1. Japan Stocks

  2. •

    Consumer Defensive

  3. •

    Food Confectioners
Morinaga&Co., Ltd.

Morinaga&Co., Ltd.

MGAAF
Morinaga&Co., Ltd.US flagOther OTC
15.51
USD
+15.51
- -
1.30BMarket Cap
Morinaga&Co., Ltd.
MGAAF
(Other OTC)

Recent

price

15.51

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1,531.49
1,506.46
1,411.16
1,466.85
1,580.45
1,708.75
1,747.02
1,916.59
1,970.27
1,980.1
2,076.24
1,672.4
1,803.13
2,016.9
2,354.82
2,596.61
1,153.27
Revenue per Share
32.99
23.45
10.36
13.61
77.68
36.55
77.73
106.79
98.88
123.57
107.59
133.36
276.29
104.38
167.25
200.85
54.4
Basic EPS, GAAP
83.77
40.36
-26.91
-35.81
-68.56
76.82
117.28
147.2
114.76
138.09
64.98
-77.01
94.54
-171.75
217.43
-58.22
- -
Free Cash Flow per Basic Share
15.01
14.99
14.99
15.01
15
15
14.99
17.5
22.5
25.07
33.01
36.01
40.04
46.66
52
56.56
- -
Dividend per Share
325.57
335.9
331.7
330.55
393.48
400.39
463.23
552.62
629.12
729.7
826.85
922
1,158.95
1,058.48
1,157.91
1,198.61
1,203.97
Book Value per Share
479.57
479.77
490.34
493.99
573.31
639.29
718.53
872.87
956.88
931.09
1,043.23
1,225.44
1,301.86
1,297.2
1,441.74
1,455.24
1,487.88
Tangible Book Value per Share
105
104
104
104
104
104
104
104
104
104
101
101
101
96
91
88
90
Basic Weighted Avg Shares
160,878
157,336
147,190
152,885
164,603
177,929
181,868
199,479
205,022
205,368
208,878
168,240
181,251
194,373
213,368
228,957
103,760
Sales/Revenue/Turnover
3.6
4.23
1.91
1.76
2.34
3.34
6.3
8.83
9.63
9.84
10.16
11.4
9.76
7.84
9.5
9.29
5.88
Operating Margin (%)
5,398
5,502
5,611
5,774
6,922
6,789
6,328
5,968
5,918
5,933
6,328
8,007
10,130
10,185
9,492
9,918
- -
Depreciation Expense
3,466
2,449
1,081
1,419
8,090
3,806
8,092
11,115
10,289
12,816
10,824
13,416
27,773
10,059
15,154
17,710
4,894
Net Income, GAAP
37.93
50.97
57.62
49.16
36.93
33.46
34.52
27.69
39.27
29.63
28.99
28.25
28.71
25.88
25.28
26.51
18.43
Effective Tax Rate (%)
2.15
1.56
0.73
0.93
4.91
2.14
4.45
5.57
5.02
6.24
5.18
7.97
15.32
5.18
7.1
7.74
4.72
Profit Margin (%)
11,904
10,562
-10,682
2,647
6,449
13,346
25,818
12,619
31,420
33,837
28,473
28,462
41,920
50,074
53,609
52,778
57,730
Working Capital
23,753
23,803
3,500
25,601
26,488
26,424
26,737
1,673
10,453
10,591
10,570
10,558
616
19,950
19,854
19,696
19,000
LT Debt
52,585
51,845
52,771
52,978
62,591
69,391
77,221
91,760
100,329
97,190
105,485
123,704
131,172
125,853
132,650
132,391
137,215
Total Equity
4.53
4.13
1.53
1.68
2.77
4.16
7.24
11.02
10.11
12.51
12.91
10.71
8.75
7.56
9.91
9.96
3.18
Return on Invested Capital (%)
6.01
4.24
1.98
2.62
11.95
5.34
11.09
13.56
12.51
16.33
11.74
13.29
23.68
7.82
11.99
13.9
3.84
Return on Capital (%)
10.42
7.07
3.1
4.11
21.45
9.21
18
21.02
16.73
18.16
13.63
15.25
26.55
9.21
14.65
16.82
4.64
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
ST Debt
467
- -
- -
LT Borrowings
19,000
- -
19,000
LT Finance Leases
854
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
91
- -
90
Market Capitalization
217,502
224,637
200,581

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
Total Current Assets
118,045
- -
114,155
Cash, Cash Equivalents & STI
49,899
- -
44,147
Accounts Receivable, Net
30,623
- -
28,859
Inventories
28,638
- -
32,017
Total Current Liabilities
64,436
- -
56,425
Payables & Accruals
- -
- -
- -
ST Debt
467
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.93%
4.89%
-0.2%
Free Cash Flow
-103.88%
-212.09%
-126.06%
Net Income, GAAP
28.63%
26.94%
16.87%
Sales/Revenue/Turnover
2.91%
2.52%
7.31%
Total Cash Common Dividend
12.65%
8.51%
5.84%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
46,803
51,631
49,435
46,504
194,373
2024
51,092
58,516
54,189
49,571
213,368
2025
- -
- -
- -
- -
228,957

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
34.63
- -
- -
- -
104.38
2024
46.68
- -
- -
- -
167.25
2025
- -
- -
- -
- -
200.85

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
46.66
2024
- -
- -
- -
- -
52
2025
- -
- -
- -
- -
56.56
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Business
Morinaga & Co., Ltd. manufactures, purchases, and sells confectioneries including caramel candies, biscuits, chocolates such as Chocolate Ball and Angel Pie, and branded products like Hi-Chew; foods comprising cocoa and cake mixes; frozen desserts such as ice cream; and health products including jelly drinks. The company operates through food manufacturing, food wholesale, real estate rental including golf course management, and other services segments, primarily serving consumer markets in Japan with international expansion into the United States, Asia Pacific, and select global regions. Founded in 1899 and incorporated in 1910, Morinaga & Co., Ltd. maintains its headquarters at 1-13-16 Shibaura, Minato-ku, Tokyo, Japan, with production facilities in Yokohama, Oyama, Mishima, Anjo, and a manufacturing site in Mebane, North Carolina. In recent developments, the company announces construction of a second U.S. factory in Mebane, North Carolina, with investment exceeding $130 million, slated to commence operations in January 2027 to boost Hi-Chew production capacity amid rising demand. Morinaga implements multiple product price revisions in 2024 and 2025, alongside package resizing and amount changes, to address cost pressures; executes ongoing treasury stock repurchases including via ToSTNeT-3 and accelerated share repurchase programs completed in November 2024; revises consolidated results forecasts upward for fiscal years ending March 2025; relocates its head office; and enacts executive personnel changes and organizational reforms in February 2025. Selected for the second consecutive year as a constituent of ESG indices FTSE4Good Index Series and FTSE Blossom Japan Index in July 2024, the company unveils its 2024 Medium-Term Business Plan in May 2024 focused on sustained growth.