Marubeni (8002) AI Stock Analysis

• Market Cap: ¥9.71T
• Dividend Yield: 2.29%
• Average Volume (3M): 3.91M
• Price to Earnings (P/E): 18.7
• Beta (1Y): 1.48
• Revenue Growth: 9.62%
• EPS Growth: 25.71%
• Country: JP
• Employees: 45,995
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 77.15
• Shares Outstanding: 1,676,379,500
• 10 Day Avg. Volume: 4,791,050
• 30 Day Avg. Volume: 3,907,276
• PEG Ratio: 0.95
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.51
• P/FCF Ratio: 9.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥5,617.70
• Price Target Upside: -6.53% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 328.41
• Revenue Forecast (FY): ¥8.19T

• Rating: 74 Outperform
• Price Target: ¥6,048.00 ▲(0.63% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is driven primarily by solid financial performance (consistent free cash flow, decent profitability, and improving leverage) and strong technical momentum (uptrend with positive MACD). Valuation is supportive but not compelling given the moderate P/E and relatively low dividend yield, and recent margin softening plus cyclical revenue patterns temper the overall rating.

Positive Factors

Free cash flow generation

Marubeni's consistent positive free cash flow and recent rebound (FCF roughly 70–80% of net income) indicate durable cash conversion. This strengthens ability to fund capex, reduce leverage, and support dividends or strategic investments across commodity cycles over the medium term.

Improving balance sheet leverage

Meaningful deleveraging and expanding equity increase financial resilience and lower refinancing risk. A stronger balance sheet supports larger project investments, joint ventures, and cushions cyclical downturns, enabling more consistent capital allocation over coming quarters.

Diversified trading and investment model

Marubeni's broad sogo shosha model—trading, project development and equity investments across energy, metals, power, food and logistics—spreads commodity and regional risks, creates integrated supply-chain advantages, and provides multiple durable revenue and fee streams.

Negative Factors

Revenue cyclicality and volatility

Material top-line volatility—sharp FY2024 decline then FY2025 rebound—reduces revenue predictability and complicates medium-term planning. This cyclicality makes earnings less compounding, increasing reliance on successful timing of investments and asset-sales to hit targets.

Margin softening / compression

Observed TTM margin compression reduces the cash buffer per revenue dollar and can weaken return on invested capital. If margins remain pressured by trading spreads or cost inflation, funding for growth or debt reduction could rely more on cyclical recoveries or asset disposals.

Low operating cash flow-to-debt coverage

Relatively low operating cash flow against a substantial debt stock constrains flexibility in downturns. Even with positive FCF, weak OCF coverage raises refinancing and liquidity risks during extended commodity or working-capital stress, limiting strategic options over the medium term.

Marubeni Business Overview & Revenue Model

Company Description

Marubeni Corporation engages in various business activities worldwide. The company trades in grains, feed ingredients, compound feeds, foods, agricultural and fishery products, and fresh and processed meat; and apparel, footwear, lifestyle, and textile and industrial materials. It also provides agri-inputs, contracting services for fertilizer application and crop protection products, technical services, crop protection product formulations, fertilizers, and oilseeds; ICT and real estate services; petrochemicals and plastics, salts and chlor-alkalis, life science products, electronic materials, and inorganic mineral resources and chemicals; and wood chips, biomass fuels, pulp and waste papers, paper, paperboards, sanitary, and building and construction materials, as well as wood products. In addition, the company explores for, develops, and produces oil and gas; trades in, distributes, and markets petroleum and LPG; develops uranium, nuclear fuel cycle, iron ore, coal, and copper mines, as well as related equipment sales and services; smelts and refines aluminum and magnesium; trades in iron ore, coking coal, non-ferrous metals, ingots and related products, and steel products; and leases temporary steel construction materials. Further, it offers engineering, procurement, and construction, as well as operation and maintenance services for railway systems, water, industrial plants, and waste-to-energy power plants; energy and transportation infrastructure, and water business; and manages infrastructure funds, as well as engages in the power generation, renewable energy, power service and retail, natural gas, hydrogen, ammonia, municipal solid waste, and thermal energy storage businesses. Additionally, it owns, purchases, operates, leases, sells, and charters aerospace and ship products; and sells, trades in, leases, finances, and services construction and industrial machinery, and mobility products. The company was founded in 1858 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Marubeni generates revenue through a diverse range of business activities, primarily by acting as an intermediary in the trading of goods and services across multiple sectors. Key revenue streams include the import and export of commodities such as food products, industrial equipment, and chemicals, as well as investments in infrastructure projects that yield returns over time. The company has established significant partnerships with various firms and governments, enabling it to participate in joint ventures and large-scale projects, particularly in the energy and infrastructure sectors. Additionally, Marubeni earns income from its investments in real estate and other financial instruments, further diversifying its revenue base.

Marubeni Financial Statement Overview

Summary

Strong and consistent free-cash-flow generation and solid profitability support the score. Leverage has improved and equity has expanded, but revenue remains cyclical/uneven and TTM margins have softened versus FY2025; operating cash flow coverage versus debt is also a noted constraint.

Income Statement

Revenue has been volatile but resilient: after a sharp decline in FY2024, growth re-accelerated in FY2025 and remains positive in TTM (Trailing-Twelve-Months). Profitability is solid for a conglomerate/trading business, with net margin holding around ~6% in recent periods and EBITDA margin generally in the mid-to-high single digits. The main weakness is margin compression versus FY2025 annual (TTM shows lower gross/EBIT/EBITDA margins) and the choppiness in top-line growth, which makes earnings quality more cyclical than consistently compounding.

Balance Sheet

Leverage has improved meaningfully over the cycle, with debt-to-equity trending down from elevated levels in FY2021–FY2022 to more moderate levels in FY2025 and TTM (Trailing-Twelve-Months). Equity has expanded strongly over time, supporting balance sheet resilience. Returns on equity are healthy in the low-to-mid teens recently (down from peak levels in FY2022–FY2023), which is a strength, but the business still carries substantial absolute debt and ROE has moderated, suggesting less tailwind from commodity/price cycles than in prior years.

Cash Flow

Cash generation is a clear positive: free cash flow is consistently positive across the full history provided and has rebounded strongly in FY2025 and TTM (Trailing-Twelve-Months), with solid free cash flow growth in the most recent periods. Free cash flow runs at roughly ~70–80% of net income recently, indicating earnings are translating into cash reasonably well. The key drawback is that operating cash flow remains relatively small versus the debt balance (low operating cash flow-to-debt coverage), which can limit flexibility in weaker commodity/working-capital environments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.24T	7.79T	7.25T	9.19T	8.51T	6.33T
Gross Profit	1.14T	1.15T	1.07T	1.05T	895.33B	675.42B
EBITDA	601.40B	616.02B	505.96B	578.30B	457.11B	307.84B
Net Income	510.08B	502.96B	470.46B	540.45B	421.35B	219.33B
Balance Sheet
Total Assets	10.01T	9.20T	8.92T	7.95T	8.26T	6.94T
Cash, Cash Equivalents and Short-Term Investments	517.75B	569.53B	506.27B	610.31B	578.72B	745.98B
Total Debt	2.70T	2.78T	2.41T	2.49T	2.82T	2.92T
Total Liabilities	5.72T	5.43T	5.36T	5.12T	6.06T	5.27T
Stockholders Equity	4.14T	3.63T	3.46T	2.73T	2.10T	1.57T
Cash Flow
Free Cash Flow	399.50B	420.39B	289.10B	502.07B	210.11B	272.98B
Operating Cash Flow	540.79B	597.95B	442.47B	606.33B	311.92B	397.07B
Investing Cash Flow	-185.72B	-367.03B	-350.26B	163.77B	-82.88B	-115.97B
Financing Cash Flow	-321.72B	-150.31B	-238.33B	-773.56B	-416.42B	-68.79B

Marubeni Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6010.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8002, the sentiment is Positive. The current price of 6010 is above the 20-day moving average (MA) of 5703.85, above the 50-day MA of 5091.98, and above the 200-day MA of 3798.83, indicating a bullish trend. The MACD of 225.87 indicates Positive momentum. The RSI at 65.50 is Neutral, neither overbought nor oversold. The STOCH value of 27.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8002.

Marubeni Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8002	74 Outperform	¥9.71T	18.75	15.34%	2.29%	9.62%	25.71%
8001	71 Outperform	¥17.05T	17.02	15.80%	2.11%	0.93%	15.80%
8015	70 Outperform	¥7.39T	19.80	13.49%	2.10%	5.32%	9.73%
8053	69 Neutral	¥7.66T	13.78	12.86%	2.48%	3.19%	72.26%
8058	68 Neutral	¥19.45T	26.88	7.39%	2.94%	-7.54%	-35.70%
8031	67 Neutral	¥15.85T	18.57	11.47%	2.28%	-1.33%	-7.40%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%