# Maruhachi Securities Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YEDZ)
> Page: https://vizora.meequs.com/en/company/maruhachi-securities
> Retrieved: 2026-09-30T20:28:21.343Z

## Company

Maruhachi Securities, founded in 1936, is a company in Securities & Asset Management listed on TSE Standard. It has 138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruhachi Securities Co., Ltd. |
| Ticker | 8700 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8700.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区新栄町二丁目4番地 |
| Representative (per filing) | 代表取締役社長 鈴木 卓也 |
| Founded | Feb 1936 |
| Share capital | ¥3.75B |
| Employees (consolidated) | 138 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.maruhachi-sec.co.jp (https://www.maruhachi-sec.co.jp/) |
| Corporate number | 7180001040756 |
| EDINET | E03792 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YEDZ, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Maruhachi Securities brought in ¥3.58B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +16.0% from the prior year, operating profit +67.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3576000000 → ¥684083000
- Net income → operating cash flow: ¥684083000 → ¥1079465000（difference ¥395382000）
- Main uses of operating cash flow: CapEx ¥23334000 / dividends ¥239086000 / buybacks ¥30000
- Change in cash: ¥789798000
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 | ¥3.58B |  |
| Operating income | ¥739.5M | Margin 20.7% |
| Net income | ¥684.1M | Margin 19.1% |
| Free cash flow | ¥1.06B |  |
| Employees (consolidated) | 138 |  |
| EPS | ¥171.4 |  |
| Book value per share | ¥2056.71 |  |
| Equity ratio | 65.9% |  |
| Shares outstanding | 4,042,000 |  |
| Treasury shares | 51,800 |  |
| Shareholders | 4,936 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 102.5% |
| Vs. industry median margin | 0 pp | Securities & Asset Management |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 68%
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3040000000 | ¥3576000000 | +17.6% |
| Operating income | ¥572701000 | ¥739483000 | +29.1% |
| Operating margin | 18.8% | 20.7% | +1.8 pp |
| Employees | 153 people | 138 people | -9.8% |
| Cash and equivalents | ¥3986546000 | ¥3665074000 | -8.1% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,576 | 100.0% | S100YEDZ |
| SG&A | 2,821 | 78.9% | S100YEDZ |
| Operating income | 739 | 20.7% | S100YEDZ |
| Ordinary income | 1,007 | 28.2% | S100YEDZ |
| Pretax income | 1,002 | 28.0% | S100YEDZ |
| Income tax | 318 | 8.9% | S100YEDZ |
| Net income | 684 | 19.1% | S100YEDZ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 79 |
| Operating income | 21 |
| (Ref.) Net income | 19 |

### Margin funnel

Operating margin 20.7% → Net margin 19.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.0%; Core profit growth: +67.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.21×
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 | 3,082 | 3,576 | 494 | +16.0% |
| Operating income | 441 | 739 | 298 | +67.5% |
| Operating cash flow | -35 | 1,079 | 1,115 | — |
| Free cash flow | -68 | 1,056 | 1,124 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,421 | 82 | 3.4% | 163 | 306 | 293 | S100TSS3 |
| FY ending Mar 2021 | 3,040 | 573 | 18.8% | 413 | -484 | -543 | S100W0FU |
| FY ending Mar 2022 | 2,864 | 403 | 14.1% | 289 | -235 | -262 | S100YEDZ |
| FY ending Mar 2023 | 2,502 | 127 | 5.1% | 63 | 70 | -59 | S100YEDZ |
| FY ending Mar 2024 | 3,262 | 664 | 20.3% | 518 | 1,628 | 1,571 | S100YEDZ |
| FY ending Mar 2025 | 3,082 | 441 | 14.3% | 392 | -35 | -68 | S100YEDZ |
| FY ending Mar 2026 | 3,576 | 739 | 20.7% | 684 | 1,079 | 1,056 | S100YEDZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥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) | 145 | 143 | 139 | 139 | 138 |
| Average salary (parent company) | ¥7M | ¥6.9M | ¥7.1M | ¥7.6M | ¥7.5M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 16.0 years | 15.0 years | 16.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +16.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,079 | 30.2% | S100YEDZ |
| Capital expenditure | 23 | 0.7% | S100YEDZ |
| Free cash flow | 1,056 | 29.5% | 算出 |
| Investing cash flow | -51 | -1.4% | S100YEDZ |
| Financing cash flow | -239 | -6.7% | S100YEDZ |
| Dividends paid | 239 | 6.7% | S100YEDZ |
| Share buyback | 0 | 0.0% | S100YEDZ |
| Change in cash | 790 | 22.1% | S100YEDZ |
| Cash and equivalents | 3,665 | 102.5% | S100YEDZ |

## 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 | 3,856 | 2,743 | 3,725 | 2,875 | 3,665 | S100TSS3, S100W0FU, S100YEDZ |
| Total assets | 9,701 | 9,288 | 11,327 | 9,917 | 12,447 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Net assets | 7,449 | 7,355 | 7,832 | 7,594 | 8,209 | S100TSS3, S100W0FU, S100YEDZ |
| Share capital | 3,752 | 3,752 | 3,752 | 3,752 | 3,752 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Property, plant and equipment | 158 | 245 | 247 | 219 | 195 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Intangible assets excluding goodwill | 3 | 3 | 6 | 11 | 8 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Investment securities | 69 | 924 | 1,344 | 1,719 | 2,125 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Current assets | 9,036 | 7,688 | 9,307 | 7,524 | 9,589 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Current liabilities | 2,158 | 1,832 | 3,390 | 2,218 | 4,127 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Total liabilities | 2,251 | 1,934 | 3,495 | 2,324 | 4,238 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Equity attributable to owners of parent | 7,461 | 7,364 | 7,762 | 7,835 | 8,279 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Retained earnings | 3,486 | 3,389 | 3,787 | 3,860 | 4,305 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |
| Treasury stock | -114 | -114 | -114 | -114 | -114 | S100R71C, S100TSS3, S100W0FU, S100YEDZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YEDZ |
| Property, plant and equipment | 2% | S100YEDZ |
| Intangibles and goodwill | 0% | S100YEDZ |
| Investment securities | 17% | S100YEDZ |
| Other assets | 52% | S100YEDZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YEDZ |
| Equity | 66% | S100YEDZ |
| Other liabilities | 0% | S100YEDZ |

### 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 | 9,701 | 9,288 | 11,327 | 9,917 | 12,447 |
| Equity | 7,449 | 7,355 | 7,832 | 7,594 | 8,209 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,856 | 2,743 | 3,725 | 2,875 | 3,665 |

## 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) | 5.4% | S100YEDZ |
| Fixed assets ÷ total assets | 1.6% | S100YEDZ |
| Goodwill ÷ parent equity | — | —, S100YEDZ |

### 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) | 29.4% |
| Cash ÷ revenue | 102.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.0% |
| Cash vs. profit gap | 395 JPY mn (of net income 57.8%) |
| Shareholder returns / net income | 35.0% |
| Shareholder returns / FCF | 22.6% |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | 22.6% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 4.7% |

## 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 | 10.1% | 0.30× | 3.0% | 1.30× | 3.9% | S100R71C, S100YEDZ |
| 2023 | 2.5% | 0.26× | 0.7% | 1.28× | 0.8% | S100TSS3, S100YEDZ |
| 2024 | 15.9% | 0.32× | 5.0% | 1.36× | 6.8% | S100W0FU, S100YEDZ |
| 2025 | 12.7% | 0.29× | 3.7% | 1.36× | 5.0% | S100YEDZ |
| 2026 | 19.1% | 0.32× | 6.1% | 1.39× | 8.5% | S100YEDZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東海東京フィナンシャル・ホールディングス株式会社 | Major shareholder | 43.6% | 2026-03-31 |
| 豊証券株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 野村プロパティーズ株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 中村 吉孝 | Major shareholder | 5.0% | 2026-03-31 |
| 細川 幸祐 | Major shareholder | 3.4% | 2026-03-31 |
| 山口 秀明 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ファンドクリエーション | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 里野 泰則 | Major shareholder | 0.8% | 2026-03-31 |
| 丸八証券従業員持株会 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YEDZ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEDZ,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W0FU | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0FU,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TSS3 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSS3,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R71C | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R71C,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OEPA | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEPA,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LRMV | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRMV,, |

## 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).