Ajinomoto Co Inc (AJINY) fair value: what the stock is really worth
As of May 20, 2026: fair value of Ajinomoto Co Inc $9.45, price $32.51, upside -70.9%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $9.04 – $35.29 · fair‑value band $6.45 – $12.21 · the $32.51 price screens above the $9.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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Ajinomoto Co., Inc. engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally.
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Ajinomoto Co., Inc. engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally. The Seasonings and Foods segment offers sauces and seasoning products under the AJI-NO-MOTO, HON-DASHI, Cook Do, Ajinomoto KK Consommé, Pure Select Mayonnaise, Ros Dee, Masako, Aji-ngon, Sazón, Sajiku, and CRISPY FRY names. This segment also provides instant noodles under the Knorr Cup Soup and YumYum names; coffee beverages under the Birdy and Blendy brands; powdered drink under the Birdy 3in1 name; MAXIM brand products; A Little Luxury Coffee Shop brand products and various gifts, office drinks, cup vending machines, and tea dispensers, etc. The Frozen Foods segment offers Gyoza dumplings, rice dishes, noodles, sweets, shumai, processed chicken, and other products. The Healthcare and Other segment provides amino acids for applications in various industries, such as pharmaceuticals and foods; contract development and manufacturing services for pharmaceutical intermediates and active ingredients, and sterile preparations. This segment also offers Ajinomoto Build-up Film, an interlayer insulating material for semiconductor packages; functional materials under the Plainset names; AFTINNOVA, such as activated carbon, release paper, etc.; feed amino acids, sports nutrition under the brand Aminovital, personal care materials under the brand Amisoft, amino acid-based makeup oil under the brand Eldew, and powder under the brand Amihope, medical foods, and agricultural services, etc. Ajinomoto Co., Inc. was founded in 1909 and is headquartered in Tokyo, Japan.
Stock analysis
Ajinomoto Co Inc ADR (AJINY) currently trades at $32.51, while our model-based Fair Value estimate is $9.45, 70.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $8.90 per share, and 0 of the 24 models we run sit above the $32.51 price.
Bear case: the Asset-Based group reads lowest at $3.30, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $6.45 (bear) to $12.21 (bull), the price of $32.51 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ajinomoto Co Inc ADR reported revenue of ¥1.5T in FY2025 versus ¥1.1T in FY2021, a compound +9.3%/yr. Reported net income was ¥70.3B in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap $32.3B · P/E ratio 135.5 · P/S ratio 6.22 · EPS (TTM) $0.2400 · Dividend yield 1.0% · Net margin 4.6% · Return on equity 10.3% · Return on assets (EBIT) 8.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 9% fair-value upside, at −71%, AJINY screens richer than that median.
Fair Value models
Bear $6.45Fair Value $9.45Bull $12.21
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
Start year 2020 (pandemic). Over 10 years: +4.3% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.1%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.7%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.7% vs −1.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 7%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +17.9% a year for the price and +2.0% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 637 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−16.3% · Below median
Profitability
Return on equity (TTM)10.3% · Above median
Return on assets3.8% · Below median
Net margin (TTM)5.0% · Above median
Operating margin (TTM)12.9% · Top 25%
Growth and dividend
Revenue growth4.5% · Above median
Dividend yield (TTM)1.0% · Bottom 25%
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ajinomoto Co Inc ADR Fair Value". https://www.fairvalue-calculator.com/stock/AJINY
Frequently asked questions
Is Ajinomoto Co Inc (AJINY) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $9.45 versus the last price from May 20, 2026 of $32.51, about −71% upside (overvalued).
What is the fair value of AJINY?
Our model-based fair value for Ajinomoto Co Inc ADR is $9.45 (as of Sep 29, 2026), built from audited fundamentals. Last price (from May 20, 2026): $32.51.
What is the quality score of AJINY?
Ajinomoto Co Inc ADR has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ajinomoto Co Inc (AJINY)?
Our model-based price target is the fair value of $9.45 (as of Sep 29, 2026) from 24 valuation models. Cautious scenario $6.45, optimistic scenario $12.21. It is a calculation from audited fundamentals, not an analyst target.
What is the Ajinomoto Co Inc ADR stock forecast for 2026?
Our models put fair value at $9.45, about −71% upside versus the last price from May 20, 2026 of $32.51 (overvalued). Cautious scenario $6.45, optimistic scenario $12.21. The calculation is refreshed regularly with new filings.
What is the revenue of Ajinomoto Co Inc (AJINY)?
Ajinomoto Co Inc ADR reported trailing-twelve-month revenue of about ¥1.5T (latest available figure, as of Sep 29, 2026).
Does Ajinomoto Co Inc ADR pay a dividend?
Ajinomoto Co Inc ADR currently shows a dividend yield of about 1.03% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Ajinomoto Co Inc (AJINY)?
For today's price to be fair in a discounted-cash-flow model, Ajinomoto Co Inc ADR would have to grow free cash flow by +20.4 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.8 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of AJINY use?
Our models discount Ajinomoto Co Inc ADR at 8.1 %: a base by market capitalisation (large), damped by beta 0.22, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ajinomoto Co Inc ADR that is +20.4 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Ajinomoto Co Inc (AJINY) delivered so far?
Over the past 5 years revenue at Ajinomoto Co Inc ADR grew +6.8 % a year. The price currently implies +20.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ajinomoto Co Inc (AJINY) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Ajinomoto Co Inc ADR (+20.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ajinomoto Co Inc (AJINY)?
The free-cash-flow yield on the price is 2.25 %: that much free cash flow Ajinomoto Co Inc ADR produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ajinomoto Co Inc (AJINY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ajinomoto Co Inc ADR it is $9.45 per share (as of Sep 29, 2026), against a price of $32.51. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Ajinomoto Co Inc ADR stock overvalued or undervalued in 2026?
As of Sep 29, 2026, AJINY trades above its calculated fair value: price $32.51, fair value $9.45, a gap of about −71% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AJINY?
No. The price is what the market pays today ($32.51); the fair value is what the company's own numbers justify ($9.45). For Ajinomoto Co Inc ADR the two are $23.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ajinomoto Co Inc ADR worth?
The market values Ajinomoto Co Inc ADR at about $32.3B (market capitalisation, as of Sep 29, 2026). Per share that is $32.51; our models calculate a fair value of $9.45 per share.
What do the bullish and bearish scenarios say about AJINY?
Our models span a range for Ajinomoto Co Inc ADR: cautious scenario $6.45, base $9.45, optimistic $12.21 per share (as of Sep 29, 2026, price $32.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AJINY?
Ajinomoto Co Inc ADR trades at a price-to-earnings ratio of 135.5 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $9.45 is built from several models across several years. Other multiples: PEG 4.3, P/B 6.8, P/S 3.3, EV/EBITDA 26.5.
What is the PEG ratio of AJINY?
The PEG ratio of Ajinomoto Co Inc ADR is 4.35 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ajinomoto Co Inc (AJINY)?
Balance-sheet figures for Ajinomoto Co Inc ADR (as of Sep 29, 2026): return on equity 10.3%, debt of 0.56 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is AJINY from its 52-week high?
Ajinomoto Co Inc ADR trades at $32.51, about 8% below its 52-week high of $35.29 and 55% above the low of $21.01 (as of May 20, 2026). Distance from the high says nothing about value: that is what the fair value of $9.45 is for.
Which stocks are comparable to Ajinomoto Co Inc ADR?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ajinomoto Co Inc ADR stock attractive at the current price?
The data as of Sep 29, 2026: price $32.51, calculated fair value $9.45 (−71%), Quality Score 47/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AJINY calculated?
We run Ajinomoto Co Inc ADR through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $9.45, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Ajinomoto Co Inc ADR itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ajinomoto Co Inc (AJINY)?
The latest price we hold is from May 20, 2026 and stands at $32.51. Our model-based fair value is $9.45, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ajinomoto Co Inc ADR right now?
The price sits above even our optimistic bull case ($12.21). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($6.45 to $12.21) leaves room in how you read the outcome.
Where does the earnings growth of Ajinomoto Co Inc (AJINY) come from?
Earnings per share at Ajinomoto Co Inc ADR grew +3.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.0 %, EBIT margin +3.1 %, tax rate +0.3 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ajinomoto Co Inc ADR
How large is the market capitalisation of Ajinomoto Co Inc (AJINY)?
The market capitalisation of Ajinomoto Co Inc ADR is $32.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ajinomoto Co Inc (AJINY)?
The price-to-sales ratio of Ajinomoto Co Inc ADR is 6.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ajinomoto Co Inc (AJINY)?
Earnings per share at Ajinomoto Co Inc ADR are $0.2400 (price ÷ EPS = P/E 135.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ajinomoto Co Inc (AJINY)?
The dividend yield of Ajinomoto Co Inc ADR is 1.0% (payout 140%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ajinomoto Co Inc (AJINY)?
The net margin of Ajinomoto Co Inc ADR is 4.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ajinomoto Co Inc (AJINY)?
The return on equity (ROE) of Ajinomoto Co Inc ADR is 10.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ajinomoto Co Inc (AJINY)?
On an EBIT basis the return on assets of Ajinomoto Co Inc ADR is 8.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ajinomoto Co Inc (AJINY)?
The operating margin of Ajinomoto Co Inc ADR is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ajinomoto Co Inc (AJINY)?
Revenue at Ajinomoto Co Inc ADR is growing +4.5% versus a year earlier (3y avg +10.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ajinomoto Co Inc (AJINY)?
Earnings per share at Ajinomoto Co Inc ADR are growing +23.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ajinomoto Co Inc (AJINY) carry?
The net debt of Ajinomoto Co Inc ADR is ¥291B (fiscal year 2025, ≈ 2.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 29, 2026