# Meiji Holdings 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) (S100YILP)
> Page: https://vizora.meequs.com/en/company/meiji-holdings
> Retrieved: 2026-09-30T23:00:58.998Z

## Company

Meiji Holdings, founded in 2009, is a company in Pharmaceuticals listed on TSE Prime. It has 17,103 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Meiji Holdings Co.,Ltd. |
| Ticker | 2269 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2269.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目4番16号 |
| Representative (per filing) | 代表取締役 社長 CEO 松田 克也 |
| Founded | Apr 2009 |
| Share capital | ¥30B |
| Employees (consolidated) | 17,103 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.meiji.com (https://www.meiji.com/) |
| Corporate number | 9010001123947 |
| EDINET | E21902 |
| Industries (Vizora) | Pharmaceuticals, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100YILP, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.6 | 17 |
| Profitability | 72.5 | 20 |
| Cash conversion | 22.5 | 20 |
| Efficiency | 37.5 | 20 |

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 80% of Meiji Holdings's sales come from Food, with Pharmaceuticals making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +10.2%.

## Company structure

- Segment revenue mix: Food 80.2%、Pharmaceuticals 19.8%
- Revenue → net income: ¥1173688000000 → ¥38797000000
- Net income → operating cash flow: ¥38797000000 → ¥56522000000（difference ¥17725000000）
- Main uses of operating cash flow: CapEx ¥103750000000 / dividends ¥27708000000 / buybacks —
- Change in cash: ¥-17178000000
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 | ¥1.17T |  |
| Operating income | ¥93.3B | Margin 7.9% |
| Net income | ¥35.1B | Margin 3.0% |
| Free cash flow | -¥47.2B |  |
| Largest business | Food | of segment revenue 80.2% |
| Employees (consolidated) | 17,103 |  |
| EPS | ¥93.64 |  |
| Book value per share | ¥810.96 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 282,200,000 |  |
| Treasury shares | 11,098,000 |  |
| Shareholders | 212,204 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 3.9% | Cash ÷ revenue 4.2% |
| Vs. industry median margin | +3.6 pp | Beverages & Dairy |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, cash is 4% of total assets
- FY2026, employees -1% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1191765000000 | ¥1173688000000 | -1.5% |
| Operating income | ¥106061000000 | ¥93307000000 | -12.0% |
| Operating margin | 8.9% | 7.9% | -0.9 pp |
| Employees | 17,832 people | 17,103 people | -4.1% |
| Cash and equivalents | ¥39011000000 | ¥49611000000 | +27.2% |

### 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 |
| --- | ---: |
| 食品 → 食品 | 80.2% |
| 食品 → 事業再編・廃止 | 3.6% |
| 医薬品 → 医薬品 | 16.2% |
| 新設・再編 → 医薬品 | 3.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,173,688 | 100.0% | S100YILP |
| Cost of revenue | 814,648 | 69.4% | S100YILP |
| Gross profit | 359,040 | 30.6% | S100YILP |
| SG&A | 265,733 | 22.6% | S100YILP |
| Operating income | 93,307 | 7.9% | S100YILP |
| Ordinary income | 96,571 | 8.2% | S100YILP |
| Pretax income | 68,040 | 5.8% | S100YILP |
| Income tax | 29,243 | 2.5% | S100YILP |
| Net income | 38,797 | 3.3% | S100YILP |
| Net income attributable to owners | 35,076 | 3.0% | S100YILP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 23 |
| Operating income | 8 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.6% → Operating margin 7.9% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +10.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.98×
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 | 1,154,074 | 1,173,688 | 19,614 | +1.7% |
| Gross profit | 339,100 | 359,040 | 19,940 | +5.9% |
| Operating income | 84,702 | 93,307 | 8,605 | +10.2% |
| Net income attributable to owners | 50,800 | 35,076 | -15,724 | -31.0% |
| Operating cash flow | 68,979 | 56,522 | -12,457 | -18.1% |
| Free cash flow | 12,356 | -47,228 | -59,584 | -482.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,252,706 | 102,710 | 8.2% | 67,318 | 114,103 | 42,974 | S100M7HS |
| FY ending Mar 2021 | 1,191,765 | 106,061 | 8.9% | 65,655 | 123,683 | 55,783 | S100PUW9 |
| FY ending Mar 2022 | 1,013,092 | 92,922 | 9.2% | 87,497 | 127,526 | 34,361 | S100R9C9 |
| FY ending Mar 2023 | 1,062,157 | 75,433 | 7.1% | 69,424 | 85,013 | 12,843 | S100TZLX |
| FY ending Mar 2024 | 1,105,494 | 84,322 | 7.6% | 50,675 | 107,983 | 54,539 | S100W6WK |
| FY ending Mar 2025 | 1,154,074 | 84,702 | 7.3% | 50,800 | 68,979 | 12,356 | S100YILP |
| FY ending Mar 2026 | 1,173,688 | 93,307 | 7.9% | 35,076 | 56,522 | -47,228 | S100YILP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.6M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 17,336 | 17,290 | 17,270 | 17,231 | 17,103 |
| Average salary (parent company) | ¥10.2M | ¥10.1M | ¥10.4M | ¥9.1M | ¥9.4M |
| Average age (parent company) | 44.9 years | 44.9 years | 45.7 years | 42.7 years | 43.0 years |
| Average tenure (parent company) | 20.6 years | 20.8 years | 20.9 years | 18.5 years | 18.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food | 941,470 | 80.2% | 68,746 | 7.3% |
| Pharmaceuticals | 232,218 | 19.8% | 30,463 | 13.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food | 80.2% | 69.3% | -10.9 | 7.3% |
| Pharmaceuticals | 19.8% | 30.7% | 10.9 | 13.1% |

Segment → industry: Pharmaceuticals → Pharmaceuticals / Food → Beverages & Dairy / Food → Processed Foods

## 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 | 56,522 | 4.8% | S100YILP |
| Capital expenditure | 103,750 | 8.8% | S100YILP |
| Free cash flow | -47,228 | -4.0% | 算出 |
| Investing cash flow | -110,375 | -9.4% | S100YILP |
| Financing cash flow | 34,603 | 2.9% | S100YILP |
| Dividends paid | 27,708 | 2.4% | S100YILP |
| Change in cash | -17,178 | -1.5% | S100YILP |
| Cash and equivalents | 49,611 | 4.2% | S100YILP |

## 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 | 64,872 | 60,939 | 102,832 | 66,398 | 49,611 | S100TZLX, S100W6WK, S100YILP |
| Total assets | 1,117,459 | 1,136,217 | 1,205,288 | 1,184,472 | 1,261,759 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Net assets | 713,021 | 751,311 | 787,793 | 791,783 | 817,552 | S100TZLX, S100W6WK, S100YILP |
| Share capital | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Trade receivables | 173,949 | 173,001 | 202,239 | 189,533 | 195,682 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Property, plant and equipment | 483,491 | 487,755 | 480,507 | 483,901 | 509,924 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Intangible assets excluding goodwill | 18,150 | 21,496 | 20,998 | 19,240 | 21,791 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Goodwill | 26 | 11 | — | — | — | S100R9C9, S100TZLX |
| Investment securities | 124,127 | 112,649 | 87,935 | 78,354 | 75,335 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Current assets | 455,611 | 470,919 | 563,029 | 540,765 | 585,361 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Current liabilities | 286,811 | 266,258 | 322,345 | 307,077 | 313,271 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Trade payables | 107,634 | 112,312 | 127,348 | 102,846 | 101,131 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Short-term borrowings | 18,227 | 4,874 | 22,330 | 25,376 | 21,317 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Long-term borrowings | 33,039 | 39,496 | 17,596 | 12,423 | 67,267 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Bonds | 20,000 | 10,000 | 10,000 | 10,000 | — | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Interest-bearing debt | 71,266 | 54,370 | 49,926 | 47,799 | — | 算出 |
| Total liabilities | 404,438 | 384,905 | 417,494 | 392,688 | 444,206 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Non-controlling interests | 39,684 | 39,394 | 41,261 | 43,494 | 44,965 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Equity attributable to owners of parent | 632,873 | 665,149 | 690,332 | 684,010 | 688,774 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Retained earnings | 560,238 | 602,042 | 626,158 | 649,258 | 653,343 | S100R9C9, S100TZLX, S100W6WK, S100YILP |
| Treasury stock | -37,868 | -47,502 | -38,236 | -33,956 | -33,312 | S100R9C9, S100TZLX, S100W6WK, S100YILP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YILP |
| Receivables | 16% | S100YILP |
| Property, plant and equipment | 40% | S100YILP |
| Intangibles and goodwill | 2% | S100YILP |
| Investment securities | 6% | S100YILP |
| Other assets | 32% | S100YILP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YILP |
| Other liabilities | 27% | S100YILP |
| Equity | 65% | S100YILP |
| Other liabilities | 0% | S100YILP |

### 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 | 1,117,459 | 1,136,217 | 1,205,288 | 1,184,472 | 1,261,759 |
| Equity | 713,021 | 751,311 | 787,793 | 791,783 | 817,552 |
| Interest-bearing debt | 71,266 | 54,370 | 49,926 | 47,799 | — |
| Cash | 64,872 | 60,939 | 102,832 | 66,398 | 49,611 |

## 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) | 43.4% | S100YILP |
| Fixed assets ÷ total assets | 40.4% | S100YILP |
| Goodwill ÷ parent equity | — | —, S100YILP |

### 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) | 3.9% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.6% |
| Cash vs. profit gap | 21,446 JPY mn (of net income 61.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 79.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 195.3% |

## 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 | 8.6% | 0.91× | 7.8% | 1.77× | 13.8% | S100R9C9 |
| 2023 | 6.5% | 0.94× | 6.2% | 1.74× | 10.7% | S100TZLX |
| 2024 | 4.6% | 0.94× | 4.3% | 1.73× | 7.5% | S100W6WK |
| 2025 | 4.4% | 0.97× | 4.3% | 1.74× | 7.4% | S100YILP |
| 2026 | 3.0% | 0.96× | 2.9% | 1.78× | 5.1% | S100YILP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 16.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 日本生命保険(相) （常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 2.5% | 2026-03-31 |
| 明治ホールディングス従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 明治ホールディングス取引先持株会 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| JPモルガン証券㈱ | Major shareholder | 1.2% | 2026-03-31 |
| JAPAN ACTIVATION CAPITAL I L.P. （常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.17T, up +1.7% from ¥1.15T.
- Profit grew faster than sales: gross profit rose +5.9% and operating income +10.2% to ¥93.3B.
- Net income attributable to owners went the other way, falling -31.0% from ¥50.8B to ¥35.1B.
- Operating cash flow dropped to ¥56.5B, which did not cover ¥103.8B of capital expenditure, so free cash flow turned to -¥47.2B.

### Drivers

- In food, price increases offset higher raw material costs, and profits in the dairy and food solutions businesses rose sharply. The group also booked an impairment loss on its food business in China.
- In pharmaceuticals, royalty income and higher profits at subsidiaries in India and Thailand helped, and the vaccine and animal health business returned to profit after last year's write-down of the Kostaive mRNA vaccine.
- Operating cash flow fell because receivables and inventories grew. Capital spending rose with construction of new plants in Hokkaido and Kanagawa.

### Risks

- The company lowered its mid-term plan targets, citing high raw material prices and a slowing Chinese economy.
- Drug price cuts in Japan weigh on the domestic pharmaceutical business, where profit fell sharply this year.
- The outlook assumes geopolitical risks, trade policy uncertainty and currency swings will continue.

Cited: Annual Securities Report, 17th fiscal period (Apr 2025 - 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, 17th fiscal period (Apr 2025 - 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) | S100YILP | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YILP,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100W6WK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WK,, |
| 訂正有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TZLX | 2024-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZLX,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100R9C9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9C9,, |
| 訂正有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100PUW9 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUW9,, |
| 訂正有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100M7HS | 2021-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M7HS,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| LBブルガリクム | Co-development | 明治がブルガリアの LBブルガリクムからヨーグルトの製造技術を導入 | S100YILP |
| オルガノン㈱ | Co-development | Meiji Seika ファルマがアセナピンの製造・販売の実施許諾を受ける | S100YILP |
| 大鵬薬品工業㈱ | Alliance | Meiji Seika ファルマとビラスチン製剤の共同販売 | S100YILP |
| Seqirus Inc. | Co-development | Meiji Seika ファルマが ARCT-154 等のワクチンの日本国内での開発権を取得するライセンス | S100YILP |
| ナナ・チャート社 | Joint venture | 合弁会社 Thai Meiji Pharmaceutical（タイで抗生物質ほか医薬品の製造・販売） | S100YILP |
| CPグループオブカンパニー社 | Joint venture | 合弁会社 CP-MEIJI（タイで飲用牛乳・ヨーグルト等の製造・販売。明治の出資40％） | S100YILP |

## 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).