# MARUFUJI SHEET PILING CO., LTD.: 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78期(2025/04/01－2026/03/31) (S100YF98)
> Page: https://vizora.meequs.com/en/company/marufuji-sheet-piling
> Retrieved: 2026-09-30T22:07:09.422Z

## Company

Marufuji Sheet Piling, founded in 1934, is a company in Leasing listed on TSE Standard. It has 506 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUFUJI SHEET PILING CO.,LTD. |
| Ticker | 8046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8046.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町1丁目6番5号 (同所は登記上の本店所在地であり、主な本店業務は下記 「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 羽生成夫 |
| Founded | Oct 1934 |
| Share capital | ¥3.63B |
| Employees (consolidated) | 506 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.mrfj.co.jp (https://www.mrfj.co.jp/) |
| Corporate number | 2010001034944 |
| EDINET | E02616 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YF98, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Marufuji Sheet Piling brought in ¥40.3B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +33.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥40340000000 → ¥1965000000
- Net income → operating cash flow: ¥1965000000 → ¥2255000000（difference ¥290000000）
- Main uses of operating cash flow: CapEx ¥1687000000 / dividends ¥464000000 / buybacks ¥898000000
- Change in cash: ¥-712000000
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 | ¥40.3B |  |
| Operating income | ¥2.11B | Margin 5.2% |
| Net income | ¥1.97B | Margin 4.9% |
| Free cash flow | ¥568M |  |
| Employees (consolidated) | 506 |  |
| EPS | ¥94.04 |  |
| Book value per share | ¥1771.31 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 4,000,000 |  |
| Treasury shares | 551,500 |  |
| Shareholders | 3,259 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 10.9% |
| Vs. industry median margin | -1.8 pp | Leasing |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32695000000 | ¥40340000000 | +23.4% |
| Operating income | ¥943000000 | ¥2110000000 | +123.8% |
| Operating margin | 2.9% | 5.2% | +2.3 pp |
| Employees | 484 people | 506 people | +4.5% |
| Cash and equivalents | ¥3530000000 | ¥4379000000 | +24.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,340 | 100.0% | S100YF98 |
| Cost of revenue | 32,505 | 80.6% | S100YF98 |
| Gross profit | 7,834 | 19.4% | S100YF98 |
| SG&A | 5,724 | 14.2% | S100YF98 |
| Operating income | 2,110 | 5.2% | S100YF98 |
| Ordinary income | 2,663 | 6.6% | S100YF98 |
| Pretax income | 2,832 | 7.0% | S100YF98 |
| Income tax | 866 | 2.1% | S100YF98 |
| Net income | 1,965 | 4.9% | S100YF98 |
| Net income attributable to owners | 1,965 | 4.9% | S100YF98 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.4% → Operating margin 5.2% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +33.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 35,585 | 40,340 | 4,755 | +13.4% |
| Gross profit | 6,460 | 7,834 | 1,374 | +21.3% |
| Operating income | 1,579 | 2,110 | 531 | +33.6% |
| Net income attributable to owners | 1,534 | 1,965 | 431 | +28.1% |
| Operating cash flow | 1,447 | 2,255 | 808 | +55.8% |
| Free cash flow | 397 | 568 | 171 | +43.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,391 | 1,433 | 4.2% | 1,104 | 118 | -846 | S100LJCV |
| FY ending Mar 2021 | 32,695 | 943 | 2.9% | 698 | 2,188 | 2,033 | S100OCQU |
| FY ending Mar 2022 | 31,876 | 559 | 1.8% | 749 | 1,572 | 1,345 | S100R3DU |
| FY ending Mar 2023 | 35,104 | 1,063 | 3.0% | 1,038 | 756 | 497 | S100TUR5 |
| FY ending Mar 2024 | 34,543 | 1,410 | 4.1% | 1,372 | 3,200 | 2,724 | S100VZJS |
| FY ending Mar 2025 | 35,585 | 1,579 | 4.4% | 1,534 | 1,447 | 397 | S100YF98 |
| FY ending Mar 2026 | 40,340 | 2,110 | 5.2% | 1,965 | 2,255 | 568 | S100YF98 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.7M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 495 | 494 | 494 | 493 | 506 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.6M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 45.3 years | 45.3 years | 45.2 years | 45.4 years | 45.1 years |
| Average tenure (parent company) | 18.0 years | 18.1 years | 18.0 years | 18.4 years | 18.1 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +13.4%

## 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 | 2,255 | 5.6% | S100YF98 |
| Capital expenditure | 1,687 | 4.2% | S100YF98 |
| Free cash flow | 568 | 1.4% | 算出 |
| Investing cash flow | -1,595 | -4.0% | S100YF98 |
| Financing cash flow | -1,373 | -3.4% | S100YF98 |
| Dividends paid | 464 | 1.2% | S100YF98 |
| Share buyback | 898 | 2.2% | S100YF98 |
| Change in cash | -712 | -1.8% | S100YF98 |
| Cash and equivalents | 4,379 | 10.9% | S100YF98 |

## 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 | 4,343 | 3,329 | 4,855 | 5,092 | 4,379 | S100TUR5, S100VZJS, S100YF98 |
| Total assets | 43,304 | 43,732 | 43,345 | 43,969 | 45,955 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Net assets | 27,454 | 28,219 | 29,813 | 30,926 | 32,733 | S100TUR5, S100VZJS, S100YF98 |
| Share capital | 3,626 | 3,626 | 3,626 | 3,626 | 3,626 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Property, plant and equipment | 5,965 | 5,933 | 6,034 | 6,737 | 7,807 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Intangible assets excluding goodwill | 130 | 98 | 128 | 90 | 155 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Investment securities | 954 | 963 | 1,329 | 1,290 | 2,193 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Current assets | 33,633 | 34,217 | 32,909 | 32,854 | 31,860 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Current liabilities | 15,528 | 15,098 | 12,869 | 12,227 | 12,078 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Trade payables | 5,788 | 5,996 | 5,073 | 4,499 | 4,783 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Short-term borrowings | 2,840 | 1,540 | 500 | 500 | 500 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Total liabilities | 15,849 | 15,513 | 13,532 | 13,043 | 13,222 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Equity attributable to owners of parent | 26,977 | 27,729 | 28,778 | 29,918 | 30,669 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Retained earnings | 19,154 | 19,906 | 20,956 | 22,097 | 23,597 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |
| Treasury stock | -1,008 | -1,009 | -1,009 | -1,010 | -1,780 | S100R3DU, S100TUR5, S100VZJS, S100YF98 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YF98 |
| Property, plant and equipment | 17% | S100YF98 |
| Intangibles and goodwill | 0% | S100YF98 |
| Investment securities | 5% | S100YF98 |
| Other assets | 68% | S100YF98 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YF98 |
| Other liabilities | 18% | S100YF98 |
| Equity | 71% | S100YF98 |

### 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 | 43,304 | 43,732 | 43,345 | 43,969 | 45,955 |
| Equity | 27,454 | 28,219 | 29,813 | 30,926 | 32,733 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,343 | 3,329 | 4,855 | 5,092 | 4,379 |

## 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) | 19.4% | S100YF98 |
| Fixed assets ÷ total assets | 17.0% | S100YF98 |
| Goodwill ÷ parent equity | — | —, S100YF98 |

### 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) | 9.5% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.9% |
| Cash vs. profit gap | 290 JPY mn (of net income 14.8%) |
| Shareholder returns / net income | 69.3% |
| Shareholder returns / FCF | 239.8% |
| Shareholder payments — dividends / net income | 23.6% |
| Shareholder payments — dividends / FCF | 81.7% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 70.7% |

## 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 | 2.3% | 0.74× | 1.7% | 1.61× | 2.8% | S100R3DU |
| 2023 | 3.0% | 0.81× | 2.4% | 1.59× | 3.8% | S100TUR5 |
| 2024 | 4.0% | 0.79× | 3.2% | 1.54× | 4.9% | S100VZJS |
| 2025 | 4.3% | 0.82× | 3.5% | 1.49× | 5.2% | S100YF98 |
| 2026 | 4.9% | 0.90× | 4.4% | 1.48× | 6.5% | S100YF98 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産スチール株式会社 | Major shareholder | 14.3% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 6.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.3% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 4.8% | 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 | 3.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 丸藤ビル株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 丸藤シートパイル取引先持株会 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YF98 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF98,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100VZJS | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZJS,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TUR5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUR5,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R3DU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3DU,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OCQU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCQU,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LJCV | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJCV,, |

## 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).