# MARUBUN CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/04/01－2026/03/31) (S100YIN7)
> Page: https://vizora.meequs.com/en/company/marubun
> Retrieved: 2026-09-30T17:49:20.433Z

## Company

Marubun, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUBUN CORPORATION |
| Ticker | 7537 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7537.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋大伝馬町8番1号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 堀越 裕史 |
| Founded | Jul 1947 |
| Share capital | ¥6.21B |
| Employees (consolidated) | 1,193 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.marubun.co.jp (https://www.marubun.co.jp/) |
| Corporate number | 8010001057337 |
| EDINET | E02864 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIN7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 179 |
| Profitability | 64.1 | 185 |
| Cash conversion | 37.7 | 179 |
| Efficiency | 44.6 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 71% of Marubun's sales come from Electronic Devices business, with Electronic Systems business and Entrepreneur business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit -15.2%.

## Company structure

- Segment revenue mix: Electronic Devices business 71.3%、Electronic Systems business 27.5%、Entrepreneur business 1.2%
- Revenue → net income: ¥213425000000 → ¥3680000000
- Net income → operating cash flow: ¥3680000000 → ¥6383000000（difference ¥2703000000）
- Main uses of operating cash flow: CapEx ¥1428000000 / dividends ¥1725000000 / buybacks —
- Change in cash: ¥767000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥213.4B |  |
| Operating income | ¥7.76B | Margin 3.6% |
| Net income | ¥3.3B | Margin 1.5% |
| Free cash flow | ¥4.96B |  |
| Largest business | Electronic Devices business | of segment revenue 71.3% |
| Employees (consolidated) | 1,193 |  |
| EPS | ¥134.7 |  |
| Book value per share | ¥1613.49 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 28,051,000 |  |
| Treasury shares | 1,808,200 |  |
| Shareholders | 16,008 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | +0.8 pp | Specialty Trading & Wholesale |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥289283000000 | ¥213425000000 | -26.2% |
| Operating income | ¥1023000000 | ¥7763000000 | +658.8% |
| Operating margin | 0.4% | 3.6% | +3.3 pp |
| Employees | 1,145 people | 1,193 people | +4.2% |
| Cash and equivalents | ¥26274000000 | ¥24300000000 | -7.5% |

### 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 |
| --- | ---: |
| デバイス事業 → デバイス事業 | 71.3% |
| デバイス事業 → 事業再編・廃止 | 12.3% |
| システム事業 → システム事業 | 16.3% |
| 新設・再編 → システム事業 | 11.1% |
| 新設・再編 → アントレプレナ事業 | 1.2% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic Devices business | 5 years | -8.9% | ¥152245000000 | 0.4% | 2 |
| Electronic Systems business | 5 years | +4.4% | ¥58623000000 | 6.3% | 2 |
| Entrepreneur business | — | — | ¥2556000000 | -0.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 213,425 | 100.0% | S100YIN7 |
| Cost of revenue | 188,723 | 88.4% | S100YIN7 |
| Gross profit | 24,701 | 11.6% | S100YIN7 |
| SG&A | 16,938 | 7.9% | S100YIN7 |
| Operating income | 7,763 | 3.6% | S100YIN7 |
| Ordinary income | 4,218 | 2.0% | S100YIN7 |
| Pretax income | 5,187 | 2.4% | S100YIN7 |
| Income tax | 1,506 | 0.7% | S100YIN7 |
| Net income | 3,680 | 1.7% | S100YIN7 |
| Net income attributable to owners | 3,303 | 1.5% | S100YIN7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.6% → Operating margin 3.6% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.2%; Core profit growth: -15.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -12.39×
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 | 210,837 | 213,425 | 2,588 | +1.2% |
| Gross profit | 26,223 | 24,701 | -1,522 | -5.8% |
| Operating income | 9,155 | 7,763 | -1,392 | -15.2% |
| Net income attributable to owners | 4,409 | 3,303 | -1,106 | -25.1% |
| Operating cash flow | 18,617 | 6,383 | -12,234 | -65.7% |
| Free cash flow | 16,166 | 4,955 | -11,211 | -69.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 287,550 | 2,369 | 0.8% | -75 | -309 | -976 | S100LPK4 |
| FY ending Mar 2021 | 289,283 | 1,023 | 0.4% | -2,133 | 15,205 | 14,658 | S100OIN5 |
| FY ending Mar 2022 | 167,794 | 5,994 | 3.6% | 2,437 | -2,948 | -3,687 | S100R6RK |
| FY ending Mar 2023 | 226,171 | 10,997 | 4.9% | 5,201 | -18,981 | -19,248 | S100TSKH |
| FY ending Mar 2024 | 236,490 | 12,984 | 5.5% | 3,401 | 22,694 | 21,515 | S100W4XI |
| FY ending Mar 2025 | 210,837 | 9,155 | 4.3% | 4,409 | 18,617 | 16,166 | S100YIN7 |
| FY ending Mar 2026 | 213,425 | 7,763 | 3.6% | 3,303 | 6,383 | 4,955 | S100YIN7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥178.9M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,119 | 1,117 | 1,167 | 1,179 | 1,193 |
| Average salary (parent company) | ¥6.8M | ¥8M | ¥7.5M | ¥7.4M | ¥7.9M |
| Average age (parent company) | 43.7 years | 44.2 years | 44.3 years | 44.1 years | 44.1 years |
| Average tenure (parent company) | 16.2 years | 16.6 years | 16.5 years | 16.4 years | 16.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Devices business | 152,245 | 71.3% | 562 | 0.4% |
| Electronic Systems business | 58,623 | 27.5% | 3,670 | 6.3% |
| Entrepreneur business | 2,556 | 1.2% | -14 | -0.5% |

### 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 |
| --- | ---: |
| Electronic Devices business | 71.3% |
| Electronic Systems business | 27.5% |
| Entrepreneur business | 1.2% |

Segment → industry: Entrepreneur business → Specialty Trading & Wholesale / Electronic Systems business → Specialty Trading & Wholesale / Electronic Devices business → Specialty Trading & Wholesale

## 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 | 6,383 | 3.0% | S100YIN7 |
| Capital expenditure | 1,428 | 0.7% | S100YIN7 |
| Free cash flow | 4,955 | 2.3% | 算出 |
| Investing cash flow | 730 | 0.3% | S100YIN7 |
| Financing cash flow | -6,649 | -3.1% | S100YIN7 |
| Dividends paid | 1,725 | 0.8% | S100YIN7 |
| Change in cash | 767 | 0.4% | S100YIN7 |
| Cash and equivalents | 24,300 | 11.4% | S100YIN7 |

## 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 | 24,693 | 20,658 | 23,026 | 23,532 | 24,300 | S100TSKH, S100W4XI, S100YIN7 |
| Total assets | 148,179 | 175,998 | 174,120 | 145,173 | 145,001 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Net assets | 47,574 | 53,084 | 56,433 | 60,782 | 62,790 | S100TSKH, S100W4XI, S100YIN7 |
| Share capital | 6,214 | 6,214 | 6,214 | 6,214 | 6,214 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Trade receivables | 37,996 | 51,426 | 45,432 | 46,818 | 49,622 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Property, plant and equipment | 3,201 | 3,203 | 3,293 | 4,340 | 5,154 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Intangible assets excluding goodwill | 1,039 | 898 | 1,356 | 2,284 | 2,269 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Investment securities | 2,222 | 2,317 | 3,299 | 3,723 | 4,119 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Current assets | 137,604 | 166,143 | 162,616 | 130,607 | 129,298 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Current liabilities | 94,746 | 117,089 | 116,669 | 79,222 | 76,137 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Trade payables | 21,121 | 28,005 | 28,243 | 25,593 | 25,751 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Short-term borrowings | 48,672 | 69,423 | 59,507 | 46,360 | 44,766 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Long-term borrowings | 5,025 | 5,000 | — | 4,000 | 4,000 | S100R6RK, S100TSKH, S100YIN7 |
| Total liabilities | 100,604 | 122,913 | 117,687 | 84,390 | 82,211 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Non-controlling interests | 4,863 | 5,336 | 5,736 | 5,976 | 5,903 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Equity attributable to owners of parent | 41,168 | 45,325 | 46,534 | 49,742 | 51,399 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Retained earnings | 30,231 | 34,388 | 35,567 | 38,762 | 40,339 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |
| Treasury stock | -1,631 | -1,631 | -1,611 | -1,602 | -1,538 | S100R6RK, S100TSKH, S100W4XI, S100YIN7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YIN7 |
| Receivables | 34% | S100YIN7 |
| Property, plant and equipment | 3% | S100YIN7 |
| Intangibles and goodwill | 2% | S100YIN7 |
| Investment securities | 3% | S100YIN7 |
| Other assets | 41% | S100YIN7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YIN7 |
| Other liabilities | 39% | S100YIN7 |
| Equity | 43% | S100YIN7 |

### 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 | 148,179 | 175,998 | 174,120 | 145,173 | 145,001 |
| Equity | 47,574 | 53,084 | 56,433 | 60,782 | 62,790 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,693 | 20,658 | 23,026 | 23,532 | 24,300 |

## 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) | 2.4% | S100YIN7 |
| Fixed assets ÷ total assets | 3.6% | S100YIN7 |
| Goodwill ÷ parent equity | — | —, S100YIN7 |

### 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) | 16.8% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.2% |
| Cash vs. profit gap | 3,080 JPY mn (of net income 93.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.2% |
| Shareholder payments — dividends / FCF | 34.8% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 11.4% |

## 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 | 1.5% | 1.13× | 1.6% | 3.60× | 5.9% | S100R6RK |
| 2023 | 2.3% | 1.40× | 3.2% | 3.75× | 12.0% | S100TSKH |
| 2024 | 1.4% | 1.35× | 1.9% | 3.81× | 7.4% | S100W4XI |
| 2025 | 2.1% | 1.32× | 2.8% | 3.32× | 9.2% | S100YIN7 |
| 2026 | 1.5% | 1.47× | 2.3% | 2.87× | 6.5% | S100YIN7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ARROW ELECTRONICS，INC． 590000 常任代理人 株式会社みずほ銀行決済営業部 | Major shareholder | 9.0% | 2026-03-31 |
| 一般財団法人丸文財団 | Major shareholder | 8.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社千葉パブリックゴルフコース | Major shareholder | 5.3% | 2026-03-31 |
| 合同会社堀越 | Major shareholder | 4.6% | 2026-03-31 |
| 堀越 毅一 | Major shareholder | 3.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC 常任代理人 インタラクティブ・ブローカーズ証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 堀越 百子 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 丸文社員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIN7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIN7,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W4XI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4XI,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TSKH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSKH,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R6RK | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6RK,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OIN5 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIN5,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LPK4 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPK4,, |

## 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).