Marusan Securities Co., Ltd. (8613) AI Stock Analysis

• Market Cap: ¥70.31B
• Dividend Yield: 6.15%
• Average Volume (3M): 219.31K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 1.02
• Revenue Growth: 7.45%
• EPS Growth: 45.25%
• Country: JP
• Employees: 1,112
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 67,398,260
• 10 Day Avg. Volume: 174,560
• 30 Day Avg. Volume: 219,313
• PEG Ratio: 0.55
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 3.17
• P/FCF Ratio: -54.05
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ¥1,167.00 ▲(14.98% Upside)

Marusan Securities Co., Ltd. has a solid financial foundation with strong revenue growth and profitability. The stock's valuation is attractive, supported by a high dividend yield. However, technical indicators suggest caution due to potential bearish momentum. Improving cash flow management is crucial for sustaining long-term growth.

Positive Factors

Consistent revenue growth

Multi-year revenue improvement indicates durable demand for brokerage services and expanding client activity. Sustained top-line growth supports scalability of fixed-cost operations, underpins margin stability and provides a foundation for reinvestment or steady shareholder distributions over the medium term.

Robust balance sheet

A high equity ratio and conservative leverage give the firm financial flexibility to absorb market shocks and fund strategic initiatives without stressing liquidity. This solidity reduces refinancing risk and supports consistent operations and client confidence across market cycles.

Improving return on equity

Rising ROE signals stronger capital deployment and operational efficiency from management decisions. Improved capital productivity tends to be persistent if driven by sustainable margin improvement and effective allocation, benefiting long-term shareholder returns and internal capital generation.

Negative Factors

Negative free cash flow

Recent negative free cash flow weakens the firm's ability to self-fund growth or sustain distributions without drawing on reserves or raising external capital. If operating cash generation does not recover, the company may face constraints on strategic investments and capital returns over the medium term.

Asset and revenue volatility

Fluctuating assets and a prior multi-year revenue decline indicate exposure to cyclical forces in capital markets. This variability complicates forecasting, can pressure margins during downturns, and requires conservative planning to maintain profitability during weaker market periods.

Concentration in Japanese capital markets

Heavy reliance on domestic brokerage services concentrates revenue risk in Japan's market cycles and regulatory regime. Limited geographic or product diversification makes business results sensitive to local market liquidity, policy shifts and competitive dynamics, reducing resilience to external shocks.

Marusan Securities Co., Ltd. Business Overview & Revenue Model

Company Description

Marusan Securities Co., Ltd. trades in securities and derivatives in Japan. It is involved in the brokerage, and financial instruments exchange market activities. The company also engages in the underwriting and sale of securities; handling sale, solicitation, and private placement of securities; the provision of safe deposit services; and acceptance of payments of public and corporate bonds. In addition, it is involved in the agency business of payment of proceeds, redemptions and partial cancellations of investment trust beneficiary certificates; proxy activities for securities; stock office operations; lending money with custody securities as collateral; and trading of certificates of deposit and Yen-denominated bank underwriting, as well as the provision of brokerage and agency services. Further, the company engages in the buying and selling of gold bullion; storage business; and custody, lending, and borrowing of securities and other operations. Additionally, it is involved in the life insurance solicitation and non-life insurance agency businesses. Marusan Securities Co., Ltd. was founded in 1897 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Marusan Securities generates revenue through several key streams including commissions from brokerage services for both retail and institutional clients, fees from asset management services, and advisory fees for providing financial planning assistance. The company also earns income from proprietary trading, where it buys and sells securities to capitalize on market opportunities. Additionally, Marusan Securities may form partnerships with other financial institutions to expand its service offerings, which can lead to increased revenue through joint ventures or referral agreements. The firm's performance is influenced by market conditions, trading volumes, and the overall demand for financial services in Japan.

Marusan Securities Co., Ltd. Financial Statement Overview

Summary

Marusan Securities Co., Ltd. demonstrates strong financial performance with consistent revenue growth and profitability, supported by a robust balance sheet with low leverage. However, cash flow management poses challenges, particularly in maintaining positive free cash flow.

Income Statement

The company has shown consistent revenue growth, with a notable increase in revenue from 2024 to 2025. The gross profit margin remains strong, and the net profit margin has improved, reflecting effective cost management. However, there was a decline in revenue from 2021 to 2023, indicating some volatility. The EBIT and EBITDA margins are healthy, supporting profitability.

Balance Sheet

The balance sheet is robust with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, showcasing a conservative leverage strategy. However, the total assets have fluctuated, with a decrease from 2024 to 2025. The return on equity has improved, reflecting efficient use of equity to generate profits.

Cash Flow

Cash flow performance is mixed, with negative free cash flow in the latest period due to high capital expenditures and negative operating cash flow. The free cash flow growth rate is negative, indicating challenges in generating cash surplus. However, the company has had periods of strong operating cash flow, providing some positive outlook.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.51B	18.85B	18.61B	14.93B	18.67B	19.18B
Gross Profit	10.23B	19.61B	18.55B	14.87B	18.60B	19.07B
EBITDA	3.18B	5.32B	4.15B	901.00M	3.72B	4.09B
Net Income	2.26B	3.79B	2.92B	778.00M	2.83B	4.16B
Balance Sheet
Total Assets	73.36B	73.36B	84.08B	67.60B	90.89B	99.39B
Cash, Cash Equivalents and Short-Term Investments	31.50B	31.50B	36.42B	33.97B	29.68B	32.96B
Total Debt	1.78B	2.02B	3.14B	3.01B	4.16B	3.83B
Total Liabilities	24.35B	24.35B	31.55B	21.52B	43.75B	52.99B
Stockholders Equity	49.01B	49.01B	52.52B	46.09B	47.13B	46.40B
Cash Flow
Free Cash Flow	0.00	-1.10B	6.99B	10.64B	-1.14B	-3.23B
Operating Cash Flow	0.00	-160.00M	7.56B	10.99B	-371.00M	-2.74B
Investing Cash Flow	0.00	509.00M	-734.00M	-4.60B	-911.00M	1.57B
Financing Cash Flow	0.00	-5.05B	-1.89B	-1.56B	-2.05B	-1.43B

Marusan Securities Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1015.00
• 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:8613, the sentiment is Positive. The current price of 1015 is below the 20-day moving average (MA) of 1056.55, above the 50-day MA of 1013.66, and above the 200-day MA of 921.42, indicating a bullish trend. The MACD of 11.88 indicates Positive momentum. The RSI at 57.71 is Neutral, neither overbought nor oversold. The STOCH value of 38.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8613.

Marusan Securities Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8707	81 Outperform	¥81.62B	8.87	―	5.75%	10.85%	30.77%
8699	75 Outperform	¥51.70B	2.82	―	0.83%	24.64%	33.45%
8622	71 Outperform	¥35.37B	11.83	5.54%	5.47%	-1.80%	-1.02%
8613	71 Outperform	¥70.31B	13.48	9.22%	6.15%	7.45%	45.25%
8614	68 Neutral	¥53.06B	13.66	―	4.86%	6.40%	41.18%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8708	64 Neutral	¥44.02B	17.72	―	4.36%	1.14%	-16.88%

Marusan Securities Co., Ltd. Corporate Events

Marusan Securities Posts Higher Nine-Month Profits and Raises Dividend Outlook

Marusan Securities reported higher non-consolidated results for the nine months ended December 31, 2025, with operating revenue rising to ¥15,555 million and ordinary profit reaching ¥3,947 million, both reflecting year-on-year growth. Net assets increased to ¥49,352 million, total assets expanded to ¥99,442 million, and the equity ratio improved to 49.5%, while basic earnings per share rose to ¥54.90, underscoring strengthened financial stability. The company plans a total annual dividend of ¥60.00 per share for the fiscal year ending March 31, 2026, up from the prior year’s level, signaling a continued focus on shareholder returns in line with its improving earnings and capital position.

The most recent analyst rating on (JP:8613) stock is a Hold with a Yen1135.00 price target. To see the full list of analyst forecasts on Marusan Securities Co., Ltd. stock, see the JP:8613 Stock Forecast page.

Marusan Securities Posts Double-Digit Profit Growth in Nine-Month Preliminary Results

Marusan Securities reported preliminary financial results for the nine months ended December 31, 2025, showing solid year-on-year growth across key metrics. Operating revenue rose 8.4% to ¥15,555 million, operating profit increased 19.0% to ¥3,425 million, ordinary profit climbed 16.7% to ¥3,947 million, and profit surged 24.0% to ¥3,634 million, lifting earnings per share to ¥54.90 and book value per share to ¥742.75. The performance indicates improved profitability and operational efficiency compared with the same period a year earlier, suggesting a stronger earnings base ahead of the full fiscal year and reinforcing the company’s position in Japan’s securities industry.

The most recent analyst rating on (JP:8613) stock is a Hold with a Yen1161.00 price target. To see the full list of analyst forecasts on Marusan Securities Co., Ltd. stock, see the JP:8613 Stock Forecast page.