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Consumer Non-Durables

Pigeon Corp.

Business Summary

Pigeon Corp. engages in the manufacture, sale, import and export of baby and childcare products, maternity items, women's care, home healthcare and nursing care products. It operates through the following segments: Japan Business, China Business, Singapore Business, and Lansinoh Business. The Japan Business segment handles domestic baby and mother care, childcare service, and health and elder care businesses. The China Business segment deals with the manufacture and sale of childcare and women’s supplies in China, South Korea, Hong Kong, Taiwan, and Russia. The Singapore Business segment manages the production and sale of childcare and women’s products in Singapore, Indonesia, Thailand, Malaysia, India, Australia, and Middle East. The Lansinoh Business segment includes the manufacture and sale of childcare and womens products in Germany, Turkey, United States, and United Kingdom. The company was founded by Yuichi Nakata on August 15, 1957 and is headquartered in Tokyo, Japan.

Financial Highlights

Dec 2021 JPYUSD
Gross Profit44,072M401.11M
Operating income13,337M121.38M
Income before tax13,531M123.15M
Net income8,786M79.96M
Diluted EPS73.430.66
Dividends Per Share740.67
Total Assets98,042M851.39M
Total liabilities21,229M184.35M
Total equity73,885M641.61M
Operating cash flow10,893M99.14M
Currency in JPYCurrency in USD

Historical Data

 Jan 2017Jan 2018Dec 2019Dec 2020Dec 2021
Revenue 94,630M 102,583M 109,099.72M 99,371M 93,080M
Gross Profit 44,689M 50,573M 55,419.31M 49,921M 44,072M
Operating income 16,016M 19,414M 18,626.19M 15,316M 13,337M
Income before tax 16,234M 20,916M 18,658.92M 15,836M 13,531M
Net income 11,118M 14,515M 12,588.01M 10,644M 8,786M
EBITDA 18,372M 21,864M 22,735.65M 19,288M 17,498M
Diluted EPS 92.83 121.20 105.11 88.93 73.43
Dividends Per Share 53 66 138 72 74
Total Assets 78,889M 84,467M 90,491M 93,472M 98,042M
Total liabilities 25,150M 21,653M 20,026M 20,843M 21,229M
Total equity 52,387M 60,693M 67,722M 69,903M 73,885M
Operating cash flow 14,806M 17,094M 14,098M 18,400M 10,893M
 Jan 2017Jan 2018Dec 2019Dec 2020Dec 2021
Revenue 872.78M 917.55M 1,000.81M 930.71M 847.15M
Gross Profit 412.17M 452.34M 508.38M 467.56M 401.11M
Operating income 147.71M 173.64M 170.86M 143.45M 121.38M
Income before tax 149.72M 187.08M 171.16M 148.32M 123.15M
Net income 102.54M 129.82M 115.47M 99.69M 79.96M
EBITDA 169.44M 195.56M 208.56M 180.65M 159.25M
Diluted EPS 0.85 1.08 0.96 0.83 0.66
Dividends Per Share 0.48 0.59 1.26 0.67 0.67
Total Assets 700.76M 773.82M 832.67M 905.34M 851.39M
Total liabilities 223.40M 198.36M 184.27M 201.87M 184.35M
Total equity 465.35M 556.02M 623.16M 677.05M 641.61M
Operating cash flow 136.55M 152.89M 129.32M 172.33M 99.14M

Valuation Measures

Dec 2021
Operating margin14.32%
Profit margin9.43%

Key executives

  • President & Representative Director: Norimasa Kitazawa
  • Executive Officer, GM-Accounting & Finance: Hiroyasu Maki
  • Director, Head-Quality Management, R&D: Yasunori Kurachi
  • Executive Officer & General Manager-Administration: Koji Ishigami
  • Director & Senior Managing Executive Officer: Eiji Akamatsu


  • Nomura Asset Management Co., Ltd. (9.2%)
  • Baillie Gifford & Co. (8.7%)
  • First Sentier Investors (Australia) IM Ltd. (5.8%)
  • Morgan Stanley Investment Management Co. (3.7%)
  • Sumitomo Mitsui Trust Asset Management Co., Ltd. (3.5%)
  • Comgest SA (2.6%)
  • The Vanguard Group, Inc. (2.3%)
  • NAKATA FAMILY (1.9%)
  • BlackRock Fund Advisors (1.7%)
  • Nikko Asset Management Co., Ltd. (1.5%)

Contact Details

  • Website:
  • Address: 4-4 Nihonbashi Hisamatsu-cho, Chuo-Ku, Tokyo, 103-8480, Japan
  • Phone: +81.3.3661.4200

Related Companies

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  • Pigeon Baby Products (Shanghai) Co., Ltd.
  • Pigeon Manufacturing (Shanghai) Co., Ltd.
  • Pigeon (Shanghai) Co., Ltd.
  • Pigeon Industries (Changzhou) Co., Ltd.
  • Pigeon Tahira Corp.
  • Pigeon India Pvt Ltd.
  • Pigeon Hearts Corp.
  • Pigeon Singapore Pte Ltd.
  • Pigeon Home Products KK
  • PHP Hyogo KK
  • Pigeon Manaka KK
  • PHP Ibaraki KK
  • Tahira KK
  • Thai Pigeon Co., Ltd.
  • Lansinoh Laboratories, Inc.
  • Pigeon Employee Stock Ownership Plan


  • Organic Tea Cosmetics Holdings Co. Ltd.
Last Updated on 7 Dec, 2022

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