MORINAGA MILK INDUSTRY CO.,LTD

森永乳業株式会社

Foods

Morinaga Milk Industry Co., Ltd., together with its subsidiaries, engages in the production and sale of various dairy products in Japan and internationally. The company offers milk products, including homogenized, sterilized whole, and enriched milk; beverages comprising milk-based, coffee, chilled tea, and various other beverages; Greek, fruit, and various other yogurt products; chilled desserts, such as baked, milk, and low carb pudding; and ice cream products. It also provides cheese and butter; infant formula and baby food products; milk powder, milk supplements, and bifidobacterium longum BB536 capsule; liquid diet and nursing care food products; and other products, including creaming powder, condensed milk, and tofu. The company was formerly known as Nippon Rennyu Co., Ltd. and changed its name to Morinaga Milk Industry Co., Ltd. in 1949. Morinaga Milk Industry Co., Ltd. was founded in 1917 and is headquartered in Tokyo, Japan.

← Companies

Price

¥4,866

Market Cap

¥408.2B

Ent. Value

¥453.3B

Net Debt

−¥45.1B

Shares Out.

83.9M

P / E

75.3×

EV / EBIT

15.3×

P / Book

1.53×

P / NCAV

N/M

Div. Yield

1.85%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥561.2B	¥547.1B	¥525.6B	¥503.4B
Cost of Sales	¥426.1B	¥415.1B	¥407.3B	¥381.1B
Gross Profit	¥135.1B	¥132.0B	¥118.3B	¥122.3B
SG&A	¥105.4B	¥104.1B	¥94.4B	¥92.5B
Operating Income	¥29.7B	¥27.8B	¥23.9B	¥29.8B
Non-Operating Income	¥3.3B	¥3.7B	¥2.5B	¥2.5B
Dividend Income	¥1.3B	¥913M	¥724M	¥820M
Interest Income	¥179M	¥100M	¥43M	¥45M
Non-Operating Expenses	¥3.0B	¥3.5B	¥1.2B	¥1.2B
Interest Expense	¥1.5B	¥1.3B	¥710M	¥747M
Ordinary Income	¥29.9B	¥28.1B	¥25.2B	¥31.1B
Pre-tax Income	¥15.3B	¥88.6B	¥23.7B	¥48.3B
Income Taxes	¥10.6B	¥27.2B	¥6.7B	¥14.4B
Current Tax	¥10.4B	¥26.7B	¥5.4B	¥14.3B
Deferred Tax	¥222M	¥544M	¥1.3B	¥90M
Net Income (owners)	¥5.5B	¥61.3B	¥16.9B	¥33.8B
Minority Interest	¥-807M	¥39M	¥144M	¥143M
Comprehensive Income	¥9.1B	¥67.8B	¥20.2B	¥34.8B
EBITDA	¥54.3B	¥51.5B	¥45.4B	¥51.1B
Goodwill Amort. (J-GAAP)	¥1.2B	¥999M	¥255M	¥243M
EPS	¥64.60	¥696.92	¥373.15	¥687.45
Shares Outstanding	83.9M	86.8M	45.2M	45.2M
Shares Issued (total)	89.0M	92.0M	47.8M	49.8M
Treasury Shares	5.2M	5.2M	2.6M	4.6M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥520.4B	¥566.0B	¥485.1B	¥458.8B
Current Assets	¥198.1B	¥229.0B	¥179.2B	¥164.1B
Cash & Deposits	¥28.6B	¥64.5B	¥21.1B	¥23.6B
Trade Receivables	¥68.2B	¥75.2B	¥65.4B	¥63.3B
Non-Current Assets	¥322.4B	¥337.0B	¥305.9B	¥294.7B
PP&E	¥274.0B	¥269.0B	¥248.4B	¥247.4B
Goodwill	¥417M	¥10.2B	¥11.1B	¥2.1B
Intangible Assets	¥12.0B	¥27.3B	¥21.2B	¥9.7B
Investment Securities	¥19.7B	¥26.4B	¥21.8B	¥21.6B
Deferred Tax Assets	¥2.1B	¥1.9B	¥5.0B	¥6.3B
Total Liabilities	¥249.3B	¥283.9B	¥258.0B	¥250.8B
Current Liabilities	¥170.1B	¥192.7B	¥156.6B	¥142.5B
Accounts Payable	¥53.5B	¥57.2B	¥53.8B	¥52.1B
ST Debt	¥13.2B	¥12.1B	¥13.2B	¥11.0B
Taxes Payable	¥3.1B	¥24.5B	¥2.9B	¥10.0B
Non-Current Liabilities	¥79.2B	¥91.2B	¥101.4B	¥108.3B
Total LT Borrowings	¥60.5B	¥59.2B	¥75.2B	¥76.1B
Pension Obligations	¥7.6B	¥21.7B	¥21.5B	¥21.1B
Total Equity	¥271.1B	¥282.1B	¥227.1B	¥208.0B
Capital Stock	¥21.8B	¥21.8B	¥21.8B	¥21.8B
Capital Surplus	¥19.7B	¥20.0B	¥20.0B	¥20.0B
Retained Earnings	¥220.2B	¥233.7B	¥186.5B	¥183.9B
Treasury Stock	¥-15.4B	¥-14.2B	¥-14.3B	¥-25.5B
AOCI	¥19.9B	¥15.7B	¥8.9B	¥5.7B
Equity (owners)	¥246.3B	¥261.3B	¥214.0B	¥200.2B
Minority Interests	¥4.8B	¥5.0B	¥4.1B	¥2.0B

Total Interest-Bearing Debt ⓘ	¥73.7B	¥71.3B	¥88.4B	¥87.0B
Net Cash ⓘ	¥-45.1B	¥-6.8B	¥-67.3B	¥-63.4B
NCAV ⓘ	¥-51.2B	¥-54.8B	¥-78.8B	¥-86.6B
NCAV/Share	¥-611	¥-632	¥-1,742	¥-1,917
BV/Share	¥2,936	¥3,011	¥4,731	¥4,429

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-12.5B	¥56.6B	¥19.4B	¥40.3B
Taxes Paid	¥-36.5B	¥-1.2B	¥-17.2B	¥-8.7B
Interest Paid	¥-1.6B	¥-1.2B	¥-709M	¥-754M
Interest Received	¥1.5B	¥1.0B	¥768M	¥867M
D&A	¥23.5B	¥22.7B	¥21.2B	¥21.1B
Goodwill Amort.	¥1.2B	¥999M	¥255M	¥243M
Investing CF	¥-18.8B	¥25.2B	¥-25.5B	¥8.4B
Purchase Investments	¥-399M	¥-24M	¥-31M	¥-376M
Proceeds from Invest.	¥8.6B	¥77M	¥171M	¥27M
Financing CF	¥-5.0B	¥-38.6B	¥2.9B	¥-44.5B
Dividends Paid	¥-9.0B	¥-4.1B	¥-3.6B	¥-3.5B
Share Buybacks	¥-11.2B	¥-10.0B	¥-8M	¥-24.8B
LT Debt Repaid	¥-7.8B	¥-13.7B	¥-8.1B	¥-8.2B
Free Cash Flow	¥-12.5B	¥56.6B	¥19.4B	¥40.3B
Net Change in Cash	¥-36.0B	¥43.6B	¥-2.9B	¥4.3B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.0%	24.5%	7.9%	16.7%
ROA	1.0%	11.7%	3.6%	7.4%
EPS	¥64.60	¥696.92	¥373.15	¥687.45
DPS	¥90.00	¥60.00	¥90.00	¥80.00
BPS	¥3,187.41	¥3,192.33	¥4,927.30	¥4,554.84
FCF/Share	¥-148	¥652	¥428	¥891
NCAV/Share	¥-611	¥-632	¥-1,742	¥-1,917
Payout Ratio	139.3%	8.6%	24.1%	11.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 8

Date	Activist	Stake	Event	Flag	Demands
2026-02-06	Mizuho Bank, Ltd.	7.84% +0.57%	change	Passive	—
2026-01-22	Mizuho Bank, Ltd.	7.27% -0.44%	change	Passive	—
2025-12-15	Mitsubishi UFJ Financial Group Inc.	4.93% -1.25%	change	Passive	—
2025-07-07	Mizuho Bank, Ltd.	7.71% +0.2%	change	Passive	—
2025-03-24	Mizuho Bank, Ltd.	7.51% +1.04%	change	Passive	—
2025-01-10	Mizuho Bank, Ltd.	6.47%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	6.18% +0.46%	change	Passive	—
2023-06-19	Mitsubishi UFJ Financial Group Inc.	5.72%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 14:00	Div Increase	¥4.5B ¥55.0/sh +22%	Morinaga Milk Industry announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share divide…
Summary Morinaga Milk Industry announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share dividend from a prior forecast of 48 yen to 55 yen—a 14.6% increase from the prior year's 45 yen. Total dividend payout is 4.458 billion yen, with an effective date of June 26, 2026, subject to approval at the June 25, 2026 shareholder meeting. Deadline: 2026-06-26 YoY: +22% Source (JP) 当期の期末配当金につきましては、前回予想から１株につき７円 00 銭増配し、55 円 00 銭とさせていただく予定です。剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社(信託口)	12,153	14.49%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	5,981	7.13%
3	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)	2,657	3.17%
4	Mizuho Bank 株式会社みずほ銀行	2,445	2.92%
5	Employee Stock Ownership Plan 森永乳業従業員持株会	2,198	2.62%
6	DBS BANK LTD ＤＢＳＢＡＮＫＬＴＤ７００１７０（常任代理人株式会社みずほ銀行決済営業部）	1,796	2.14%
7	ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８５８４０（常任代理人株式会社みずほ銀行決済営業部）	1,646	1.96%
8	Norinchukin Bank 農林中央金庫	1,534	1.83%
9	ＪＰモルガン証券株式会社	1,464	1.75%
10	MUFG Bank 株式会社三菱ＵＦＪ銀行	1,388	1.66%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

21.6%

+0.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

18.1%

-0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		16.91%	14.89%	14.49% -0.40%
Japan Custody Bank 日本カストディ銀行		8.11%	6.67%	7.13% +0.46%
三井住友銀行		2.94%	3.06%	3.17% +0.11%
Mizuho Bank みずほ銀行		2.70%	2.82%	2.92% +0.10%
Employee Stock Ownership Plan 森永乳業従業員持株会		2.31%	2.46%	2.62% +0.16%
DBS BANK LTD ＤＢＳＢＡＮＫＬＴＤ７００１７０		1.99%	2.07%	2.14% +0.07%
ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８５８４０ NEW ENTRY	—	—	—	1.96% NEW
Norinchukin Bank 農林中央金庫		1.70%	1.77%	1.83% +0.06%
ＪＰモルガン証券 NEW ENTRY	—	—	—	1.75% NEW
MUFG Bank 式会社三菱ＵＦＪ銀行		1.53%	1.60%	1.66% +0.06%
Morinaga&Co.,Ltd. 森永製菓 last seen 2024	Exited Top 10	2.10%	2.19%	—
JP MORGAN CHASE BANK ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８５８３９ last seen 2024	Exited Top 10	1.75%	2.19%	—
Concentration (HHI) ⓘ		390	309	304

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥11,585M -16% since 2023

Holdings 50 +2 new 9 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥11,585M total		FY2023 ¥13,850M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Morinaga&Co.,Ltd. 森永製菓㈱	3,438	+100.0% ↑ 1,372,768	2,577	686,384	M
ZERIA PHARMCEUTICAL CO., LTD. ゼリア新薬工業㈱	3,322	-20.0% ↓ 1,472,215	4,131	1,840,215	M
AEON Co.,Ltd. イオン㈱	646	+1.0% ↑ 172,335	438	170,712
Konoike Transport Co.,Ltd. 鴻池運輸㈱	483	-10.0% ↓ 180,000	297	200,000	M
TAIYOKAGAKU CO.,LTD. 太陽化学㈱	417	242,000	339	242,000	M
㈱ラクトジャパン	413	-30.0% ↓ 140,000	408	200,000
ZENSHO HOLDINGS CO.,LTD. ㈱ゼンショーホールディングス	354	44,055	172	44,055
Mitsubishi Shokuhin Co., Ltd. 三菱食品㈱	207	42,400	137	42,400
Seven & i Holdings Co., Ltd. ㈱セブン＆アイ・ホールディングス	170	+200.0% ↑ 78,822	156	26,274
Shizuoka Financial Group, Inc. ㈱しずおかフィナンシャルグループ	166	102,378	97	102,378	M
YAKULT HONSHA CO.,LTD. ㈱ヤクルト本社	149	+100.0% ↑ 52,452	252	26,226
McDonald's Holdings Company(Japan),Ltd. 日本マクドナルドホールディングス㈱	147	+4.1% ↑ 25,752	136	24,735
Kyushu Financial Group,Inc. ㈱九州フィナンシャルグループ	144	195,798	93	195,798	M
United Super Markets Holdings Inc. ユナイテッド・スーパーマーケット・ホールディングス㈱	143	+19.5% ↑ 174,353	162	145,883
TOWA FOOD SERVICE CO.,LTD. 東和フードサービス㈱	136	64,000	98	64,000
ASAHI KOGYOSHA CO.,LTD. ㈱朝日工業社	136	+100.0% ↑ 70,128	76	35,064	M
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	120	166,698	54	166,698	M
Kato Sangyo Co., Ltd. 加藤産業㈱	107	21,800	76	21,800
SHOEI FOODS CORPORATION 正栄食品工業㈱	95	23,100	93	23,100
エイチ・ツー・オーリテイリング㈱	81	+23.0% ↑ 35,835	43	29,143
螟ｧ譛ｨ繝倥Ν繧ｹ繧ｱ繧｢繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ譬ｪ蠑丈ｼ夂､ｾ大木ヘルスケアホールディングス㈱	70	88,451	71	88,451
OKUWA CO., LTD. ㈱オークワ	57	+4.3% ↑ 66,500	53	63,764
ITOCHU-SHOKUHIN Co., Ltd. 伊藤忠食品㈱	52	7,000	35	7,000
oie sangyo co.,ltd 尾家産業㈱	49	25,300	27	25,300
Imperial Hotel, Ltd. ㈱帝国ホテル	46	+100.0% ↑ 52,000	49	26,000
Central Forest Group, Inc. セントラルフォレストグループ㈱	46	15,000	27	15,000
TOHO Co.,Ltd. ㈱トーホー	41	12,000	26	12,000
㈱ヤオコ－	40	4,400	30	4,400
HEIWADO CO.,LTD. ㈱平和堂	40	15,825	32	15,825
LIFE CORPORATION ㈱ライフコーポレーション	39	+100.0% ↑ 20,388	26	10,194
ARCS COMPANY,LIMITED ㈱アークス	33	11,524	25	11,524
FUJI CO., LTD. ㈱フジ	32	+0.9% ↑ 14,826	25	14,699
izumico.,ltd ㈱イズミ	31	10,000	31	10,000
RETAIL PARTNERS CO., LTD. ㈱リテールパートナーズ	25	19,156	26	19,156
TOKYU CORPORATION 東急㈱	25	14,845	26	14,845
アクシアルリテイリング㈱	17	+300.0% ↑ 18,268	15	4,567
SUGI HOLDINGS CO.,LTD. ㈱スギホールディングス	13	+200.0% ↑ 4,680	8	1,560
Aeon Hokkaido Corporation イオン北海道㈱	11	13,920	11	13,920
VALOR HOLDINGS CO.,LTD. ㈱バローホールディングス	11	4,800	9	4,800
MINISTOP CO., LTD. ミニストップ㈱	8	4,831	6	4,831
MOS FOOD SERVICES,INC. ㈱モスフードサービス	8	2,336	7	2,336
YAMANAKA CO.,LTD. ㈱ヤマナカ	8	15,040	10	15,040
ALBIS Co.,Ltd. アルビス㈱	3	1,320	3	1,320
Alfresa Holdings Corporation アルフレッサホールディングス㈱	3	1,704	2	1,704
Maruyoshi Center Inc. ㈱マルヨシセンター	1	NEW New 500	—
WELCIA HOLDINGS CO., LTD. ウエルシアホールディングス㈱	1	800	2	800
The Awa Bank,Ltd. ㈱阿波銀行	1	NEW New 357	—		M
㈱三菱ＵＦＪフィナンシャルグループ	—		—		M
The Musashino Bank, Ltd. ㈱武蔵野銀行	—		—
Vital KSK Holdings Co., Ltd. ㈱バイタルケーエスケー・ホールディングス	—		—
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	—	−100% Exit —	739	394,000	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—	−100% Exit —	152	60,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	84	15,880	M
inageya co.,ltd. ㈱いなげや	—	−100% Exit —	60	47,141
KANSAI FOOD MARKET LTD. ㈱関西フードマーケット	—	−100% Exit —	9	6,600
Toyo Seikan Group Holdings, Ltd. 東洋製罐グループホールディングス㈱	—	−100% Exit —	3	2,145	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	2,373	2,799,000	M
Coca-Cola Bottlers Japan Holdings Inc. コカ・コーラボトラーズジャパンホールディングス㈱	—	−100% Exit —	10	7,192
POPLAR Co., Ltd. ㈱ポプラ	—	−100% Exit —	3	23,486
Portfolio total	11,585		13,850

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding