# MARUICHI 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76期(2025/04/01－2026/03/31) (S100YFT2)
> Page: https://vizora.meequs.com/en/company/maruichi
> Retrieved: 2026-09-30T21:34:43.592Z

## Company

Maruichi, founded in 1951, is a company in Specialty Trading & Wholesale listed on Nagoya. It has 1,227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUICHI Co.,Ltd. |
| Ticker | 8228 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8228.T) |
| Listing | Nagoya |
| Head office | 長野県長野市市場3番地48 |
| Representative (per filing) | 代表取締役社長 社長執行役員 柏木 康全 |
| Founded | Jan 1951 |
| Share capital | ¥3.72B |
| Employees (consolidated) | 1,227 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.maruichi.com (https://www.maruichi.com/) |
| Corporate number | 5100001003284 |
| EDINET | E02698 |
| Industries (Vizora) | Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YFT2, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 179 |
| Profitability | 10 | 185 |
| Cash conversion | 72.3 | 179 |
| Efficiency | 97 | 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 66% of Maruichi's sales come from Marine Product Business, with Livestock Business and General Food Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit +149.3%.

## Company structure

- Segment revenue mix: Marine Product Business 65.8%、Livestock Business 15.4%、General Food Business 9.6%、Marusuinaganokensui Group 8.8%、Other 0.4%
- Revenue → net income: ¥297086000000 → ¥1914000000
- Net income → operating cash flow: ¥1914000000 → ¥3613000000（difference ¥1699000000）
- Main uses of operating cash flow: CapEx ¥905000000 / dividends ¥436000000 / buybacks ¥0
- Change in cash: ¥234000000
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 | ¥297.1B |  |
| Operating income | ¥2.59B | Margin 0.9% |
| Net income | ¥1.73B | Margin 0.6% |
| Free cash flow | ¥2.71B |  |
| Largest business | Marine Product Business | of segment revenue 65.8% |
| Employees (consolidated) | 1,227 |  |
| EPS | ¥45.3 |  |
| Book value per share | ¥1042.53 |  |
| Equity ratio | 31.8% |  |
| Shares outstanding | 23,121,000 |  |
| Treasury shares | 3,312,400 |  |
| Shareholders | 6,004 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 8.2% | Cash ÷ revenue 2.2% |
| Vs. industry median margin | -2 pp | Specialty Trading & Wholesale |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 72% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥227693000000 | ¥297086000000 | +30.5% |
| Operating income | ¥1929000000 | ¥2593000000 | +34.4% |
| Operating margin | 0.8% | 0.9% | 0 pp |
| Employees | 1,059 people | 1,227 people | +15.9% |
| Cash and equivalents | ¥9265000000 | ¥6634000000 | -28.4% |

### 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 |
| --- | ---: |
| 水産事業 → 水産事業 | 57.6% |
| 一般食品事業 → 一般食品事業 | 9.6% |
| 一般食品事業 → 事業再編・廃止 | 2.9% |
| 畜産事業 → 畜産事業 | 15.4% |
| 畜産事業 → 事業再編・廃止 | 1.0% |
| 丸水長野県水グループ → 丸水長野県水グループ | 8.8% |
| 丸水長野県水グループ → 事業再編・廃止 | 4.3% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 水産事業 | 8.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine Product Business | 5 years | +8.3% | ¥195587000000 | 1.1% | 2 |
| Livestock Business | 5 years | +4.2% | ¥45798000000 | -0.2% | 2 |
| General Food Business | 5 years | +0.0% | ¥28531000000 | -0.8% | 2 |
| Marusuinaganokensui Group | 5 years | -2.6% | ¥26028000000 | 2.6% | 2 |
| Other | 5 years | +2.8% | ¥1140000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 297,086 | 100.0% | S100YFT2 |
| Cost of revenue | 271,261 | 91.3% | S100YFT2 |
| Gross profit | 25,824 | 8.7% | S100YFT2 |
| SG&A | 23,230 | 7.8% | S100YFT2 |
| Operating income | 2,593 | 0.9% | S100YFT2 |
| Ordinary income | 2,956 | 1.0% | S100YFT2 |
| Pretax income | 2,635 | 0.9% | S100YFT2 |
| Income tax | 720 | 0.2% | S100YFT2 |
| Net income | 1,914 | 0.6% | S100YFT2 |
| Net income attributable to owners | 1,728 | 0.6% | S100YFT2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 8 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.7% → Operating margin 0.9% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.4%; Core profit growth: +149.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.38×
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 | 269,141 | 297,086 | 27,945 | +10.4% |
| Gross profit | 22,553 | 25,824 | 3,271 | +14.5% |
| Operating income | 1,040 | 2,593 | 1,553 | +149.3% |
| Net income attributable to owners | 713 | 1,728 | 1,015 | +142.4% |
| Operating cash flow | -3,183 | 3,613 | 6,796 | — |
| Free cash flow | -4,090 | 2,708 | 6,798 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 230,722 | 1,880 | 0.8% | 1,303 | -212 | -945 | S100LKWX |
| FY ending Mar 2021 | 227,693 | 1,929 | 0.8% | 1,235 | 2,216 | 1,106 | S100QJRI |
| FY ending Mar 2022 | 238,302 | 1,777 | 0.7% | 688 | 2,113 | 77 | S100QZFW |
| FY ending Mar 2023 | 246,723 | 1,685 | 0.7% | 1,260 | 948 | -177 | S100TR8N |
| FY ending Mar 2024 | 254,805 | 1,827 | 0.7% | 1,551 | 3,142 | 1,710 | S100VZZV |
| FY ending Mar 2025 | 269,141 | 1,040 | 0.4% | 713 | -3,183 | -4,090 | S100YFT2 |
| FY ending Mar 2026 | 297,086 | 2,593 | 0.9% | 1,728 | 3,613 | 2,708 | S100YFT2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥242.1M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 1,059 | 1,042 | 1,031 | 1,191 | 1,227 |
| Average salary (parent company) | ¥6.3M | ¥5.7M | ¥6.4M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 40.1 years | 40.8 years | 40.5 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 15.9 years | 16.5 years | 16.1 years | 16.1 years | 15.6 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +10.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine Product Business | 195,587 | 65.8% | 2,085 | 1.1% |
| General Food Business | 28,531 | 9.6% | -214 | -0.8% |
| Livestock Business | 45,798 | 15.4% | -81 | -0.2% |
| Marusuinaganokensui Group | 26,028 | 8.8% | 667 | 2.6% |
| Other | 1,140 | 0.4% | 137 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine Product Business | 65.8% | 72.2% | 6.3 | 1.1% |
| General Food Business | 9.6% | — | — | -0.8% |
| Livestock Business | 15.4% | — | — | -0.2% |
| Marusuinaganokensui Group | 8.8% | 23.1% | 14.3 | 2.6% |
| Other | 0.4% | 4.7% | 4.4 | 12.0% |

Loss-making segment (excluded from profit shares): General Food Business -214 JPY mn

Loss-making segment (excluded from profit shares): Livestock Business -81 JPY mn

Segment → industry: Marusuinaganokensui Group → Specialty Trading & Wholesale / Livestock Business → Specialty Trading & Wholesale / General Food Business → Specialty Trading & Wholesale / Marine Product Business → Specialty Trading & Wholesale / Other → Warehouses & Logistics Facilities

## 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 | 3,613 | 1.2% | S100YFT2 |
| Capital expenditure | 905 | 0.3% | S100YFT2 |
| Free cash flow | 2,708 | 0.9% | 算出 |
| Investing cash flow | -662 | -0.2% | S100YFT2 |
| Financing cash flow | -2,716 | -0.9% | S100YFT2 |
| Dividends paid | 436 | 0.1% | S100YFT2 |
| Share buyback | 0 | 0.0% | S100YFT2 |
| Change in cash | 234 | 0.1% | S100YFT2 |
| Cash and equivalents | 6,634 | 2.2% | S100YFT2 |

## 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 | 8,925 | 7,739 | 8,703 | 6,399 | 6,634 | S100TR8N, S100VZZV, S100YFT2 |
| Total assets | 53,680 | 55,376 | 67,311 | 78,533 | 81,101 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Net assets | 23,476 | 24,548 | 26,192 | 24,060 | 26,677 | S100TR8N, S100VZZV, S100YFT2 |
| Share capital | 3,719 | 3,719 | 3,719 | 3,719 | 3,719 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Property, plant and equipment | 10,527 | 10,422 | 10,414 | 11,881 | 12,184 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Intangible assets excluding goodwill | 2,054 | 2,682 | 3,073 | 11,308 | 10,270 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Goodwill | — | — | — | 3,456 | 3,209 | S100YFT2 |
| Investment securities | 2,731 | 2,921 | 3,838 | 4,609 | 5,788 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Current assets | 36,484 | 37,296 | 47,334 | 48,563 | 51,180 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Current liabilities | 27,894 | 29,048 | 39,393 | 39,194 | 41,037 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Trade payables | 22,129 | 22,726 | 31,059 | 25,359 | 26,311 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Short-term borrowings | 1,200 | 1,200 | 1,971 | 6,101 | 6,167 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Long-term borrowings | 362 | 42 | 106 | 12,404 | 10,746 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Total liabilities | 30,204 | 30,827 | 41,118 | 54,472 | 54,423 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Non-controlling interests | 609 | 643 | 545 | 580 | 903 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Equity attributable to owners of parent | 22,627 | 23,495 | 24,478 | 22,021 | 23,253 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Retained earnings | 16,623 | 17,484 | 18,437 | 18,641 | 19,932 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |
| Treasury stock | -1,104 | -1,097 | -1,069 | -3,729 | -3,773 | S100QZFW, S100TR8N, S100VZZV, S100YFT2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YFT2 |
| Property, plant and equipment | 15% | S100YFT2 |
| Intangibles and goodwill | 17% | S100YFT2 |
| Investment securities | 7% | S100YFT2 |
| Other assets | 53% | S100YFT2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 32% | S100YFT2 |
| Other liabilities | 35% | S100YFT2 |
| Equity | 33% | S100YFT2 |
| Other liabilities | 0% | S100YFT2 |

### 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 | 53,680 | 55,376 | 67,311 | 78,533 | 81,101 |
| Equity | 23,476 | 24,548 | 26,192 | 24,060 | 26,677 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,925 | 7,739 | 8,703 | 6,399 | 6,634 |

## 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) | 4.1% | S100YFT2 |
| Fixed assets ÷ total assets | 15.0% | S100YFT2 |
| Goodwill ÷ parent equity | 13.8% | S100YFT2 |

### 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) | 8.2% |
| Cash ÷ revenue | 2.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.3% |
| Cash vs. profit gap | 1,885 JPY mn (of net income 109.1%) |
| Shareholder returns / net income | 25.2% |
| Shareholder returns / FCF | 16.1% |
| Shareholder payments — dividends / net income | 25.2% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 18.3% |

## 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 | 0.3% | 4.44× | 1.3% | 2.37× | 3.0% | S100QZFW |
| 2023 | 0.5% | 4.52× | 2.3% | 2.36× | 5.5% | S100TR8N |
| 2024 | 0.6% | 4.15× | 2.5% | 2.56× | 6.5% | S100VZZV |
| 2025 | 0.3% | 3.69× | 1.0% | 3.14× | 3.1% | S100YFT2 |
| 2026 | 0.6% | 3.72× | 2.2% | 3.53× | 7.6% | S100YFT2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 11.6% | 2026-03-31 |
| マルイチ産商取引先持株会 | Major shareholder | 10.1% | 2026-03-31 |
| 有限会社ニシナ興産 | Major shareholder | 7.7% | 2026-03-31 |
| 国分グループ本社株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 昭和商事株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社ニチレイフレッシュ | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YFT2 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFT2,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100VZZV | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZV,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TR8N | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR8N,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100QZFW | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZFW,, |
| 訂正有価証券報告書－第72期(2021/04/01－2022/03/31) | S100QJRI | 2023-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJRI,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LKWX | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKWX,, |

## 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).