Morinaga Milk Industry Co Ltd
TSE:2264

Watchlist Manager
Morinaga Milk Industry Co Ltd Logo
Morinaga Milk Industry Co Ltd
TSE:2264
Watchlist
Price: 3 640 JPY -1.19% Market Closed
Market Cap: 324.1B JPY
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+12%
5Y
-4%
10Y
-6%
Operating Income
+
3Y
+14%
5Y
+17%
10Y
+212%
Net Income
+
3Y
-74%
5Y
-63%
10Y
+13%

Earnings Waterfall
Morinaga Milk Industry Co Ltd

Revenue
564.2B JPY
Cost of Revenue
-428.4B JPY
Gross Profit
135.8B JPY
Operating Expenses
-105.8B JPY
Operating Income
30B JPY
Other Expenses
-23B JPY
Net Income
7.1B JPY

Income Statement
Morinaga Milk Industry Co Ltd

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Income Statement
Currency: JPY
Jun-2005 Sep-2005 Dec-2005 Jun-2006 Sep-2006 Dec-2006 Jun-2007 Sep-2007 Dec-2007 Jun-2008 Sep-2008 Dec-2008 Jun-2009 Sep-2009 Dec-2009 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025
Revenue
Interest Expense
352
0
0
360
0
0
373
0
0
427
0
0
434
0
0
494
965
1 430
1 889
1 828
1 810
1 762
1 741
1 710
1 647
1 623
1 607
1 552
1 503
1 435
1 369
1 325
1 268
1 185
1 113
1 041
1 012
1 022
1 030
1 016
995
968
925
899
891
874
861
835
802
781
750
755
752
745
743
728
720
714
707
721
734
744
747
738
736
736
710
788
922
1 067
1 291
1 389
1 474
1 460
1 509
0
Revenue
438 255
N/A
432 849
-1%
430 115
-1%
432 681
+1%
440 061
+2%
450 099
+2%
456 357
+1%
459 029
+1%
460 473
+0%
457 790
-1%
457 738
0%
455 081
-1%
459 802
+1%
457 491
-1%
457 947
+0%
455 181
-1%
459 439
+1%
459 324
0%
583 019
+27%
579 302
-1%
576 185
-1%
574 427
0%
578 299
+1%
581 727
+1%
586 053
+1%
588 354
+0%
591 197
+0%
594 207
+1%
595 000
+0%
596 539
+0%
599 273
+0%
599 217
0%
594 135
-1%
596 507
+0%
594 834
0%
597 921
+1%
602 360
+1%
601 926
0%
601 499
0%
598 186
-1%
593 892
-1%
592 427
0%
592 617
+0%
593 006
+0%
593 697
+0%
593 389
0%
592 087
0%
588 686
-1%
586 737
0%
586 503
0%
583 582
0%
585 860
+0%
584 969
0%
586 625
+0%
590 892
+1%
587 012
-1%
583 410
-1%
584 877
+0%
583 550
0%
562 868
-4%
539 580
-4%
518 369
-4%
503 354
-3%
505 459
+0%
511 970
+1%
520 160
+2%
525 603
+1%
535 041
+2%
542 221
+1%
543 620
+0%
547 059
+1%
547 958
+0%
551 078
+1%
554 539
+1%
561 173
+1%
564 214
+1%
Gross Profit
Cost of Revenue
(306 628)
(303 725)
(303 711)
(306 544)
(310 168)
(316 422)
(320 284)
(322 293)
(324 723)
(323 157)
(323 778)
(321 232)
(323 135)
(318 598)
(316 024)
(312 337)
(314 039)
(313 417)
(398 469)
(395 978)
(395 689)
(395 630)
(399 780)
(403 503)
(406 711)
(408 625)
(412 554)
(415 011)
(417 256)
(419 737)
(421 844)
(423 120)
(420 316)
(422 676)
(422 281)
(423 540)
(425 394)
(422 588)
(419 454)
(413 022)
(404 797)
(399 673)
(399 286)
(399 209)
(400 153)
(402 220)
(402 139)
(401 098)
(401 598)
(401 618)
(398 337)
(400 187)
(398 518)
(398 775)
(401 538)
(398 342)
(395 308)
(396 166)
(393 478)
(387 987)
(382 342)
(379 323)
(381 077)
(386 164)
(394 415)
(403 389)
(407 308)
(413 248)
(415 057)
(413 256)
(415 100)
(415 497)
(419 864)
(422 082)
(426 120)
(428 403)
Gross Profit
131 627
N/A
129 124
-2%
126 404
-2%
126 137
0%
129 893
+3%
133 677
+3%
136 073
+2%
136 736
+0%
135 750
-1%
134 633
-1%
133 960
0%
133 849
0%
136 667
+2%
138 893
+2%
141 923
+2%
142 844
+1%
145 400
+2%
145 907
+0%
184 550
+26%
183 324
-1%
180 496
-2%
178 797
-1%
178 519
0%
178 224
0%
179 342
+1%
179 729
+0%
178 643
-1%
179 196
+0%
177 744
-1%
176 802
-1%
177 429
+0%
176 097
-1%
173 819
-1%
173 831
+0%
172 553
-1%
174 381
+1%
176 966
+1%
179 338
+1%
182 045
+2%
185 164
+2%
189 095
+2%
192 754
+2%
193 331
+0%
193 797
+0%
193 544
0%
191 169
-1%
189 948
-1%
187 588
-1%
185 139
-1%
184 885
0%
185 245
+0%
185 673
+0%
186 451
+0%
187 850
+1%
189 354
+1%
188 670
0%
188 102
0%
188 711
+0%
190 072
+1%
174 881
-8%
157 238
-10%
139 046
-12%
122 277
-12%
119 295
-2%
117 555
-1%
116 771
-1%
118 295
+1%
121 793
+3%
127 164
+4%
130 364
+3%
131 959
+1%
132 461
+0%
131 214
-1%
132 457
+1%
135 053
+2%
135 811
+1%
Operating Income
Operating Expenses
(119 631)
(119 566)
(118 755)
(118 407)
(120 337)
(122 693)
(124 898)
(126 254)
(125 720)
(123 958)
(122 999)
(121 766)
(122 689)
(123 036)
(123 804)
(124 952)
(125 987)
(127 017)
(165 633)
(164 347)
(164 903)
(165 508)
(165 335)
(166 761)
(167 527)
(168 953)
(168 477)
(168 186)
(167 557)
(165 815)
(165 447)
(166 431)
(166 321)
(166 132)
(165 282)
(164 761)
(164 739)
(165 062)
(167 587)
(167 857)
(169 116)
(170 182)
(172 232)
(171 925)
(171 201)
(170 710)
(168 264)
(167 352)
(165 504)
(164 165)
(162 914)
(162 860)
(162 987)
(163 541)
(163 995)
(163 086)
(161 763)
(161 772)
(161 205)
(143 488)
(124 580)
(107 031)
(92 485)
(93 068)
(93 873)
(94 132)
(94 356)
(94 498)
(96 989)
(98 870)
(104 120)
(105 795)
(106 732)
(107 144)
(105 395)
(105 790)
Selling, General & Administrative
(119 631)
(119 566)
(118 755)
(118 407)
(120 337)
(122 693)
(124 898)
(126 254)
(125 720)
(123 958)
(122 999)
(121 766)
(122 689)
(123 036)
(123 804)
(124 952)
(125 987)
(127 017)
(160 761)
(164 347)
(164 903)
(165 508)
(160 495)
(166 759)
(167 526)
(168 951)
(163 562)
(168 186)
(167 555)
(165 815)
(160 455)
(166 429)
(166 321)
(166 562)
(160 788)
(165 227)
(165 203)
(165 200)
(162 763)
(167 997)
(169 257)
(170 218)
(166 869)
(171 925)
(171 200)
(170 710)
(163 516)
(167 350)
(165 503)
(164 162)
(158 265)
(162 859)
(162 985)
(163 542)
(159 216)
(163 086)
(161 765)
(161 770)
(156 425)
(143 487)
(124 578)
(107 031)
(87 393)
(93 067)
(93 872)
(94 131)
(88 797)
(94 497)
(96 988)
(98 869)
(98 163)
(105 794)
(106 731)
(107 143)
(99 212)
(105 790)
Research & Development
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(4 872)
0
0
0
(4 839)
0
0
0
(4 915)
0
0
0
(4 991)
0
0
0
(4 958)
0
0
0
0
0
0
0
(5 362)
0
0
0
(4 747)
0
0
0
(4 648)
0
0
0
(4 779)
0
0
0
(4 779)
0
0
0
(5 091)
0
0
0
(5 558)
0
0
0
(5 956)
0
0
0
(6 183)
0
Depreciation & Amortization
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
430
0
0
0
142
141
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Operating Expenses
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(2)
(1)
(2)
0
0
(2)
0
(1)
(2)
0
0
464
466
464
(4)
(4 965)
140
141
36
(1)
0
(1)
0
(1)
(2)
0
(3)
(1)
(1)
(2)
1
0
0
2
(2)
(1)
(1)
0
0
(1)
(1)
(1)
0
(1)
(1)
(1)
0
(1)
(1)
0
(1)
0
0
Operating Income
11 996
N/A
9 558
-20%
7 649
-20%
7 730
+1%
9 556
+24%
10 984
+15%
11 175
+2%
10 482
-6%
10 030
-4%
10 675
+6%
10 961
+3%
12 083
+10%
13 978
+16%
15 857
+13%
18 119
+14%
17 892
-1%
19 413
+9%
18 890
-3%
18 917
+0%
18 977
+0%
15 593
-18%
13 289
-15%
13 184
-1%
11 463
-13%
11 815
+3%
10 776
-9%
10 166
-6%
11 010
+8%
10 187
-7%
10 987
+8%
11 982
+9%
9 666
-19%
7 498
-22%
7 699
+3%
7 271
-6%
9 620
+32%
12 227
+27%
14 276
+17%
14 458
+1%
17 307
+20%
19 979
+15%
22 572
+13%
21 099
-7%
21 872
+4%
22 343
+2%
20 459
-8%
21 684
+6%
20 236
-7%
19 635
-3%
20 720
+6%
22 331
+8%
22 813
+2%
23 464
+3%
24 309
+4%
25 359
+4%
25 584
+1%
26 339
+3%
26 939
+2%
28 867
+7%
31 393
+9%
32 658
+4%
32 015
-2%
29 792
-7%
26 227
-12%
23 682
-10%
22 639
-4%
23 939
+6%
27 295
+14%
30 175
+11%
31 494
+4%
27 839
-12%
26 666
-4%
24 482
-8%
25 313
+3%
29 658
+17%
30 021
+1%
Pre-Tax Income
Interest Income Expense
(1)
2 586
2 586
2 836
527
261
415
(623)
(623)
(914)
(829)
(842)
(858)
(1 121)
(981)
(1 005)
(800)
(855)
(1 230)
(1 118)
(1 119)
(1 006)
(1 090)
(1 139)
(1 091)
(1 116)
(1 062)
(992)
(780)
(735)
(670)
(630)
(612)
(494)
279
306
484
470
(76)
(129)
(336)
(207)
(119)
16
288
257
(241)
(198)
(196)
(256)
80
(210)
(568)
(69)
(139)
438
681
227
1 155
830
844
841
553
906
923
774
670
1 028
1 056
760
980
1 276
(661)
337
5 721
5 322
Non-Reccuring Items
(1 577)
(2 383)
(2 234)
(2 281)
(1 901)
(2 053)
(1 961)
(1 989)
(1 834)
(1 843)
(1 568)
(2 272)
(2 321)
(2 333)
(1 170)
(1 623)
(3 769)
(3 298)
(7 494)
(7 571)
(6 986)
(8 211)
(4 962)
(4 527)
(3 202)
(2 734)
(2 679)
(2 165)
(3 205)
(3 461)
(3 378)
(3 903)
(2 845)
(2 675)
(2 383)
(2 034)
(2 848)
(2 799)
(3 354)
(3 745)
(2 709)
(2 696)
(2 279)
(1 950)
(1 870)
(1 972)
(1 075)
(1 253)
(1 594)
(1 596)
(2 497)
(2 666)
(2 422)
(2 396)
(5 534)
(5 740)
(5 845)
(5 997)
(5 289)
(5 039)
(4 714)
(5 490)
(3 399)
(4 757)
(5 131)
(4 295)
(1 774)
(689)
(608)
(839)
(4 654)
(4 987)
(5 142)
(5 508)
(24 860)
(22 690)
Gain/Loss on Disposition of Assets
(587)
34
41
(22)
(1 156)
(1 253)
(974)
(32)
(36)
(145)
(89)
95
173
(437)
(550)
(486)
(150)
(233)
(556)
(551)
(514)
(450)
(367)
(454)
(494)
(266)
762
751
737
308
(357)
(617)
185
361
115
312
(446)
4 485
0
3 968
3 994
(931)
(567)
2 422
2 496
2 704
2 093
(972)
(1 069)
(1 239)
(712)
(621)
(781)
(868)
6 047
6 050
6 187
0
533
4 667
4 744
4 880
20 558
16 578
16 788
16 579
222
65 905
65 718
65 469
64 359
(1 402)
(1 745)
(1 494)
3 586
3 661
Total Other Income
800
954
1 138
1 191
953
942
956
745
611
584
693
644
766
746
716
673
667
805
1 058
1 095
1 068
1 057
1 092
1 115
1 147
1 250
1 448
1 406
1 451
1 465
1 083
1 022
987
782
814
803
811
687
4 756
785
750
1 062
1 019
1 204
1 242
1 152
1 009
750
937
832
1 028
1 193
984
803
773
876
946
7 351
732
509
420
627
792
738
784
660
662
760
577
578
47
(63)
39
264
1 181
1 061
Pre-Tax Income
10 631
N/A
10 749
+1%
9 180
-15%
9 454
+3%
7 979
-16%
8 881
+11%
9 611
+8%
8 583
-11%
8 148
-5%
8 357
+3%
9 168
+10%
9 708
+6%
11 738
+21%
12 712
+8%
16 134
+27%
15 451
-4%
15 361
-1%
15 309
0%
10 695
-30%
10 832
+1%
8 042
-26%
4 679
-42%
7 857
+68%
6 458
-18%
8 175
+27%
7 910
-3%
8 635
+9%
10 010
+16%
8 390
-16%
8 564
+2%
8 660
+1%
5 538
-36%
5 213
-6%
5 673
+9%
6 096
+7%
9 007
+48%
10 228
+14%
17 119
+67%
15 784
-8%
18 186
+15%
21 678
+19%
19 800
-9%
19 153
-3%
23 564
+23%
24 499
+4%
22 600
-8%
23 470
+4%
18 563
-21%
17 713
-5%
18 461
+4%
20 230
+10%
20 509
+1%
20 677
+1%
21 779
+5%
26 506
+22%
27 208
+3%
28 308
+4%
28 520
+1%
25 998
-9%
32 360
+24%
33 952
+5%
32 873
-3%
48 296
+47%
39 692
-18%
37 046
-7%
36 357
-2%
23 719
-35%
94 299
+298%
96 918
+3%
97 462
+1%
88 571
-9%
21 490
-76%
16 973
-21%
18 912
+11%
15 286
-19%
17 375
+14%
Net Income
Tax Provision
(4 933)
(5 054)
(4 489)
(4 502)
(4 063)
(4 358)
(4 884)
(4 472)
(4 149)
(3 987)
(4 800)
(4 632)
(5 360)
(4 394)
(6 065)
(6 032)
(7 138)
(6 131)
(4 503)
(4 456)
(2 545)
(2 551)
(3 055)
(2 314)
(2 741)
(2 351)
(3 557)
(3 897)
(3 736)
(3 737)
(3 793)
(2 677)
(1 811)
(1 807)
(1 831)
(2 655)
(3 524)
(5 718)
(5 129)
(6 093)
(6 693)
(6 065)
(5 887)
(7 096)
(7 526)
(7 172)
(7 655)
(6 375)
(6 036)
(5 884)
(6 044)
(5 992)
(6 029)
(6 397)
(7 687)
(7 906)
(7 898)
(7 710)
(7 095)
(8 973)
(9 468)
(9 474)
(14 369)
(12 094)
(11 872)
(11 624)
(6 699)
(27 281)
(29 239)
(29 832)
(27 224)
(7 811)
(5 215)
(5 689)
(10 633)
(11 091)
Income from Continuing Operations
5 698
5 695
4 691
4 952
3 916
4 523
4 727
4 111
3 999
4 370
4 368
5 076
6 378
8 318
10 069
9 419
8 223
9 178
6 192
6 376
5 497
2 128
4 802
4 144
5 434
5 559
5 078
6 113
4 654
4 827
4 867
2 861
3 402
3 866
4 265
6 352
6 704
11 401
10 655
12 093
14 985
13 735
13 266
16 468
16 973
15 428
15 815
12 188
11 677
12 577
14 186
14 517
14 648
15 382
18 819
19 302
20 410
20 810
18 903
23 387
24 484
23 399
33 927
27 598
25 174
24 733
17 020
67 018
67 679
67 630
61 347
13 679
11 758
13 223
4 653
6 284
Income to Minority Interest
(23)
(20)
(81)
(127)
(78)
(106)
(95)
(99)
(72)
(43)
(1)
14
(2)
(135)
(153)
(96)
22
11
(26)
(73)
(107)
(140)
(192)
(197)
(180)
(147)
(60)
(45)
(19)
(5)
(27)
(20)
(82)
(102)
(100)
(104)
(78)
(87)
(79)
(80)
(93)
(75)
(63)
(70)
(39)
(44)
(33)
(44)
(76)
(126)
(168)
(175)
(176)
(151)
(162)
(155)
(158)
(164)
(161)
(175)
(158)
(144)
(143)
(136)
(153)
(160)
(144)
(141)
(107)
(84)
(39)
(2)
83
25
807
776
Net Income (Common)
5 670
N/A
5 670
N/A
4 608
-19%
4 819
+5%
3 836
-20%
4 413
+15%
4 631
+5%
4 008
-13%
3 925
-2%
4 327
+10%
4 365
+1%
5 087
+17%
6 372
+25%
8 182
+28%
9 916
+21%
9 323
-6%
8 244
-12%
9 192
+11%
6 164
-33%
6 305
+2%
5 387
-15%
1 983
-63%
4 608
+132%
3 943
-14%
5 254
+33%
5 410
+3%
5 016
-7%
6 065
+21%
4 633
-24%
4 820
+4%
4 839
+0%
2 841
-41%
3 318
+17%
3 762
+13%
4 164
+11%
6 246
+50%
6 626
+6%
11 314
+71%
10 576
-7%
12 013
+14%
14 892
+24%
13 660
-8%
13 202
-3%
16 399
+24%
16 932
+3%
15 384
-9%
15 781
+3%
12 141
-23%
11 600
-4%
12 449
+7%
14 017
+13%
14 342
+2%
14 473
+1%
15 230
+5%
18 656
+22%
19 146
+3%
20 249
+6%
20 645
+2%
18 741
-9%
23 211
+24%
24 327
+5%
23 254
-4%
33 782
+45%
27 460
-19%
25 018
-9%
24 571
-2%
16 875
-31%
66 875
+296%
67 571
+1%
67 545
0%
61 307
-9%
13 678
-78%
11 842
-13%
13 249
+12%
5 459
-59%
7 057
+29%
EPS (Diluted)
111.17
N/A
111.17
N/A
90.35
-19%
94.49
+5%
75.21
-20%
86.52
+15%
90.8
+5%
78.58
-13%
76.96
-2%
84.84
+10%
85.58
+1%
99.74
+17%
124.94
+25%
160.43
+28%
194.43
+21%
186.46
-4%
164.88
-12%
183.84
+11%
123.28
-33%
126.1
+2%
107.74
-15%
39.65
-63%
92.16
+132%
78.86
-14%
105.08
+33%
108.2
+3%
100.32
-7%
121.3
+21%
92.66
-24%
96.4
+4%
96.78
+0%
56.82
-41%
66.36
+17%
75.23
+13%
84.02
+12%
124.92
+49%
132.52
+6%
226.28
+71%
213.35
-6%
240.26
+13%
297.83
+24%
273.2
-8%
266.27
-3%
327.98
+23%
338.64
+3%
307.68
-9%
318.27
+3%
242.82
-24%
232
-4%
251.62
+8%
282.69
+12%
289.37
+2%
291.95
+1%
307.26
+5%
376.36
+22%
386.22
+3%
408.41
+6%
416.38
+2%
189.01
-55%
468.15
+148%
491.44
+5%
469.02
-5%
343.17
-27%
607.45
+77%
551.5
-9%
542.09
-2%
186.31
-66%
742.39
+298%
764.17
+3%
777.32
+2%
696.09
-10%
158.25
-77%
139.69
-12%
158.46
+13%
64.53
-59%
84.56
+31%

See Also

Summary
Intrinsic value, competitors valuation, and company profile.
DCF Valuation
Stock valuation using Discount Cash Flow valuation method.
Relative Valuation
Stock valuation using valuation multiples.
Wall Street Estimates
Price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
Stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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