Maruzen Showa Unyu Co., Ltd. (9068) AI Stock Analysis

• Market Cap: ¥170.40B
• Dividend Yield: 2.22%
• Average Volume (3M): 25.99K
• Price to Earnings (P/E): 16.7
• Beta (1Y): 0.60
• Revenue Growth: 1.92%
• EPS Growth: -6.02%
• Country: JP
• Employees: 3,709
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 159.38
• Shares Outstanding: 20,618,244
• 10 Day Avg. Volume: 24,620
• 30 Day Avg. Volume: 25,986
• PEG Ratio: 5.85
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 14.36
• 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: 74 Outperform
• Price Target: ¥9,912.00 ▲(20.88% Upside)

The score is driven primarily by solid financial performance (steady growth, strong margins, conservative leverage, and healthy cash conversion). Technicals are supportive due to a strong uptrend, but overbought momentum signals raise short-term risk. Valuation is moderate with a reasonable P/E and a modest dividend yield.

Positive Factors

Conservative Balance Sheet

Very low leverage and a high equity ratio provide durable financial resilience. This structure supports capital allocation flexibility for capex, seasonal working capital, or acquisitions without stressing liquidity, lowering default risk and preserving credit optionality over cycles.

Stable Profitability

Sustained mid-teens gross margins and double-digit EBIT reflect structural operational efficiency in logistics. Durable margins enable the company to absorb cost inflation, invest in service quality, and maintain earnings power across business cycles, supporting long-term cash generation.

Strong Cash Conversion

High operating cash flow relative to net income and sizable free cash flow indicate efficient conversion of profits into cash. This strengthens the company's ability to fund dividends, working capital, and selective investments without relying on external financing.

Negative Factors

Modest Return on Equity

ROE below mid-teens suggests the company generates only moderate returns on shareholder capital. Over the medium term this can limit total shareholder return versus higher-return peers and indicates potential room to improve asset utilization or pricing to raise long-term profitability.

Negative EPS Growth

A decline in EPS signals pressure on per-share earnings which can reflect margin squeezes, one-off costs, or lower operational leverage. If persistent, negative EPS growth may constrain reinvestment, reduce dividend growth potential, and weaken investor confidence over several quarters.

Limited Top-line Expansion

Low single-digit organic revenue growth may limit economies of scale in a competitive logistics market. Over time modest top-line expansion can cap operating leverage benefits and make it harder to fund strategic investments or keep pace with fast-growing e-commerce logistics competitors.

Maruzen Showa Unyu Co., Ltd. Business Overview & Revenue Model

Company Description

Maruzen Showa Unyu Co., Ltd. provides logistics services in Japan and internationally. It is involved in the freight truck transportation; forwarding through truck, rail, ocean, coastal, and air transport; harbor transport operations, such as general, stevedoring, and barge transportation; and warehouse operations, customs brokerage, packing, ocean shipping, and air shipping agent activities. The company also engages in the yard operations and machine stevedoring activities, including on-site moving, assembly, and filling, as well as yard warehouse storage of raw materials, products, heavy loads, precision machinery, etc.; handling of incoming and outgoing shipments and related operations; and machinery rental activities. In addition, it offers construction, security, industrial waste disposal, insurance agency, and vehicle maintenance services. The company was incorporated in 1931 and is headquartered in Yokohama, Japan.

How the Company Makes Money

The company generates revenue primarily through its logistics and transportation services, which include both domestic and international freight forwarding. Key revenue streams come from contracts with businesses for the transportation of goods, warehousing services, and logistics management solutions. Maruzen Showa Unyu also partners with other companies in the supply chain to offer integrated services, enhancing operational efficiency and expanding its market reach. Additionally, the company may benefit from strategic collaborations that allow for shared resources and increased service capabilities, contributing positively to its earnings.

Maruzen Showa Unyu Co., Ltd. Financial Statement Overview

Summary

Strong overall fundamentals: revenue grew ~3.1% (2024 to 2025), profitability is solid (EBIT margin ~10.1%, net margin ~6.8%), and the balance sheet is conservatively levered (debt-to-equity ~0.22, equity ratio ~67.7%). Cash generation is stable with strong cash conversion (operating cash flow to net income ~1.66), despite a slight dip in free cash flow.

Income Statement

Maruzen Showa Unyu Co., Ltd. has shown consistent revenue growth, with a notable increase from 140.19 billion JPY in 2024 to 144.57 billion JPY in 2025, representing a growth rate of approximately 3.12%. The company maintains a healthy gross profit margin of 13.35% for 2025, with a net profit margin of 6.78%, indicating efficient cost management. The EBIT margin of 10.13% and EBITDA margin of 14.55% further reflect strong operational efficiency. Overall, the income statement highlights robust financial health, marked by stable profitability and growth.

Balance Sheet

The company's balance sheet demonstrates financial stability with a debt-to-equity ratio of 0.22, showcasing a conservative leverage approach. The return on equity (ROE) for 2025 is 7.54%, suggesting moderate profitability in generating returns for shareholders. The equity ratio stands at 67.71%, reflecting a strong equity base relative to total assets. Overall, the balance sheet indicates a solid financial position, though there is room for improvement in ROE.

Cash Flow

Maruzen Showa Unyu Co., Ltd. experienced a slight decrease in free cash flow from 8.39 billion JPY in 2024 to 8.36 billion JPY in 2025, resulting in a minor decline of 0.36%. However, the operating cash flow to net income ratio is strong at 1.66, indicating efficient cash management. The free cash flow to net income ratio is favorable at 0.85, suggesting effective conversion of profits into cash. Despite a slight dip in free cash flow, the overall cash flow situation remains stable and healthy.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	145.28B	144.57B	140.19B	140.86B	136.85B	121.14B
Gross Profit	19.81B	19.62B	18.42B	17.87B	16.59B	14.56B
EBITDA	21.46B	21.03B	20.67B	19.18B	16.89B	15.16B
Net Income	10.10B	9.80B	9.74B	8.93B	8.58B	6.75B
Balance Sheet
Total Assets	191.08B	192.09B	191.36B	177.44B	170.92B	157.92B
Cash, Cash Equivalents and Short-Term Investments	37.06B	37.70B	37.50B	33.54B	26.55B	21.89B
Total Debt	28.08B	28.50B	28.68B	31.53B	32.96B	28.24B
Total Liabilities	58.22B	59.93B	63.42B	61.36B	62.41B	57.06B
Stockholders Equity	130.79B	130.05B	125.93B	114.16B	106.66B	99.05B
Cash Flow
Free Cash Flow	0.00	8.36B	8.39B	10.40B	1.39B	700.00M
Operating Cash Flow	0.00	16.27B	14.51B	16.50B	12.24B	11.38B
Investing Cash Flow	0.00	-10.42B	-4.07B	-6.09B	-11.01B	-11.32B
Financing Cash Flow	0.00	-9.12B	-6.66B	-3.60B	2.67B	-39.00M

Maruzen Showa Unyu Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8200.00
• 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:9068, the sentiment is Positive. The current price of 8200 is below the 20-day moving average (MA) of 8422.50, above the 50-day MA of 7953.60, and above the 200-day MA of 7033.50, indicating a neutral trend. The MACD of 107.81 indicates Positive momentum. The RSI at 55.90 is Neutral, neither overbought nor oversold. The STOCH value of 56.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9068.

Maruzen Showa Unyu Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9037	78 Outperform	¥138.83B	14.25	―	2.12%	3.09%	8.50%
2384	76 Outperform	¥153.11B	13.01	―	1.84%	10.32%	42.14%
9068	74 Outperform	¥170.40B	16.67	―	2.22%	1.92%	-6.02%
9025	74 Outperform	¥175.68B	14.02	―	3.65%	7.73%	-19.90%
9090	64 Neutral	¥133.80B	15.70	―	3.21%	8.14%	11.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Maruzen Showa Unyu Co., Ltd. Corporate Events

Maruzen Showa Unyu Announces 12th Consecutive Year of Dividend Increase

Maruzen Showa Unyu Co., Ltd. has announced an interim dividend of ¥90.00 per share, maintaining its commitment to stable shareholder returns. This marks the 12th consecutive year of increased annual dividends, reflecting the company’s strong financial performance and adherence to its profit distribution policy.

The most recent analyst rating on (JP:9068) stock is a Buy with a Yen7570.00 price target. To see the full list of analyst forecasts on Maruzen Showa Unyu Co., Ltd. stock, see the JP:9068 Stock Forecast page.

Maruzen Showa Unyu Reports Steady Growth and Dividend Increase

Maruzen Showa Unyu Co., Ltd. reported a slight increase in operating revenue and profit for the six months ended September 30, 2025, with operating revenue rising by 1.4% and operating profit by 9.3% compared to the previous year. The company also announced a dividend increase and maintained its earnings forecast for the fiscal year ending March 2026, indicating stable financial health and a positive outlook for stakeholders.

The most recent analyst rating on (JP:9068) stock is a Buy with a Yen7570.00 price target. To see the full list of analyst forecasts on Maruzen Showa Unyu Co., Ltd. stock, see the JP:9068 Stock Forecast page.