Overview
Wholesale Trade

Lacto Japan Co.,Ltd.

Lacto Japan is an independent specialty trading company focused on the import and wholesale of dairy ingredients (including milk powder derivatives, natural cheese, and formulated dairy preparations), meat and meat products (primarily chilled/frozen pork, poultry, and processed meats such as prosciutto and salami), and functional food ingredients (including whey protein, soy protein, gelatin, and collagen) sourced globally and sold primarily to food manufacturers, ham/sausage producers, restaurant chains, and retailers in Japan. The company operates through three business divisions—Dairy & Cheese, Meat & Food Ingredients, and Life Science (formerly Functional Food Ingredients)—supported by a global network of subsidiaries across the US, Australia, Singapore, Malaysia, Thailand, China, the Netherlands, the Philippines, and Indonesia. As one of Japan's few independent dairy specialty trading firms, Lacto Japan differentiates itself through deep supplier relationships, on-site quality verification at overseas production facilities, and the ability to transact with a wide range of counterparties unconstrained by affiliation with a major corporate group.

Market Cap
¥35.3B
US$225M
EV
¥70.1B
US$447M
Stock¥3,525▲+0.71%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
11.9
x
LTM EV/EBIT
13.1
x
LTM PER
10.0
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
35.3BUS$225MMarket Cap48.1BUS$307M+ Debt11.5BUS$73.3M− Cash1.86BUS$11.9M− Inv. Sec.70.1BUS$447MEV
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Performance & Balance
Revenue 5Y (¥B)
111US$707M'21/11147US$940M'22/11158US$1.01B'23/11171US$1.09B'24/11183US$1.17B'25/11
EBITDA 5Y (¥B)
3.08US$19.7M'21/113.30US$21.0M'22/113.55US$22.6M'23/114.88US$31.1M'24/116.45US$41.1M'25/11
Net Income 5Y (¥B)
1.96US$12.5M'21/112.29US$14.6M'22/112.05US$13.1M'23/113.15US$20.1M'24/114.32US$27.5M'25/11
Capital Structure
41%
59%
EquityD/E 1.43xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
6.35US$40.5M19.3US$123M'21/117.17US$45.8M30.9US$197M'22/118.92US$56.9M30.9US$197M'23/1110.4US$66.3M33.4US$213M'24/1112.0US$76.7M37.2US$237M'25/11
Shareholders
Top 10 hold 34.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.61%
2
Custody Bank of Japan, Ltd. (Trust Account)
5.22%
3
Motohisa MIURA
2.97%
4
Shigeru YAZUMI
2.81%
5
Kiichiro KAMAKURA
2.38%
6
Yotsuba Milk Products Co., Ltd.
1.99%
7
Masayuki MAEKAWA
1.83%
8
Arata KOJIMA
1.80%
9
Meiji Co., Ltd.
1.39%
10
MORINAGA MILK INDUSTRY CO.,LTD.
1.39%
Management
6 officers
Arata KOJIMA
Representative Director, President and Executive Officer; General Management; in charge of Internal Audit Office
Apr 1994 Joined Tohsyoku Co., Ltd. Mar 1999 Joined the Company Apr 2014 General Manager, Dairy Ingredients Division No.1 Apr 2016 Executive Officer, General Manager, Dairy Ingredients Division No.1 Sep 2016 Executive Officer; President, LACTO ASIA PTE. LTD. Mar 2020 Senior Executive Officer; President, LACTO ASIA PTE. LTD. Feb 2021 Director; President, LACTO ASIA PTE. LTD. Dec 2021 Director Dec 2024 Representative Director, President (current) Feb 2026 Representative Director, President and Executive Officer
1970-05-09
Kenji BUNDO
Director, Executive Vice President and Executive Officer; Assistant to the President; in charge of Administration and Overseas Business; concurrently General Manager, Corporate Staff Division
Apr 1992 Joined Tohsyoku Co., Ltd. Aug 2003 Joined the Company Apr 2016 Deputy General Manager, Corporate Staff Division; General Manager, Human Resources and General Affairs Department; General Manager, IR Department Apr 2018 Executive Officer, Deputy General Manager, Corporate Staff Division; General Manager, Human Resources and General Affairs Department; General Manager, IR and Public Relations Department Feb 2021 Senior Executive Officer, General Manager, Corporate Staff Division; General Manager, Human Resources and General Affairs Department Dec 2021 Senior Executive Officer, General Manager, Corporate Staff Division Feb 2023 Director Feb 2024 Director, Vice President (current) Feb 2026 Director, Executive Vice President and Executive Officer
1969-11-03
Takashi ABE
Director, Senior Managing Executive Officer; in charge of Asia Business; concurrently President, LACTO ASIA PTE. LTD.
Apr 1991 Joined Tohsyoku Co., Ltd. Dec 1998 Joined the Company Apr 2013 General Manager, Cheese Business Division Apr 2016 Executive Officer, General Manager, Cheese Business Division Apr 2018 Executive Officer, General Manager, Sales Division Mar 2020 Senior Executive Officer, General Manager, Sales Division Apr 2020 Senior Executive Officer, General Manager, Sales Division; General Manager, Business Development Division Feb 2021 Director Dec 2021 Director; President, LACTO ASIA PTE. LTD. Feb 2025 Senior Managing Director; President, LACTO ASIA PTE. LTD. (current) Feb 2026 Director, Senior Managing Executive Officer
1967-05-31
Tomonori KOHATA
Director, Managing Executive Officer; in charge of Dairy Ingredients Division No.1, Cheese Business Division, Meat and Food Ingredients Division, and LJ Foods Co., Ltd.; concurrently General Manager, Cheese Business Division
Apr 1994 Joined Tohsyoku Co., Ltd. Oct 2001 Joined the Company Sep 2016 General Manager, Dairy Ingredients Division No.1 Mar 2020 Executive Officer, General Manager, Dairy Ingredients Division No.1 Feb 2021 Senior Executive Officer, General Manager, Dairy Ingredients Division No.1 Mar 2023 Senior Executive Officer, General Manager, Cheese Business Division Feb 2025 Director (current) Feb 2026 Director, Managing Executive Officer
1969-05-18
Toshio HOGA
Director (Audit and Supervisory Committee Member) (Note 3)
Jul 1969 Joined Ministry of Finance Jun 1992 Director, National Property Coordination Division, Financial Bureau, Ministry of Finance Jun 1993 Vice Governor, Toyama Prefecture Jul 1995 Deputy Director-General, Tobacco and Salt Business, Financial Bureau, Ministry of Finance Jul 1996 Director-General, Tokyo Customs, Ministry of Finance Jul 1997 Counselor, Minister's Secretariat (in charge of Customs and Tariff Bureau), Ministry of Finance Jul 1998 Retired from Ministry of Finance; Director, Small and Medium Enterprise Credit Insurance Corporation (now Japan Finance Corporation) Jul 1999 Director, Japan Small and Medium Enterprise Corporation; Principal, Small and Medium Enterprise University Oct 2003 Registered as attorney-at-law, Tanabe Sogo Law Office Apr 2005 Dofukai Koto Law Office (current) Feb 2019 Outside Audit & Supervisory Board Member, the Company Feb 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1946-04-17
Yukiko FUJIKAWA
Director (Audit and Supervisory Committee Member) (Note 3)
Oct 1988 Joined Chuo Shinko Audit Corporation (final name: Misuzu Audit Corporation) Mar 1992 Registered as Certified Public Accountant Jun 1998 Financial Securities Inspector, Inspection Department, Financial Supervisory Agency (now Financial Services Agency) Jul 2000 Head, Yukiko Fujikawa Certified Public Accountant Office (current) Dec 2004 Registered as Certified Tax Accountant Jan 2012 Representative Partner, Accounting Practice Research Institute Tax Accountant Corporation (current) Mar 2013 Supervisory Officer, Hoshino Resorts REIT Investment Corporation (current) Jun 2020 Outside Director, Sotetsu Holdings Co., Ltd. (current) Feb 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), ADEKA Corporation (current)
1965-03-16
Large Shareholding Reports
SBI Asset Management Co., Ltd.
2026-02-20
4.09%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-15
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-07-14
Q2 Earnings Flash
FY ending Nov 2026
TDnet
2026-04-14
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-02-24
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2026-02-20
Large Shareholding Report
TDnet
2025-10-14
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-07-15
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-04-14
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-27
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-28
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-24
Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-07-14
Quarterly Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-02-28
Annual Securities Report
EDINET
2021-10-13
Quarterly Securities Report
EDINET
2021-07-14
Quarterly Securities Report
EDINET
2021-04-14
Quarterly Securities Report
EDINET
2021-02-26
Annual Securities Report
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