# Morinaga&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178期(2025/04/01－2026/03/31) (S100YHJS)
> Page: https://vizora.meequs.com/en/company/morinaga-and
> Retrieved: 2026-09-30T22:11:26.542Z

## Company

Morinaga&, founded in 1899, is a company in Processed Foods listed on TSE Prime. It has 3,222 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Morinaga&Co., Ltd. |
| Ticker | 2201 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2201.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦一丁目13番16号 |
| Representative (per filing) | 代表取締役社長COO 森信也 |
| Founded | Aug 1899 |
| Share capital | ¥18.6B |
| Employees (consolidated) | 3,222 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.morinaga.co.jp (https://www.morinaga.co.jp/) |
| Corporate number | 1010401029660 |
| EDINET | E00369 |
| Industries (Vizora) | Processed Foods, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHJS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.1 | 56 |
| Profitability | 90.8 | 60 |
| Cash conversion | 36 | 57 |
| Efficiency | 47.5 | 60 |
| Financial strength | 62.5 | 4 |

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 95% of Morinaga&'s sales come from Grocery manufacturing, with Grocery wholesale and Real estate and service making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: Grocery manufacturing 95.1%、Grocery wholesale 3.7%、Real estate and service 0.8%、Other 0.3%
- Revenue → net income: ¥236672000000 → ¥17933000000
- Net income → operating cash flow: ¥17933000000 → ¥23637000000（difference ¥5704000000）
- Main uses of operating cash flow: CapEx ¥17700000000 / dividends ¥7893000000 / buybacks ¥4754000000
- Change in cash: ¥-2787000000
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 | ¥236.7B |  |
| Operating income | ¥22.4B | Margin 9.5% |
| Net income | ¥17.8B | Margin 7.5% |
| Free cash flow | ¥5.94B |  |
| Largest business | Grocery manufacturing | of segment revenue 95.1% |
| Employees (consolidated) | 3,222 |  |
| EPS | ¥179.32 |  |
| Book value per share | ¥1161.9 |  |
| Equity ratio | 62.8% |  |
| Shares outstanding | 86,111,638 |  |
| Treasury shares | 2,061,300 |  |
| Shareholders | 55,628 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 11.4% | Net cash ¥6.73B · Cash ÷ revenue 10.9% |
| Vs. industry median margin | +5.4 pp | Processed Foods |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥168240000000 | ¥236672000000 | +40.7% |
| Operating income | ¥19176000000 | ¥22394000000 | +16.8% |
| Operating margin | 11.4% | 9.5% | -1.9 pp |
| Employees | 2,825 people | 3,222 people | +14.1% |
| Cash and equivalents | ¥31568000000 | ¥25726000000 | -18.5% |

### 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 |
| --- | ---: |
| 食料品製造 → 食料品製造 | 95.1% |
| 食料品製造 → 事業再編・廃止 | 0.1% |
| 食料卸売 → 食料卸売 | 3.3% |
| 不動産及びサービス → 不動産及びサービス | 0.8% |
| 不動産及びサービス → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 食料卸売 | 0.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Grocery manufacturing | 5 years | +7.0% | ¥225167000000 | 9.9% | 2 |
| Grocery wholesale | 5 years | +9.7% | ¥8798000000 | 7.8% | 2 |
| Real estate and service | 5 years | +0.8% | ¥1897000000 | 46.4% | 2 |
| Other | 5 years | +5.0% | ¥809000000 | 17.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 236,672 | 100.0% | S100YHJS |
| Cost of revenue | 141,713 | 59.9% | S100YHJS |
| Gross profit | 94,959 | 40.1% | S100YHJS |
| SG&A | 72,565 | 30.7% | S100YHJS |
| Operating income | 22,394 | 9.5% | S100YHJS |
| Ordinary income | 22,659 | 9.6% | S100YHJS |
| Pretax income | 25,327 | 10.7% | S100YHJS |
| Income tax | 7,393 | 3.1% | S100YHJS |
| Net income | 17,933 | 7.6% | S100YHJS |
| Net income attributable to owners | 17,765 | 7.5% | S100YHJS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 31 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 40.1% → Operating margin 9.5% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +5.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.57×
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 | 228,957 | 236,672 | 7,715 | +3.4% |
| Gross profit | 90,046 | 94,959 | 4,913 | +5.5% |
| Operating income | 21,266 | 22,394 | 1,128 | +5.3% |
| Net income attributable to owners | 17,710 | 17,765 | 55 | +0.3% |
| Operating cash flow | 10,763 | 23,637 | 12,874 | +119.6% |
| Free cash flow | -5,134 | 5,937 | 11,071 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 208,878 | 21,230 | 10.2% | 10,824 | 20,994 | 6,537 | S100LSN4 |
| FY ending Mar 2021 | 168,240 | 19,176 | 11.4% | 13,416 | 12,127 | -7,747 | S100OJF1 |
| FY ending Mar 2022 | 181,251 | 17,685 | 9.8% | 27,773 | 24,825 | 9,503 | S100R8FN |
| FY ending Mar 2023 | 194,373 | 15,235 | 7.8% | 10,059 | -2,966 | -16,552 | S100TVEL |
| FY ending Mar 2024 | 213,368 | 20,273 | 9.5% | 15,154 | 30,174 | 19,701 | S100W3PB |
| FY ending Mar 2025 | 228,957 | 21,266 | 9.3% | 17,710 | 10,763 | -5,134 | S100YHJS |
| FY ending Mar 2026 | 236,672 | 22,394 | 9.5% | 17,765 | 23,637 | 5,937 | S100YHJS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.5M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.5M |

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) | 2,937 | 3,076 | 3,093 | 3,153 | 3,222 |
| Average salary (parent company) | ¥7.6M | ¥7.7M | ¥7.6M | ¥8.2M | ¥8.4M |
| Average age (parent company) | 42.7 years | 43.2 years | 43.5 years | 43.4 years | 43.4 years |
| Average tenure (parent company) | 18.6 years | 18.9 years | 19.3 years | 19.1 years | 19.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery manufacturing | 225,167 | 95.1% | 22,327 | 9.9% |
| Grocery wholesale | 8,798 | 3.7% | 690 | 7.8% |
| Real estate and service | 1,897 | 0.8% | 880 | 46.4% |
| Other | 809 | 0.3% | 145 | 17.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Grocery manufacturing | 95.1% | 92.9% | -2.3 | 9.9% |
| Grocery wholesale | 3.7% | 2.9% | -0.8 | 7.8% |
| Real estate and service | 0.8% | 3.7% | 2.9 | 46.4% |
| Other | 0.3% | 0.6% | 0.3 | 17.9% |

Segment → industry: Grocery manufacturing → Processed Foods / Real estate and service → Theme Parks & Leisure Facilities / Real estate and service → Real Estate Development & Leasing / Grocery wholesale → Specialty Trading & Wholesale

## 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 | 23,637 | 10.0% | S100YHJS |
| Capital expenditure | 17,700 | 7.5% | S100YHJS |
| Free cash flow | 5,937 | 2.5% | 算出 |
| Investing cash flow | -14,289 | -6.0% | S100YHJS |
| Financing cash flow | -13,236 | -5.6% | S100YHJS |
| Dividends paid | 7,893 | 3.3% | S100YHJS |
| Share buyback | 4,754 | 2.0% | S100YHJS |
| Change in cash | -2,787 | -1.2% | S100YHJS |
| Cash and equivalents | 25,726 | 10.9% | S100YHJS |

## 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 | 60,146 | 36,077 | 47,101 | 30,845 | 25,726 | S100TVEL, S100W3PB, S100YHJS |
| Total assets | 214,300 | 205,226 | 223,644 | 209,986 | 225,921 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Net assets | 131,174 | 125,856 | 132,653 | 132,393 | 143,696 | S100TVEL, S100W3PB, S100YHJS |
| Share capital | 18,612 | 18,612 | 18,612 | 18,612 | 18,612 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Trade receivables | 22,313 | 23,712 | 30,623 | 27,340 | 28,448 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Property, plant and equipment | 85,053 | 86,256 | 80,690 | 79,982 | 89,309 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Intangible assets excluding goodwill | 309 | 839 | 2,015 | 4,075 | 3,710 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Goodwill | 98 | — | — | — | — | S100R8FN |
| Investment securities | 10,447 | 10,167 | 13,217 | 10,251 | 10,030 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Current assets | 112,067 | 101,371 | 118,045 | 104,667 | 105,827 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Current liabilities | 70,147 | 51,297 | 64,436 | 51,889 | 57,585 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Trade payables | 20,392 | 22,798 | 23,002 | 21,608 | 20,588 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Short-term borrowings | — | — | — | — | 3,000 | S100YHJS |
| Long-term borrowings | — | 10,000 | 10,000 | 10,000 | 7,000 | S100TVEL, S100W3PB, S100YHJS |
| Bonds | — | 9,000 | 9,000 | 9,000 | 9,000 | S100TVEL, S100W3PB, S100YHJS |
| Interest-bearing debt | — | — | — | — | 19,000 | 算出 |
| Total liabilities | 83,126 | 79,370 | 90,991 | 77,592 | 82,225 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Non-controlling interests | 1,139 | 1,290 | 1,450 | 1,527 | 1,739 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Equity attributable to owners of parent | 121,074 | 115,482 | 117,239 | 117,623 | 122,806 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Retained earnings | 97,886 | 83,396 | 86,305 | 87,076 | 92,377 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |
| Treasury stock | -12,717 | -3,713 | -4,865 | -5,252 | -5,370 | S100R8FN, S100TVEL, S100W3PB, S100YHJS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YHJS |
| Receivables | 13% | S100YHJS |
| Property, plant and equipment | 40% | S100YHJS |
| Intangibles and goodwill | 2% | S100YHJS |
| Investment securities | 4% | S100YHJS |
| Other assets | 30% | S100YHJS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YHJS |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 19% | S100YHJS |
| Equity | 64% | S100YHJS |

### 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 | 214,300 | 205,226 | 223,644 | 209,986 | 225,921 |
| Equity | 131,174 | 125,856 | 132,653 | 132,393 | 143,696 |
| Interest-bearing debt | — | — | — | — | 19,000 |
| Cash | 60,146 | 36,077 | 47,101 | 30,845 | 25,726 |

## 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) | 37.7% | S100YHJS |
| Fixed assets ÷ total assets | 39.5% | S100YHJS |
| Goodwill ÷ parent equity | — | —, S100YHJS |

### 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) | 11.4% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | ¥6.73B |
| Net debt ÷ operating cash flow | -0.28× |
| Cash conversion (operating CF ÷ operating income) | 105.6% |
| Cash vs. profit gap | 5,872 JPY mn (of net income 33.1%) |
| Shareholder returns / net income | 71.2% |
| Shareholder returns / FCF | 213.0% |
| Shareholder payments — dividends / net income | 44.4% |
| Shareholder payments — dividends / FCF | 132.9% |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 60.5% |

## 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 | 15.3% | 0.85× | 13.0% | 1.77× | 22.9% | S100R8FN |
| 2023 | 5.2% | 0.93× | 4.8% | 1.77× | 8.5% | S100TVEL |
| 2024 | 7.1% | 1.00× | 7.1% | 1.84× | 13.0% | S100W3PB |
| 2025 | 7.7% | 1.06× | 8.2% | 1.85× | 15.1% | S100YHJS |
| 2026 | 7.5% | 1.09× | 8.2% | 1.81× | 14.8% | S100YHJS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| 森永製菓取引先持株会 | Major shareholder | 7.7% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.7% | 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 | 2.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 森永乳業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 森永製菓グループ従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第178期(2025/04/01－2026/03/31) | S100YHJS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJS,, |
| 有価証券報告書－第177期(2024/04/01－2025/03/31) | S100W3PB | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3PB,, |
| 有価証券報告書－第176期(2023/04/01－2024/03/31) | S100TVEL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVEL,, |
| 有価証券報告書－第175期(2022/04/01－2023/03/31) | S100R8FN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8FN,, |
| 有価証券報告書－第174期(令和3年4月1日－令和4年3月31日) | S100OJF1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJF1,, |
| 有価証券報告書－第173期(令和2年4月1日－令和3年3月31日) | S100LSN4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSN4,, |

## 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).