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Maruichi Steel TubeMaruichi Steel Tube Ltd.5463東証プライム鉄鋼FY ending Mar 2026, consolidated, J-GAAP

Maruichi Steel Tube revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed -6.8% from the prior year, operating profit +39.8%.

Five-year trend

Revenue¥243.8B
FY ending Mar 2022: ¥224.2B¥224.2BFY ending Mar 2023: ¥273.4B¥273.4BFY ending Mar 2024: ¥271.3B¥271.3BFY ending Mar 2025: ¥261.6B¥261.6BFY ending Mar 2026: ¥243.8B¥243.8BFY22FY23FY24FY25FY26
Operating income¥32B
FY ending Mar 2022: ¥36.3B¥36.3BFY ending Mar 2023: ¥30B¥30BFY ending Mar 2024: ¥34.8B¥34.8BFY ending Mar 2025: ¥22.9B¥22.9BFY ending Mar 2026: ¥32B¥32BFY22FY23FY24FY25FY26
Operating margin13.1%
FY ending Mar 2022: 16.2%16.2%FY ending Mar 2023: 11.0%11.0%FY ending Mar 2024: 12.8%12.8%FY ending Mar 2025: 8.8%8.8%FY ending Mar 2026: 13.1%13.1%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin10.9%
Asset turnover0.57×
ROA6.3%
ROA6.3%
Financial leverage1.35×
ROE8.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin10.9%
2022: 12.4%12.4%2023: 8.8%8.8%2024: 9.6%9.6%2025: 10.3%10.3%2026: 10.9%10.9%2223242526
Asset turnover0.57×
2022: 0.61×0.61×2023: 0.72×0.72×2024: 0.66×0.66×2025: 0.61×0.61×2026: 0.57×0.57×2223242526
ROA6.3%
2022: 7.5%7.5%2023: 6.3%6.3%2024: 6.3%6.3%2025: 6.3%6.3%2026: 6.3%6.3%2223242526
Financial leverage1.35×
2022: 1.35×1.35×2023: 1.36×1.36×2024: 1.39×1.39×2025: 1.39×1.39×2026: 1.35×1.35×2223242526
ROE8.5%
2022: 10.2%10.2%2023: 8.6%8.6%2024: 8.8%8.8%2025: 8.8%8.8%2026: 8.5%8.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202212.4%0.61×7.5%1.35×10.2%
20238.8%0.72×6.3%1.36×8.6%
20249.6%0.66×6.3%1.39×8.8%
202510.3%0.61×6.3%1.39×8.8%
202610.9%0.57×6.3%1.35×8.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue53.8%
2021: 53.4%53.4%2022: 38.7%38.7%2023: 33.5%33.5%2024: 38.4%38.4%2025: 47.3%47.3%2026: 53.8%53.8%212223242526
PPE ÷ total assets31.0%
2021: 26.1%26.1%2022: 23.4%23.4%2023: 23.3%23.3%2024: 24.2%24.2%2025: 29.1%29.1%2026: 31.0%31.0%212223242526
Goodwill ÷ parent equity0.0%
2021: 0.0%0.0%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.0%0.0%212223242526
Goodwill balance¥91M
2021: ¥95M¥95M2022: ¥318M¥318M2023: ¥192M¥192M2024: ¥175M¥175M2025: ¥161M¥161M2026: ¥91M¥91M212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥311M
2021: ¥301M¥301M2022: ¥313M¥313M2023: ¥290M¥290M2024: ¥294M¥294M2025: ¥320M¥320M2026: ¥311M¥311M212223242526
R&D / revenue0.1%
2021: 0.2%0.2%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.1%0.1%212223242526
Receivable days70d
2021: 85d85d2022: 82d82d2023: 71d71d2024: 74d74d2025: 70d70d2026: 70d70d212223242526
Payable days52d
2021: 65d65d2022: 73d73d2023: 54d54d2024: 51d51d2025: 41d41d2026: 52d52d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue224,218273,416271,310261,649243,764
Cost of revenue172,488226,703217,813217,844191,621
Gross profit51,72946,71253,49743,80452,142
SG&A15,45216,69318,68520,88620,099
Operating income36,27630,01934,81122,91832,043
Pretax income38,24134,26038,35840,45739,427
Income tax8,5869,35810,51512,15711,441
Net income attributable to owners27,76024,16426,11327,03326,676
Operating margin16.2%11.0%12.8%8.8%13.1%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 21%
Receivables 11%
Property, plant and equipment 31%
1%
Investment securities 15%
Other assets 21%

Funding

6%
8%
Equity 86%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥53.1B¥75.1B¥77.4B¥95.1B¥88.7B
Total assets¥370.1B¥393.2B¥429.5B¥425.6B¥422.4B
Net assets¥307.6B¥324.2B¥360.5B¥359.7B¥361.9B
Share capital¥9.6B¥9.6B¥9.6B¥9.6B¥9.6B
Trade receivables¥50.2B¥52.8B¥55.2B¥50B¥47B
Property, plant and equipment¥86.8B¥91.7B¥104.1B¥123.8B¥131.1B
Intangible assets excluding goodwill¥1.66B¥1.64B¥2.12B¥2.38B¥2.95B
Goodwill¥318M¥192M¥175M¥161M¥91M
Investment securities¥85.8B¥79B¥97.3B¥66.6B¥63.9B
Current assets¥192.6B¥217.4B¥222.2B¥226.6B¥218.7B
Current liabilities¥50B¥55.4B¥49.2B¥51.1B¥45.3B
Trade payables¥34.5B¥33.8B¥30.2B¥24.8B¥27.4B
Short-term borrowings¥2.87B¥6.48B¥3.14B¥2.19B¥3.6B
Long-term borrowings¥345M¥1.65B¥2.22B¥1.5B¥787M
Total liabilities¥62.5B¥68.9B¥69B¥65.9B¥60.4B
Non-controlling interests¥9.96B¥10.6B¥13.4B¥15.4B¥13.5B
Equity attributable to owners of parent¥273.3B¥286.5B¥304.1B¥312.6B¥314.7B
Retained earnings¥258B¥274.5B¥292B¥308.5B¥324.2B
Treasury stock-¥10.1B-¥11.1B-¥10.9B-¥20.9B-¥34.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第92期(2025/04/01－2026/03/31)

    ID S100YDSC2026-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第91期(2024/04/01－2025/03/31)

    ID S100VZIL2025-06-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第90期(2023/04/01－2024/03/31)

    ID S100TQGJ2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第89期(2022/04/01－2023/03/31)

    ID S100R2QI2023-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第88期(令和3年4月1日－令和4年3月31日)

    ID S100OFV22022-06-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第87期(令和2年4月1日－令和3年3月31日)

    ID S100N0QZ2021-12-09Open

Extracted from XBRL: 56 / Derived from other figures: 1

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