Morinaga Milk Industry Co., Ltd. (JP:2264)
:2264
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Morinaga Milk Industry Co., Ltd.
(2264)
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Rating:61Neutral
Price Target:
¥4,927.00
▲(32.30% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by mid-range financial quality: solid revenue growth and manageable leverage are offset by volatile profitability and, most importantly, inconsistent free cash flow with recent negative FCF. Technicals add pressure due to bearish trend/momentum signals, while reasonable valuation and a moderate dividend yield provide partial support.
Positive Factors
Steady revenue growth
Consistent top-line growth from 503B in 2022 to 571B in 2026 demonstrates expanding market penetration of Morinaga’s core dairy and nutrition lines. A steady revenue base supports scale economics, underwriting longer-term investments and resilience through normal demand cycles.
Negative Factors
Volatile profitability and margins
Wide margin swings (11.2% → 1.0% → 4.0% over three years) indicate earnings are sensitive to input costs, pricing, or mix shifts. Such volatility undermines predictability of earnings, complicates reinvestment decisions, and raises risk for consistent shareholder returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Consistent top-line growth from 503B in 2022 to 571B in 2026 demonstrates expanding market penetration of Morinaga’s core dairy and nutrition lines. A steady revenue base supports scale economics, underwriting longer-term investments and resilience through normal demand cycles.
Read all positive factors
Morinaga Milk Industry Co., Ltd. (2264) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥406.19B
Dividend Yield2.42%
Average Volume (3M)247.79K
Price to Earnings (P/E)17.3
Beta (1Y)0.31
Revenue Growth1.83%
EPS Growth340.84%
CountryJP
Employees7,415
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)57.37
Shares Outstanding86,179,790
10 Day Avg. Volume265,070
30 Day Avg. Volume247,786
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.42
Price to Sales (P/S)0.68
P/FCF Ratio-91.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥5,400.00Price Target Upside45.01% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)320.18
Revenue Forecast (FY)¥591.05B
Morinaga Milk Industry Co., Ltd. Business Overview & Revenue Model
Company Description
Morinaga Milk Industry Co., Ltd., together with its subsidiaries, produces and sells various dairy products in Japan and internationally. The company offers milk, yogurt, cheese, and butter products, as well as chilled desserts, ice creams, infant...
How the Company Makes Money
Morinaga Milk Industry makes money primarily by manufacturing and selling branded dairy and nutrition products to retailers, wholesalers, and other foodservice/industrial customers. Its core revenue streams include: (1) consumer dairy products suc...
Morinaga Milk Industry Co., Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 564.21B | 571.46B | 561.17B | 547.06B | 525.60B | 503.35B |
| Gross Profit | 135.81B | 143.26B | 135.05B | 131.96B | 118.30B | 122.28B |
| EBITDA | 40.66B | 58.40B | 41.40B | 113.46B | 45.85B | 70.30B |
| Net Income | 7.06B | 22.60B | 5.46B | 61.31B | 16.88B | 33.78B |
Balance Sheet | ||||||
| Total Assets | 547.97B | 547.12B | 520.42B | 566.00B | 487.44B | 458.79B |
| Cash, Cash Equivalents and Short-Term Investments | 43.57B | 26.06B | 28.56B | 64.53B | 21.10B | 23.61B |
| Total Debt | 123.92B | 122.67B | 104.73B | 86.82B | 101.33B | 89.26B |
| Total Liabilities | 279.73B | 267.36B | 249.32B | 283.86B | 259.19B | 250.76B |
| Stockholders Equity | 263.57B | 274.75B | 266.33B | 277.18B | 223.03B | 206.07B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -4.28B | -44.68B | 23.44B | -205.00M | 21.39B |
| Operating Cash Flow | 0.00 | 35.72B | -12.46B | 56.58B | 19.38B | 40.27B |
| Investing Cash Flow | 0.00 | -38.87B | -18.79B | 25.22B | -25.46B | 8.37B |
| Financing Cash Flow | 0.00 | -503.00M | -5.03B | -38.62B | 2.92B | -44.52B |
Morinaga Milk Industry Co., Ltd. Technical Analysis
Positive
3724.00
Price Trends
4766.92
Negative
4434.15
Positive
3925.00
Positive
Market Momentum
-35.34
Negative
50.95
Neutral
81.49
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2264, the sentiment is Positive. The current price of 3724 is below the 20-day moving average (MA) of 4697.40, below the 50-day MA of 4766.92, and below the 200-day MA of 3925.00, indicating a neutral trend. The MACD of -35.34 indicates Negative momentum. The RSI at 50.95 is Neutral, neither overbought nor oversold. The STOCH value of 81.49 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2264.
Morinaga Milk Industry Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥577.98B | 28.74 | 9.28% | 1.30% | 5.86% | -17.47% | |
70 Outperform | ¥205.56B | 4.63 | ― | 2.47% | >-0.01% | 155.92% | |
65 Neutral | ¥353.42B | 26.05 | 1.86% | 1.64% | 12.09% | 13.34% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | ¥406.19B | 17.26 | ― | 2.42% | 1.83% | 340.84% | |
59 Neutral | ¥1.02T | 29.82 | 5.97% | 2.96% | 1.70% | -30.43% | |
51 Neutral | ¥306.37B | -14.75 | ― | 1.45% | 15.06% | 399.49% |
* Consumer Defensive Sector Average
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Morinaga Milk Industry Co., Ltd. Corporate Events
Morinaga Milk Posts Record Profit but Flags Middle East Headwinds in 2027 Outlook
May 13, 2026
Morinaga Milk reported record operating profit of ¥34.5 billion for the fiscal year ended March 2026, driven largely by its Global Business, which contributed 49% of profits through strong whey, probiotics and formula milk performance and cur...
Morinaga Milk Posts Profit Growth and Details Capital Measures for FY2026
May 13, 2026
Morinaga Milk Industry has released supplementary materials for the fiscal year ended March 31, 2026, detailing consolidated financial results, segment-based sales and operating profit, quarterly performance, and market share data. The materials s...
Morinaga Milk Profit Soars, Lifts Dividend Ahead of Stock Split
May 13, 2026
Morinaga Milk Industry reported consolidated net sales of ¥571.5 billion for the fiscal year ended March 31, 2026, up 1.8% year on year, with operating profit climbing 16.3% to ¥34.5 billion and profit attributable to owners of parent su...
Morinaga Milk Lifts Year-End Dividend, Boosting Annual Payout
May 13, 2026
Morinaga Milk Industry has approved a year-end dividend of ¥55 per share for the fiscal year ended March 31, 2026, up from ¥45 in the previous year and above its most recent forecast of ¥48. The total year-end payout will be ¥4...
Morinaga Milk Announces 4-for-1 Stock Split and Plans Incentive Program Adjustment
May 13, 2026
Morinaga Milk Industry will implement a four-for-one stock split of its common shares, effective July 1, 2026, to lower the per-unit investment price, improve liquidity and attract a wider range of investors. Alongside the split, the company will ...
Morinaga Milk Completes ¥10 Billion Share Buyback and Sets 3.2% Share Cancellation
Mar 25, 2026
Morinaga Milk Industry has completed a share buyback program authorized by its board in May 2025, acquiring a total of 2,865,300 common shares for about 10 billion yen via market purchases on the Tokyo Stock Exchange. The latest tranche, executed ...
Morinaga Milk to Absorb Sales Subsidiary in 2027 to Streamline Group Operations
Mar 13, 2026
Morinaga Milk Industry will integrate its wholly owned subsidiary, Morinaga Milk Industry Sales Co., through an absorption-type merger aimed at consolidating management resources and centralizing sales functions. The move is intended to strengthen...
Morinaga Milk to Cancel Treasury Stock After Buyback Program
Mar 13, 2026
Morinaga Milk Industry’s board has approved the cancellation of treasury stock, following an earlier decision to repurchase its own common shares on the Tokyo Stock Exchange. The cancellation, scheduled for March 31, 2026, will apply to all ...
Morinaga Milk Nears Completion of ¥10 Billion Share Buyback Program
Mar 2, 2026
Morinaga Milk Industry has disclosed the latest status of its share buyback program, reporting the acquisition of 132,100 common shares in February 2026 at a total cost of about ¥577 million. This transaction is part of a broader board-approv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.