# MARUI GROUP CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第90期(2025/04/01－2026/03/31) (S100YWE4)
> Page: https://vizora.meequs.com/en/company/0101maruigroup
> Retrieved: 2026-09-30T20:25:58.842Z

## Company

Marui Group, founded in 1937, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 3,820 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUI GROUP CO.,LTD. |
| Ticker | 8252 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8252.T) |
| Listing | TSE Prime |
| Head office | 東京都中野区中野4丁目3番2号 |
| Representative (per filing) | 代表取締役社長 青井浩 |
| Founded | Mar 1937 |
| Share capital | ¥35.9B |
| Employees (consolidated) | 3,820 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.0101maruigroup.co.jp (https://www.0101maruigroup.co.jp/) |
| Corporate number | 9011201005150 |
| EDINET | E03040 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Real Estate Development & Leasing, Department Stores |

> Profile source: annual securities report (S100YWE4, filed 2026-08-13). As of filing

## Key points (generated from figures)

- About 71% of Marui Group's sales come from FinTech, with Retail making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +12.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥276.9B |  |
| Operating income | ¥50.2B | Margin 18.1% |
| Net income | ¥28.5B | Margin 10.3% |
| Free cash flow | -¥63.5B |  |
| Largest business | FinTech | of segment revenue 70.7% |
| Employees (consolidated) | 3,820 |  |
| EPS | ¥101.92 |  |
| Book value per share | ¥1028.2 |  |
| Equity ratio | 21.4% |  |
| Shares outstanding | 183,660,417 |  |
| Treasury shares | 3,498,800 |  |
| Shareholders | 46,560 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 4.7% | Net cash -¥611.6B · Cash ÷ revenue 19.3% |
| Vs. industry median margin | 0 pp | Credit Cards & Consumer Credit |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, employees -6% while operating income rose 13%
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥206156000000 | ¥276862000000 | +34.3% |
| Operating income | ¥15223000000 | ¥50211000000 | +229.8% |
| Operating margin | 7.4% | 18.1% | +10.8 pp |
| Employees | 4,855 people | 3,820 people | -21.3% |
| Cash and equivalents | ¥41179000000 | ¥53548000000 | +30.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 小売 → 小売 | 29.3% |
| 小売 → 事業再編・廃止 | 5.4% |
| フィンテック → フィンテック | 65.4% |
| 新設・再編 → フィンテック | 5.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 276,862 | 100.0% | S100YWE4 |
| Cost of revenue | 34,585 | 12.5% | S100YWE4 |
| Gross profit | 242,276 | 87.5% | S100YWE4 |
| SG&A | 192,065 | 69.4% | S100YWE4 |
| Operating income | 50,211 | 18.1% | S100YWE4 |
| Ordinary income | 42,650 | 15.4% | S100YWE4 |
| Pretax income | 41,604 | 15.0% | S100YWE4 |
| Income tax | 12,853 | 4.6% | S100YWE4 |
| Net income | 28,750 | 10.4% | S100YWE4 |
| Net income attributable to owners | 28,476 | 10.3% | S100YWE4 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 13 |
| SG&A | 69 |
| Operating income | 18 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 87.5% → Operating margin 18.1% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +12.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 254,392 | 276,862 | 22,470 | +8.8% |
| Gross profit | 222,757 | 242,276 | 19,519 | +8.8% |
| Operating income | 44,515 | 50,211 | 5,696 | +12.8% |
| Net income attributable to owners | 26,588 | 28,476 | 1,888 | +7.1% |
| Operating cash flow | -4,482 | -45,960 | -41,478 | — |
| Free cash flow | -17,585 | -63,463 | -45,878 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 247,582 | 41,944 | 16.9% | 25,396 | 39,909 | 28,930 | S100LQTO |
| FY ending Mar 2021 | 206,156 | 15,223 | 7.4% | 2,267 | 22,193 | 11,819 | S100OQY0 |
| FY ending Mar 2022 | 209,323 | 36,784 | 17.6% | 17,791 | 11,519 | 2,988 | S100R5Z5 |
| FY ending Mar 2023 | 217,854 | 38,771 | 17.8% | 21,473 | 16,717 | 7,016 | S100U2SH |
| FY ending Mar 2024 | 235,227 | 41,025 | 17.4% | 24,667 | 38,003 | 23,214 | S100W1HA |
| FY ending Mar 2025 | 254,392 | 44,515 | 17.5% | 26,588 | -4,482 | -17,585 | S100YWE4 |
| FY ending Mar 2026 | 276,862 | 50,211 | 18.1% | 28,476 | -45,960 | -63,463 | S100YWE4 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.5M |
| Operating income per employee (consolidated) | ¥13.1M |
| Net income per employee (consolidated) | ¥7.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,654 | 4,435 | 4,290 | 4,051 | 3,820 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.3M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 39.6 years | 39.6 years | 39.4 years | 39.8 years | 39.6 years |
| Average tenure (parent company) | 15.7 years | 15.7 years | 15.5 years | 16.0 years | 15.5 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) +8.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 81,037 | 29.3% | 11,196 | 13.8% |
| FinTech | 195,824 | 70.7% | 47,039 | 24.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 29.3% | 19.2% | -10.0 | 13.8% |
| FinTech | 70.7% | 80.8% | 10.0 | 24.0% |

Segment → industry: FinTech → Credit Cards & Consumer Credit / Retail → Real Estate Development & Leasing / Retail → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -45,960 | -16.6% | S100YWE4 |
| Capital expenditure | 17,503 | 6.3% | S100YWE4 |
| Free cash flow | -63,463 | -22.9% | 算出 |
| Investing cash flow | -1,049 | -0.4% | S100YWE4 |
| Financing cash flow | 51,308 | 18.5% | S100YWE4 |
| Dividends paid | 21,410 | 7.7% | S100YWE4 |
| Share buyback | 7,701 | 2.8% | S100YWE4 |
| Change in cash | 4,298 | 1.6% | S100YWE4 |
| Cash and equivalents | 53,548 | 19.3% | S100YWE4 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 39,708 | 52,421 | 64,560 | 49,250 | 53,548 | S100U2SH, S100W1HA, S100YWE4 |
| Total assets | 920,026 | 961,950 | 1,003,501 | 1,053,352 | 1,141,276 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Net assets | 262,052 | 246,562 | 253,628 | 246,636 | 244,821 | S100U2SH, S100W1HA, S100YWE4 |
| Share capital | 35,920 | 35,920 | 35,920 | 35,920 | 35,920 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Trade receivables | 4,746 | 4,827 | 6,156 | 8,187 | 6,922 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Property, plant and equipment | 169,273 | 167,711 | 173,280 | 169,146 | 168,888 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Intangible assets excluding goodwill | 8,911 | 9,661 | 10,651 | 13,804 | 12,227 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Investment securities | 36,031 | 38,516 | 39,547 | 46,523 | 39,226 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Current assets | 648,029 | 675,909 | 708,975 | 737,587 | 834,087 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Current liabilities | 266,068 | 258,426 | 245,664 | 276,565 | 346,056 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Short-term borrowings | 111,156 | 103,919 | 87,254 | 91,420 | 129,805 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Long-term borrowings | 301,700 | 352,600 | 385,600 | 414,900 | 455,300 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Bonds | 61,300 | 81,300 | 100,000 | 100,000 | 80,000 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Interest-bearing debt | 474,156 | 537,819 | 572,854 | 606,320 | 665,105 | 算出 |
| Total liabilities | 657,974 | 715,388 | 749,873 | 806,716 | 896,454 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Non-controlling interests | 438 | 417 | 377 | 496 | 635 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Equity attributable to owners of parent | 256,473 | 240,229 | 246,258 | 235,306 | 233,400 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Retained earnings | 147,069 | 155,130 | 164,453 | 171,502 | 119,552 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |
| Treasury stock | -18,269 | -42,774 | -46,116 | -64,165 | -10,095 | S100R5Z5, S100U2SH, S100W1HA, S100YWE4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YWE4 |
| Receivables | 1% | S100YWE4 |
| Property, plant and equipment | 15% | S100YWE4 |
| Intangibles and goodwill | 1% | S100YWE4 |
| Investment securities | 3% | S100YWE4 |
| Other assets | 75% | S100YWE4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 58% | 算出 |
| Other liabilities | 20% | S100YWE4 |
| Equity | 22% | S100YWE4 |
| Other liabilities | 0% | S100YWE4 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 920,026 | 961,950 | 1,003,501 | 1,053,352 | 1,141,276 |
| Equity | 262,052 | 246,562 | 253,628 | 246,636 | 244,821 |
| Interest-bearing debt | 474,156 | 537,819 | 572,854 | 606,320 | 665,105 |
| Cash | 39,708 | 52,421 | 64,560 | 49,250 | 53,548 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 61.0% | S100YWE4 |
| Fixed assets ÷ total assets | 14.8% | S100YWE4 |
| Goodwill ÷ parent equity | — | —, S100YWE4 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.7% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | -¥611.6B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -91.5% |
| Cash vs. profit gap | -74,436 JPY mn (of net income -261.4%) |
| Shareholder returns / net income | 102.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.5% | 0.23× | 1.9% | 3.59× | 6.9% | S100R5Z5 |
| 2023 | 9.9% | 0.23× | 2.3% | 3.79× | 8.6% | S100U2SH |
| 2024 | 10.5% | 0.24× | 2.5% | 4.04× | 10.1% | S100W1HA |
| 2025 | 10.5% | 0.25× | 2.6% | 4.27× | 11.0% | S100YWE4 |
| 2026 | 10.3% | 0.25× | 2.6% | 4.68× | 12.2% | S100YWE4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 23.6% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 15.3% | 2026-03-31 |
| 青井不動産㈱ | Major shareholder | 3.3% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口４) | Major shareholder | 2.3% | 2026-03-31 |
| 公益財団法人青井奨学会 | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰモルガン証券㈱ | Major shareholder | 1.7% | 2026-03-31 |
| 青井 忠雄 | Major shareholder | 1.6% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券㈱ | Major shareholder | 1.4% | 2026-03-31 |
| ㈱烏山 | Major shareholder | 1.4% | 2026-03-31 |
| 永和不動産㈱ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YWE4 | 2026-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YWE4,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W1HA | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1HA,, |
| 訂正有価証券報告書－第88期(2023/04/01－2024/03/31) | S100U2SH | 2024-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2SH,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R5Z5 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5Z5,, |
| 訂正有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OQY0 | 2022-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQY0,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LQTO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQTO,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ユーグレナ | Capital alliance | 資本業務提携（当社株式の割当て） | S100XSL3 |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).