Morinaga Milk Industry Co., Ltd. logo

Morinaga Milk Industry Co., Ltd.

2264.T

JPXConsumer DefensivePackaged Foods

Latest quote

¥1,177

+¥1.00 · +0.09%

Aug 24, 3:30 PM JST

2264.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Operating both domestically in Japan and across global markets, Morinaga Milk Industry Co., Ltd., along with its affiliated companies, specializes in the production and distribution of a wide array of dairy goods. Its extensive product portfolio encompasses staple dairy items like milk, yogurt, cheese, and butter. Beyond these, it extends to include chilled sweet treats, frozen desserts, specialized nutrition such as infant formulas and baby foods, health-focused dietary supplements, and dietary products for medical or elderly care. The beverage segment features a variety of milk-based drinks, coffee concoctions, and refreshing chilled teas. Furthermore, Morinaga supplies creaming powders, condensed milks, and even TOFU products. The firm also provides key ingredients for infant and toddler nutrition, specifically whey protein concentrate, lactose, and lactoferrin. Its operations additionally span the processing and packaging of various items, notably tofu and other soy-derived goods. Furthermore, Morinaga manages direct-to-consumer sales of health supplements and offers equipment for hygiene control. Established in 1917, the company, originally named Nippon Rennyu Co., Ltd. until its rebranding in 1949, maintains its corporate headquarters in Tokyo, Japan.

Industry
Packaged Foods
Sector
Consumer Defensive
Headquarters
JP
CEO
Yohichi Ohnuki
Listed since
Jan 1, 2001
Employees
7,345

Market position

52-week range

Current ¥1,177

Open
¥1,177
Previous close
¥1,176
Volume
0
0× average
Average volume
2.06M
Average daily volume
Market cap
379.91B JPY
Beta
0.16
Market reference 1
50-day average
¥1,231.01
-4.39% below average
200-day average
¥1,125.2
+4.60% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
486.66B JPY
P/E (TTM)
15.54×
P/B (TTM)
1.37×
P/S (TTM)
0.66×
EV / EBITDA
8.43×
Earnings yield
5.79%
Free cash flow yield
-1.10%
Dividend yield
2.12%

Profitability & efficiency

Gross margin
25.17%
Operating margin
6.20%
Net margin
3.89%
Return on equity
8.23%
Return on assets
4.13%
Return on invested capital
5.84%

Financial health

Debt / equity
0.48×
Current ratio
1.38×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends27%18%8%-1%Gross margin, FY2021: 24.29%Gross margin, FY2022: 22.51%Gross margin, FY2023: 24.12%Gross margin, FY2024: 24.07%Gross margin, FY2025: 25.07%Operating margin, FY2021: 5.92%Operating margin, FY2022: 4.55%Operating margin, FY2023: 5.09%Operating margin, FY2024: 5.29%Operating margin, FY2025: 6.03%Net margin, FY2021: 6.71%Net margin, FY2022: 3.21%Net margin, FY2023: 11.21%Net margin, FY2024: 0.97%Net margin, FY2025: 3.95%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 24.29%. Gross margin FY2022 22.51%. Gross margin FY2023 24.12%. Gross margin FY2024 24.07%. Gross margin FY2025 25.07%. Operating margin FY2021 5.92%. Operating margin FY2022 4.55%. Operating margin FY2023 5.09%. Operating margin FY2024 5.29%. Operating margin FY2025 6.03%. Net margin FY2021 6.71%. Net margin FY2022 3.21%. Net margin FY2023 11.21%. Net margin FY2024 0.97%. Net margin FY2025 3.95%.

Income trends

Revenue

571.46B JPY+1.83%

Operating income

34.48B JPY+16.26%

Net income

22.6B JPY+313.98%
Income trends across reported periods628.06B JPY401.66B JPY175.26B JPY−51.14B JPYRevenue, FY2021: 503.35B JPYRevenue, FY2022: 525.6B JPYRevenue, FY2023: 547.06B JPYRevenue, FY2024: 561.17B JPYRevenue, FY2025: 571.46B JPYOperating income, FY2021: 29.79B JPYOperating income, FY2022: 23.94B JPYOperating income, FY2023: 27.84B JPYOperating income, FY2024: 29.66B JPYOperating income, FY2025: 34.48B JPYNet income, FY2021: 33.78B JPYNet income, FY2022: 16.88B JPYNet income, FY2023: 61.31B JPYNet income, FY2024: 5.46B JPYNet income, FY2025: 22.6B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 503.35B JPY. Revenue FY2022 525.6B JPY. Revenue FY2023 547.06B JPY. Revenue FY2024 561.17B JPY. Revenue FY2025 571.46B JPY. Operating income FY2021 29.79B JPY. Operating income FY2022 23.94B JPY. Operating income FY2023 27.84B JPY. Operating income FY2024 29.66B JPY. Operating income FY2025 34.48B JPY. Net income FY2021 33.78B JPY. Net income FY2022 16.88B JPY. Net income FY2023 61.31B JPY. Net income FY2024 5.46B JPY. Net income FY2025 22.6B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue571.46B JPY561.17B JPY547.06B JPY525.6B JPY503.35B JPY
Cost of goods sold428.2B JPY426.12B JPY415.1B JPY407.31B JPY381.08B JPY
Gross profit143.26B JPY135.05B JPY131.96B JPY118.3B JPY122.28B JPY
Selling, general, and administrative108.78B JPY105.4B JPY104.12B JPY94.36B JPY92.48B JPY
Operating expenses108.78B JPY105.4B JPY104.12B JPY94.36B JPY92.49B JPY
Interest income283M JPY179M JPY100M JPY43M JPY45M JPY
Interest expense1.56B JPY1.51B JPY1.29B JPY710M JPY747M JPY
Depreciation and amortization23.92B JPY24.61B JPY23.6B JPY21.42B JPY21.26B JPY
Operating income34.48B JPY29.66B JPY27.84B JPY23.94B JPY29.79B JPY
Net income22.6B JPY5.46B JPY61.31B JPY16.88B JPY33.78B JPY

Company facts updated Aug 24, 2026.

Corporate actions

Annual dividends per share

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

¥22.50

2025 complete year+200.0% since 2021

2026 partial: ¥13.75

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 29, 2026

¥12.00

Semi-Annual

Record Sep 30, 2026 · Payment Sep 29, 2026

DividendUpcoming

Ex-dividend Mar 30, 2027

¥13.00

Semi-Annual

Record Mar 31, 2027 · Payment Mar 30, 2027

Dividend

Ex-dividend Mar 30, 2026

¥55.00

Semi-Annual

Record Mar 31, 2026 · Payment Jun 26, 2026

Dividend

Ex-dividend Sep 29, 2025

¥45.00

Semi-Annual

Record Sep 30, 2025 · Payment Dec 5, 2025

Dividend

Ex-dividend Mar 28, 2025

¥45.00

Semi-Annual

Record Mar 31, 2025 · Payment Jun 27, 2025

Dividend

Ex-dividend Sep 27, 2024

¥45.00

Semi-Annual

Record Sep 30, 2024 · Payment Dec 1, 2024

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