# Marumae Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2024/09/01－2025/08/31) (S100X6CU)
> Page: https://vizora.meequs.com/en/company/marumae
> Retrieved: 2026-09-30T19:05:00.663Z

## Company

Marumae is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Marumae Co., Ltd. |
| Ticker | 6264 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6264.T) |
| Listing | TSE Prime |
| Head office | 鹿児島県出水市大野原町2141番地 |
| Representative (per filing) | 代表取締役社長 前田 俊一 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 462 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | August |
| Website | www.marumae.com (https://www.marumae.com/) |
| Corporate number | 2340001011885 |
| EDINET | E01465 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Semiconductor Equipment, Semiconductor Materials |

> Profile source: annual securities report (S100X6CU, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 67.1 | 41 |
| Cash conversion | 67.9 | 39 |
| Efficiency | 15.9 | 41 |

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 68% of Marumae's sales come from Precision Components, with Functional Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +140.1% from the prior year, operating profit +1244.2%.

## Company structure

- Segment revenue mix: Precision Components 67.6%、Functional Materials 32.4%
- Revenue → net income: ¥11403403000 → ¥1355987000
- Net income → operating cash flow: ¥1355987000 → ¥3058988000（difference ¥1703001000）
- Main uses of operating cash flow: CapEx ¥1520872000 / dividends ¥443011000 / buybacks —
- Change in cash: ¥1224667000
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 | ¥11.4B |  |
| Operating income | ¥2.1B | Margin 18.4% |
| Net income | ¥1.36B | Margin 11.9% |
| Free cash flow | ¥1.54B |  |
| Largest business | Precision Components | of segment revenue 67.6% |
| Employees (consolidated) | 462 |  |
| EPS | ¥106.72 |  |
| Book value per share | ¥638.37 |  |
| Equity ratio | 32.1% |  |
| Shares outstanding | 13,053,000 |  |
| Treasury shares | 390,700 |  |
| Shareholders | 10,431 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 37.3% |
| Vs. industry median margin | +4 pp | Semiconductor Equipment |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 83% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4388522000 | ¥11403403000 | — |
| Operating income | ¥896236000 | ¥2103901000 | — |
| Operating margin | 20.4% | 18.4% | -2 pp |
| Employees | 142 people | 462 people | — |
| Cash and equivalents | ¥2540381000 | ¥4252863000 | — |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 精密部品事業 | 67.6% |
| 新設・再編 → 機能材料事業 | 32.4% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,403 | 100.0% | S100X6CU |
| Cost of revenue | 7,855 | 68.9% | S100X6CU |
| Gross profit | 3,548 | 31.1% | S100X6CU |
| SG&A | 1,444 | 12.7% | S100X6CU |
| Operating income | 2,104 | 18.4% | S100X6CU |
| Ordinary income | 1,936 | 17.0% | S100X6CU |
| Pretax income | 1,936 | 17.0% | S100X6CU |
| Income tax | 580 | 5.1% | S100X6CU |
| Net income | 1,356 | 11.9% | S100X6CU |
| Net income attributable to owners | 1,356 | 11.9% | S100X6CU |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 13 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 31.1% → Operating margin 18.4% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,749 | 11,403 | 6,654 | +140.1% |
| Gross profit | 832 | 3,548 | 2,716 | +326.4% |
| Operating income | 157 | 2,104 | 1,947 | +1244.2% |
| Operating cash flow | 432 | 3,059 | 2,627 | +608.5% |
| Free cash flow | -73 | 1,538 | 1,611 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 4,019 | 496 | 12.3% | 437 | 1,053 | -444 | S100KA2D |
| FY ending Aug 2020 | 4,389 | 896 | 20.4% | 691 | 1,191 | 849 | S100MYG9 |
| FY ending Aug 2021 | 5,370 | 1,207 | 22.5% | 903 | 1,062 | 249 | S100PX9J |
| FY ending Aug 2022 | 8,585 | 2,362 | 27.5% | 1,817 | 2,228 | 483 | S100SCKV |
| FY ending Aug 2023 | 6,868 | 859 | 12.5% | 707 | 2,252 | 763 | S100UU4I |
| FY ending Aug 2024 | 4,749 | 157 | 3.3% | 20 | 432 | -73 | S100UU4I |
| FY ending Aug 2025 | 11,403 | 2,104 | 18.4% | 1,356 | 3,059 | 1,538 | S100X6CU |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥2.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 160 | 179 | 183 | 198 | 462 |
| Average salary (parent company) | ¥5.2M | ¥6.2M | ¥5.6M | ¥4.7M | ¥5.6M |
| Average age (parent company) | 37.8 years | 38.5 years | 39.0 years | 39.0 years | 40.0 years |
| Average tenure (parent company) | 7.6 years | 8.1 years | 8.8 years | 8.2 years | 8.3 years |

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precision Components | 7,710 | 67.6% | 1,824 | 23.7% |
| Functional Materials | 3,694 | 32.4% | 386 | 10.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precision Components | 67.6% | 82.5% | 14.9 | 23.7% |
| Functional Materials | 32.4% | 17.5% | -14.9 | 10.4% |

Segment → industry: Functional Materials → Non-ferrous Metals & Wires / Precision Components → Semiconductor Equipment / Functional Materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,059 | 26.8% | S100X6CU |
| Capital expenditure | 1,521 | 13.3% | S100X6CU |
| Free cash flow | 1,538 | 13.5% | 算出 |
| Investing cash flow | -9,709 | -85.1% | S100X6CU |
| Financing cash flow | 7,876 | 69.1% | S100X6CU |
| Dividends paid | 443 | 3.9% | S100X6CU |
| Change in cash | 1,225 | 10.7% | S100X6CU |
| Cash and equivalents | 4,253 | 37.3% | S100X6CU |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,505 | 3,012 | 3,496 | 3,028 | 4,253 | S100SCKV, S100UU4I, S100X6CU |
| Total assets | 9,743 | 12,553 | 11,612 | 11,464 | 25,423 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Net assets | 6,327 | 7,299 | 7,474 | 7,163 | 8,152 | S100SCKV, S100UU4I, S100X6CU |
| Share capital | 1,241 | 1,241 | 1,241 | 1,241 | 1,241 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Property, plant and equipment | 4,757 | 5,757 | 5,958 | 5,670 | 9,538 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Intangible assets excluding goodwill | 52 | 39 | 26 | 16 | 4,739 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Goodwill | — | — | — | — | 4,697 | S100X6CU |
| Investment securities | 7 | 7 | 7 | 7 | — | S100PX9J, S100SCKV, S100UU4I |
| Current assets | 4,814 | 6,592 | 5,448 | 5,572 | 10,478 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Current liabilities | 1,452 | 2,505 | 1,165 | 1,348 | 4,623 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Short-term borrowings | — | — | — | — | 150 | S100X6CU |
| Long-term borrowings | 1,924 | 2,664 | 2,890 | 2,864 | 12,001 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Total liabilities | 3,415 | 5,254 | 4,138 | 4,301 | 17,272 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Equity attributable to owners of parent | 6,327 | 7,299 | 7,474 | 7,163 | 8,088 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Retained earnings | 3,310 | 4,666 | 4,816 | 4,482 | 5,395 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |
| Treasury stock | -162 | -558 | -541 | -523 | -512 | S100PX9J, S100SCKV, S100UU4I, S100X6CU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100X6CU |
| Property, plant and equipment | 37% | S100X6CU |
| Intangibles and goodwill | 37% | S100X6CU |
| Other assets | 9% | S100X6CU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100X6CU |
| Equity | 32% | S100X6CU |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,743 | 12,553 | 11,612 | 11,464 | 25,423 |
| Equity | 6,327 | 7,299 | 7,474 | 7,163 | 8,152 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,505 | 3,012 | 3,496 | 3,028 | 4,253 |

## 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) | 83.6% | S100X6CU |
| Fixed assets ÷ total assets | 37.5% | S100X6CU |
| Goodwill ÷ parent equity | 58.1% | S100X6CU |

### 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) | 16.7% |
| Cash ÷ revenue | 37.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.4% |
| Cash vs. profit gap | 1,703 JPY mn (of net income 125.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.7% |
| Shareholder payments — dividends / FCF | 28.8% |
| CapEx intensity (capex ÷ revenue) | 13.3% |
| Investing CF relative to operating CF | 317.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 16.8% | 0.55× | 9.3% | 1.54× | 14.3% | S100PX9J |
| 2022 | 21.2% | 0.77× | 16.3% | 1.64× | 26.7% | S100SCKV |
| 2023 | 10.3% | 0.57× | 5.8% | 1.64× | 9.6% | S100UU4I |
| 2024 | 0.4% | 0.41× | 0.2% | 1.58× | 0.3% | S100UU4I |
| 2025 | 11.9% | 0.45× | 5.3% | 3.14× | 16.8% | S100X6CU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 前田 俊一 | Major shareholder | 35.1% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2025-08-31 |
| 前田 美佐子 | Major shareholder | 4.0% | 2025-08-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.9% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2025-08-31 |
| 前田 良子 | Major shareholder | 1.4% | 2025-08-31 |
| 五十嵐 光栄 | Major shareholder | 1.3% | 2025-08-31 |
| マルマエ共栄会 | Major shareholder | 0.9% | 2025-08-31 |
| BNP PARIBAS LUXEMBOURG/２S/JASDEC SECURITIES/UCITS ASSETS（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.8% | 2025-08-31 |
| 大境 宏良 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2024/09/01－2025/08/31) | S100X6CU | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6CU,, |
| 有価証券報告書－第37期(2023/09/01－2024/08/31) | S100UU4I | 2024-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UU4I,, |
| 有価証券報告書－第36期(2022/09/01－2023/08/31) | S100SCKV | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCKV,, |
| 訂正有価証券報告書－第35期(2021/09/01－2022/08/31) | S100PX9J | 2023-01-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PX9J,, |
| 有価証券報告書－第34期(令和2年9月1日－令和3年8月31日) | S100MYG9 | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYG9,, |
| 有価証券報告書－第33期(令和1年9月1日－令和2年8月31日) | S100KA2D | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KA2D,, |

## 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).