# MORINAGA MILK INDUSTRY 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103期(2025/04/01－2026/03/31) (S100YIHY)
> Page: https://vizora.meequs.com/en/company/morinaga-milk-industry
> Retrieved: 2026-09-30T22:26:42.757Z

## Company

Morinaga Milk Industry, founded in 1917, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 7,345 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Morinaga Milk Industry Co., Ltd. |
| Ticker | 2264 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2264.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目5番2号 |
| Representative (per filing) | 取締役社長 大貫陽一 |
| Founded | Sep 1917 |
| Share capital | ¥21.8B |
| Employees (consolidated) | 7,345 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.morinagamilk.co.jp (https://www.morinagamilk.co.jp/) |
| Corporate number | 8010401029662 |
| EDINET | E00331 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100YIHY, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.7 | 17 |
| Profitability | 62.5 | 20 |
| Cash conversion | 37.5 | 20 |
| Efficiency | 42.5 | 20 |
| Financial strength | 41.7 | 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 96% of Morinaga Milk Industry's sales come from Food, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +16.3%.

## Company structure

- Segment revenue mix: Food 95.8%、Other 4.2%
- Revenue → net income: ¥571458000000 → ¥22784000000
- Net income → operating cash flow: ¥22784000000 → ¥35716000000（difference ¥12932000000）
- Main uses of operating cash flow: CapEx ¥39999000000 / dividends ¥7471000000 / buybacks ¥10010000000
- Change in cash: ¥-2500000000
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 | ¥571.5B |  |
| Operating income | ¥34.5B | Margin 6.0% |
| Net income | ¥22.6B | Margin 4.0% |
| Free cash flow | -¥4.28B |  |
| Largest business | Food | of segment revenue 95.8% |
| Employees (consolidated) | 7,345 |  |
| EPS | ¥120.08 |  |
| Diluted EPS | ¥119.97 |  |
| Book value per share | ¥1865.94 |  |
| Equity ratio | 50.2% |  |
| Shares outstanding | 86,179,786 |  |
| Treasury shares | 5,121,600 |  |
| Shareholders | 23,712 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 4.8% | Net cash -¥76.9B · Cash ÷ revenue 4.6% |
| Vs. industry median margin | +1.6 pp | Beverages & Dairy |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, employees -1% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥583550000000 | ¥571458000000 | -2.1% |
| Operating income | ¥28867000000 | ¥34479000000 | +19.4% |
| Operating margin | 4.9% | 6.0% | +1.1 pp |
| Employees | 6,871 people | 7,345 people | +6.9% |
| Cash and equivalents | ¥19138000000 | ¥26059000000 | +36.2% |

### 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 | 95.8% |
| 食品 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 4.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 571,458 | 100.0% | S100YIHY |
| Cost of revenue | 428,198 | 74.9% | S100YIHY |
| Gross profit | 143,260 | 25.1% | S100YIHY |
| SG&A | 108,780 | 19.0% | S100YIHY |
| Operating income | 34,479 | 6.0% | S100YIHY |
| Ordinary income | 37,121 | 6.5% | S100YIHY |
| Pretax income | 32,238 | 5.6% | S100YIHY |
| Income tax | 9,454 | 1.7% | S100YIHY |
| Net income | 22,784 | 4.0% | S100YIHY |
| Net income attributable to owners | 22,599 | 4.0% | S100YIHY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.1% → Operating margin 6.0% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +16.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.87×
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 | 561,173 | 571,458 | 10,285 | +1.8% |
| Gross profit | 135,053 | 143,260 | 8,207 | +6.1% |
| Operating income | 29,658 | 34,479 | 4,821 | +16.3% |
| Net income attributable to owners | 5,459 | 22,599 | 17,140 | +314.0% |
| Operating cash flow | -12,456 | 35,716 | 48,172 | — |
| Free cash flow | -44,680 | -4,283 | 40,397 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 590,892 | 25,359 | 4.3% | 18,656 | 29,209 | -3,572 | S100LU7N |
| FY ending Mar 2021 | 583,550 | 28,867 | 4.9% | 18,741 | 38,544 | 10,363 | S100OK5E |
| FY ending Mar 2022 | 503,354 | 29,792 | 5.9% | 33,782 | 40,268 | 21,390 | S100RA7X |
| FY ending Mar 2023 | 525,603 | 23,939 | 4.6% | 16,875 | 19,382 | -205 | S100V7TB |
| FY ending Mar 2024 | 547,059 | 27,839 | 5.1% | 61,307 | 56,583 | 23,437 | S100WA0L |
| FY ending Mar 2025 | 561,173 | 29,658 | 5.3% | 5,459 | -12,456 | -44,680 | S100YIHY |
| FY ending Mar 2026 | 571,458 | 34,479 | 6.0% | 22,599 | 35,716 | -4,283 | S100YIHY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.8M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 6,839 | 7,040 | 7,415 | 7,453 | 7,345 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥7.8M | ¥7.9M | ¥8M |
| Average age (parent company) | 39.3 years | 39.8 years | 40.1 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 16.1 years | 16.5 years | 16.7 years | 16.8 years | 16.6 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food | 547,418 | 95.8% | 45,807 | 8.4% |
| Other | 24,039 | 4.2% | 3,582 | 14.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food | 95.8% | 92.7% | -3.0 | 8.4% |
| Other | 4.2% | 7.3% | 3.0 | 14.9% |

Segment → industry: Other → Livestock, Feed & Fertilizer / 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 | 35,716 | 6.2% | S100YIHY |
| Capital expenditure | 39,999 | 7.0% | S100YIHY |
| Free cash flow | -4,283 | -0.7% | 算出 |
| Investing cash flow | -38,870 | -6.8% | S100YIHY |
| Financing cash flow | -503 | -0.1% | S100YIHY |
| Dividends paid | 7,471 | 1.3% | S100YIHY |
| Share buyback | 10,010 | 1.8% | S100YIHY |
| Change in cash | -2,500 | -0.4% | S100YIHY |
| Cash and equivalents | 26,059 | 4.6% | S100YIHY |

## 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 | 23,486 | 20,976 | 64,528 | 28,559 | 26,059 | S100V7TB, S100WA0L, S100YIHY |
| Total assets | 458,788 | 487,441 | 565,998 | 520,423 | 547,116 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Net assets | 208,026 | 228,249 | 282,135 | 271,103 | 279,749 | S100V7TB, S100WA0L, S100YIHY |
| Share capital | 21,821 | 21,821 | 21,821 | 21,821 | 21,821 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Property, plant and equipment | 247,446 | 249,355 | 268,960 | 273,993 | 290,553 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Intangible assets excluding goodwill | 9,735 | 22,903 | 27,321 | 12,042 | 11,567 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Goodwill | 2,066 | 9,956 | 10,214 | 417 | 383 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Investment securities | 21,583 | 21,760 | 26,405 | 19,703 | 21,419 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Current assets | 164,127 | 179,189 | 229,039 | 198,069 | 205,303 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Current liabilities | 142,500 | 156,607 | 192,682 | 170,112 | 148,588 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Trade payables | 52,122 | 53,844 | 57,240 | 53,543 | 54,792 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Short-term borrowings | 3,084 | 5,233 | 4,519 | 3,553 | 3,035 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Long-term borrowings | 26,051 | 20,196 | 14,199 | 10,511 | 29,889 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Bonds | 50,000 | 55,000 | 45,000 | 50,000 | 70,000 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Interest-bearing debt | 79,135 | 80,429 | 63,718 | 64,064 | 102,924 | 算出 |
| Total liabilities | 250,762 | 259,192 | 283,862 | 249,319 | 267,367 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Non-controlling interests | 1,955 | 5,222 | 4,951 | 4,777 | 4,994 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Equity attributable to owners of parent | 200,210 | 214,009 | 261,320 | 246,316 | 251,542 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Retained earnings | 183,884 | 186,518 | 233,741 | 220,181 | 225,292 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |
| Treasury stock | -25,476 | -14,316 | -14,241 | -15,351 | -15,248 | S100RA7X, S100V7TB, S100WA0L, S100YIHY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YIHY |
| Property, plant and equipment | 53% | S100YIHY |
| Intangibles and goodwill | 2% | S100YIHY |
| Investment securities | 4% | S100YIHY |
| Other assets | 36% | S100YIHY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIHY |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 20% | S100YIHY |
| Equity | 51% | S100YIHY |

### 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 | 458,788 | 487,441 | 565,998 | 520,423 | 547,116 |
| Equity | 208,026 | 228,249 | 282,135 | 271,103 | 279,749 |
| Interest-bearing debt | 79,135 | 80,429 | 63,718 | 64,064 | 102,924 |
| Cash | 23,486 | 20,976 | 64,528 | 28,559 | 26,059 |

## 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) | 50.8% | S100YIHY |
| Fixed assets ÷ total assets | 53.1% | S100YIHY |
| Goodwill ÷ parent equity | 0.2% | S100YIHY |

Goodwill over 4 years: 2,066 → 383 JPY; total investing cash flow: -49,525 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) | 4.8% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | -¥76.9B |
| Net debt ÷ operating cash flow | 2.15× |
| Cash conversion (operating CF ÷ operating income) | 103.6% |
| Cash vs. profit gap | 13,117 JPY mn (of net income 58.0%) |
| Shareholder returns / net income | 77.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 108.8% |

## 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 | 6.7% | 1.10× | 7.4% | 2.29× | 16.9% | S100RA7X |
| 2023 | 3.2% | 1.11× | 3.6% | 2.28× | 8.1% | S100V7TB |
| 2024 | 11.2% | 1.04× | 11.6% | 2.22× | 25.8% | S100WA0L |
| 2025 | 1.0% | 1.03× | 1.0% | 2.14× | 2.2% | S100YIHY |
| 2026 | 4.0% | 1.07× | 4.2% | 2.14× | 9.1% | S100YIHY |

## 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 | 13.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口) | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 森永乳業従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| ＤＢＳ ＢＡＮＫ ＬＴＤ ７００１７０（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| 森永製菓株式会社 | Major shareholder | 1.7% | 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 |
| 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 | 1.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(退職給付信託口・森永製菓株式会社口) | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥571.5B, up +1.8% from the year before.
- Profit grew much faster: operating income rose +16.3% to ¥34.5B, and net income attributable to owners rose +314.0% to ¥22.6B.
- Operating cash flow swung from -¥12.5B to an inflow of ¥35.7B, and free cash flow narrowed from -¥44.7B to -¥4.28B.

### Drivers

- MILEI GmbH in Germany sold more and earned more as whey protein prices stayed high, and the overseas profit gain carried the group
- In Japan, price increases offset part of higher raw milk and other costs, but sales volumes fell and domestic revenue and profit declined
- Ice cream (with a new production line), yogurt (sales recovered through the year) and dairy products for business customers still added revenue

### Risks

- Raw material prices and delivery times move with supply and demand, tariff rules and exchange rates
- Big changes to Japan's raw milk subsidy system or dairy tariffs could affect results
- Prolonged conflicts between countries could disrupt logistics and push up energy and raw material prices

Cited: Annual Securities Report, 103rd term (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, 103rd term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YIHY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIHY,, |
| 訂正有価証券報告書－第102期(2024/04/01－2025/03/31) | S100WA0L | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WA0L,, |
| 訂正有価証券報告書－第101期(2023/04/01－2024/03/31) | S100V7TB | 2025-02-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V7TB,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100RA7X | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA7X,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OK5E | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK5E,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LU7N | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU7N,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Sunkist Growers, LLC | Co-development | 森永乳業が清涼飲料水等でサンキスト商標の使用権を受ける | S100YIHY |
| INTERCONTINENTAL GREAT BRANDS LLC | Co-development | チーズ等の技術提携（森永乳業が技術援助を受ける） | S100YIHY |
| Mondelez International AMEA Pte Ltd | Supply/OEM | モンデリーズからチーズ等を輸入販売 | S100YIHY |
| リプトン・ティーアンドインフュージョン・ジャパン・サービス株式会社 | Co-development | 森永乳業が紅茶飲料等でリプトン商標の使用権を受ける | S100YIHY |
| LACTARIS HERITAGE DAIRY, INC | Co-development | チーズの技術提携 | S100YIHY |
| Lactaris Japan Co., Ltd | Supply/OEM | Lactaris Japan からチーズ等を輸入販売 | S100YIHY |

## 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).