Overview
Foods

BULL-DOG SAUCE CO.,LTD.

Bulldog Sauce Co., Ltd. is a leading Japanese condiment manufacturer specializing in the production and sale of Worcestershire-style sauces and related food products under the iconic 'Bulldog' brand. The company operates through a group of three consolidated subsidiaries, including Ikari Sauce Co., Ltd., Sun Foods Co., Ltd., and a Chinese subsidiary (Shanghai), serving both domestic and international markets. With over 120 years of history and a flagship production facility at the TATEBAYASHI Creation Center in Gunma Prefecture, the company holds a strong brand position in the Japanese sauce category.

Market Cap
¥22.0B
US$141M
EV
¥8.74B
US$55.8M
Stock¥1,810▼-2.16%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.9
x
LTM EV/EBIT
13.6
x
LTM PER
17.3
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-31.8%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
22.0BUS$141MMarket Cap4.16BUS$26.6M+ Debt4.62BUS$29.5M− Cash12.8BUS$81.8M− Inv. Sec.8.74BUS$55.8MEV
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Performance & Balance
Revenue 5Y (¥B)
13.3US$84.8M'22/313.5US$86.3M'23/314.5US$92.4M'24/314.6US$93.2M'25/314.7US$93.7M'26/3
EBITDA 5Y (¥B)
1.36US$8.67M'22/31.17US$7.48M'23/31.09US$6.98M'24/31.36US$8.67M'25/31.76US$11.2M'26/3
Net Income 5Y (¥B)
0.72US$4.57M'22/30.60US$3.79M'23/30.15US$0.92M'24/30.62US$3.97M'25/32.44US$15.6M'26/3
Capital Structure
86%
EquityD/E 0.16xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
12.1US$77.4M0.73US$4.65M'22/313.4US$85.4M5.78US$36.9M'23/311.2US$71.1M6.29US$40.1M'24/311.9US$76.1M4.90US$31.2M'25/318.2US$116M4.32US$27.5M'26/3
Shareholders
Top 10 hold 35.5%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.22%
2
KOWA COMPANY, LTD.
5.64%
3
BULL-DOG SAUCE CO.,LTD. Stock Ownership Association
4.46%
4
SATO FOODS INDUSTRIES CO.,LTD.
3.66%
5
Nippon Life Insurance Company
3.46%
6
YOMEISHU SEIZO CO.,LTD.
2.92%
7
The Bank of Fukuoka, Ltd.
2.92%
8
WELLNEO SUGAR Co.,Ltd.
2.30%
9
Aichi Bank, Ltd.
2.04%
10
TECHNO RYOWA LTD.
1.88%
Management
8 officers
Yukitoshi ISHIGAKI
Representative Director, President and Executive Officer
Apr 1977 Joined Nomura Securities Co., Ltd. Oct 1978 Joined the Company Apr 2000 Marketing Office General Manager, the Company Jun 2000 Director, Marketing Office General Manager, the Company Apr 2001 Director, Corporate Planning Office General Manager, the Company Sep 2005 Director, the Company Sep 2005 Representative Director, President, Ikari Sauce Co., Ltd. Jun 2008 Managing Director, the Company Jun 2011 Senior Managing Director, the Company Apr 2017 Representative Director, President, the Company Apr 2018 Representative Director, President and Executive Officer, the Company Apr 2019 Representative Director, President and Executive Officer, in charge of Quality Control Department, the Company Apr 2020 Representative Director, President and Executive Officer, the Company (current) Jun 2023 Representative Director, Chairman and Executive Officer, Ikari Sauce Co., Ltd. Apr 2024 Representative Director, Ikari Sauce Co., Ltd. Jun 2024 Director, Ikari Sauce Co., Ltd. (current)
1954-07-04
Mai SAEKI
Representative Director, Senior Managing Executive Officer
Apr 1995 Joined the Company Apr 2019 Marketing Department General Manager, the Company Apr 2021 Executive Officer, in charge of Product Planning Department and Research and Development Department, concurrently General Manager, Product Planning Department, the Company Apr 2023 Executive Officer, in charge of Corporate Planning Office and Governance Office, concurrently General Manager, Corporate Planning Office and Governance Office, the Company Apr 2024 Managing Executive Officer, General Manager, Corporate Planning Office, the Company Jun 2024 Director and Executive Officer, Ikari Sauce Co., Ltd. (current) Jun 2024 Director, Managing Executive Officer, General Manager, Corporate Planning Office, the Company Apr 2025 Director, Senior Managing Executive Officer, in charge of Corporate Planning Office and General Affairs and Human Resources Department, concurrently General Manager, Corporate Planning Office, the Company Apr 2026 Director, Senior Managing Executive Officer, in charge of Corporate Planning Office, concurrently General Manager, Corporate Planning Office, the Company Jun 2026 Representative Director, Senior Managing Executive Officer, in charge of Corporate Planning Office, concurrently General Manager, Corporate Planning Office, the Company (current)
1971-04-05
Masayuki TAKEICHI
Director, Managing Executive Officer
Apr 1989 Joined the Company Apr 2008 Kanto Branch Manager, the Company Apr 2009 Wide-Area Mass Retail Branch Manager, the Company Apr 2014 Mass Retail Branch Manager, the Company Apr 2016 Executive Officer, General Manager, Metropolitan Area Sales Department, the Company Oct 2019 Representative Director, President, Sun Foods Co., Ltd. Apr 2023 Managing Executive Officer, the Company Jun 2023 Director, Managing Executive Officer, the Company (current) Apr 2024 Chairman and Executive Officer, Ikari Sauce Co., Ltd. Jun 2024 Representative Director, Chairman and Executive Officer, Ikari Sauce Co., Ltd. (current)
1965-01-01
Katsutoshi SATO
Director, Audit and Supervisory Committee Member
Apr 1987 Joined Koken Co., Ltd. Oct 2000 Joined the Company Apr 2006 Group Leader, General Affairs and Human Resources Group, General Affairs Department, the Company Nov 2020 Seconded to Sun Foods Co., Ltd. Jun 2023 Director, Senior Managing Executive Officer, the same company Apr 2025 General Manager, General Affairs and Human Resources Department, the Company Apr 2026 Department General Manager attached to the President and Executive Officer, the Company Jun 2026 Director, Audit and Supervisory Committee Member, the Company (current)
1964-02-07
Etsuko NAGASHIMA
Director, Audit and Supervisory Committee Member
Oct 1978 Joined Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC) Jul 1980 Joined Tsukiba Accounting Office Oct 1982 Registered as Certified Public Accountant Jun 1988 Opened Nagashima Certified Public Accountant Office, Representative (current) Apr 2008 Representative Partner, Veritas Audit Corporation Jun 2015 Audit & Supervisory Board Member, the Company Jun 2016 Director, Audit and Supervisory Committee Member, the Company (current) Jun 2019 Audit & Supervisory Board Member, Sumitomo Bakelite Co., Ltd. Jun 2020 Audit & Supervisory Board Member, Falco Holdings Co., Ltd. Jun 2021 Director, Falco Holdings Co., Ltd. Jun 2021 Director, Sumitomo Bakelite Co., Ltd. (current)
1954-08-23
Shingo MIYAZONO
Director, Audit and Supervisory Committee Member
Apr 2001 Joined Dialpad Japan Co., Ltd. Dec 2001 Joined Shin Nihon & Co. (currently EY Shin Nihon LLC) Jun 2003 Joined Azusa Audit Corporation (currently Azusa Audit LLC) Apr 2004 Registered as Certified Public Accountant Oct 2005 Joined Lisa Partners Co., Ltd. Sep 2007 Joined J Will Partners Co., Ltd. Jul 2009 Registered as Certified Tax Accountant Apr 2011 Opened Miyazono Tax Accounting Office, Representative (current) Jul 2012 Outside Audit & Supervisory Board Member, Astamuse Co., Ltd. (current) Jun 2023 Director, the Company Jun 2025 Outside Audit & Supervisory Board Member, WECARS Co., Ltd. (current) Jun 2026 Director, Audit and Supervisory Committee Member, the Company (current)
1979-02-05
Yasushi OKAWARA
Director
Apr 1986 Joined Mitsubishi Corporation Apr 1997 Manager, Consumer Products Division, Mitsubishi Corporation GmbH (Germany) Jul 2004 Manager, Cement Unit, Head Office, Mitsubishi Corporation Oct 2008 Executive Vice President, Toyo Tire Europe GmbH Apr 2012 General Manager, Consumer Products Division, Mitsubishi Corporation GmbH (Germany), concurrently in charge of Consumer Products Division, Mitsubishi Corporation Europe May 2017 General Manager (Head of Division), Global Supply Promotion Office, TOYO TIRE Corporation Jul 2019 Executive Officer and Assistant to President, JC Comsa Co., Ltd. (currently Del Sole Co., Ltd.) Jun 2020 Director, the same company Jun 2022 Managing Director in charge of Strategic Planning, Del Sole Co., Ltd. Jun 2023 Representative Director, President, Del Sole Co., Ltd. Jun 2026 Director, the Company (current)
1962-07-12
Kyoko NAKAMURA
Director, Audit and Supervisory Committee Member
Apr 2002 Joined Asahi Beer Pharmaceutical Co., Ltd. (currently Asahi Group Foods, Ltd.) Dec 2011 Registered as Attorney at Law Jan 2012 Joined AK Law Office Dec 2019 Joined Ministry of Agriculture, Forestry and Fisheries, Food Industry Affairs Bureau Jan 2022 Joined Atsumi & Sakai (Foreign Law Joint Enterprise) Jan 2025 Partner, the same office (current) Jun 2026 Director, Audit and Supervisory Committee Member, the Company (current)
1979-10-05
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-23
Q2 Earnings Flash
FY ending Mar 2027
TDnet
2026-07-24
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-01-23
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-10-31
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-25
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-24
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-01
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-26
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-05
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-02
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-02
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-02
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-02
Quarterly Securities Report
EDINET
2022-08-04
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-02
Quarterly Securities Report
EDINET
2021-11-04
Quarterly Securities Report
EDINET
2021-08-04
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-04
Quarterly Securities Report
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