# MEGMILK SNOW BRAND Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/04/01－2026/03/31) (S100YC5I)
> Page: https://vizora.meequs.com/en/company/megmilk-snow-brand
> Retrieved: 2026-09-30T19:55:06.519Z

## Company

Megmilk Snow Brand, founded in 1925, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 5,844 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEGMILK SNOW BRAND Co.,Ltd. |
| Ticker | 2270 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2270.T) |
| Listing | TSE Prime |
| Head office | 北海道札幌市東区苗穂町6丁目1番1号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行なっております。) |
| Representative (per filing) | 代表取締役社長 佐藤 雅俊 |
| Founded | May 1925 |
| Share capital | ¥20B |
| Employees (consolidated) | 5,844 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.meg-snow.com (https://www.meg-snow.com/) |
| Corporate number | 8430001041570 |
| EDINET | E23202 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Agriculture & Seeds, Beverages & Dairy |

> Profile source: annual securities report (S100YC5I, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 17 |
| Profitability | 27.5 | 20 |
| Cash conversion | 67.5 | 20 |
| Efficiency | 87.5 | 20 |
| Financial strength | 58.3 | 6 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 44% of Megmilk Snow Brand's sales come from Dairy products, with Beverage and dessert and Feed and seeds making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.0% from the prior year, operating profit -4.5%.

## Company structure

- Segment revenue mix: Dairy products 43.6%、Beverage and dessert 42.3%、Feed and seeds 7.8%、Other 6.4%
- Revenue → net income: ¥615761000000 → ¥32698000000
- Net income → operating cash flow: ¥32698000000 → ¥22897000000（difference ¥-9801000000）
- Main uses of operating cash flow: CapEx ¥27291000000 / dividends ¥6746000000 / buybacks ¥20007000000
- Change in cash: ¥-7320000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥615.8B |  |
| Operating income | ¥18.3B | Margin 3.0% |
| Net income | ¥32.9B | Margin 5.3% |
| Free cash flow | -¥4.39B |  |
| Largest business | Dairy products | of segment revenue 43.6% |
| Employees (consolidated) | 5,844 |  |
| EPS | ¥456.72 |  |
| Book value per share | ¥2875.23 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 63,835,455 |  |
| Treasury shares | 3,075,300 |  |
| Shareholders | 26,566 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 3.3% | Net cash -¥27.2B · Cash ÷ revenue 2.3% |
| Vs. industry median margin | -1.4 pp | Beverages & Dairy |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.0× dividends
- FY2026, segment profit share differs by -21 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥615186000000 | ¥615761000000 | +0.1% |
| Operating income | ¥19780000000 | ¥18266000000 | -7.7% |
| Operating margin | 3.2% | 3.0% | -0.2 pp |
| Employees | 5,669 people | 5,844 people | +3.1% |
| Cash and equivalents | ¥21829000000 | ¥13998000000 | -35.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 乳製品 → 乳製品 | 21.9% |
| 乳製品 → 事業再編・廃止 | 21.9% |
| 飲料・デザート類 → 飲料・デザート類 | 23.0% |
| 飲料・デザート類 → 事業再編・廃止 | 23.0% |
| 飼料・種苗 → 飼料・種苗 | 3.6% |
| 飼料・種苗 → 事業再編・廃止 | 3.6% |
| その他 → その他 | 2.9% |
| 新設・再編 → 乳製品 | 21.6% |
| 新設・再編 → 飲料・デザート類 | 19.3% |
| 新設・再編 → 飼料・種苗 | 4.2% |
| 新設・再編 → その他 | 3.4% |

Segment revenue source references: 11 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dairy products | 5 years | +0.5% | ¥268428000000 | 3.9% | 2 |
| Beverage and dessert | 5 years | -1.1% | ¥260271000000 | 1.5% | 2 |
| Feed and seeds | 5 years | +2.0% | ¥47942000000 | 1.5% | 2 |
| Other | 5 years | +2.2% | ¥39118000000 | 8.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 615,761 | 100.0% | S100YC5I |
| Cost of revenue | 511,396 | 83.1% | S100YC5I |
| Gross profit | 104,364 | 16.9% | S100YC5I |
| SG&A | 86,098 | 14.0% | S100YC5I |
| Operating income | 18,266 | 3.0% | S100YC5I |
| Ordinary income | 20,486 | 3.3% | S100YC5I |
| Pretax income | 45,737 | 7.4% | S100YC5I |
| Income tax | 13,038 | 2.1% | S100YC5I |
| Net income | 32,698 | 5.3% | S100YC5I |
| Net income attributable to owners | 32,897 | 5.3% | S100YC5I |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 16.9% → Operating margin 3.0% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.0%; Core profit growth: -4.5%
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 615,819 | 615,761 | -58 | -0.0% |
| Gross profit | 101,500 | 104,364 | 2,864 | +2.8% |
| Operating income | 19,125 | 18,266 | -859 | -4.5% |
| Net income attributable to owners | 13,904 | 32,897 | 18,993 | +136.6% |
| Operating cash flow | 21,100 | 22,897 | 1,797 | +8.5% |
| Free cash flow | 167 | -4,394 | -4,561 | -2731.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 613,405 | 17,998 | 2.9% | 12,165 | 24,322 | 7,617 | S100LMEE |
| FY ending Mar 2021 | 615,186 | 19,780 | 3.2% | 14,913 | 26,567 | -4,555 | S100OI0N |
| FY ending Mar 2022 | 558,403 | 18,059 | 3.2% | 12,068 | 29,421 | 9,450 | S100R684 |
| FY ending Mar 2023 | 584,308 | 13,054 | 2.2% | 9,129 | 26,807 | 7,037 | S100UESP |
| FY ending Mar 2024 | 605,424 | 18,460 | 3.0% | 19,430 | 30,465 | 11,881 | S100W1PP |
| FY ending Mar 2025 | 615,819 | 19,125 | 3.1% | 13,904 | 21,100 | 167 | S100YC5I |
| FY ending Mar 2026 | 615,761 | 18,266 | 3.0% | 32,897 | 22,897 | -4,394 | S100YC5I |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105.4M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥5.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,665 | 5,715 | 5,731 | 5,751 | 5,844 |
| Average salary (parent company) | ¥7.3M | ¥7.2M | ¥7.4M | ¥7.7M | ¥7.7M |
| Average age (parent company) | 40.8 years | 41.2 years | 41.7 years | 41.8 years | 41.6 years |
| Average tenure (parent company) | 14.8 years | 15.4 years | 15.8 years | 16.1 years | 16.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -0.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dairy products | 268,428 | 43.6% | 10,515 | 3.9% |
| Beverage and dessert | 260,271 | 42.3% | 3,905 | 1.5% |
| Feed and seeds | 47,942 | 7.8% | 710 | 1.5% |
| Other | 39,118 | 6.4% | 3,346 | 8.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Dairy products | 43.6% | 56.9% | 13.3 | 3.9% |
| Beverage and dessert | 42.3% | 21.1% | -21.1 | 1.5% |
| Feed and seeds | 7.8% | 3.8% | -3.9 | 1.5% |
| Other | 6.4% | 18.1% | 11.8 | 8.6% |

Segment → industry: Feed and seeds → Livestock, Feed & Fertilizer / Feed and seeds → Agriculture & Seeds / Beverage and dessert → Beverages & Dairy / Dairy products → Beverages & Dairy

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 22,897 | 3.7% | S100YC5I |
| Capital expenditure | 27,291 | 4.4% | S100YC5I |
| Free cash flow | -4,394 | -0.7% | 算出 |
| Investing cash flow | 7,067 | 1.1% | S100YC5I |
| Financing cash flow | -37,348 | -6.1% | S100YC5I |
| Dividends paid | 6,746 | 1.1% | S100YC5I |
| Share buyback | 20,007 | 3.2% | S100YC5I |
| Change in cash | -7,320 | -1.2% | S100YC5I |
| Cash and equivalents | 13,998 | 2.3% | S100YC5I |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,979 | 20,338 | 28,988 | 21,319 | 13,998 | S100UESP, S100W1PP, S100YC5I |
| Total assets | 401,890 | 410,130 | 431,222 | 431,073 | 426,820 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Net assets | 209,528 | 215,899 | 235,300 | 248,037 | 240,741 | S100UESP, S100W1PP, S100YC5I |
| Share capital | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Trade receivables | 72,248 | 80,208 | 87,998 | 81,443 | 84,063 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Property, plant and equipment | 178,892 | 180,101 | 177,541 | 175,831 | 188,229 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Intangible assets excluding goodwill | 3,291 | 3,188 | 4,499 | 6,807 | 7,785 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Goodwill | 582 | 516 | 441 | 328 | 222 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Investment securities | 48,107 | 50,442 | 53,326 | 56,370 | 35,297 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Current assets | 160,139 | 164,163 | 181,767 | 173,706 | 175,841 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Current liabilities | 113,134 | 116,904 | 122,474 | 119,263 | 128,455 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Trade payables | 53,447 | 58,749 | 63,070 | 60,222 | 59,965 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Short-term borrowings | 17,011 | 10,200 | 7,081 | 7,385 | 6,691 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Long-term borrowings | 39,378 | 32,178 | 29,054 | 19,650 | 19,446 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Bonds | 10,000 | 15,000 | 15,000 | 15,030 | 15,021 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Interest-bearing debt | 66,389 | 57,378 | 51,135 | 42,065 | 41,158 | 算出 |
| Total liabilities | 192,361 | 194,230 | 195,921 | 183,035 | 186,078 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Non-controlling interests | 2,750 | 3,020 | 3,214 | 3,356 | 3,075 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Equity attributable to owners of parent | 178,911 | 183,609 | 198,983 | 207,222 | 213,440 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Retained earnings | 147,231 | 151,908 | 167,278 | 175,746 | 201,607 | S100R684, S100UESP, S100W1PP, S100YC5I |
| Treasury stock | -5,347 | -5,327 | -5,322 | -5,553 | -8,167 | S100R684, S100UESP, S100W1PP, S100YC5I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YC5I |
| Receivables | 20% | S100YC5I |
| Property, plant and equipment | 44% | S100YC5I |
| Intangibles and goodwill | 2% | S100YC5I |
| Investment securities | 8% | S100YC5I |
| Other assets | 23% | S100YC5I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YC5I |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 20% | S100YC5I |
| Equity | 56% | S100YC5I |
| Other liabilities | 0% | S100YC5I |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 401,890 | 410,130 | 431,222 | 431,073 | 426,820 |
| Equity | 209,528 | 215,899 | 235,300 | 248,037 | 240,741 |
| Interest-bearing debt | 66,389 | 57,378 | 51,135 | 42,065 | 41,158 |
| Cash | 19,979 | 20,338 | 28,988 | 21,319 | 13,998 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 30.6% | S100YC5I |
| Fixed assets ÷ total assets | 44.1% | S100YC5I |
| Goodwill ÷ parent equity | 0.1% | S100YC5I |

Goodwill over 4 years: 582 → 222 JPY; total investing cash flow: -57,583 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.3% |
| Cash ÷ revenue | 2.3% |
| Net cash (cash − interest-bearing debt) | -¥27.2B |
| Net debt ÷ operating cash flow | 1.19× |
| Cash conversion (operating CF ÷ operating income) | 125.4% |
| Cash vs. profit gap | -10,000 JPY mn (of net income -30.4%) |
| Shareholder returns / net income | 81.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 30.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.2% | 1.39× | 3.0% | 2.25× | 6.7% | S100R684 |
| 2023 | 1.6% | 1.44× | 2.2% | 2.24× | 5.0% | S100UESP |
| 2024 | 3.2% | 1.44× | 4.6% | 2.20× | 10.2% | S100W1PP |
| 2025 | 2.3% | 1.43× | 3.2% | 2.12× | 6.8% | S100YC5I |
| 2026 | 5.3% | 1.44× | 7.7% | 2.04× | 15.6% | S100YC5I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 全国農業協同組合連合会 | Major shareholder | 15.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）(注)１ | Major shareholder | 12.9% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 7.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）(注)１ | Major shareholder | 3.7% | 2026-03-31 |
| 雪印メグミルク従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| ホクレン農業協同組合連合会 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| 全国酪農業協同組合連合会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本アクセス | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue in FY ending Mar 2026 was ¥615.8B, essentially unchanged (-0.0%).
- Gross profit rose +2.8% to ¥104.4B, yet operating income fell -4.5% to ¥18.3B.
- Net income attributable to owners jumped +136.6% to ¥32.9B, boosted by gains from selling investment securities rather than by the core business.
- Free cash flow turned negative at -¥4.39B, while the company spent ¥20B buying back its own shares.

### Drivers

- Dairy products grew sales and profit thanks to butter price increases and steady demand; Sakeru Cheese hit record sales.
- In beverage and dessert, volumes dropped after price increases, pulling operating profit well below the prior year.
- Gains on selling investment securities drove the jump in net income.

### Risks

- Raw milk supply swings between surplus and shortage: a shortage cuts production, while a surplus builds inventory and intensifies price competition.
- Large moves in global prices for dairy products and feed ingredients could raise input costs or let cheap imports take share.
- Driver shortages in trucking could push up freight costs and cause delivery delays or stockouts.

Cited: Annual securities report, FY ending Mar 2026 (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, FY ending Mar 2026 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YC5I | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC5I,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100W1PP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1PP,, |
| 訂正有価証券報告書－第15期(2023/04/01－2024/03/31) | S100UESP | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UESP,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100R684 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R684,, |
| 有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100OI0N | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI0N,, |
| 有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LMEE | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMEE,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).