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22642026 Q3PrimeJGAAP

MORINAGA MILK INDUSTRY (2264) FY2026 Q3 Earnings Report

For FY2026 Q3, revenue came to ¥437.8B (+1.6% year on year) and operating income ¥30.7B (+20.4%). The segment drivers and cash flow follow.

Foods/Foods


Financial Highlights

  • Net Sales: ¥437.82B
  • Operating Income: ¥30.68B
  • Net Income: ¥22.05B
  • EPS: ¥266.78

Income Statement

ItemCurrentPriorYoY %
Net Sales¥437.82B¥430.72B+1.6%
Cost of Sales¥326.80B¥326.53B+0.1%
Gross Profit¥111.03B¥104.19B+6.6%
SG&A Expenses¥80.34B¥78.70B+2.1%
Operating Income¥30.68B¥25.49B+20.4%
Non-operating Income¥4.29B¥2.49B+72.1%
Non-operating Expenses¥2.19B¥1.94B+13.3%
Ordinary Income¥32.77B¥26.04B+25.8%
Profit Before Tax¥31.46B¥22.35B+40.7%
Income Tax Expense¥9.40B¥7.61B+23.5%
Net Income¥22.05B¥14.73B+49.7%
Net Income Attributable to Owners¥21.94B¥14.74B+48.8%
Total Comprehensive Income¥21.68B¥17.20B+26.0%
Interest Expense¥1.10B¥1.08B+2.5%
Basic EPS¥266.78¥173.74+53.6%
Diluted EPS¥266.54¥173.54+53.6%

Balance Sheet

ItemCurrent EndPrior EndChange
Current Assets¥228.17B¥198.07B+¥30.10B
Cash and Deposits¥41.76B¥28.56B+¥13.20B
Accounts Receivable¥87.61B¥68.20B+¥19.41B
Inventories¥57.74B¥60.44B−¥2.70B
Non-current Assets¥335.82B¥322.35B+¥13.46B
Property, Plant & Equipment¥286.27B¥273.99B+¥12.27B
Intangible Assets¥11.44B¥12.04B−¥606M
Goodwill¥371M¥417M−¥46M
Investment Securities¥21.46B¥19.70B+¥1.75B
Total Assets¥563.99B¥520.42B+¥43.56B
Current Liabilities¥168.20B¥170.11B−¥1.91B
Accounts Payable¥59.24B¥53.54B+¥5.70B
Short-term Loans¥3.66B¥3.55B+¥108M
Non-current Liabilities¥118.71B¥79.21B+¥39.50B
Long-term Loans¥30.89B¥10.51B+¥20.38B
Total Liabilities¥286.91B¥249.32B+¥37.59B
Total Equity¥277.08B¥271.10B+¥5.98B
Capital Stock¥21.82B¥21.82B¥0
Capital Surplus¥19.68B¥19.66B+¥12M
Retained Earnings¥234.63B¥220.18B+¥14.45B
Treasury Stock−¥23.53B−¥15.35B−¥8.18B
Owners' Equity¥272.20B¥266.22B+¥5.98B
Working Capital¥59.97B--

Profitability Ratios

ItemValue
Net Profit Margin5.0%
Gross Profit Margin25.4%
Current Ratio135.7%
Quick Ratio101.3%
Debt-to-Equity Ratio1.04x
Interest Coverage Ratio27.79x
Effective Tax Rate29.9%

Year-over-Year Comparison

ItemYoY Change
Net Sales YoY Change+1.6%
Operating Income YoY Change+20.4%
Ordinary Income YoY Change+25.8%
Profit Before Tax YoY Change+40.8%
Net Income YoY Change+49.6%
Net Income Attributable to Owners YoY Change+48.8%
Total Comprehensive Income YoY Change+26.0%

Share Information

ItemValue
Shares Outstanding (incl. Treasury)89.05M shares
Treasury Stock7.95M shares
Average Shares Outstanding82.23M shares
Book Value Per Share¥3,416.70

Dividend Information

ItemAmount
Q2 Dividend¥45.00

Segment Information

SegmentRevenueOperating Income
Food¥420.30B¥38.77B
OperatingSegmentsNotIncludedInReportableSegmentsAndOtherRevenueGeneratingBusiness¥17.52B¥2.43B

Full Year Forecast

ItemForecast
Net Sales Forecast¥570.00B
Operating Income Forecast¥33.00B
Ordinary Income Forecast¥33.90B
Net Income Attributable to Owners Forecast¥19.00B
Basic EPS Forecast¥231.96
Dividend Per Share Forecast¥93.00