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Maruwa Co
(5344)
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Rating:77Outperform
Price Target:
¥69,859.00
▲(0.52% Upside)
Action:Reiterated
Date:05/09/26
The score is anchored by strong fundamentals—especially high margins and an exceptionally strong balance sheet—supported by a clear positive technical trend. Offsetting these positives are weaker recent cash conversion (negative free cash flow) and a rich valuation with a very low dividend yield.
Positive Factors
Balance sheet strength
Minimal-to-zero debt and a steadily expanding equity and asset base provide durable financial flexibility. This low leverage reduces refinancing and solvency risk, supports counter-cyclical investment, and enables the company to fund capex or strategic initiatives without stressing liquidity over the medium term.
Negative Factors
Weakened cash conversion
A swing to negative free cash flow signals rising investment or working-capital absorption that undermines cash generation despite strong accounting profits. If sustained, this reduces the firm's ability to self-fund future capex, pay special dividends, or absorb shocks, increasing reliance on retained cash or financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Minimal-to-zero debt and a steadily expanding equity and asset base provide durable financial flexibility. This low leverage reduces refinancing and solvency risk, supports counter-cyclical investment, and enables the company to fund capex or strategic initiatives without stressing liquidity over the medium term.
Read all positive factors
Maruwa Co (5344) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥740.51B
Dividend Yield0.23%
Average Volume (3M)165.71K
Price to Earnings (P/E)41.8
Beta (1Y)1.40
Revenue Growth3.66%
EPS Growth-5.61%
CountryJP
Employees2,328
SectorTechnology
Sector Strength88
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)1508.77
Shares Outstanding12,372,000
10 Day Avg. Volume107,890
30 Day Avg. Volume165,706
Financial Highlights & Ratios
PEG Ratio-6.40
Price to Book (P/B)4.42
Price to Sales (P/S)8.75
P/FCF Ratio-117.58
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)2,090.19
Revenue Forecast (FY)¥90.06B
Maruwa Co Business Overview & Revenue Model
Company Description
Maruwa Co., Ltd., founded in 1973 and based in Owariasahi, Japan, is a key manufacturer and distributor of ceramic and electronic products. The company's diverse ceramic offerings include ceramic and advanced metalized/multilayer ceramic substrate...
How the Company Makes Money
Maruwa makes money primarily by manufacturing and selling high-performance ceramic products to corporate customers. Key revenue streams include: (1) Sales of ceramic substrates and related components used in electronic devices, where revenue is ge...
Maruwa Co Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 72.86B | 74.48B | 71.85B | 61.56B | 58.80B | 54.34B |
| Gross Profit | 39.97B | 39.16B | 38.60B | 30.14B | 29.83B | 26.76B |
| EBITDA | 31.29B | 31.75B | 31.85B | 25.16B | 24.26B | 21.91B |
| Net Income | 18.62B | 18.16B | 19.24B | 15.22B | 15.02B | 13.35B |
Balance Sheet | ||||||
| Total Assets | 141.28B | 162.69B | 142.28B | 122.52B | 108.03B | 95.90B |
| Cash, Cash Equivalents and Short-Term Investments | 69.69B | 67.19B | 71.79B | 55.25B | 49.80B | 44.62B |
| Total Debt | 0.00 | 0.00 | 0.00 | 400.00M | 733.00M | 1.70B |
| Total Liabilities | 9.81B | 15.43B | 14.43B | 13.31B | 13.81B | 16.22B |
| Stockholders Equity | 131.47B | 147.26B | 127.85B | 109.20B | 94.22B | 79.68B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -5.54B | 15.37B | 5.97B | 6.95B | 11.02B |
| Operating Cash Flow | 0.00 | 16.93B | 25.35B | 17.22B | 15.65B | 14.76B |
| Investing Cash Flow | 0.00 | -21.76B | -7.68B | -10.81B | -8.76B | -3.52B |
| Financing Cash Flow | 0.00 | -1.22B | -1.51B | -1.36B | -1.88B | -1.13B |
Maruwa Co Technical Analysis
Negative
69500.00
Price Trends
70287.60
Negative
65610.18
Negative
54758.70
Positive
Market Momentum
-2132.07
Positive
39.30
Neutral
15.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5344, the sentiment is Negative. The current price of 69500 is above the 20-day moving average (MA) of 67946.00, below the 50-day MA of 70287.60, and above the 200-day MA of 54758.70, indicating a neutral trend. The MACD of -2132.07 indicates Positive momentum. The RSI at 39.30 is Neutral, neither overbought nor oversold. The STOCH value of 15.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:5344.
Maruwa Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥877.30B | 27.89 | 8.07% | 2.85% | 11.53% | 1.60% | |
77 Outperform | ¥740.51B | 41.81 | 13.15% | 0.23% | 3.66% | -5.61% | |
73 Outperform | ¥17.48T | 77.32 | 8.95% | 1.88% | 5.02% | 2.08% | |
64 Neutral | ¥6.42T | 32.87 | ― | 1.41% | 13.61% | 17.02% | |
62 Neutral | ¥1.85T | 124.41 | ― | 2.57% | 4.07% | 533.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ¥162.08B | 22.46 | 5.91% | 2.39% | 2.81% | -39.05% |
* Technology Sector Average
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Maruwa Co Corporate Events
Maruwa Weighs Potential Reduction of Investment Unit to Boost Liquidity
Jun 26, 2026
Maruwa Co., Ltd. announced that it views a reduction in its minimum investment unit as an effective way to improve stock liquidity and broaden its investor base. The company said it will carefully weigh any change in the trading unit against facto...
Maruwa Affirms Independence Despite 29.57% Stake Held by Affiliated Shareholder
Jun 26, 2026
Maruwa Co., Ltd. disclosed that affiliated company Kambe Art Co., Ltd. holds 29.57% of its voting rights but maintains no transactional relationship with the group, underscoring a purely capital-based connection. Only President and Representative ...
Maruwa Discloses Ownership and Governance Structure of Unlisted Parent Kambe Art
Jun 26, 2026
Maruwa Co., Ltd. disclosed the finalized financial results of its unlisted parent and affiliated company, Kambe Art Co., Ltd., for the fiscal year ended March 2026, highlighting its role in arts promotion with a capital base of JPY 20 million and ...
Maruwa lifts dividends as profits dip but forecasts renewed growth
May 8, 2026
Maruwa Co. reported a 3.7% rise in net sales to ¥74.5 billion for the fiscal year ended March 31, 2026, but operating profit fell 7.2% and profit attributable to owners of parent declined 5.6%, reflecting margin pressure despite revenue growt...
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.