AZ-COM Maruwa Holdings Inc. (9090) AI Stock Analysis

• Market Cap: ¥139.87B
• Dividend Yield: 3.21%
• Average Volume (3M): 262.17K
• Price to Earnings (P/E): 17.3
• Beta (1Y): 0.59
• Revenue Growth: 8.14%
• EPS Growth: 11.47%
• Country: JP
• Employees: 5,037
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 14.76
• Shares Outstanding: 137,984,530
• 10 Day Avg. Volume: 201,410
• 30 Day Avg. Volume: 262,173
• PEG Ratio: -0.96
• Price to Book (P/B): 2.88
• Price to Sales (P/S): 0.80
• P/FCF Ratio: 898.05
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ¥1,155.00 ▲(15.73% Upside)

The overall score reflects strong financial performance with steady revenue growth and operational efficiency. However, bearish technical indicators and challenges in profitability and cash flow management weigh on the stock. The valuation is reasonable, with a decent dividend yield providing some support.

Positive Factors

Revenue Growth

The company's consistent revenue growth indicates a strong market position and effective service offerings, enhancing its competitive edge in the logistics sector.

Operational Efficiency

Stable gross profit margins reflect efficient cost management, ensuring sustained profitability and competitive pricing in the logistics industry.

Balance Sheet Health

A strong asset base relative to liabilities and prudent leverage use provide financial stability and flexibility for future growth initiatives.

Negative Factors

Net Income Decline

The decrease in net income suggests challenges in maintaining profitability, potentially due to rising costs or external pressures, which could impact long-term financial health.

Free Cash Flow Fluctuations

Fluctuations in free cash flow, particularly the decline in 2025, raise concerns about capital expenditure management and cash availability for strategic investments.

Stockholders' Equity Decrease

A reduction in stockholders' equity could indicate increased liabilities or reduced retained earnings, potentially affecting the company's financial resilience and investor confidence.

AZ-COM Maruwa Holdings Inc. Business Overview & Revenue Model

Company Description

Maruwa Unyu Kikan Co.,Ltd. provides logistics services. The company's 3PL services include cold food, pharmaceutical medical, and room temperature logistics services. It is also involved in the collection and transportation of industrial waste; storage of documents; and provision of trucking, container transport, and logistics consulting services. The company was founded in 1970 and is headquartered in Yoshikawa, Japan.

How the Company Makes Money

AZ-COM Maruwa Holdings generates revenue through multiple streams, including subscription fees from its telecommunications services, sales of electronic components, and partnerships with technology firms for joint product development. The company benefits from long-term contracts with corporate clients and government agencies, ensuring steady income. Additionally, strategic collaborations with major players in the tech industry enhance its market reach and product offerings, contributing significantly to its overall earnings.

AZ-COM Maruwa Holdings Inc. Financial Statement Overview

Summary

AZ-COM Maruwa Holdings Inc. shows strong revenue growth and operational efficiency, with stable gross profit margins. However, the decline in net income and free cash flow in 2025 suggests challenges in profitability and capital expenditure management.

Income Statement

AZ-COM Maruwa Holdings Inc. has demonstrated a strong revenue growth trajectory, with a noticeable increase from 2021 to 2025. The gross profit margin has been fairly stable, reflecting efficient cost management. However, the decline in net income from 2024 to 2025 suggests potential challenges in profitability, possibly due to increased costs or other external factors. The EBIT and EBITDA margins indicate robust operational performance, but the net profit margin's dip warrants attention.

Balance Sheet

The company's balance sheet reflects a solid financial position with a healthy equity ratio, indicating a strong asset base relative to liabilities. The debt-to-equity ratio is manageable, suggesting prudent leverage use. However, the decrease in stockholders' equity from 2024 to 2025 could signal increased liabilities or reduced retained earnings, which needs monitoring.

Cash Flow

Cash flow analysis reveals stable operational cash flow, though free cash flow has shown fluctuations, particularly a sharp decline in 2025. The operating cash flow to net income ratio remains strong, indicating efficient cash generation relative to net income. However, the reduced free cash flow to net income ratio in 2025 raises concerns about capital expenditure management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	213.94B	208.37B	198.55B	177.83B	133.00B	112.11B
Gross Profit	22.16B	21.41B	23.30B	19.70B	14.41B	13.36B
EBITDA	16.05B	15.47B	16.79B	14.77B	10.88B	9.98B
Net Income	8.06B	7.28B	9.12B	7.78B	6.13B	5.54B
Balance Sheet
Total Assets	143.99B	138.44B	134.59B	112.03B	85.91B	73.19B
Cash, Cash Equivalents and Short-Term Investments	42.40B	41.40B	46.16B	32.85B	29.68B	26.49B
Total Debt	44.38B	43.83B	41.77B	42.45B	31.86B	27.50B
Total Liabilities	82.01B	78.00B	77.05B	73.87B	56.18B	47.48B
Stockholders Equity	59.30B	57.78B	55.12B	35.91B	28.94B	25.71B
Cash Flow
Free Cash Flow	0.00	185.00M	5.42B	2.39B	5.06B	4.58B
Operating Cash Flow	0.00	8.90B	10.80B	11.41B	6.09B	7.97B
Investing Cash Flow	0.00	-10.61B	-5.86B	-14.02B	-5.24B	-4.58B
Financing Cash Flow	0.00	-3.04B	8.58B	5.53B	799.00M	14.04B

AZ-COM Maruwa Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 998.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9090, the sentiment is Negative. The current price of 998 is below the 20-day moving average (MA) of 1026.95, below the 50-day MA of 1052.21, and below the 200-day MA of 1124.20, indicating a bearish trend. The MACD of -11.26 indicates Negative momentum. The RSI at 38.88 is Neutral, neither overbought nor oversold. The STOCH value of 23.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9090.

AZ-COM Maruwa Holdings Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9037	78 Outperform	¥125.56B	12.93	―	2.26%	3.09%	8.50%
9066	77 Outperform	―	―	―	―	8.81%	-42.49%
2384	76 Outperform	¥133.85B	22.60	―	1.89%	10.32%	42.14%
9025	74 Outperform	¥168.54B	13.69	―	3.87%	7.73%	-19.90%
9068	72 Outperform	¥138.35B	13.40	―	2.46%	1.92%	-6.02%
9090	64 Neutral	¥139.87B	17.32	―	3.21%	8.14%	11.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

AZ-COM Maruwa Holdings Inc. Corporate Events

AZ-COM Maruwa Adjusts Convertible Bond Conversion Price

AZ-COM Maruwa Holdings Inc. announced an adjustment to the conversion price of its euro-yen convertible bonds with stock acquisition rights maturing in 2030. This adjustment follows the approval of an interim dividend, reflecting the company’s strategic financial management and potentially impacting investor returns.

AZ-COM Maruwa Holdings Exceeds Q2 Financial Forecasts Amid Logistics Expansion

AZ-COM Maruwa Holdings Inc. reported better-than-expected financial results for the second quarter of the fiscal year ending March 2026, with significant increases in net sales, operating profit, and profit attributable to owners. The company’s performance was driven by new transportation projects and increased logistics center operations. Despite these positive results, the company anticipates expenses related to stabilizing new logistics centers and improving productivity, keeping its full-year financial forecasts unchanged.

AZ-COM Maruwa Holdings Reports Strong Interim Financial Results

AZ-COM Maruwa Holdings Inc. reported a significant increase in its financial performance for the six months ended September 30, 2025, with net sales rising by 11.4% and operating income surging by 40.2% compared to the previous year. The inclusion of MOMO A Inc. in its consolidation scope and the finalization of provisional accounting treatments contributed to these results, indicating a strong operational position and potential positive implications for stakeholders.

AZ-COM Maruwa Retires Euro-Yen Convertible Bonds

AZ-COM Maruwa Holdings Inc. announced the retirement of its euro-yen convertible bonds with stock acquisition rights maturing in 2025, as resolved in a recent Board of Directors meeting. This move, involving a total retirement amount of 20 billion yen, will have minimal impact on the company’s financial results for the current fiscal year, with no changes to the financial forecast for the year ending March 31, 2026.

AZ-COM Maruwa Holdings Inc. Announces Change in Largest Shareholder

AZ-COM Maruwa Holdings Inc. announced a change in its major and largest shareholder as of September 30, 2025. The change occurred due to a stock lending agreement by Masaru Wasami, the previous largest shareholder, with Mizuho Securities Co., Ltd., resulting in TARO’S Co., Ltd. becoming the new largest shareholder. This shift in shareholder structure is not expected to impact the company’s management or business performance.