Maruhachi Warehouse Company Limited (9313) AI Stock Analysis

• Market Cap: ¥6.13B
• Dividend Yield: 2.29%
• Average Volume (3M): 1.94K
• Price to Earnings (P/E): 19.6
• Beta (1Y): 0.34
• 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

Recent fundamentals weakened materially: revenue fell sharply (~-66% YoY), margins compressed, and free cash flow turned deeply negative with weak cash conversion. The balance sheet remains relatively stable with manageable leverage, but lower ROE and deteriorating cash generation increase near-term risk.

Income Statement

Revenue has been broadly flat over the last several years, but the latest annual period shows a sharp decline (about -66% year over year), which is a major red flag. Profitability is mixed: gross margin has been relatively steady (~23–27%), but net margin swung from a very strong level in 2024 (~18%) down to a much lower level in 2025 (~6%), pointing to weaker bottom-line performance and/or higher costs below the gross line. EBIT and EBITDA margins also compressed meaningfully in the latest year, indicating deteriorating operating leverage.

Balance Sheet

Leverage looks manageable for the profile, with debt-to-equity generally in the ~0.36–0.61 range and improving in the most recent year (~0.43). Equity has trended upward over time, supporting balance-sheet stability. The main weakness is profitability on shareholder capital: return on equity was strong in 2024 (~7%) but fell sharply in 2025 (~2%), which reduces the balance sheet’s ability to compound value if earnings remain pressured.

Cash Flow

Cash generation has become a key concern. While operating cash flow remained positive, it dropped significantly in the latest year, and it covered only a small portion of earnings (coverage fell to ~0.23). Free cash flow is volatile and turned deeply negative in 2025 (around -¥2.5B), versus positive free cash flow in 2022–2024, suggesting a heavy reinvestment/capex period and/or weaker underlying cash conversion. Overall, cash flow quality and consistency are currently below average.

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: Negative
• 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 1044.60, below the 50-day MA of 1035.46, and above the 200-day MA of 906.89, indicating a neutral trend. The MACD of -1.53 indicates Positive momentum. The RSI at 44.43 is Neutral, neither overbought nor oversold. The STOCH value of 24.25 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	¥32.77B	17.42	―	2.59%	4.02%	18.12%
9368	74 Outperform	¥43.18B	10.45	―	3.83%	-1.58%	5.54%
9324	66 Neutral	¥68.24B	17.82	―	2.18%	12.03%	30.12%
9307	65 Neutral	¥15.89B	16.19	―	1.49%	1.23%	0.12%
9322	65 Neutral	¥22.57B	30.38	―	1.13%	3.37%	9.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9313	56 Neutral	¥6.13B	19.65	―	2.29%	0.08%	105.25%