Meiji Holdings Co., Ltd.

明治ホールディングス株式会社

Foods

Meiji Holdings Co., Ltd., through its subsidiaries, engages in the manufacture and sale of dairy products, confectionery food products and pharmaceuticals in Japan and internationally. The company operates through two segments, Food and Pharmaceuticals. The Food segment provides yogurt, milk, beverages, cheese, butter, margarine, cream, ice cream, prepared food, chocolate, gummy candy, sports nutrition, infant milk, liquid food, beauty products, feed, sugar, and corn sweeteners. The Pharmaceutical segment offers drugs for infectious and central nervous system disorders, vaccines, blood plasma products, generic drugs, and animal health products. Meiji Holdings Co., Ltd. was founded in 1916 and is headquartered in Tokyo, Japan.

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Price

¥3,768

Market Cap

¥1.0T

Ent. Value

¥990.3B

Net Cash

¥30.4B

Shares Out.

270.9M

P / E

20.2×

EV / EBIT

11.7×

P / Book

1.36×

P / NCAV

6.89×

Div. Yield

2.65%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥1,154.1B	¥1,105.5B	¥1,062.2B	¥1,013.1B
Cost of Sales	¥815.0B	¥778.1B	¥755.4B	¥689.8B
Gross Profit	¥339.1B	¥327.3B	¥306.8B	¥323.2B
SG&A	¥254.4B	¥243.0B	¥231.4B	¥230.3B
Operating Income	¥84.7B	¥84.3B	¥75.4B	¥92.9B
Non-Operating Income	¥4.2B	¥4.0B	¥4.6B	¥5.4B
Dividend Income	¥991M	¥1.3B	¥1.5B	¥1.4B
Interest Income	¥723M	¥488M	¥390M	¥261M
Non-Operating Expenses	¥6.9B	¥12.3B	¥5.9B	¥4.3B
Interest Expense	¥382M	¥367M	¥462M	¥500M
Ordinary Income	¥82.0B	¥76.0B	¥74.2B	¥94.0B
Pre-tax Income	¥82.5B	¥87.5B	¥95.4B	¥128.5B
Income Taxes	¥28.4B	¥33.8B	¥23.9B	¥36.1B
Current Tax	¥30.8B	¥35.4B	¥29.7B	¥37.3B
Deferred Tax	¥-2.5B	¥-1.6B	¥-5.8B	¥-1.2B
Net Income (owners)	¥50.8B	¥50.7B	¥69.4B	¥87.5B
Minority Interest	¥3.3B	¥3.0B	¥2.1B	¥4.9B
Comprehensive Income	¥56.7B	¥63.4B	¥77.7B	¥109.0B
EBITDA	¥139.7B	¥139.7B	¥129.0B	¥143.0B
Goodwill Amort. (J-GAAP)	—	¥11M	¥15M	¥15M
EPS	¥186.08	¥181.64	¥247.39	¥607.24
Shares Outstanding	270.9M	279.1M	139.4M	140.8M
Shares Issued (total)	282.2M	293.5M	148.4M	148.4M
Treasury Shares	11.3M	14.4M	9.0M	7.6M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥1,184.5B	¥1,205.3B	¥1,136.2B	¥1,117.5B
Current Assets	¥540.8B	¥563.0B	¥470.9B	¥455.6B
Cash & Deposits	¥78.2B	¥106.9B	¥63.5B	¥67.4B
Trade Receivables	¥189.2B	¥201.8B	¥172.7B	¥173.6B
Non-Current Assets	¥643.7B	¥642.3B	¥665.3B	¥661.8B
PP&E	¥483.9B	¥480.5B	¥487.8B	¥483.5B
Goodwill	—	—	¥11M	¥26M
Intangible Assets	¥19.2B	¥21.0B	¥21.5B	¥18.1B
Investment Securities	¥78.4B	¥87.9B	¥112.6B	¥124.1B
Deferred Tax Assets	¥15.8B	¥16.1B	¥14.4B	¥7.2B
Total Liabilities	¥392.7B	¥417.5B	¥384.9B	¥404.4B
Current Liabilities	¥307.1B	¥322.3B	¥266.3B	¥286.8B
Accounts Payable	¥102.8B	¥127.3B	¥112.3B	¥107.6B
ST Debt	¥25.4B	¥22.3B	¥4.9B	¥18.2B
Taxes Payable	¥14.3B	¥17.1B	¥11.3B	¥20.1B
Non-Current Liabilities	¥85.6B	¥95.1B	¥118.6B	¥117.6B
Total LT Borrowings	¥22.4B	¥27.6B	¥49.5B	¥53.0B
Pension Obligations	¥50.6B	¥54.4B	¥56.3B	¥54.7B
Deferred Tax Liab.	¥3.7B	¥4.8B	¥5.5B	¥5.4B
Total Equity	¥791.8B	¥787.8B	¥751.3B	¥713.0B
Capital Stock	¥30.0B	¥30.0B	¥30.0B	¥30.0B
Capital Surplus	¥38.7B	¥72.4B	¥80.6B	¥80.5B
Retained Earnings	¥649.3B	¥626.2B	¥602.0B	¥560.2B
Treasury Stock	¥-34.0B	¥-38.2B	¥-47.5B	¥-37.9B
AOCI	¥64.3B	¥56.2B	¥46.8B	¥40.5B
Equity (owners)	¥684.0B	¥690.3B	¥665.1B	¥632.9B
Minority Interests	¥43.5B	¥41.3B	¥39.4B	¥39.7B

Total Interest-Bearing Debt ⓘ	¥47.8B	¥49.9B	¥54.4B	¥71.3B
Net Cash ⓘ	¥30.4B	¥56.9B	¥9.1B	¥-3.9B
NCAV ⓘ	¥148.1B	¥145.5B	¥86.0B	¥51.2B
NCAV/Share	¥547	¥521	¥617	¥363
BV/Share	¥2,525	¥2,473	¥4,772	¥4,495

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥69.0B	¥108.0B	¥85.0B	¥127.5B
Interest Paid	¥-383M	¥-405M	¥-439M	¥-517M
Interest Received	¥2.4B	¥2.0B	¥2.9B	¥2.3B
D&A	¥55.0B	¥55.3B	¥53.6B	¥50.1B
Goodwill Amort.	—	¥11M	¥15M	¥15M
Investing CF	¥-40.6B	¥-24.6B	¥-36.8B	¥-27.6B
CapEx	¥52.8B	¥50.0B	¥68.8B	¥88.3B
Purchase Investments	¥-4.8B	¥-895M	¥-562M	¥-279M
Proceeds from Invest.	¥22.1B	¥20.9B	¥11.2B	¥55.4B
Financing CF	¥-61.7B	¥-43.8B	¥-54.7B	¥-77.0B
Dividends Paid	¥-26.8B	¥-26.4B	¥-24.6B	¥-23.9B
LT Debt Repaid	¥-22.0B	¥-4.1B	¥-14.4B	¥-12.4B
Free Cash Flow	¥16.2B	¥58.0B	¥16.2B	¥39.2B
Net Change in Cash	¥-33.8B	¥41.9B	¥-3.9B	¥25.8B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.8%	6.9%	10.0%	13.5%
ROA	4.3%	4.3%	6.2%	7.8%
EPS	¥186.08	¥181.64	¥247.39	¥607.24
DPS	¥100.00	¥95.00	¥180.00	¥170.00
BPS	¥2,762.33	¥2,674.72	¥2,553.69	¥4,781.52
FCF/Share	¥60	¥208	¥116	¥278
NCAV/Share	¥547	¥521	¥617	¥363
Payout Ratio	53.7%	52.3%	72.8%	28.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2025-12-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.01%	initial_5pct	Passive	—
2025-12-03	BlackRock Japan Co., Ltd.	4.47%	change	Passive	—
2025-08-21	Nomura Asset Management Co., Ltd.	5.02%	initial_5pct	Passive	—
2025-01-09	Sumitomo Mitsui Trust Bank,Limited	4.58%	change	Passive	—
2024-12-16	Mitsubishi UFJ Financial Group Inc.	3.86% -1.5%	change	Passive	—
2023-10-16	Mitsubishi UFJ Financial Group Inc.	5.36%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-21 15:30	Div Increase	¥14.2B ¥52.5/sh +5%	Meiji Holdings announced a dividend increase for fiscal year ending March 31, 2026. The per-share dividend (final) was r…
Summary Meiji Holdings announced a dividend increase for fiscal year ending March 31, 2026. The per-share dividend (final) was raised to ¥52.50 from ¥50.00 in the prior year, representing a 5% year-over-year increase. Total dividend payout for FY2026 is ¥105.00 per share (¥52.50 interim + ¥52.50 final), with total dividend amount of ¥14.232 billion to be paid on June 8, 2026. Deadline: 2026-06-08 YoY: +5% Source (JP) 2026年3月期の期末配当金については、当社の利益配分に関する基本方針に基づき、連結財務状況や通期の連結業績等を勘案の上、１株当たり52円50銭といたしました。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）	44,195	16.31%
2	Japan Custody Bank ㈱日本カストディ銀行（信託口）	15,720	5.80%
3	日本生命保険(相) （常任代理人日本マスタートラスト信託銀行㈱）	6,696	2.47%
4	Employee Stock Ownership Plan 明治ホールディングス従業員持株会	6,004	2.22%
5	STATE STREET BANK WEST CLIENT - TREATY STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人㈱みずほ銀行決済営業部）	5,672	2.09%
6	Business Partner Stock Ownership Plan 明治ホールディングス取引先持株会	5,200	1.92%
7	JPモルガン証券㈱	5,038	1.86%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人㈱みずほ銀行決済営業部）	3,509	1.30%
9	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人㈱みずほ銀行決済営業部）	3,040	1.12%
10	日本甜菜製糖㈱	2,949	1.09%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

22.1%

+2.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

4.5%

+1.1% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

9.6%

-1.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		15.40%	14.89%	16.31% +1.42%
Japan Custody Bank 日本カストディ銀行		5.43%	4.93%	5.80% +0.87%
State Street		3.23%	2.14%	4.51% +2.37%
日本生命保険		2.40%	2.40%	2.47% +0.07%
Employee Stock Ownership Plan 明治ホールディングス従業員持株会		1.99%	2.06%	2.22% +0.16%
Business Partner Stock Ownership Plan 明治ホールディングス取引先持株会		1.90%	1.83%	1.92% +0.09%
JPモルガン証券 ↑		—	1.26%	1.86% +0.60%
日本甜菜製糖 NEW ENTRY	—	—	—	1.09% NEW
Mizuho Bank みずほ銀行 last seen 2024	Exited Top 10	1.73%	1.73%	—
Norinchukin Bank 農林中央金庫 last seen 2024	Exited Top 10	2.07%	1.45%	—
JP Morgan last seen 2024	Exited Top 10	—	1.28%	—
りそな銀行 last seen 2023	Exited Top 10	1.52%	—	—
Concentration (HHI) ⓘ		300	272	339

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

Portfolio Book Value ¥17,316M -49% since 2023

Holdings 14 16 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥17,316M total		FY2023 ¥33,743M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
KIKKOMAN CORPORATION キッコーマン(株)	5,576	+212.5% ↑ 3,870,000	8,346	1,238,400	M
Nippon Beet Sugar Manufacturing Co.,Ltd. 日本甜菜製糖(株)	2,268	993,845	1,659	993,845	M
YAKULT HONSHA CO.,LTD. (株)ヤクルト本社	2,122	+40.0% ↑ 743,680	5,115	531,200	M
TOYO SUISAN KAISHA, LTD. 東洋水産(株)	2,040	232,000	1,287	232,000	M
NISSHIN SEIFUN GROUP INC. (株)日清製粉グループ本社	1,808	1,045,220	1,621	1,045,220	M
ROHTO PHARMACEUTICAL CO.,LTD. ロート製薬(株)	1,467	656,200	1,817	656,200	M
KAMEDA SEIKA CO.,LTD. 亀田製菓(株)	962	246,400	1,082	246,400	M
NIPPN CORPORATION (株)ニップン	685	-50.0% ↓ 315,900	1,048	631,888	M
NIPPON KAYAKU CO.,LTD. 日本化薬(株）	292	-83.0% ↓ 207,100	1,461	1,221,200	M
Nippi,Incorporated (株)ニッピ	75	-50.0% ↓ 13,200	100	26,400	M
ADEKA CORPORATION (株)ＡＤＥＫＡ	21	8,000	18	8,000	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ(株)	—		—		M
TOYOTA TSUSHO CORPORATION 豊田通商(株)	—		—
SAPPORO HOLDINGS LIMITED サッポロホールディングス(株)	—		—
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業(株)	—	−100% Exit —	3,344	1,209,900	M
Mizuho Financial Group, Inc. (株)みずほフィナンシャルグループ	—	−100% Exit —	1,231	655,522	M
Rengo Co., Ltd. レンゴー(株)	—	−100% Exit —	675	786,000	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス(株)	—	−100% Exit —	409	78,035	M
Sumitomo Mitsui Financial Group, Inc. (株)三井住友フィナンシャルグループ	—	−100% Exit —	1,021	192,781	M
(株)三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	976	1,151,890	M
三井住友トラスト・ホールディングス(株)	—	−100% Exit —	975	214,779	M
Daiwa Securities Group Inc. (株)大和証券グループ本社	—	−100% Exit —	406	654,000	M
Resona Holdings, Inc. (株)りそなホールディングス	—	−100% Exit —	264	413,615	M
Shizuoka Financial Group, Inc. (株)しずおかフィナンシャルグループ	—	−100% Exit —	211	222,625	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス(株)	—	−100% Exit —	186	73,290	M
TBS Holdings Co., Ltd. (株)ＴＢＳホールディングス	—	−100% Exit —	181	95,500	M
KAJIMA CORPORATION 鹿島建設(株)	—	−100% Exit —	117	73,537	M
taisei corporation 大成建設(株)	—	−100% Exit —	99	24,200	M
MS ADインシュアランスグループホールディングス(株)	—	−100% Exit —	64	15,750	M
CENTRAL SECURITY PATROLS CO.,LTD. セントラル警備保障(株)	—	−100% Exit —	30	11,069	M
Portfolio total	17,316		33,743

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