# Maruichi Steel Tube 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92期(2025/04/01－2026/03/31) (S100YDSC)
> Page: https://vizora.meequs.com/en/company/maruichi-steel-tube
> Retrieved: 2026-09-30T20:40:40.955Z

## Company

Maruichi Steel Tube, founded in 1947, is a company in Steel listed on TSE Prime. It has 2,599 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruichi Steel Tube Ltd. |
| Ticker | 5463 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5463.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区難波五丁目1番60号 |
| Representative (per filing) | 代表取締役 鈴木博之 |
| Founded | Dec 1947 |
| Share capital | ¥9.6B |
| Employees (consolidated) | 2,599 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Corporate number | 5120001047593 |
| EDINET | E01253 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YDSC, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 33 |
| Profitability | 95.7 | 35 |
| Cash conversion | 11.3 | 31 |
| Efficiency | 15.7 | 35 |

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 59% of Maruichi Steel Tube's sales come from Japan, with North America and Asia making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Japan 59.1%、North America 22.5%、Asia 18.4%
- Revenue → net income: ¥243764000000 → ¥27985000000
- Net income → operating cash flow: ¥27985000000 → ¥20410000000（difference ¥-7575000000）
- Main uses of operating cash flow: CapEx ¥15469000000 / dividends ¥10958000000 / buybacks ¥15310000000
- Change in cash: ¥-6449000000
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 | ¥243.8B |  |
| Operating income | ¥32B | Margin 13.1% |
| Net income | ¥26.7B | Margin 10.9% |
| Free cash flow | ¥4.94B |  |
| Largest business | Japan | of segment revenue 59.1% |
| Employees (consolidated) | 2,599 |  |
| EPS | ¥90.03 |  |
| Diluted EPS | ¥89.96 |  |
| Book value per share | ¥1130.78 |  |
| Equity ratio | 82.5% |  |
| Shares outstanding | 252,000,000 |  |
| Treasury shares | 30,349,800 |  |
| Shareholders | 25,720 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 21.0% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +9.7 pp | Steel |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161138000000 | ¥243764000000 | +51.3% |
| Operating income | ¥18332000000 | ¥32043000000 | +74.8% |
| Operating margin | 11.4% | 13.1% | +1.8 pp |
| Employees | 2,381 people | 2,599 people | +9.2% |
| Cash and equivalents | ¥64086000000 | ¥88682000000 | +38.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 59.1% |
| 日本 → 事業再編・廃止 | 10.1% |
| 北米 → 北米 | 14.6% |
| アジア → アジア | 16.2% |
| 新設・再編 → 北米 | 7.9% |
| 新設・再編 → アジア | 2.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +5.3% | ¥144139000000 | 15.2% | 2 |
| North America | 5 years | +18.5% | ¥54837000000 | 10.0% | 2 |
| Asia | 5 years | +11.4% | ¥44788000000 | 9.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 243,764 | 100.0% | S100YDSC |
| Cost of revenue | 191,621 | 78.6% | S100YDSC |
| Gross profit | 52,142 | 21.4% | S100YDSC |
| SG&A | 20,099 | 8.2% | S100YDSC |
| Operating income | 32,043 | 13.1% | S100YDSC |
| Ordinary income | 34,248 | 14.0% | S100YDSC |
| Pretax income | 39,427 | 16.2% | S100YDSC |
| Income tax | 11,441 | 4.7% | S100YDSC |
| Net income | 27,985 | 11.5% | S100YDSC |
| Net income attributable to owners | 26,676 | 10.9% | S100YDSC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 8 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 21.4% → Operating margin 13.1% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.8%; Core profit growth: +39.8%
Operating leverage (core profit growth ÷ revenue growth): -5.82×
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 | 261,649 | 243,764 | -17,885 | -6.8% |
| Gross profit | 43,804 | 52,142 | 8,338 | +19.0% |
| Operating income | 22,918 | 32,043 | 9,125 | +39.8% |
| Net income attributable to owners | 27,033 | 26,676 | -357 | -1.3% |
| Operating cash flow | 28,144 | 20,410 | -7,734 | -27.5% |
| Free cash flow | 3,506 | 4,941 | 1,435 | +40.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 154,926 | 14,712 | 9.5% | 6,354 | 29,739 | 24,042 | S100N0QZ |
| FY ending Mar 2021 | 161,138 | 18,332 | 11.4% | 13,857 | 24,355 | 18,088 | S100OFV2 |
| FY ending Mar 2022 | 224,218 | 36,276 | 16.2% | 27,760 | 15,096 | 8,261 | S100R2QI |
| FY ending Mar 2023 | 273,416 | 30,019 | 11.0% | 24,164 | 24,491 | 17,857 | S100TQGJ |
| FY ending Mar 2024 | 271,310 | 34,811 | 12.8% | 26,113 | 35,687 | 19,950 | S100VZIL |
| FY ending Mar 2025 | 261,649 | 22,918 | 8.8% | 27,033 | 28,144 | 3,506 | S100YDSC |
| FY ending Mar 2026 | 243,764 | 32,043 | 13.1% | 26,676 | 20,410 | 4,941 | S100YDSC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.8M |
| Operating income per employee (consolidated) | ¥12.3M |
| Net income per employee (consolidated) | ¥10.3M |

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) | 2,383 | 2,430 | 2,519 | 2,596 | 2,599 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥6.9M | ¥7M | ¥7.2M |
| Average age (parent company) | 40.0 years | 39.8 years | 39.6 years | 40.4 years | 40.9 years |
| Average tenure (parent company) | 18.2 years | 18.2 years | 18.0 years | 18.8 years | 19.4 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) -6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 144,139 | 59.1% | 21,851 | 15.2% |
| North America | 54,837 | 22.5% | 5,458 | 10.0% |
| Asia | 44,788 | 18.4% | 4,164 | 9.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 59.1% | 69.4% | 10.3 | 15.2% |
| North America | 22.5% | 17.3% | -5.2 | 10.0% |
| Asia | 18.4% | 13.2% | -5.1 | 9.3% |

Segment → industry: Asia → Steel / North America → Steel / Japan → Steel

## 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 | 20,410 | 8.4% | S100YDSC |
| Capital expenditure | 15,469 | 6.3% | S100YDSC |
| Free cash flow | 4,941 | 2.0% | 算出 |
| Investing cash flow | 1,143 | 0.5% | S100YDSC |
| Financing cash flow | -27,877 | -11.4% | S100YDSC |
| Dividends paid | 10,958 | 4.5% | S100YDSC |
| Share buyback | 15,310 | 6.3% | S100YDSC |
| Change in cash | -6,449 | -2.6% | S100YDSC |
| Cash and equivalents | 88,682 | 36.4% | S100YDSC |

## 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 | 53,058 | 75,124 | 77,418 | 95,132 | 88,682 | S100TQGJ, S100VZIL, S100YDSC |
| Total assets | 370,078 | 393,165 | 429,529 | 425,634 | 422,374 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Net assets | 307,593 | 324,220 | 360,501 | 359,726 | 361,936 | S100TQGJ, S100VZIL, S100YDSC |
| Share capital | 9,595 | 9,595 | 9,595 | 9,595 | 9,595 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Trade receivables | 50,248 | 52,835 | 55,221 | 49,986 | 47,046 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Property, plant and equipment | 86,782 | 91,710 | 104,092 | 123,825 | 131,076 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Intangible assets excluding goodwill | 1,662 | 1,644 | 2,117 | 2,377 | 2,951 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Goodwill | 318 | 192 | 175 | 161 | 91 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Investment securities | 85,842 | 79,008 | 97,292 | 66,631 | 63,859 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Current assets | 192,562 | 217,377 | 222,166 | 226,582 | 218,714 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Current liabilities | 49,988 | 55,447 | 49,210 | 51,070 | 45,255 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Trade payables | 34,477 | 33,832 | 30,204 | 24,757 | 27,443 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Short-term borrowings | 2,874 | 6,482 | 3,142 | 2,188 | 3,599 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Long-term borrowings | 345 | 1,652 | 2,224 | 1,500 | 787 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Total liabilities | 62,485 | 68,945 | 69,028 | 65,907 | 60,438 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Non-controlling interests | 9,955 | 10,589 | 13,379 | 15,361 | 13,504 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Equity attributable to owners of parent | 273,270 | 286,503 | 304,119 | 312,619 | 314,664 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Retained earnings | 257,951 | 274,533 | 292,032 | 308,522 | 324,241 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |
| Treasury stock | -10,072 | -11,061 | -10,922 | -20,852 | -34,645 | S100R2QI, S100TQGJ, S100VZIL, S100YDSC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDSC |
| Receivables | 11% | S100YDSC |
| Property, plant and equipment | 31% | S100YDSC |
| Intangibles and goodwill | 1% | S100YDSC |
| Investment securities | 15% | S100YDSC |
| Other assets | 21% | S100YDSC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YDSC |
| Other liabilities | 8% | S100YDSC |
| Equity | 86% | S100YDSC |

### 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 | 370,078 | 393,165 | 429,529 | 425,634 | 422,374 |
| Equity | 307,593 | 324,220 | 360,501 | 359,726 | 361,936 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 53,058 | 75,124 | 77,418 | 95,132 | 88,682 |

## 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) | 53.8% | S100YDSC |
| Fixed assets ÷ total assets | 31.0% | S100YDSC |
| Goodwill ÷ parent equity | 0.0% | S100YDSC |

Goodwill over 4 years: 318 → 91 JPY; total investing cash flow: -11,842 JPY. This does not imply causation.

### 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) | 21.0% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.7% |
| Cash vs. profit gap | -6,266 JPY mn (of net income -23.5%) |
| Shareholder returns / net income | 98.5% |
| Shareholder returns / FCF | 531.6% |
| Shareholder payments — dividends / net income | 41.1% |
| Shareholder payments — dividends / FCF | 221.8% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 5.6% |

## 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 | 12.4% | 0.61× | 7.5% | 1.35× | 10.2% | S100R2QI |
| 2023 | 8.8% | 0.72× | 6.3% | 1.36× | 8.6% | S100TQGJ |
| 2024 | 9.6% | 0.66× | 6.3% | 1.39× | 8.8% | S100VZIL |
| 2025 | 10.3% | 0.61× | 6.3% | 1.39× | 8.8% | S100YDSC |
| 2026 | 10.9% | 0.57× | 6.3% | 1.35× | 8.5% | S100YDSC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.9% | 2026-03-31 |
| 株式会社ヨシムラホールディングス | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・JFEスチール株式会社退職給付信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE SILCHESTERINTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行） | Major shareholder | 2.7% | 2026-03-31 |
| PHILLIP SECURITIES(HONG KONG) LIMITED LIM WAH SAI (常任代理人 フィリップ証券株式会社) | Major shareholder | 2.6% | 2026-03-31 |
| 丸一鋼管共栄持株会 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YDSC | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDSC,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100VZIL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZIL,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TQGJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQGJ,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R2QI | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2QI,, |
| 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) | S100OFV2 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFV2,, |
| 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) | S100N0QZ | 2021-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N0QZ,, |

## 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).