Meiji Holdings Co Ltd MEJHY

Consumer StaplesFood & TobaccoJapan

Last close 14.00 USD on Nov 2, 2026, +28.7% year to date

Quant rating

Quant rating A Rank 16 of 174 in Consumer Staples

Growth A 24 of 174
Valuation D 156 of 174
Quality B 35 of 174
Revisions A 10 of 174
Momentum A 20 of 174

Wall Street consensus Buy (2.30)Average target 29.29 USD +109.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.7B
Enterprise value: 8.3B
52-week range: 9.12 – 14.95
3-year range: 9.00 – 14.95
Dividend yield: 1.77%
Beta (5 years): 0.16
Shares outstanding: 282M
Next earnings: Nov 12, 2026

About the company

Meiji Holdings Co Ltd is a Japan-based holding company engaged in the management of subsidiaries that manufactures and sells food and medicines. The Company operates its business through two business segments. The Food segment is involved in the manufacture and sale of yogurt, milk, beverages, cheese, butter, margarine, cream, ice cream, frozen food, chocolate, gummi, gum, sports nutrition, powdered milk, liquid food, beauty food, general medicine, sugar, saccharified flour and others. The Pharmaceuticals segment is involved in the manufacture and sale of ethical pharmaceuticals, and animal drugs.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,395	7,696	7,306	7,999	8,327	–
Revenue growth	−3.9%	5.3%	−8.7%	−3.9%	−22.7%	−7.2%
EPS (basic, normalized)	0.82	1.28	1.17	1.84	2.37	–
EPS growth	−36.2%	9.8%	−36.6%	−22.3%	–	–
Gross margin	30.6%	29.4%	29.6%	28.9%	31.9%	30.1%
Net margin	3.0%	4.4%	4.6%	6.5%	8.6%	5.4%
ROE	4.6%	6.8%	6.9%	10.0%	13.5%	8.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	531
Current ratio	1.77x
Long-term debt (mil)	413
Net debt (mil)	597
Total equity (mil)	4,752
Net debt / equity	0.13x
Net debt / EBITDA	0.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	7,395	−3.9%	1.1x	936	−5.4%	8.9x	0.82	−36.2%	17.1x
2027	7,779	+5.2%	1.1x	1,018	+8.7%	8.1x	1.55	+89.5%	9.0x
2028	7,932	+2.0%	1.0x	1,088	+6.9%	7.6x	1.71	+10.7%	8.2x
2029	8,101	+2.1%	1.0x	1,145	+5.2%	7.2x	1.88	+9.7%	7.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	7,779	+0.2%	+1.5%	+2.4%	1.55	+1.9%	+5.2%	+5.7%
2028	7,932	+0.2%	+1.7%	+2.4%	1.71	+1.1%	+5.3%	+6.2%
2029	8,101	−0.1%	+1.7%	+1.8%	1.88	+1.5%	+7.0%	+10.9%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	272,491	278,704	290,302	306,020	279,048	273,569	301,316	307,442	291,361	289,401
Sales mean (mil)	271,989	269,950	290,175	298,739	281,850	286,800	299,277	312,138	289,815	282,233
Surprise	+0.2%	+3.2%	0.0%	+2.4%	−1.0%	−4.6%	+0.7%	−1.5%	+0.5%	+2.5%
EPS reported	20.51	50.22	47.44	61.86	26.56	37.27	42.00	63.97	−13.81	56.33
EPS mean	32.44	38.67	44.11	53.06	31.29	49.70	49.05	65.46	9.30	52.38
Surprise	−36.8%	+29.9%	+7.5%	+16.6%	−15.1%	−25.0%	−14.4%	−2.3%	−248.5%	+7.6%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MEJHY Meiji Holdings Co Ltd	7.7B	0.64x	3.0%	1.51x	9.0x	8.2x	8.1x	7.6x
BRRLY Barry Callebaut AG	8.0B	–	1.3%	2.64x	–	–	–	–
TSUKY Toyo Suisan Kaisha Ltd	7.9B	−2.28x	13.1%	2.03x	15.3x	14.4x	9.1x	8.8x
LW Lamb Weston Holdings, Inc.	7.8B	3.28x	4.4%	4.31x	17.5x	16.0x	9.7x	9.1x
SFD Smithfield Foods, Inc.	7.3B	0.65x	6.4%	1.04x	9.4x	9.6x	6.2x	6.1x
CAG Conagra Brands, Inc.	7.1B	4.01x	−17.0%	1.10x	10.1x	9.9x	9.2x	9.0x
Mean		1.26x	1.8%	2.10x	12.3x	11.6x	8.5x	8.1x
Median		0.65x	3.7%	1.77x	10.1x	9.9x	9.1x	8.8x

Technical analysis

1M+4.5%
3M+10.7%
1Y+49.4%
3Y+21.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Meiji Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,395	7,696	7,306	7,999	8,327	10,766
Cost of revenue	5,133	5,435	5,143	5,688	5,670	6,704
Gross profit	2,262	2,261	2,163	2,310	2,657	4,062
Selling, general & administrative expenses	1,506	1,504	1,439	1,589	1,706	3,104
Research & development	168	193	168	153	187	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	192	30.8	140	38.2	−237	71.1
Other operating expenses	0	0	0	0	0	0
Operating income	396	534	417	530	1,001	887
Net interest income (expense)	27.2	13.2	145	60.6	55.3	32.6
Gain (loss) on sale of assets	12.5	4.0	24.7	138	16.3	4.8
Other non-operating income (expense)	−6.6	−1.2	−9.2	−9.6	−16.4	7.7
Net income before taxes	429	550	578	719	1,056	932
Provision for taxes	184	189	223	180	296	299
Minority interest	−23.4	−21.9	−20.1	−15.6	−40.2	−40.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	221	339	335	523	719	593
Extraordinary items	–	–	–	–	–	–
Net income	221	339	335	523	719	593
EBIT, normalized	588	565	557	568	764	958
EBITDA, normalized	934	932	923	972	1,176	1,396
Basic EPS, normalized	0.82	1.28	1.17	1.84	2.37	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Meiji Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	436	521	706	478	554	364
Receivables	1,231	1,261	1,335	1,302	1,429	1,584
Total inventory	1,610	1,431	1,318	1,503	1,521	1,644
Prepaid expenses	–	–	–	–	–	–
Other current assets	411	392	362	263	241	256
Total current assets	3,688	3,606	3,721	3,546	3,745	3,849
Property, plant & equipment	3,213	3,227	3,176	3,673	3,974	4,110
Goodwill	–	–	–	0.1	0.2	0.4
Intangibles	137	128	139	162	149	144
Long-term investments	475	523	581	848	1,020	1,134
Note receivable	–	–	–	–	–	–
Other long-term assets	437	415	349	327	297	402
Total assets	7,950	7,899	7,966	8,556	9,185	9,639
Liabilities
Accounts payable	637	686	842	846	885	948
Payable/accrued	–	–	–	–	–	–
Accrued expenses	364	402	323	349	355	531
Short-term debt	215	135	2.1	5.6	32.1	116
Current portion of long-term debt	81.6	41.7	152	113	204	43.8
Other current liabilities	676	783	812	692	882	646
Total current liabilities	1,974	2,048	2,130	2,005	2,357	2,286
Long-term debt	440	171	208	403	442	772
Minority interest	283	290	273	297	326	343
Other liabilities	385	400	421	491	525	625
Total liabilities	3,082	2,909	3,032	3,195	3,651	4,025
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	189	200	198	226	247	271
Additional paid-in capital	244	258	479	607	662	910
Retained earnings (accumulated deficit)	4,117	4,330	4,138	4,534	4,605	4,487
Treasury stock	−210	−226	−253	−358	−311	−273
Other equity	528	429	371	352	333	218
Total equity	4,868	4,990	4,934	5,361	5,535	5,614
Total liabilities & shareholders' equity	7,950	7,899	7,966	8,556	9,185	9,639

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Meiji Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	429	550	578	719	1,056	932
Depreciation, depletion & amortization	346	367	366	404	412	437
Deferred taxes	–	–	–	–	–	–
Non-cash items	147	9.2	−43.6	−178	−302	29.1
Changes in working capital	−564	−483	−187	−304	−118	−281
Cash from operations	359	443	714	640	1,048	1,117
Investing activities
Capital expenditures	−654	−378	−353	−543	−766	−613
Other investing cash flows	−41.7	107	191	266	539	−228
Cash from investing	−695	−271	−163	−277	−227	−841
Financing activities
Financing cash flow items	−15.1	−23.2	−24.7	−25.0	−19.7	−6.9
Cash dividends paid	−175	−178	−175	−185	−196	−203
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	408	−210	−89.8	−202	−417	−45.9
Cash from financing	218	−411	−289	−412	−633	−256
Foreign exchange effects	13.0	−3.3	15.1	19.4	24.1	−3.4
Net change in cash	−106	−243	277	−29.6	213	17.2
Free cash flow	−295	65.0	360	96.7	283	504

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.