Cash Items -1,023.00M -1,173.00M 791.00M 241.00M 1,387.00M 153.00M 18.00M -297.00M
Net Cash from Operating Activities 0.00M 0.00M 3,210.00M 3,670.00M 2,970.00M 2,591.00M 3,166.00M 1,666.00M
Capital Expenditures (PPE) 0.00M 0.00M -1,663.00M -1,707.00M -1,009.00M -933.00M -1,287.00M -4,418.00M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 545.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -1.00M -1.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 95.00M 0.00M
Other Investing Activities 0.00M 0.00M -2.00M 8.00M 69.00M -65.00M -3.00M -39.00M
Net Cash from Investing Activities 0.00M 0.00M -1,665.00M -1,699.00M -940.00M -998.00M -1,196.00M -3,913.00M
Net Debt Issuance 0.00M 0.00M -1,442.00M -1,280.00M -611.00M -472.00M -101.00M 1,026.00M
Long-Term Debt Issuance 0.00M 0.00M -1,442.00M -1,280.00M -611.00M -472.00M -101.00M 1,026.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance 0.00M 0.00M -470.00M -76.00M 0.00M -106.00M 0.00M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M 0.00M -470.00M -76.00M 0.00M -106.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M -330.00M -265.00M -265.00M -211.00M -217.00M -204.00M
Common Dividends Paid 0.00M 0.00M -330.00M -265.00M -265.00M -211.00M -217.00M -204.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 0.00M -4.00M -2.00M -3.00M -3.00M -2.00M -27.00M
Net Cash from Financing Activities 0.00M 0.00M -2,246.00M -1,623.00M -879.00M -792.00M -320.00M 795.00M
Effect of FX on Cash 0.00M 0.00M -1.00M 0.00M 0.00M 0.00M -1.00M 0.00M
Net Change in Cash 0.00M 0.00M -702.00M 348.00M 1,151.00M 801.00M 1,649.00M -5,936.00M
Cash at Beginning of Period 0.00M 0.00M 6,981.00M 6,633.00M 5,482.00M 4,681.00M 3,032.00M 4,484.00M
Cash at End of Period 0.00M 0.00M 6,279.00M 6,981.00M 6,633.00M 5,482.00M 4,681.00M -1,452.00M
Operating Cash Flow 0.00M 0.00M 3,210.00M 3,670.00M 2,970.00M 2,591.00M 3,166.00M 1,666.00M
Capital Expenditure 0.00M 0.00M -1,609.00M -1,707.00M -1,009.00M -933.00M -1,287.00M -4,418.00M
Free Cash Flow 0.00M 0.00M 1,601.00M 1,963.00M 1,961.00M 1,658.00M 1,879.00M -2,752.00M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
EBITDA 3,972.25M 3,188.75M 3,901.00M 3,909.00M 3,419.00M 3,076.00M -1,637.00M 2,678.00M
(-) Tax Adjustment 1,133.35M 813.37M 1,043.12M 1,091.72M 1,196.65M 858.66M -498.28M 684.99M
(-) Change In Working Capital 0.00M 0.00M -146.00M 217.00M -101.00M -192.00M 778.00M -548.00M
(-) Capital Expenditure 0.00M 0.00M -1,609.00M -1,707.00M -1,009.00M -933.00M -1,287.00M -4,418.00M
Unlevered Free Cash Flow 2,838.90M 2,375.38M 1,394.88M 893.28M 1,314.35M 1,476.34M -3,203.72M -1,876.99M
(-) Net Interest Income After Taxes -24.30M 0.00M 1.47M -0.72M -6.50M -13.70M -15.30M -18.61M
Net Debt Issuance 0.00M 0.00M -1,442.00M -1,280.00M -611.00M -472.00M -101.00M 1,026.00M
Levered Free Cash Flow 2,863.20M 2,375.38M -48.59M -386.00M 709.85M 1,018.04M -3,289.42M -832.38M