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Morinaga&Co., Ltd. logo

Morinaga&Co., Ltd.

2201.T

JPXConsumer DefensiveFood Confectioners

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Latest quote

¥2,578.5

−¥6.00 · -0.23%

Aug 24, 3:30 PM JST

2201.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Established in Tokyo, Japan, in 1899, Morinaga&Co., Ltd. is a prominent manufacturer, procurer, and distributor of a broad array of consumer products, serving markets both within Japan and internationally. The company's diverse offerings span confectionery items like caramels, biscuits, and chocolates; food staples such as cocoa and cake mixes; frozen desserts, including various ice creams; and health-oriented products like nutritious jelly drinks. Morinaga also extends its reach by providing health foods and beverages through dedicated mail-order services. Its well-known brands encompass a wide selection, featuring popular names such as Morinaga Milk Caramel, HI-CHEW, DARS, Chocoball, ICEBOX, and in Jelly.

Industry
Food Confectioners
Sector
Consumer Defensive
Headquarters
JP
CEO
Eijiro Ota
Listed since
Jan 1, 2001
Employees
3,222

Market position

Day range

Current ¥2,578.5

52-week range

Current ¥2,578.5

Open
¥2,580
Previous close
¥2,584.5
Volume
211.4K
0.65× average
Average volume
327.6K
Average daily volume
Market cap
216.52B JPY
Beta
-0.13
Market reference 1
50-day average
¥2,611.51
-1.26% below average
200-day average
¥2,664.21
-3.22% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
220.93B JPY
P/E (TTM)
12.61×
P/B (TTM)
1.5×
P/S (TTM)
0.9×
EV / EBITDA
6.2×
Earnings yield
7.82%
Free cash flow yield
2.93%
Dividend yield
2.52%

Profitability & efficiency

Gross margin
40.24%
Operating margin
8.92%
Net margin
7.16%
Return on equity
12.52%
Return on assets
7.86%
Return on invested capital
9.23%

Financial health

Debt / equity
0.28×
Current ratio
1.84×
Altman Z-score
3.2
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends45%31%16%2%Gross margin, FY2022: 41.77%Gross margin, FY2023: 39.39%Gross margin, FY2024: 40.61%Gross margin, FY2025: 39.32%Gross margin, FY2026: 40.12%Operating margin, FY2022: 9.70%Operating margin, FY2023: 7.80%Operating margin, FY2024: 9.48%Operating margin, FY2025: 9.28%Operating margin, FY2026: 9.46%Net margin, FY2022: 15.32%Net margin, FY2023: 5.18%Net margin, FY2024: 7.10%Net margin, FY2025: 7.74%Net margin, FY2026: 7.51%FY2022FY2023FY2024FY2025FY2026
Gross margin FY2022 41.77%. Gross margin FY2023 39.39%. Gross margin FY2024 40.61%. Gross margin FY2025 39.32%. Gross margin FY2026 40.12%. Operating margin FY2022 9.70%. Operating margin FY2023 7.80%. Operating margin FY2024 9.48%. Operating margin FY2025 9.28%. Operating margin FY2026 9.46%. Net margin FY2022 15.32%. Net margin FY2023 5.18%. Net margin FY2024 7.10%. Net margin FY2025 7.74%. Net margin FY2026 7.51%.

Income trends

Revenue

236.67B JPY+3.37%

Operating income

22.39B JPY+5.42%

Net income

17.77B JPY+0.32%
Income trends across reported periods259.33B JPY168.69B JPY78.04B JPY−12.6B JPYRevenue, FY2022: 181.25B JPYRevenue, FY2023: 194.37B JPYRevenue, FY2024: 213.37B JPYRevenue, FY2025: 228.96B JPYRevenue, FY2026: 236.67B JPYOperating income, FY2022: 17.57B JPYOperating income, FY2023: 15.15B JPYOperating income, FY2024: 20.23B JPYOperating income, FY2025: 21.24B JPYOperating income, FY2026: 22.39B JPYNet income, FY2022: 27.77B JPYNet income, FY2023: 10.06B JPYNet income, FY2024: 15.15B JPYNet income, FY2025: 17.71B JPYNet income, FY2026: 17.77B JPYFY2022FY2023FY2024FY2025FY2026
Revenue FY2022 181.25B JPY. Revenue FY2023 194.37B JPY. Revenue FY2024 213.37B JPY. Revenue FY2025 228.96B JPY. Revenue FY2026 236.67B JPY. Operating income FY2022 17.57B JPY. Operating income FY2023 15.15B JPY. Operating income FY2024 20.23B JPY. Operating income FY2025 21.24B JPY. Operating income FY2026 22.39B JPY. Net income FY2022 27.77B JPY. Net income FY2023 10.06B JPY. Net income FY2024 15.15B JPY. Net income FY2025 17.71B JPY. Net income FY2026 17.77B JPY.
Metric (JPY)FY2026FY2025FY2024FY2023FY2022
Revenue236.67B JPY228.96B JPY213.37B JPY194.37B JPY181.25B JPY
Cost of goods sold141.71B JPY138.94B JPY126.72B JPY117.81B JPY105.54B JPY
Gross profit94.96B JPY90.02B JPY86.65B JPY76.57B JPY75.71B JPY
Research and development3.21B JPY3.05B JPY3.21B JPY2.89B JPY2.69B JPY
Selling, general, and administrative69.35B JPY65.73B JPY63.21B JPY58.52B JPY55.45B JPY
Operating expenses72.57B JPY68.78B JPY66.42B JPY61.42B JPY58.14B JPY
Interest income156M JPY116M JPY29M JPY19M JPY21M JPY
Interest expense134M JPY113M JPY105M JPY107M JPY34M JPY
Depreciation and amortization10.16B JPY9.92B JPY9.49B JPY10.19B JPY10.13B JPY
Operating income22.39B JPY21.24B JPY20.23B JPY15.15B JPY17.57B JPY
Net income17.77B JPY17.71B JPY15.15B JPY10.06B JPY27.77B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
70%
7 beats, 3 misses, 0 met estimates
Average EPS surprise
+55.74%
10 comparable reports
Latest EPS result
53.09
Estimate 52.18 · Beat by 1.74%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates76.0953.5931.18.61Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 10, 2025: actual 34.6, estimate 47.95, surprise -27.84%, Miss. Q2 2025, reported May 9, 2025: actual 47.9, estimate 10.13, surprise +372.85%, Beat. Q3 2025, reported Aug 7, 2025: actual 59.62, estimate 58.16, surprise +2.51%, Beat. Q4 2025, reported Nov 12, 2025: actual 71.2, estimate 67.97, surprise +4.75%, Beat. Q1 2026, reported Feb 10, 2026: actual 53.86, estimate 36.82, surprise +46.28%, Beat. Q2 2026, reported May 11, 2026: actual 26.39, estimate 49.55, surprise -46.74%, Miss. Q3 2026, reported Aug 6, 2026: actual 53.09, estimate 52.18, surprise +1.74%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 63.63, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates70.1B63.29B56.48B49.68BQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 10, 2025: actual 57.74B JPY, estimate 57B JPY, surprise +1.30%, Beat. Q2 2025, reported May 9, 2025: actual 52.37B JPY, estimate 52.4B JPY, surprise -0.05%, Miss. Q3 2025, reported Aug 7, 2025: actual 60.25B JPY, estimate 59.82B JPY, surprise +0.72%, Beat. Q4 2025, reported Nov 12, 2025: actual 61.62B JPY, estimate 64.27B JPY, surprise -4.12%, Miss. Q1 2026, reported Feb 10, 2026: actual 59.77B JPY, estimate 59.14B JPY, surprise +1.06%, Beat. Q2 2026, reported May 11, 2026: actual 55.04B JPY, estimate 53.26B JPY, surprise +3.34%, Beat. Q3 2026, reported Aug 6, 2026: actual 63.62B JPY, estimate 65.2B JPY, surprise -2.43%, Miss. Q4 2026, reported Nov 5, 2026: actual —, estimate 67.4B JPY, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

¥92.50

2025 complete year+131.3% since 2021

2026 partial: ¥32.50

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 29, 2026

¥35.00

Semi-Annual

Record Sep 30, 2026 · Payment Sep 29, 2026

DividendUpcoming

Ex-dividend Mar 30, 2027

¥35.00

Semi-Annual

Record Mar 31, 2027 · Payment Mar 30, 2027

Dividend

Ex-dividend Mar 30, 2026

¥32.50

Semi-Annual

Record Mar 31, 2026 · Payment Jun 29, 2026

Dividend

Ex-dividend Sep 29, 2025

¥32.50

Semi-Annual

Record Sep 30, 2025 · Payment Dec 17, 2025

Dividend

Ex-dividend Mar 28, 2025

¥60.00

Annual

Record Mar 31, 2025 · Payment Jun 30, 2025

Dividend

Ex-dividend Mar 28, 2024

¥55.00

Annual

Record Mar 31, 2024 · Payment Jun 28, 2024

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ETFs holding 2201.T

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core TOPIX ETF logoiShares Core TOPIX ETF1475.T
Market value
513.54M
Weight
0.02%
AUM
2.89T JPY
Expense ratio
0.05%
Price / 1D
¥417.7-0.07%
iShares JPX-Nikkei 400 ETF logoiShares JPX-Nikkei 400 ETF1364.T
Market value
149.38M
Weight
0.03%
AUM
592.34B JPY
Expense ratio
0.05%
Price / 1D
¥3,7610.00%
Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
17.33M
Weight
0.00%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71+0.78%
Vanguard FTSE Developed Markets ETF logoVanguard FTSE Developed Markets ETFVEA
Market value
11.48M
Weight
0.00%
AUM
315B USD
Expense ratio
0.03%
Price / 1D
$73.42+0.80%
iShares Core MSCI EAFE ETF logoiShares Core MSCI EAFE ETFIEFA
Market value
9.13M
Weight
0.00%
AUM
195.14B USD
Expense ratio
0.07%
Price / 1D
$100.85+0.86%
Vanguard FTSE All-World ex-US Small-Cap ETF logoVanguard FTSE All-World ex-US Small-Cap ETFVSS
Market value
4.67M
Weight
0.03%
AUM
13.6B USD
Expense ratio
0.06%
Price / 1D
$160.06+0.43%
iShares MSCI EAFE Small-Cap ETF logoiShares MSCI EAFE Small-Cap ETFSCZ
Market value
3.72M
Weight
0.03%
AUM
13.28B USD
Expense ratio
0.40%
Price / 1D
$86.60+0.70%
iShares Core MSCI Total International Stock ETF logoiShares Core MSCI Total International Stock ETFIXUS
Market value
2.82M
Weight
0.00%
AUM
60.91B USD
Expense ratio
0.07%
Price / 1D
$97.945+0.76%

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