1. Japan Stocks

  2. •

    Consumer non-durables

  3. •

    Food: specialty/candy
Morinaga & Co., Ltd.

Morinaga & Co., Ltd.

TTSE:2201
2,427.50
JPY
+13.00
(+0.54%)
226.76BMarket Cap
Nov 12Next Earn
Morinaga & Co., Ltd.
TSE:2201
(Tokyo Stock Exchange)

Recent

price

2,427.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
JPY
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
2,811.95
- -
Revenue per Share
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
211.07
- -
Basic EPS, GAAP
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
70.54
- -
Free Cash Flow per Basic Share
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
93.78
- -
Dividend per Share
492.33
502.22
504.72
575.63
637.02
716.23
856.72
941.1
958.57
1,040.37
1,220.6
1,301.95
1,322.6
1,447.98
1,523.07
1,690.54
- -
Book Value per Share
475.67
486.63
490.4
547.96
609.9
692.98
847.96
933.81
952.4
1,035.08
1,216.35
1,298.86
1,313.69
1,425.74
1,475.65
1,646.36
- -
Tangible Book Value per Share
104
104
104
104
104
104
104
104
104
101
101
101
96
91
88
84
84
Basic Weighted Avg Shares
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
236,672
- -
Sales/Revenue/Turnover
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
9.46
- -
Operating Margin (%)
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
10,160
- -
Depreciation Expense
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
17,765
- -
Net Income, GAAP
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
29.19
- -
Effective Tax Rate (%)
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
7.51
- -
Profit Margin (%)
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
48,242
- -
Working Capital
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
16,579
- -
LT Debt
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
143,693
- -
Total Equity
3.16
1.52
1.68
2.77
4.16
7.24
11.02
10.11
12.5
12.91
10.71
8.75
7.56
9.91
9.96
9.82
- -
Return on Invested Capital (%)
3.31
1.55
2.04
9.4
4.1
8.28
10.04
9.04
12.4
9.53
10.56
19.95
6.84
10.03
11.56
11.19
- -
Return on Capital (%)
4.74
2.08
2.7
14.38
6.03
11.49
13.58
11
13.19
10.76
11.8
21.97
7.9
11.85
13.52
13.02
- -
Return on Common Equity (%)

Capital Structure

JPY

•

in mil. unless spec.
Sep'26
Mar'26
Jun'27
ST Debt
3,000
3,468
- -
LT Borrowings
16,000
16,000
- -
LT Finance Leases
- -
579
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
84
84
84
Market Capitalization
220,090
226,760
218,236

Working Capital

JPY

•

in mil. unless spec.
Sep'26
Mar'26
Jun'27
Total Current Assets
105,766
105,827
- -
Cash, Cash Equivalents & STI
28,254
26,419
- -
Accounts Receivable, Net
28,326
28,448
- -
Inventories
39,685
39,947
- -
Total Current Liabilities
58,038
57,585
- -
Payables & Accruals
- -
- -
- -
ST Debt
3,000
3,468
- -
Deferred Revenue
- -
- -
- -

Growth Rates

JPY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.66%
3.15%
8.54%
Free Cash Flow
-130.71%
-211.51%
-215.64%
Net Income, GAAP
17.4%
22.21%
0.31%
Sales/Revenue/Turnover
3.03%
7.08%
3.37%
Total Cash Common Dividend
18.48%
18.34%
58.27%

Quarterly Revenue

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
228,957
2026
- -
- -
- -
- -
236,672
2027
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
200.85
2026
- -
- -
- -
- -
211.07
2027
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
56.56
2026
- -
- -
- -
- -
93.78
2027
- -
- -
- -
- -
- -
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Business
Morinaga & Co., Ltd. manufactures, purchases and sells confectioneries, foodstuffs, frozen desserts and health products primarily in Japan and internationally. The company offers caramels, biscuits, chocolates including Chocoball, DARS and Carré de chocolat; foods such as cocoa, cake mix and amazake; frozen desserts like ice cream, Ice Box, Ita Choco Ice, Vanilla Monaka Jumbo and Choco Monaka Jumbo; and health products comprising jelly drinks, In Jelly, Aojiru and collagen drinks; along with branded items including HI-CHEW, Morinaga Milk Cocoa, Morinaga Ramune, Morinaga Biscuits and Morinaga Milk Cocoa. Morinaga operates through food manufacturing, food wholesale, real estate rental and golf course management segments, with production facilities in Japan and the United States, and targets consumer markets via retail, mail order and e-commerce channels. Founded in 1899 and headquartered in Tokyo, Japan, the company employs over 3,000 people consolidated and maintains a presence in Asia Pacific regions through subsidiaries. In 2024, Morinaga announced a $130-136 million investment for a second U.S. manufacturing facility in Mebane, North Carolina, to expand HI-CHEW production capacity and create over 200 jobs, with groundbreaking held in October 2024 and operations slated for 2027; this follows the 2015 establishment of its first North Carolina plant and supports 20% year-over-year HI-CHEW growth in the U.S. since 2018, alongside recent innovations like HI-CHEW Bites, Gummies and Gummies Sour flavors.