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

• Market Cap: ¥122.60B
• Dividend Yield: 3.21%
• Average Volume (3M): 262.17K
• Price to Earnings (P/E): 12.9
• Beta (1Y): 0.58
• Revenue Growth: 8.14%
• EPS Growth: 11.47%
• Country: JP
• Employees: 5,037
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 19.15
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 56.06
• Revenue Forecast (FY): ¥230.40B

• Rating: 64 Neutral
• Price Target: ¥969.00 ▼(-1.82% Downside)
• Action: Downgraded Date: 09/06/25
• Date: Action: Downgraded 09/06/25

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

Consistent revenue growth

Sustained ~9.5% revenue growth and a multi-year upward trend (2021–2025) indicate expanding customer volumes and better utilization of fleet and warehousing. Persistent top-line growth supports durable contract renewal leverage and resilience to moderate demand swings over months.

Stable gross margins and efficiency

Stable gross margins and noted operational efficiency point to consistent cost controls across transportation and warehousing operations. Margin consistency supports sustainable operating cash generation and the ability to fund maintenance capex without short-term margin erosion.

Healthy balance sheet and manageable leverage

A healthy equity ratio and manageable debt indicate financial flexibility to invest in fleet, fund working capital, and absorb shocks. Prudent leverage supports long-term contract performance and reduces refinancing risk across the 2–6 month horizon.

Negative Factors

Decline in net income

The drop in net income between 2024 and 2025 signals pressure on bottom-line profitability, which can erode retained earnings and reduce internal funding for fleet renewal or strategic investments. Persistent profit erosion would weaken long-term financial flexibility.

Sharp decline in free cash flow

Volatile and reduced free cash flow, especially the sharp 2025 decline, constrains capacity to fund capex, repay debt, or absorb spikes in fuel and labor costs. Sustained FCF weakness could force higher leverage or cutbacks in maintenance and service capacity.

Decrease in shareholders' equity

A falling equity base may reflect higher liabilities or shrinking retained earnings, limiting borrowing headroom and weakening the balance sheet buffer. Over time this can raise financing costs and constrain strategic investments or contract bidding capacity.

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 makes money primarily by charging business customers for logistics services. Key revenue streams typically include: (1) transportation fees from trucking and delivery services (e.g., line-haul, regional distribution, last-mile/route delivery where applicable), generally priced based on contracted routes, shipment volume/weight, distance, service level, and fuel-related surcharges when applicable; (2) warehousing and distribution center fees, including storage charges (often per pallet/space and duration) and handling/processing fees for inbound/outbound operations; and (3) value-added logistics services connected to distribution operations (e.g., packaging, sorting, and other contract logistics activities) when provided as part of customer-specific logistics programs. Earnings are influenced by utilization of fleet/driver capacity and warehouse capacity, contract mix (long-term contracts vs. spot work), fuel and labor costs, and the company’s ability to maintain service quality and efficiency. Significant partnerships, customer concentration, or segment-level revenue breakdowns are null.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
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	15.71B	14.34B	16.79B	13.87B	10.37B	9.65B
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	43.85B	41.79B	42.45B	31.86B	27.50B
Total Liabilities	82.01B	78.00B	77.05B	73.86B	56.17B	47.48B
Stockholders Equity	59.30B	57.78B	55.12B	35.92B	28.95B	25.71B
Cash Flow
Free Cash Flow	0.00	185.00M	5.75B	2.58B	5.25B	4.79B
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: 987.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 987 is above the 20-day moving average (MA) of 938.75, above the 50-day MA of 966.44, and below the 200-day MA of 1051.29, indicating a bearish trend. The MACD of -15.68 indicates Positive momentum. The RSI at 38.38 is Neutral, neither overbought nor oversold. The STOCH value of 13.30 is Positive, 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
9025	74 Outperform	¥159.54B	9.98	―	3.65%	7.73%	-19.90%
2384	70 Outperform	¥159.47B	12.74	―	1.84%	10.32%	42.14%
9303	67 Neutral	¥308.69B	19.07	―	2.94%	4.50%	82.34%
9069	66 Neutral	¥306.38B	12.68	8.30%	2.50%	7.94%	-13.01%
9090	64 Neutral	¥122.60B	12.89	―	3.21%	8.14%	11.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9302	57 Neutral	¥309.83B	20.24	―	1.28%	8.11%	-9.27%

AZ-COM Maruwa Holdings Inc. Corporate Events

AZ-COM Maruwa to Build ¥48.9 Billion Core Logistics Hub in Greater Tokyo

AZ-COM Maruwa Holdings will build AZ-COM Matsubushi WEST, a new core logistics center in Saitama’s Matsubushi Tajima Industrial Park, to expand its revenue base under its medium-term management plan and support the long-term logistics needs of major shippers. Together with the existing AZ-COM Matsubushi EAST facility, the new center will anchor the group’s delivery network across the Greater Tokyo Area, leveraging improved expressway access via the Higashi-Saitama Road to enhance distribution efficiency.

The facility, featuring a precast prestressed concrete structure with seismic isolation, emergency power generation and advanced security, is designed to function as a comprehensive logistics platform and BCP-capable base that can support communities in disasters. With total investment of ¥48.9 billion funded through internal resources and bank borrowings, construction will start in March 2026 and finish in September 2028, laying the groundwork for higher long-term revenues while having little impact on earnings for the fiscal year ending March 2026.

The most recent analyst rating on (JP:9090) stock is a Hold with a Yen948.00 price target. To see the full list of analyst forecasts on AZ-COM Maruwa Holdings Inc. stock, see the JP:9090 Stock Forecast page.

AZ-COM Maruwa Launches Advanced Food Logistics Hub AZ-COM Matsubushi EAST in Saitama

AZ-COM Maruwa Holdings has begun operations at AZ-COM Matsubushi EAST, a new core food logistics center in Matsubushi, Saitama, operated by group company Maruwa Unyu Kikan and leased from the parent, to underpin medium- to long-term growth for major shippers in the Greater Tokyo Area. The roughly 25 billion yen, five-story, multi-shipper, multi-temperature facility—strategically located near the Higashi-Saitama Road and equipped with advanced temperature, hygiene, safety, and seismic-resilient systems plus emergency power—is designed to consolidate and standardize logistics, improve productivity, and ensure business continuity in disasters, thereby strengthening the group’s competitiveness in food logistics and supporting continuous enhancement of corporate value, with the financial impact already factored into the FY March 2026 forecast.

The most recent analyst rating on (JP:9090) stock is a Hold with a Yen1069.00 price target. To see the full list of analyst forecasts on AZ-COM Maruwa Holdings Inc. stock, see the JP:9090 Stock Forecast page.

AZ-COM MARUWA Posts Double-Digit Profit Growth and Keeps Full-Year Outlook Intact

AZ-COM MARUWA Holdings Inc. reported solid results for the nine months ended December 31, 2025, with consolidated net sales rising 11.0% year on year to ¥174.9 billion and operating profit increasing 13.3% to ¥10.1 billion, while profit attributable to owners of parent climbed 10.3% to ¥6.57 billion. The company’s financial position expanded, with total assets up to ¥159.5 billion and equity of ¥61.9 billion, though the equity ratio eased to 38.8% amid balance-sheet growth and the finalization of accounting treatment for a prior business combination; it also began applying the equity method to new affiliate MOMO A Inc. AZ-COM MARUWA maintained its dividend policy with a planned full-year payout of ¥32 per share and left its full-year forecast unchanged, targeting ¥220.0 billion in net sales and modest profit growth, signaling confidence in steady earnings despite a more leveraged capital structure and ongoing integration of acquired businesses.

The most recent analyst rating on (JP:9090) stock is a Hold with a Yen1069.00 price target. To see the full list of analyst forecasts on AZ-COM Maruwa Holdings Inc. stock, see the JP:9090 Stock Forecast page.