Maruhachi Warehouse Company Limited (9313) AI Stock Analysis

• Market Cap: ¥6.22B
• Dividend Yield: 2.29%
• Average Volume (3M): 1.94K
• Price to Earnings (P/E): 19.9
• Beta (1Y): 0.33
• Revenue Growth: 0.08%
• EPS Growth: 105.25%
• Country: JP
• Employees: 108
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): 4.46
• Shares Outstanding: 7,300,000
• 10 Day Avg. Volume: 620
• 30 Day Avg. Volume: 1,936
• PEG Ratio: -0.29
• Price to Book (P/B): 0.47
• Price to Sales (P/S): 1.21
• P/FCF Ratio: -2.37
• 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: 56 Neutral
• Price Target: ¥1,077.00 ▲(13.49% Upside)

The score is held back primarily by weakening financial performance, especially the sharp revenue decline and negative free cash flow with poor cash conversion. Technicals are a positive offset with an upward long-term trend and neutral-to-positive momentum, while valuation is only moderate given the recent fundamental pressure.

Positive Factors

Manageable leverage and rising equity

A moderate and improving debt-to-equity ratio with rising equity provides financial flexibility and resilience. This balance-sheet stability supports continued investment in warehousing assets and contract fulfillment, reducing refinancing risk and enabling steadier long-term operations.

Stable gross margins

Consistent gross margins indicate the company retains pricing power or operational control over direct costs. For logistics, stable unit economics help sustain profitability through demand cycles, supporting long-term earnings potential if revenue volumes recover.

Secular demand from e‑commerce and food

Structural tailwinds from e-commerce and food distribution create durable demand for warehousing and logistics services. Long-term contracts and recurring storage/fulfillment fees can underpin revenue stability and provide opportunities to expand value‑added services.

Negative Factors

Sharp revenue collapse

A ~66% year‑over‑year revenue decline is a material loss of scale that undermines fixed-cost absorption and bargaining power. If sustained, it erodes the business model, threatens long‑term client relationships, and complicates investment planning and margin recovery.

Deep negative free cash flow

A sharp swing to negative free cash flow and weak OCF coverage reduces internal funding for capex, working capital and dividends. Over months, this forces reliance on external financing or asset sales, constraining strategic flexibility and growth investments.

Margin compression and falling ROE

Significant margin compression and a sharp ROE decline indicate weakening profitability and capital efficiency. Persistently lower returns reduce the company’s ability to compound shareholder value, limit reinvestment capacity and weaken competitiveness over the medium term.

Maruhachi Warehouse Company Limited Business Overview & Revenue Model

Company Description

Maruhachi Warehouse Company Limited (9313) is a logistics and warehousing firm based in Japan, specializing in the storage and distribution of various goods, including perishables and non-perishables. The company operates in the logistics sector, providing a comprehensive range of services that include inventory management, transportation, and supply chain solutions. With a focus on efficiency and customer service, Maruhachi Warehouse aims to support businesses in optimizing their logistics and warehousing needs.

How the Company Makes Money

Maruhachi Warehouse generates revenue primarily through its logistics services, which include storage fees for warehousing goods, transportation charges for the delivery of products, and value-added services such as inventory management and order fulfillment. The company may also earn income from long-term contracts with businesses that require consistent warehousing and logistics support. Additionally, partnerships with retail and food distribution companies enhance its revenue streams, as these collaborations enable Maruhachi Warehouse to offer tailored solutions that meet specific customer needs. The increasing demand for efficient supply chain management, especially in e-commerce and food industries, further contributes to the company's earnings.

Maruhachi Warehouse Company Limited Financial Statement Overview

Summary

Maruhachi Warehouse Company Limited demonstrates solid profitability and a stable financial structure. Revenue growth is steady, and profitability metrics are strong, which contributes to a favorable income statement score. The balance sheet displays strong equity ratios and effective leverage management, although a modest increase in debt requires attention. Cash flow performance is generally healthy, but a decrease in free cash flow growth could impact future liquidity. Overall, the company maintains a stable financial position with potential areas for improvement in cash management.

Income Statement

The company has shown steady revenue with a slight increase from the previous year. The gross profit margin for the latest year is approximately 24.2%, and the net profit margin is about 18.1%, both of which indicate solid profitability. EBIT and EBITDA margins are strong at 12.4% and 38.6% respectively, signifying efficient operations. While revenue growth is modest, the consistent profitability metrics provide a stable financial outlook.

Balance Sheet

The debt-to-equity ratio stands at 0.36, indicating a conservative leverage position. The equity ratio is approximately 64.3%, suggesting a strong equity base relative to total assets. Return on equity is robust at 7.4%, reflecting effective use of equity capital. However, a slight increase in total debt may warrant monitoring for potential leverage risks.

Cash Flow

Free cash flow has decreased compared to the previous year, with a growth rate of -16.1%, highlighting potential constraints in cash availability. The operating cash flow to net income ratio is 0.94, showing strong cash generation relative to net income. The free cash flow to net income ratio is 0.87, which is healthy, yet the decline in free cash flow growth suggests caution in capital expenditure management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.96B	4.93B	4.99B	4.97B	4.76B	4.82B
Gross Profit	1.24B	1.19B	1.21B	1.16B	1.17B	1.30B
EBITDA	1.87B	1.11B	1.93B	1.23B	1.12B	1.24B
Net Income	868.01M	311.05M	901.76M	412.20M	360.37M	506.47M
Balance Sheet
Total Assets	20.48B	20.45B	18.83B	18.29B	18.38B	18.41B
Cash, Cash Equivalents and Short-Term Investments	658.00M	727.60M	2.20B	1.06B	932.45M	1.05B
Total Debt	5.75B	5.52B	4.37B	5.14B	5.89B	6.27B
Total Liabilities	7.75B	7.60B	6.69B	7.19B	7.75B	8.08B
Stockholders Equity	12.71B	12.81B	12.12B	11.07B	10.61B	10.30B
Cash Flow
Free Cash Flow	0.00	-2.52B	786.18M	936.23M	388.77M	-1.27B
Operating Cash Flow	0.00	345.00M	849.80M	1.15B	1.03B	730.41M
Investing Cash Flow	0.00	-2.85B	1.15B	-168.61M	-648.37M	-2.02B
Financing Cash Flow	0.00	1.03B	-867.61M	-848.00M	-493.59M	933.58M

Maruhachi Warehouse Company Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 949.00
• 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:9313, the sentiment is Neutral. The current price of 949 is below the 20-day moving average (MA) of 1048.45, below the 50-day MA of 1000.94, and above the 200-day MA of 889.06, indicating a neutral trend. The MACD of 13.89 indicates Positive momentum. The RSI at 51.25 is Neutral, neither overbought nor oversold. The STOCH value of 21.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9313.

Maruhachi Warehouse Company Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9319	75 Outperform	¥29.60B	15.65	―	2.59%	4.02%	18.12%
9368	74 Outperform	¥42.33B	11.03	―	3.83%	-1.58%	5.54%
9324	70 Outperform	¥64.30B	20.06	―	2.18%	12.03%	30.12%
9307	65 Neutral	¥16.12B	17.75	―	1.49%	1.23%	0.12%
9322	65 Neutral	¥21.64B	29.36	―	1.13%	3.37%	9.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9313	56 Neutral	¥6.22B	19.85	―	2.29%	0.08%	105.25%