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MORINAGA MILK INDUSTRY CO.,LTD.

森永乳業 Yahoo Finance

Recent & upcoming events

Aug 7
Earnings 2:00
Q1 earnings announcement (scheduled)
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Jun 24
Shareholder meeting Time TBD
Shareholders' meeting
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May 13
Earnings 2:00
FY earnings announcement (scheduled)
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Sep 27
Est.
Dividend Time TBD
Last day with rights (interim)
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Sep 28
Est.
Ex-dividend Time TBD
Ex-rights date (interim)
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Oct 30
Est.
Earnings 2:00 approx.
Q2 earnings
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2027
Jan 29
Est.
Earnings 1:00 approx.
Q3 earnings
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Mar 28
Est.
Dividend Time TBD
Last day with rights (year-end)
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Mar 29
Est.
Ex-dividend Time TBD
Ex-rights date (year-end)
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Apr 23
Est.
Earnings 2:00 approx.
Full-year earnings
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Jul 16
Est.
Earnings 2:00 approx.
Q1 earnings
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KPI highlights

FY26
Revenue ¥571.46B YoY +1.8%
Operating income ¥34.48B margin 6.0%
Net income ¥22.60B YoY +314.0%
EPS ¥69 YoY +327.3%
P/E —
ROE 8.4% Equity ratio 50% Typical equity ratios vary a lot by industry. Banks, brokerages, and other financial companies tend to run lower ratios because leverage (using other people's capital) is core to their business model — a low ratio there isn't a sign of financial weakness.

Company guidance

FY2027/03 Company-issued full-year guidance (from earnings report) / %=vs prior FY
Revenue ¥580.00B +1.5%
Operating income ¥34.00B -1.4%
Net income ¥21.00B -7.1%
EPS ¥65 -5.7%

Quarterly fundamentals

Income & cash flow
Quarter FY23 Q2FY23 Q3FY23 Q4FY24 Q1FY24 Q2FY25 Q2
Revenue ¥139.74B¥146.84B¥136.66B¥123.82B——
Operating income ¥9.64B¥11.21B¥7.16B¥-177M——
Net income ¥52.97B¥6.25B¥3.64B¥-1.51B——
Operating CF ——————

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2021–2026）

国内機関 29.2%海外機関 5.4%未開示 60.9%202120222023202420252026
事業法人国内機関海外機関個人未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

日本マスタートラスト信託銀行株式会社 13.8%日本マスタートラスト信託銀行株式会社(信託口)株式会社日本カストディ銀行（信託口） 7.6%株式会社日本カストディ銀行（信託口）株式会社ＳＭＢＣ信託銀行(株式会社三 3.3%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)株式会社みずほ銀行 3%株式会社みずほ銀行森永乳業従業員持株会 2.7%森永乳業従業員持株会ＤＢＳ　ＢＡＮＫ　ＬＴＤ　７００１７ 2.2%ＤＢＳ　ＢＡＮＫ　ＬＴＤ　７００１７０（常任代理人 株式会社みずほ銀行決済営業部）森永製菓株式会社 1.7%森永製菓株式会社ＳＴＡＴＥ　ＳＴＲＥＥＴ　ＢＡＮＫ　 1.7%ＳＴＡＴＥ　ＳＴＲＥＥＴ　ＢＡＮＫ　ＡＮＤ　ＴＲＵＳＴ　ＣＯＭＰＡＮＹ　５０５２２３（常任代理人 株式会社みずほ銀行決済営業部）ＳＴＡＴＥ　ＳＴＲＥＥＴ　ＢＡＮＫ　 1.5%ＳＴＡＴＥ　ＳＴＲＥＥＴ　ＢＡＮＫ　ＡＮＤ　ＴＲＵＳＴ　ＣＯＭＰＡＮＹ　５０５００１（常任代理人 株式会社みずほ銀行決済営業部）日本マスタートラスト信託銀行株式会社 1.5%日本マスタートラスト信託銀行株式会社(退職給付信託口・森永製菓株式会社口)202120222023202420252026

Top shareholders — actual figures (as of 2026)

Holder Shares held Ratio Source
日本マスタートラスト信託銀行株式会社(信託口) 11,197,000 13.8% Yuho (EDINET)
株式会社日本カストディ銀行（信託口） 6,179,000 7.6% Yuho (EDINET)
株式会社SMBC信託銀行 2,657,000 3.3% Yuho (EDINET)
株式会社みずほ銀行 2,445,000 3.0% Yuho (EDINET)
森永乳業従業員持株会 2,224,000 2.7% Yuho (EDINET)
DBS BANK LTD 700170 1,796,000 2.2% Yuho (EDINET)
森永製菓株式会社 1,375,000 1.7% Yuho (EDINET)
STATE STREET BANK AND TRUST COMPANY 505223 1,345,000 1.7% Yuho (EDINET)
STATE STREET BANK AND TRUST COMPANY 505001 1,237,000 1.5% Yuho (EDINET)
日本マスタートラスト信託銀行株式会社(退職給付信託口・森永製菓株式会社口) 1,200,000 1.5% Yuho (EDINET)

Source：EDINET（大株主の状況）　Classification inferred from disclosed names

F-Score (Piotroski)

7/9

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✓ Positive ROA ROA 4.1%
✓ Positive operating cash flow ¥35.72B
✓ ROA improved YoY 1.0% → 4.1%
✓ Operating CF exceeds net income (accrual quality) OCF ¥35.72B / net income ¥22.60B
✗ Equity ratio improved* Substitute for the original “decrease in long-term debt” 51.2% → 50.2%
✓ Current ratio improved 1.16× → 1.38×
✓ No dilution (shares outstanding did not increase) 89,045,086 → 86,179,786
✓ Gross margin improved 24.1% → 25.1%
✗ Asset turnover improved 1.08× → 1.04×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY26
Equity ratio 50.2%
Current ratio 1.4×
Years of positive operating CF 9 of last 10 yrs
Payout ratio 83%
Latest fiscal year result Profit (net income ¥22.60B)

Performance history

Last 10 years
0億円1,482億円2,963億円4,445億円5,926億円 FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26

Income & assets

Unit: ¥100M
Item FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Revenue 5,9265,9215,8365,9095,8365,0345,2565,4715,6125,715
Operating income 211217223254289298239278297345
Ordinary income 220224232259301311252281299371
Net income 13215814018718733816961354.6226
Total assets 3,8544,1654,3234,3614,5284,5884,8515,6605,2045,471
Equity 1,4281,5911,6921,8312,0192,0802,2712,8212,7112,797

Indicators & cash flow

*Split-adjustedUnit: ¥100M
Item FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
EPS ¥33¥40¥35¥47¥47¥86¥47¥174¥16¥69
ROE 9.8%10.5%8.6%10.7%9.8%16.7%7.9%24.5%2.0%8.4%
Operating CF 374251185292385403194566-125357
Investing CF -212-169-388-132-25383.7-255252-188-389
Financing CF -152-57.7141-108-26.3-44529.3-386-50.3-5.03
FCF 16181.9-203160132486-60.8818-312-31.5

Source: EDINET (Annual Securities Report) (fetched 2026-08-29) *Some metrics supplemented from additional sources

Key financial metrics

3-year revenue growth ✓ Dividend grower ✓

Sector positioning

Relative standing within the sector
Is this information incorrect?

Data provided by Twelve Data