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Japanese confectionery maker known for chocolate, Hi-Chew candy and biscuits, distinct from dairy peer Morinaga Milk.
Japanese confectionery maker known for chocolate, Hi-Chew candy and biscuits, distinct from dairy peer Morinaga Milk.
Sells packaged sweets to wholesalers who supply supermarkets and convenience stores, so shelf space and repeat impulse purchases drive sales. Overseas, Hi-Chew is sold through local subsidiaries, with the US the main market, and it has become the group's best-known export.
In one line: Japan's Hershey/Mars for confectionery.
Moat: narrow (brand, distribution). Long-standing confectionery brands, with Hi-Chew gaining global distribution.
Headquarters: Tokyo, Japan · Founded: 1899 · Employees: 3,222
Size Morinaga & (2201.T) is a Japan Consumer Staples company (Food: Specialty/Candy) with a market value of $1.28B, the 632nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,449 on 6 Nov 2026.
Performance Over six months the shares fell 8.5%, against -19.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +7.8%); the operating margin is 8.9% (peer median 6.4%).
Valuation It trades at 12.3× forward earnings against a peer median of 24.0× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥240B | ¥237B | ¥229B | ¥213B | ¥194B |
| Revenue growth | — | +3% | +7% | +10% | — |
| Gross profit | ¥96.6B | ¥95.0B | ¥90.0B | ¥86.7B | ¥76.6B |
| EBITDA | ¥32.0B | ¥32.6B | ¥31.2B | ¥29.7B | ¥25.3B |
| Net income | ¥17.2B | ¥17.8B | ¥17.7B | ¥15.2B | ¥10.1B |
| Free cash flow | n/a | ¥6.65B | -¥2.82B | ¥21.1B | -¥16.3B |
| Capital expenditure | n/a | ¥17.7B | ¥15.9B | ¥10.5B | ¥13.6B |
| Total debt | ¥41.0B | ¥20.0B | ¥20.2B | ¥20.3B | ¥20.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Morinaga & 2201.T | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% |
| Ezaki Glico 2206.T | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% |
| Meiji 2269.T | $7.35B | +14% | +4% | 8% | 17.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2201.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | -1.4% | 5th highest of 21 |
| 6-month return | -8.5% | -19.9% | 8th highest of 20 |
| Distance from 52-week high | -15.4% | -32.6% | 5th highest of 21 |
| Revenue growth (TTM) | +3.3% | +7.8% | 10th lowest of 21 |
| Operating margin | 8.9% | 6.4% | 9th highest of 21 |
| Forward P/E | 12.3× | 24.0× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -5.7% | 5.9% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +7.1% | +10.2% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -12.8 pp | -9.5 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +4.1 pp | -0.4 pp | 6th highest of 21 |
| EV / EBITDA | 6.8× | 9.9× | 4th cheapest of 13 |
| Net debt / EBITDA | 0.5× | 0.7× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Jiangxi Qiyunshan Food 2797.HK | Hong Kong | $1.10B | n/a | -7% | 17% | n/a | n/a | n/a |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| JinJian Cereals Industry 600127.SS | China | $1.08B | +64% | +1% | -1% | n/a | n/a | n/a |
| Star Lake Bioscience 600866.SS | China | $1.07B | -26% | -3% | 0% | 37.2× | n/a | n/a |
| ORION 001800.KS | South Korea | $1.06B | -4% | +15% | 15% | n/a | -16.5% | +8.3% |