Overview
Foods

CALBEE,Inc.

Calbee is Japan's leading snack food manufacturer, producing and selling potato-based, wheat-based, and corn-based snack products (including iconic brands such as Potato Chips, Jagabee, and Jagariko) as well as cereal foods (including Frugra/Fruit Granola). The company operates through a global network spanning Japan, North America, Europe, Asia, and Oceania, with manufacturing and sales subsidiaries in the US, UK, China, Indonesia, Thailand, Hong Kong, Singapore, South Korea, and Australia. Calbee benefits from a strategic capital alliance with PepsiCo, Inc., which holds an equity-method stake in the company, supporting its international expansion and distribution capabilities.

Market Cap
¥386B
US$2.46B
EV
¥387B
US$2.47B
Stock¥3,176▲+0.67%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.1
x
LTM EV/EBIT
13.7
x
LTM PER
21.6
x
LTM PBR
1.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.2%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 10, 25Oasis Management Company Ltd. changed stake (5.98%→7.33%)
2May 13, 26Oasis Management Company Ltd. changed stake (7.33%→7.12%)
MC → EV Bridge
386BUS$2.46BMarket Cap38.0BUS$242M+ Debt45.2BUS$288M− Cash2.99BUS$19.0M− Inv. Sec.11.2BUS$71.6M+ NCI387BUS$2.47BEV
AI Briefing
Japan's top snack maker (Potato Chips, Jagariko, Frugra) backed by 22% PepsiCo stake, 75+ years of brand equity. FY26/3 revenue ¥340B, up from ¥323B, but OP margin slipped to 7.7% from 9.0% as costs bite. Trading at ~9x EBITDA LTM (¥42.6B) with light leverage (¥38.0B debt vs ¥45.2B cash) — stable but margin-pressured franchise.
Performance & Balance
Revenue 5Y (¥B)
245US$1.57B'22/3279US$1.78B'23/3303US$1.93B'24/3323US$2.06B'25/3340US$2.17B'26/3
EBITDA 5Y (¥B)
34.3US$219M'22/332.3US$206M'23/337.9US$242M'24/341.2US$263M'25/341.0US$261M'26/3
Net Income 5Y (¥B)
18.1US$115M'22/314.8US$94.2M'23/319.9US$127M'24/320.9US$133M'25/317.3US$111M'26/3
Capital Structure
85%
EquityD/E 0.18xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
37.4US$239M1.98US$12.6M'22/334.8US$222M1.85US$11.8M'23/347.5US$303M27.0US$172M'24/360.0US$383M36.6US$233M'25/354.5US$348M38.0US$243M'26/3
Shareholders
Top 10 hold 59.6%
1
FRITO-LAY GLOBAL INVESTMENTS B.V. (Standing Proxy: Mizuho Bank, Ltd.)
22.01%
2
General Incorporated Association Miki-no-kai
14.38%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.10%
4
JP MORGAN CHASE BANK 385642 (Standing Proxy: Mizuho Bank, Ltd.)
3.42%
5
Custody Bank of Japan, Ltd. (Trust Account)
3.14%
6
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.91%
7
CGML PB CLIENT ACCOUNT / COLLATERAL (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.86%
8
CALBEE,Inc. Employee Stock Ownership Association
1.66%
9
THE TORIGOE CO.,LTD.
1.59%
10
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.50%
Management
11 officers
Makoto EHARA
Representative Director, President and CEO
Apr 1981 Joined ITOCHU Corporation Apr 2001 Joined Johnson & Johnson K.K. Apr 2008 Vice President, Head of Business Promotion Division, Johnson & Johnson K.K. Mar 2011 Joined the Company; Senior Executive Officer Apr 2011 Representative Director, President, Japan Frito-Lay K.K. Apr 2014 Senior Managing Executive Officer of the Company; Representative Director, President, Japan Frito-Lay K.K. Apr 2015 Senior Vice President, Executive Officer Apr 2019 Vice President, Executive Officer; President, Overseas Company; Assistant to the President Jun 2019 Representative Director, Vice President Apr 2022 Representative Director, Vice President and COO Apr 2023 Representative Director, President and CEO (current)
1958-12-24
Kazunori KIRIYAMA
Director
Apr 1985 Joined P&G Far East, Inc. (now P&G Japan) Jul 2002 Vice President and Sales Director, P&G North East Asia Jul 2005 Vice President, P&G Global Skin Care Jun 2007 Representative Director, President, P&G Japan K.K. Jun 2012 President and Asia Chief Executive, The Procter & Gamble Company (U.S.) Sep 2017 Representative Director, for GL Inc. (current) Jun 2023 Director of the Company (current) Jun 2024 Director, Mitsubishi Materials Corporation (current)
1962-11-30
Yumiko OKAFUJI
Full-time Corporate Auditor
Apr 1988 Joined Hitachi Chemical Co., Ltd. (now Resonac Holdings Corporation) Apr 2013 Seconded to Hitachi Powdered Metals (USA), Inc. (now Resonac Powdered Metals America, Inc.) as Director, Executive Officer (Treasurer) Oct 2016 Joined the Company; General Manager, IR Department, Corporate Strategy & IR Division Apr 2019 Executive Officer of the Company; General Manager, IR Division and Head of ESG Promotion Office Apr 2021 Executive Officer of the Company; General Manager, Purchasing Division and Head of Sustainability Promotion Office Apr 2022 Assigned to Strategic Risk Management Division Jun 2022 Full-time Corporate Auditor of the Company (current) Jun 2023 Director, Kureha Corporation (current)
1964-12-10
Kazuhiro TANABE
Director and Executive Officer, CFO and CDXO
Jul 1996 Joined Miura Printing Co., Ltd. (now Daido Miura Co., Ltd.) Feb 2005 Joined IBM Japan, Ltd. Apr 2010 CFO, IT Outsourcing Delivery Division, IBM Japan Jul 2012 Chief Staff, IBM Corporation (U.S. headquarters) Jan 2015 Senior Finance Manager, IBM China Feb 2016 CFO, Software Solutions Division, IBM Jun 2017 Global Finance Controller, Global Delivery Center Division, IBM Singapore Jun 2021 Joined Marelli Corporation; Global Finance Director Apr 2022 Joined Fujitsu Client Computing Limited; Executive Officer, CFO Jul 2023 Joined the Company; Executive Officer, CFO Apr 2024 Executive Officer, CFO and CDXO of the Company Jun 2026 Director and Executive Officer, CFO and CDXO of the Company (current)
1972-05-31
Weiwei YAO
Non-Executive Director
1995 Joined PepsiCo, Inc. 2007 Vice President, Asia M&A, PepsiCo, Inc. 2012 Vice President, Global Franchise Center of Excellence, PepsiCo, Inc. 2014 Vice President and General Manager, PepsiCo Greater China Region 2016 Senior Vice President and General Manager, PepsiCo Greater China Region Jun 2017 Director of the Company Jan 2019 Senior Vice President and General Manager, Asia Pacific Food & Beverage and China Beverage, PepsiCo, Inc. Jun 2019 Retired as Director of the Company Nov 2020 Global CEO, Pepsi Lipton Tea Venture, PepsiCo, Inc. Sep 2024 President, Franchise, PepsiCo International Beverages Apr 2025 President, Franchise & Greater China, PepsiCo International Beverages (current) Jun 2025 Director of the Company (current)
1968-12-09
Yoshihiko MIYAUCHI
Director
Aug 1960 Joined Nichimen Corporation (now Sojitz Corporation) Apr 1964 Joined Orient Leasing Co., Ltd. (now ORIX Corporation) Mar 1970 Director, Orient Leasing Co., Ltd. Dec 1980 President, Representative Director, Orient Leasing Co., Ltd. Apr 2000 Chairman, Representative Director, ORIX Corporation Jun 2003 Chairman, Director and Representative Executive Officer, ORIX Corporation Apr 2006 Director, ACCESS Co., Ltd. (current) Jun 2014 Senior Chairman, ORIX Corporation (current) Jun 2017 Director of the Company (current) Oct 2019 Director, Raksul Inc. (current) May 2020 Director, Nitori Holdings Co., Ltd. (current)
1935-09-13
Hiroaki SUGITA
Director
Apr 1983 Joined Japan Travel Bureau Inc. (now JTB Corp.) Apr 1994 Joined The Boston Consulting Group K.K. (now Boston Consulting Group G.K.) Jan 2001 Partner and Managing Director, Boston Consulting Group Nov 2006 President, Boston Consulting Group Japan May 2007 Managing Director and Senior Partner, Boston Consulting Group Jan 2016 Japan Representative, Boston Consulting Group Mar 2021 Director (Audit and Supervisory Committee Member), Unicharm Corporation (current) Apr 2021 Professor, Waseda University Graduate School of Business Administration (current) Jun 2025 Director of the Company (current) Jun 2025 Director, Exawizards Inc. (current)
1961-02-14
Takako SUZUKI
Director
Apr 1984 Joined Nissan Motor Co., Ltd. Aug 2001 Joined LVJ Group K.K. (now Louis Vuitton Japan K.K.) Jan 2010 Joined S.T. Corporation Apr 2013 Director and Representative Executive Officer, President, S.T. Corporation Jun 2021 Chairman of the Board and Representative Executive Officer, President, S.T. Corporation Jun 2023 Chairman, S.T. Corporation (current) Jun 2024 Director, Cosmo Energy Holdings Co., Ltd. (current) Jun 2024 Director, FUJIFILM Holdings Corporation (current) Jun 2025 Director of the Company (current)
1962-03-05
Sachio MATSUMOTO
Director
Apr 1982 Joined Fuji Xerox Co., Ltd. (now FUJIFILM Business Innovation Corp.) Jul 2010 Executive Officer and General Manager, Accounting Division, Fuji Xerox Co., Ltd. Jun 2013 Executive Officer, Senior Managing Executive Officer and Joint CFO, LIXIL Group Corporation (now LIXIL Corporation) Apr 2015 Executive Vice President and CFO, LIXIL Group Corporation Jun 2018 Representative Executive Officer, Executive Vice President and CFO, LIXIL Group Corporation Jun 2020 Director, Representative Executive Officer, Executive Vice President and CFO, LIXIL Group Corporation Oct 2022 Director, Representative Executive Officer, Executive Vice President and CFO, LIXIL Corporation Jun 2024 Chairman, LIXIL Corporation
1959-10-27
Nobuko OE
Corporate Auditor
Apr 1998 Registered as an attorney Apr 1998 Joined Toranomon Sogo Law Office Sep 2004 Worked at Kramer Levin Naftalis & Frankel LLP Sep 2005 Joined Asahi Komatsu Law Offices Feb 2007 Joined TMI Associates Jan 2008 Partner, TMI Associates (current) Jun 2016 Corporate Auditor of the Company (current)
1973-05-24
Yutaka USAMI
Corporate Auditor
Oct 1984 Joined Audit Corporation Ota Tetsuzo Office (now EY ShinNihon LLC) Aug 1988 Registered as a Certified Public Accountant May 2005 Representative Partner, ShinNihon Audit Corporation (now EY ShinNihon LLC) Nov 2006 Representative Director, Management Power Exchange Co., Ltd. (current) Jan 2007 Director, Usami Certified Public Accountant Office (current) Jun 2010 Director, Usami Tax Accountant Office (current) May 2020 Corporate Auditor, Chiyoda Co., Ltd. (current) Oct 2022 Supervisory Director, Industrial & Infrastructure Fund Investment Corporation (current) Jun 2023 Corporate Auditor of the Company (current)
1958-04-28
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-10-06
2.72%→2.74%
Nomura Asset Management Co., Ltd.
2026-09-24
2.72%
Oasis Management Company Ltd.
2026-05-13
7.33%→7.12%
T. Rowe Price International Ltd.
2026-03-23
5.79%→4.68%
General Incorporated Association Miki no Kai
2026-03-02
14.08%→13.07%
Annual report (as of 2026-03-31): 14.38%
T. Rowe Price International Ltd.
2026-02-20
6.05%→5.79%
Oasis Management Company Ltd.
2025-11-10
5.98%→7.33%
Oasis Management Company Ltd.
2025-09-16
5.98%
T. Rowe Price International Ltd.
2025-09-05
6.51%→6.05%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-06
Large Shareholding Report
EDINET
2026-09-24
Large Shareholding Report
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-02
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-02
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-10
Large Shareholding Report
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-16
Large Shareholding Report
EDINET
2025-09-05
Large Shareholding Report
TDnet
2025-08-01
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-02
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-05
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-22
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
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