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Morinaga Milk Industry Co., Ltd.
(2264)
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Rating:59Neutral
Price Target:
¥1,161.00
▼(-68.82% Downside)
Action:Reiterated
Date:09/29/26
The score is anchored by mixed financial performance—steady revenue growth and moderate leverage are offset by inconsistent profitability and persistently negative recent free cash flow. Technical indicators further weigh on the outlook with a clear bearish trend across moving averages and negative MACD. Valuation is a relative positive, supported by a reasonable P/E and a moderate dividend yield.
Positive Factors
Steady revenue growth
Consistent multi-year revenue expansion indicates sustained demand across Morinaga Milk’s dairy and nutrition portfolio. Continued top-line growth can support scale benefits, brand investment, and broader distribution, providing a durable foundation for earnings over the next several quarters.
Negative Factors
Persistently negative free cash flow
Recent negative free cash flow weakens earnings quality and can pressure shareholder returns if it persists. Even with improved operating cash generation, investment needs or uneven working-capital conversion are absorbing cash, limiting internally funded flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Consistent multi-year revenue expansion indicates sustained demand across Morinaga Milk’s dairy and nutrition portfolio. Continued top-line growth can support scale benefits, brand investment, and broader distribution, providing a durable foundation for earnings over the next several quarters.
Read all positive factors
Morinaga Milk Industry Co., Ltd. (2264) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥338.75B
Dividend Yield2.49%
Average Volume (3M)1.73M
Price to Earnings (P/E)13.7
Beta (1Y)0.32
Revenue Growth1.89%
EPS Growth227.30%
CountryJP
Employees7,345
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)75.75
Shares Outstanding344,719,150
10 Day Avg. Volume1,921,720
30 Day Avg. Volume1,729,400
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.42
Price to Sales (P/S)0.68
P/FCF Ratio-91.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)77.12
Revenue Forecast (FY)¥587.90B
Morinaga Milk Industry Co., Ltd. Business Overview & Revenue Model
Company Description
Operating both domestically in Japan and across global markets, Morinaga Milk Industry Co., Ltd., along with its affiliated companies, specializes in the production and distribution of a wide array of dairy goods. Its extensive product portfolio e...
How the Company Makes Money
Morinaga Milk Industry makes money primarily by manufacturing and selling branded dairy and nutrition products through Japan’s food retail and distribution channels. Its key revenue streams generally include: (1) Dairy products sold for everyday c...
Morinaga Milk Industry Co., Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 574.88B | 571.46B | 561.17B | 547.06B | 525.60B | 503.35B |
| Gross Profit | 144.67B | 143.26B | 135.05B | 131.96B | 118.30B | 122.28B |
| EBITDA | 59.62B | 57.72B | 41.46B | 113.53B | 45.91B | 70.14B |
| Net Income | 22.37B | 22.60B | 5.46B | 61.31B | 16.88B | 33.78B |
Balance Sheet | ||||||
| Total Assets | 573.25B | 547.12B | 520.42B | 566.00B | 487.44B | 458.79B |
| Cash, Cash Equivalents and Short-Term Investments | 39.21B | 26.06B | 28.56B | 64.53B | 21.10B | 23.61B |
| Total Debt | 132.77B | 122.67B | 104.73B | 86.82B | 101.33B | 89.26B |
| Total Liabilities | 291.23B | 267.36B | 249.32B | 283.86B | 259.19B | 250.76B |
| Stockholders Equity | 276.83B | 274.75B | 266.33B | 277.18B | 223.03B | 206.07B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -4.28B | -44.68B | 23.44B | -205.00M | 21.39B |
| Operating Cash Flow | 0.00 | 35.72B | -12.46B | 56.58B | 19.38B | 40.27B |
| Investing Cash Flow | 0.00 | -38.87B | -18.79B | 25.22B | -25.46B | 8.37B |
| Financing Cash Flow | 0.00 | -503.00M | -5.03B | -38.62B | 2.92B | -44.52B |
Morinaga Milk Industry Co., Ltd. Technical Analysis
Negative
3724.00
Price Trends
1131.65
Negative
1176.77
Negative
1130.89
Negative
Market Momentum
-25.61
Positive
37.77
Neutral
22.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2264, the sentiment is Negative. The current price of 3724 is above the 20-day moving average (MA) of 1083.84, above the 50-day MA of 1131.65, and above the 200-day MA of 1130.89, indicating a bearish trend. The MACD of -25.61 indicates Positive momentum. The RSI at 37.77 is Neutral, neither overbought nor oversold. The STOCH value of 22.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2264.
Morinaga Milk Industry Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥214.39B | 5.52 | ― | 2.83% | 0.44% | 138.68% | |
68 Neutral | ¥600.50B | 22.80 | 7.92% | 1.48% | 4.07% | -6.32% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | ¥1.17T | 28.47 | 5.27% | 2.55% | 3.53% | -14.19% | |
59 Neutral | ¥338.75B | 13.66 | ― | 2.38% | 1.89% | 227.30% | |
57 Neutral | ¥392.85B | 28.94 | ― | 1.38% | 9.93% | 1562.32% | |
55 Neutral | ¥328.83B | 51.01 | 2.29% | 1.85% | 10.44% | -22.76% |
* Consumer Defensive Sector Average
JP:2264
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Morinaga Milk Industry Co., Ltd. Corporate Events
Morinaga Milk Enhances Shareholder Incentives After Stock Split
Aug 25, 2026
Morinaga Milk Industry has revamped its shareholder incentive program following a four-for-one stock split implemented on July 1, 2026, adjusting shareholding tiers and benefit amounts to reflect the new capital structure. The company aims to make...
Morinaga Milk Completes Treasury Stock Disposal for Executive Restricted Shares
Aug 10, 2026
Morinaga Milk Industry has completed the payment procedures for the disposal of treasury stock used for restricted stock compensation to its management. The move finalizes a board-approved plan from July 2026 to allocate shares to key executives a...
Morinaga Milk Raises Profit Outlook for FY 2027 on Strong Global Business
Aug 7, 2026
Morinaga Milk Industry has revised its forecasts for the first half of the fiscal year ending March 31, 2027, keeping net sales unchanged at 300 billion yen but raising operating profit to 20 billion yen and profit attributable to owners of parent...
Morinaga Milk Lifts Profit Outlook on Surging Global Whey Protein Business
Aug 7, 2026
Morinaga Milk Industry reported first-quarter fiscal 2027 net sales of ¥147.1 billion, up 2.4% year-on-year, with operating profit rising 12.9% to a record ¥10.0 billion, driven by strong global operations. Overseas, profit climbed to &#...
Morinaga Milk Lifts Q1 Sales and Operating Profit but Net Profit Slips
Aug 7, 2026
Morinaga Milk Industry reported consolidated net sales of ¥147.1 billion for the first quarter of the fiscal year ending March 31, 2027, up 2.4% year on year, with operating profit rising 12.9% to ¥10.0 billion and gross margin improving...
Morinaga Milk Posts Q1 Sales Growth, Trims Full-Year Profit Outlook
Aug 7, 2026
Morinaga Milk Industry reported first-quarter net sales of ¥147.1 billion, up 2.4% year on year, with operating and ordinary profits rising double digits but profit attributable to owners of parent slipping 3.4%. Despite the earnings dip, com...
Morinaga Milk Grants Long-Term Restricted Stock to Executives
Jul 17, 2026
Morinaga Milk Industry Co., Ltd. has approved the disposal of 57,000 shares of its treasury stock as restricted stock compensation to six internal directors and five managing officers, with a total value of ¥68.54 million and a disposal price...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.