# Maruken Lease 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58期(2025/04/01－2026/03/31) (S100YEAG)
> Page: https://vizora.meequs.com/en/company/maruken-lease
> Retrieved: 2026-09-30T21:43:55.056Z

## Company

Maruken Lease, founded in 1939, is a company in Leasing listed on TSE Standard. It has 382 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruken Lease Co., Ltd.(旧英訳名 Marubeni Construction Material Lease Co.,Ltd.) |
| Ticker | 9763 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9763.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝公園2丁目4番1号 |
| Representative (per filing) | 代表取締役社長 井ノ上雅弘 |
| Founded | Feb 1939 |
| Share capital | ¥2.65B |
| Employees (consolidated) | 382 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.maruken-lease.co.jp (https://www.maruken-lease.co.jp/) |
| Corporate number | 1010401028415 |
| EDINET | E04777 |
| Industries (Vizora) | Leasing, General Contractors |

> Profile source: annual securities report (S100YEAG, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 73% of Maruken Lease's sales come from Sale and rental of construction material, with Heavy temporary construction works and others and Civil works and water and sewerage facilities construction making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit -5.7%.

## Company structure

- Segment revenue mix: Sale and rental of construction material 73.4%、Heavy temporary construction works and others 20.3%、Civil works and water and sewerage facilities construction 6.3%
- Revenue → net income: ¥26470000000 → ¥1365000000
- Net income → operating cash flow: ¥1365000000 → ¥131000000（difference ¥-1234000000）
- Main uses of operating cash flow: CapEx ¥280000000 / dividends ¥468000000 / buybacks ¥1000000
- Change in cash: ¥-355000000
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 | ¥26.5B |  |
| Operating income | ¥1.43B | Margin 5.4% |
| Net income | ¥1.36B | Margin 5.1% |
| Free cash flow | -¥149M |  |
| Largest business | Sale and rental of construction material | of segment revenue 73.4% |
| Employees (consolidated) | 382 |  |
| EPS | ¥171.8 |  |
| Book value per share | ¥1615.05 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 3,429,440 |  |
| Treasury shares | 256,900 |  |
| Shareholders | 4,673 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 4.0% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -1.7 pp | Leasing |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20032000000 | ¥26470000000 | +32.1% |
| Operating income | ¥725000000 | ¥1427000000 | +96.8% |
| Operating margin | 3.6% | 5.4% | +1.8 pp |
| Employees | 296 people | 382 people | +29.1% |
| Cash and equivalents | ¥2396000000 | ¥1644000000 | -31.4% |

### 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 |
| --- | ---: |
| 重仮設 → 重仮設 | 73.4% |
| 重仮設 → 事業再編・廃止 | 7.7% |
| 重仮設工事 → 事業再編・廃止 | 11.9% |
| 土木・上下水道施設工事等 → 土木・上下水道施設工事等 | 6.3% |
| 土木・上下水道施設工事等 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 重仮設等工事 | 20.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sale and rental of construction material | 5 years | +3.6% | ¥19425000000 | 10.0% | 2 |
| Heavy temporary construction works and others | 2 years | +21.0% | ¥5372000000 | 5.4% | 2 |
| Civil works and water and sewerage facilities construction | 5 years | +3.7% | ¥1672000000 | 2.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,470 | 100.0% | S100YEAG |
| Cost of revenue | 21,686 | 81.9% | S100YEAG |
| Gross profit | 4,783 | 18.1% | S100YEAG |
| SG&A | 3,356 | 12.7% | S100YEAG |
| Operating income | 1,427 | 5.4% | S100YEAG |
| Ordinary income | 1,930 | 7.3% | S100YEAG |
| Pretax income | 1,930 | 7.3% | S100YEAG |
| Income tax | 565 | 2.1% | S100YEAG |
| Net income | 1,365 | 5.2% | S100YEAG |
| Net income attributable to owners | 1,360 | 5.1% | S100YEAG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.1% → Operating margin 5.4% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +16.1%; Core profit growth: -5.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.36×
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 | 22,807 | 26,470 | 3,663 | +16.1% |
| Gross profit | 4,319 | 4,783 | 464 | +10.7% |
| Operating income | 1,514 | 1,427 | -87 | -5.7% |
| Net income attributable to owners | 1,218 | 1,360 | 142 | +11.7% |
| Operating cash flow | 24 | 131 | 107 | +445.8% |
| Free cash flow | -122 | -149 | -27 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,402 | 669 | 3.1% | 781 | 834 | 597 | S100MAXP |
| FY ending Mar 2021 | 20,032 | 725 | 3.6% | 911 | 2,348 | 2,080 | S100OCYP |
| FY ending Mar 2022 | 19,103 | 1,066 | 5.6% | 1,003 | 1,082 | 894 | S100R151 |
| FY ending Mar 2023 | 20,101 | 1,160 | 5.8% | 1,111 | 1,249 | 1,134 | S100TO8V |
| FY ending Mar 2024 | 21,325 | 1,326 | 6.2% | 1,161 | 335 | 167 | S100VYYW |
| FY ending Mar 2025 | 22,807 | 1,514 | 6.6% | 1,218 | 24 | -122 | S100YEAG |
| FY ending Mar 2026 | 26,470 | 1,427 | 5.4% | 1,360 | 131 | -149 | S100YEAG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.3M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 290 | 285 | 302 | 361 | 382 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥7.1M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 43.9 years | 45.1 years | 45.5 years | 45.4 years | 45.7 years |
| Average tenure (parent company) | 15.0 years | 16.3 years | 16.5 years | 16.8 years | 17.1 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +16.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sale and rental of construction material | 19,425 | 73.4% | 1,935 | 10.0% |
| Heavy temporary construction works and others | 5,372 | 20.3% | 289 | 5.4% |
| Civil works and water and sewerage facilities construction | 1,672 | 6.3% | 42 | 2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sale and rental of construction material | 73.4% | 85.4% | 12.0 | 10.0% |
| Heavy temporary construction works and others | 20.3% | 12.8% | -7.5 | 5.4% |
| Civil works and water and sewerage facilities construction | 6.3% | 1.9% | -4.5 | 2.5% |

Segment → industry: Sale and rental of construction material → Leasing / Civil works and water and sewerage facilities construction → General Contractors / Heavy temporary construction works and others → General Contractors

## 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 | 131 | 0.5% | S100YEAG |
| Capital expenditure | 280 | 1.1% | S100YEAG |
| Free cash flow | -149 | -0.6% | 算出 |
| Investing cash flow | -953 | -3.6% | S100YEAG |
| Financing cash flow | 466 | 1.8% | S100YEAG |
| Dividends paid | 468 | 1.8% | S100YEAG |
| Share buyback | 1 | 0.0% | S100YEAG |
| Change in cash | -355 | -1.3% | S100YEAG |
| Cash and equivalents | 1,644 | 6.2% | S100YEAG |

## 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 | 1,038 | 736 | 443 | 2,000 | 1,644 | S100TO8V, S100VYYW, S100YEAG |
| Total assets | 31,947 | 31,816 | 32,540 | 38,123 | 40,842 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Net assets | 14,694 | 15,251 | 16,456 | 17,469 | 18,798 | S100TO8V, S100VYYW, S100YEAG |
| Share capital | 2,651 | 2,651 | 2,651 | 2,651 | 2,651 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Property, plant and equipment | 9,143 | 9,076 | 9,126 | 9,404 | 9,293 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Intangible assets excluding goodwill | 5 | 9 | 6 | 938 | 1,578 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Goodwill | — | — | — | 448 | 1,058 | S100YEAG |
| Investment securities | 4,022 | 4,333 | 4,769 | 5,179 | 5,342 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Current assets | 18,146 | 17,935 | 18,295 | 22,369 | 24,309 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Current liabilities | 14,116 | 13,238 | 12,826 | 16,166 | 17,401 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Trade payables | 5,713 | 5,836 | 5,121 | 5,587 | 4,761 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Short-term borrowings | 2,879 | 1,593 | 1,852 | 3,706 | 3,641 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Long-term borrowings | 2,140 | 2,330 | 2,265 | 3,104 | 3,178 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Total liabilities | 17,253 | 16,564 | 16,084 | 20,653 | 22,044 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Non-controlling interests | 501 | 524 | 619 | 651 | 671 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Equity attributable to owners of parent | 11,853 | 12,271 | 13,083 | 13,888 | 14,778 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Retained earnings | 8,414 | 9,132 | 9,945 | 10,751 | 11,642 | S100R151, S100TO8V, S100VYYW, S100YEAG |
| Treasury stock | -136 | -437 | -437 | -438 | -439 | S100R151, S100TO8V, S100VYYW, S100YEAG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YEAG |
| Property, plant and equipment | 23% | S100YEAG |
| Intangibles and goodwill | 6% | S100YEAG |
| Investment securities | 13% | S100YEAG |
| Other assets | 54% | S100YEAG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YEAG |
| Other liabilities | 42% | S100YEAG |
| Equity | 46% | S100YEAG |

### 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 | 31,947 | 31,816 | 32,540 | 38,123 | 40,842 |
| Equity | 14,694 | 15,251 | 16,456 | 17,469 | 18,798 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,038 | 736 | 443 | 2,000 | 1,644 |

## 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) | 35.1% | S100YEAG |
| Fixed assets ÷ total assets | 22.8% | S100YEAG |
| Goodwill ÷ parent equity | 7.2% | S100YEAG |

### 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) | 4.0% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 9.2% |
| Cash vs. profit gap | -1,229 JPY mn (of net income -90.4%) |
| Shareholder returns / net income | 34.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 727.5% |

## 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 | 5.3% | 0.60× | 3.1% | 2.70× | 8.5% | S100R151 |
| 2023 | 5.5% | 0.63× | 3.5% | 2.64× | 9.2% | S100TO8V |
| 2024 | 5.4% | 0.66× | 3.6% | 2.54× | 9.2% | S100VYYW |
| 2025 | 5.3% | 0.65× | 3.4% | 2.62× | 9.0% | S100YEAG |
| 2026 | 5.1% | 0.67× | 3.4% | 2.75× | 9.5% | S100YEAG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸紅株式会社 | Major shareholder | 36.8% | 2026-03-31 |
| 丸建リース取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ライラック | Major shareholder | 2.7% | 2026-03-31 |
| 丸建リース従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 柿沼佑一 | Major shareholder | 1.3% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.2% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| アバンディア合同会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YEAG | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEAG,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100VYYW | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYYW,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TO8V | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO8V,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R151 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R151,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OCYP | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCYP,, |
| 訂正有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100MAXP | 2021-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MAXP,, |

## 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).