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Meiji Holdings Co
(2269)
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Rating:59Neutral
Price Target:
¥3,751.00
▲(0.21% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by mixed financial performance—stable revenue and a generally solid balance sheet are offset by weaker 2026 profitability and a meaningful deterioration in free cash flow. Technical indicators add downside pressure due to a bearish trend and negative momentum, while valuation (moderate P/E and ~2.9% yield) is a partial offset.
Positive Factors
Diversified business model
Meiji's dual focus on consumer food (dairy, confectionery, nutrition) and pharmaceuticals provides durable revenue diversification. That breadth smooths demand cycles, enables cross-segment capital allocation and reduces single-market dependency, supporting steadier medium-term cash generation and strategic optionality.
Negative Factors
Profitability deterioration
A material net income decline and margin compression in 2026 point to persistent profitability headwinds—whether cost inflation, price mix shifts, or product margin erosion. If margins don’t recover, long-term returns on invested capital and the ability to self-fund growth or dividends will be impaired.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
Meiji's dual focus on consumer food (dairy, confectionery, nutrition) and pharmaceuticals provides durable revenue diversification. That breadth smooths demand cycles, enables cross-segment capital allocation and reduces single-market dependency, supporting steadier medium-term cash generation and strategic optionality.
Read all positive factors
Meiji Holdings Co (2269) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.04T
Dividend Yield2.77%
Average Volume (3M)2.77M
Price to Earnings (P/E)29.3
Beta (1Y)0.03
Revenue Growth1.70%
EPS Growth-30.42%
CountryJP
Employees17,103
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)129.42
Shares Outstanding282,200,000
10 Day Avg. Volume1,647,740
30 Day Avg. Volume2,774,413
Financial Highlights & Ratios
PEG Ratio-0.98
Price to Book (P/B)1.35
Price to Sales (P/S)0.89
P/FCF Ratio-22.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)232.62
Revenue Forecast (FY)¥1.21T
Meiji Holdings Co Business Overview & Revenue Model
Company Description
Meiji Holdings Co., Ltd., established in Tokyo, Japan, in 1916, operates globally as a prominent manufacturer and seller across two core business segments: Food and Pharmaceutical. Its extensive Food division produces and markets a wide array of p...
How the Company Makes Money
Meiji Holdings makes money primarily through its operating subsidiaries by selling products in two main business domains: (1) Food and related businesses and (2) Pharmaceuticals. In its food-related operations, revenue is generated from the manufa...
Meiji Holdings Co Earnings Call Summary
Earnings Call Date:Nov 11, 2024
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong performances in the Pharmaceutical segment and growth in certain brands, but faced challenges in the Food segment, particularly in China and the U.S. The decline in profits and the revised vaccine outlook were notable concerns.Positive Updates
Increase in Consolidated Net Sales
Consolidated net sales for the first half of fiscal 2024 was JPY 569.0 billion, a year-on-year increase of 4.2%.
Negative Updates
Decline in Profit Attributable to Owners
Profit attributable to owners of parent was JPY 26.8 billion, a year-on-year decline of 3.8% due to decreased extraordinary gains.
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Q2-2025 Updates
Positive
Negative
Increase in Consolidated Net Sales
Consolidated net sales for the first half of fiscal 2024 was JPY 569.0 billion, a year-on-year increase of 4.2%.
Read all positive updates
Company Guidance
In the earnings call for Q2 2025, Meiji Holdings provided comprehensive guidance on its financial performance and future outlook. For the first half of fiscal 2024, the company reported consolidated net sales of JPY 569.0 billion, marking a 4.2% increase year-on-year. However, operating profit remained steady at JPY 44.3 billion, while profit attributable to owners of the parent decreased by 3.8% to JPY 26.8 billion due to lower extraordinary gains. The Food segment experienced a 2.2% increase in net sales to JPY 455.4 billion, although operating profit declined by 6.9% year-on-year, affected by increased raw material costs and challenges in overseas operations. Meanwhile, the Pharmaceutical segment saw a significant boost, with net sales rising by 12.9% to JPY 113.8 billion and operating profit increasing by 16.7% to JPY 18.5 billion, aided by strong sales of antibacterial injections and influenza vaccines. For the second half, Meiji plans to achieve a year-on-year increase in consolidated net sales to JPY 589.9 billion and an operating profit of JPY 41.6 billion, focusing on price adjustments and strategic marketing to counter cost pressures.Meiji Holdings Co Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.17T | 1.15T | 1.11T | 1.06T | 1.01T |
| Gross Profit | 359.04B | 339.10B | 327.35B | 306.80B | 323.25B |
| EBITDA | 123.97B | 137.84B | 143.20B | 149.46B | 179.07B |
| Net Income | 35.08B | 50.80B | 50.67B | 69.42B | 87.50B |
Balance Sheet | |||||
| Total Assets | 1.26T | 1.18T | 1.21T | 1.14T | 1.12T |
| Cash, Cash Equivalents and Short-Term Investments | 69.25B | 78.19B | 106.86B | 63.52B | 67.41B |
| Total Debt | 112.58B | 52.13B | 54.77B | 69.18B | 82.46B |
| Total Liabilities | 444.20B | 392.69B | 417.49B | 384.90B | 404.44B |
| Stockholders Equity | 772.59B | 748.29B | 746.53B | 711.92B | 673.34B |
Cash Flow | |||||
| Free Cash Flow | -47.23B | 12.36B | 54.54B | 16.20B | 39.21B |
| Operating Cash Flow | 56.52B | 68.98B | 107.98B | 85.01B | 127.53B |
| Investing Cash Flow | -110.38B | -40.64B | -24.60B | -36.79B | -27.61B |
| Financing Cash Flow | 34.60B | -61.67B | -43.77B | -54.73B | -77.00B |
Meiji Holdings Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ¥229.32B | 7.17 | ― | 2.47% | >-0.01% | 157.24% | |
68 Neutral | ¥632.89B | 25.18 | 7.76% | 1.30% | 4.85% | -9.29% | |
67 Neutral | ¥4.65T | 35.88 | 18.38% | 0.94% | 3.47% | 100.13% | |
65 Neutral | ¥384.42B | 17.23 | ― | 2.42% | 1.83% | 339.18% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | ¥1.04T | 29.28 | 4.63% | 2.77% | 1.70% | -30.42% | |
55 Neutral | ¥327.86B | 52.10 | 2.26% | 1.85% | 12.09% | 13.34% |
* Consumer Defensive Sector Average
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Meiji Holdings Co Corporate Events
Meiji Reshapes China Strategy With Sale of Dairy and B2B Units
Jul 21, 2026
Meiji Holdings has decided to transfer its dairy and B2B businesses in China, including drinking milk and yogurt operations run through several local subsidiaries, to Shanghai AustAsia Food as part of a strategic overhaul of its Chinese portfolio....
Meiji Holdings to Grant Restricted Treasury Shares to Managerial Staff
Jul 3, 2026
Meiji Holdings has approved the disposal of 16,400 shares of its treasury stock as restricted stock to 164 managerial employees across the parent company and key subsidiaries, with a total value of about JPY 62.4 million and a payment date set for...
Meiji Holdings to Dispose Treasury Shares for Restricted Stock Compensation
Jul 3, 2026
Meiji Holdings Co., Ltd. will dispose of 64,827 shares of its treasury stock at ¥3,805 per share, with a total value of about ¥246.7 million, to provide restricted stock compensation to 52 directors and executive officers across the pare...
Meiji Holdings Raises Year-End Dividend, Lifts Annual Payout to 105 Yen Per Share
May 21, 2026
Meiji Holdings has approved a year-end surplus dividend of 52.50 yen per share for the fiscal year ended March 31, 2026, up from 50.00 yen a year earlier, bringing the total annual dividend to 105.00 yen per share. The company said the payout, eff...
Meiji Holdings Board Rejects Governance and Capital Policy Proposals From Shareholder
May 14, 2026
Meiji Holdings has announced that its board of directors will oppose a set of shareholder proposals submitted by LONGCHAMP SICAV for the upcoming ordinary general meeting. The proposals include establishing a Strategic Review Committee, mandating ...
Meiji Holdings to Open Dividend Decisions to Shareholder Resolutions While Preserving Board Control
May 14, 2026
Meiji Holdings plans to amend its Articles of Incorporation to change how decisions on dividends of surplus and related capital allocation matters are made, subject to approval at its June 26, 2026 shareholders’ meeting. The revision will ma...
Meiji Holdings Lifts Dividend as Core Profits Grow but Bottom Line Drops
May 14, 2026
Meiji Holdings reported fiscal year 2026 consolidated net sales of ¥1.17 trillion, up 1.7%, with operating profit rising 10.2% and ordinary profit up 17.7%, while profit attributable to owners of parent fell 31.0% to ¥35.1 billion, refle...
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.