Ajinomoto reported net income of approximately ¥107 billion ($715 million USD) for fiscal year 2024, up from ¥81 billion the prior year. Profit growth has outpaced revenue growth as the company shifts toward higher-margin amino acid and bioscience products, with operating margins improving steadily since the divestiture of lower-margin North American frozen food operations in 2021.
Earnings of Ajinomoto
Net income in USD equivalent from 1960 through FY2024. JPY/USD at approximate annual averages. The FY2019 spike reflects a large gain on the sale of non-core food assets.
Annual Earnings Of Ajinomoto
| Fiscal Year | Net Income (USD equiv.) | YoY Change |
|---|---|---|
| FY2015 | $360M | — |
| FY2016 | $320M | −11.1% |
| FY2017 | $280M | −12.5% |
| FY2018 | $370M | +32.1% |
| FY2019 | $680M | +83.8% |
| FY2020 | $380M | −44.1% |
| FY2021 | $460M | +21.1% |
| FY2022 | $520M | +13.0% |
| FY2023 | $540M | +3.8% |
| FY2024 | $715M | +32.4% |
Note: The FY2019 spike includes a significant gain on the disposal of Ajinomoto's overseas food business assets. The FY2020 decline reflects the subsequent normalization. All figures converted from JPY at approximate annual average exchange rates.
Ajinomoto P/E Ratio
| Fiscal Year | P/E Ratio | Note |
|---|---|---|
| FY2015 | 27.2x | — |
| FY2016 | 30.6x | Earnings decline, stable share price |
| FY2017 | 34.3x | Further earnings compression |
| FY2018 | 25.4x | Earnings recovery |
| FY2019 | 15.9x | Asset disposal gain inflated earnings |
| FY2020 | 30.5x | Earnings normalized post-disposal |
| FY2021 | 31.3x | Valuation premium, modest earnings |
| FY2022 | 32.3x | Re-rating premium building |
| FY2023 | 37.8x | Health science growth premium |
| FY2024 | 35.0x | Slight compression on earnings catch-up |