# Maruto Sangyo Co., Ltd: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第79期(2025/03/01－2026/02/28) (S100Y5TV)
> Page: https://vizora.meequs.com/en/company/maruto-sangyo
> Retrieved: 2026-09-30T21:18:24.197Z

## Company

Maruto Sangyo, founded in 1960, is a company in Food Packaging listed on Fukuoka. It has 388 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruto Sangyo Co., Ltd. |
| Ticker | 7894 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7894.T) |
| Listing | Fukuoka |
| Head office | 福岡県小郡市干潟892番地1 |
| Representative (per filing) | 代表取締役社長 菅原正之 |
| Founded | Mar 1960 |
| Share capital | ¥1.81B |
| Employees (consolidated) | 388 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Corporate number | 5290001050416 |
| EDINET | E00863 |
| Industries (Vizora) | Food Packaging |

> Profile source: annual securities report (S100Y5TV, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 15 |
| Profitability | 16.7 | 15 |
| Cash conversion | 46.4 | 14 |
| Efficiency | 83.3 | 15 |

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)

- Maruto Sangyo brought in ¥18.8B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +25.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18775003000 → ¥641679000
- Net income → operating cash flow: ¥641679000 → ¥650663000（difference ¥8984000）
- Main uses of operating cash flow: CapEx ¥493385000 / dividends ¥63650000 / buybacks —
- Change in cash: ¥-480037000
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 | ¥18.8B |  |
| Operating income | ¥420.7M | Margin 2.2% |
| Net income | ¥638.9M | Margin 3.4% |
| Free cash flow | ¥157.3M |  |
| Employees (consolidated) | 388 |  |
| EPS | ¥488 |  |
| Book value per share | ¥5782.82 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 1,590,250 |  |
| Treasury shares | 3,000 |  |
| Shareholders | 472 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | -3.2 pp | Food Packaging |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16599152000 | ¥18775003000 | +13.1% |
| Operating income | ¥986448000 | ¥420712000 | -57.4% |
| Operating margin | 5.9% | 2.2% | -3.7 pp |
| Employees | 373 people | 388 people | +4.0% |
| Cash and equivalents | ¥3546087000 | ¥2915997000 | -17.8% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,775 | 100.0% | S100Y5TV |
| Cost of revenue | 15,988 | 85.2% | S100Y5TV |
| Gross profit | 2,787 | 14.8% | S100Y5TV |
| SG&A | 2,366 | 12.6% | S100Y5TV |
| Operating income | 421 | 2.2% | S100Y5TV |
| Ordinary income | 527 | 2.8% | S100Y5TV |
| Pretax income | 892 | 4.8% | S100Y5TV |
| Income tax | 251 | 1.3% | S100Y5TV |
| Net income | 642 | 3.4% | S100Y5TV |
| Net income attributable to owners | 639 | 3.4% | S100Y5TV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.8% → Operating margin 2.2% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +25.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.24×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,046 | 18,775 | 729 | +4.0% |
| Gross profit | 2,703 | 2,787 | 84 | +3.1% |
| Operating income | 336 | 421 | 85 | +25.2% |
| Net income attributable to owners | 296 | 639 | 343 | +115.7% |
| Operating cash flow | 1,235 | 651 | -585 | -47.3% |
| Free cash flow | 640 | 157 | -482 | -75.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 16,653 | 774 | 4.6% | 539 | 1,203 | 785 | S100LF7G |
| FY ending Feb 2021 | 16,599 | 986 | 5.9% | 706 | 852 | 499 | S100O55B |
| FY ending Feb 2022 | 16,770 | 751 | 4.5% | 594 | 879 | -253 | S100QTZV |
| FY ending Feb 2023 | 18,137 | 480 | 2.6% | 417 | 536 | -1,468 | S100TI48 |
| FY ending Feb 2024 | 17,854 | 419 | 2.3% | 367 | 943 | -446 | S100VTBD |
| FY ending Feb 2025 | 18,046 | 336 | 1.9% | 296 | 1,235 | 640 | S100Y5TV |
| FY ending Feb 2026 | 18,775 | 421 | 2.2% | 639 | 651 | 157 | S100Y5TV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 380 | 376 | 380 | 371 | 388 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | 39.9 years | 40.6 years | 40.1 years | 41.2 years | 41.1 years |
| Average tenure (parent company) | 14.4 years | 15.1 years | 15.4 years | 15.9 years | 15.3 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +4.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 651 | 3.5% | S100Y5TV |
| Capital expenditure | 493 | 2.6% | S100Y5TV |
| Free cash flow | 157 | 0.8% | 算出 |
| Investing cash flow | -385 | -2.1% | S100Y5TV |
| Financing cash flow | -735 | -3.9% | S100Y5TV |
| Dividends paid | 64 | 0.3% | S100Y5TV |
| Change in cash | -480 | -2.6% | S100Y5TV |
| Cash and equivalents | 2,916 | 15.5% | S100Y5TV |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,852 | 2,742 | 3,394 | 3,396 | 2,916 | S100TI48, S100VTBD, S100Y5TV |
| Total assets | 15,101 | 16,889 | 18,153 | 18,410 | 18,643 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Net assets | 8,084 | 8,568 | 9,071 | 9,414 | 9,984 | S100TI48, S100VTBD, S100Y5TV |
| Share capital | 1,808 | 1,808 | 1,808 | 1,808 | 1,808 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Trade receivables | 3,809 | — | — | — | — | S100QTZV |
| Property, plant and equipment | 5,025 | 5,816 | 6,878 | 6,730 | 6,331 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Intangible assets excluding goodwill | 193 | 283 | 365 | 257 | 182 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Investment securities | 886 | 944 | 1,157 | 1,040 | 1,026 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Current assets | 8,880 | 9,725 | 9,698 | 10,269 | 10,960 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Current liabilities | 6,100 | 6,230 | 5,924 | 6,508 | 6,780 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Trade payables | 1,512 | 1,535 | 1,420 | 1,662 | 1,532 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Short-term borrowings | 698 | 698 | 698 | 698 | 688 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Long-term borrowings | 435 | 1,603 | 2,528 | 1,954 | 1,457 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Total liabilities | 7,017 | 8,321 | 9,081 | 8,995 | 8,659 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Non-controlling interests | 21 | 26 | 30 | 38 | 40 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Equity attributable to owners of parent | 7,773 | 8,127 | 8,430 | 8,663 | 9,238 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Retained earnings | 5,183 | 5,537 | 5,840 | 6,073 | 6,648 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100QTZV, S100TI48, S100VTBD, S100Y5TV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y5TV |
| Property, plant and equipment | 34% | S100Y5TV |
| Intangibles and goodwill | 1% | S100Y5TV |
| Investment securities | 5% | S100Y5TV |
| Other assets | 44% | S100Y5TV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y5TV |
| Other liabilities | 38% | S100Y5TV |
| Equity | 54% | S100Y5TV |
| Other liabilities | 0% | S100Y5TV |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,101 | 16,889 | 18,153 | 18,410 | 18,643 |
| Equity | 8,084 | 8,568 | 9,071 | 9,414 | 9,984 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,852 | 2,742 | 3,394 | 3,396 | 2,916 |

## 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) | 33.7% | S100Y5TV |
| Fixed assets ÷ total assets | 34.0% | S100Y5TV |
| Goodwill ÷ parent equity | — | —, S100Y5TV |

### 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) | 15.6% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.7% |
| Cash vs. profit gap | 12 JPY mn (of net income 1.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.0% |
| Shareholder payments — dividends / FCF | 40.5% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 59.2% |

## 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 | 3.5% | 1.11× | 3.9% | 1.94× | 7.6% | S100QTZV |
| 2023 | 2.3% | 1.13× | 2.6% | 2.01× | 5.2% | S100TI48 |
| 2024 | 2.1% | 1.02× | 2.1% | 2.12× | 4.4% | S100VTBD |
| 2025 | 1.6% | 0.99× | 1.6% | 2.14× | 3.5% | S100Y5TV |
| 2026 | 3.4% | 1.01× | 3.4% | 2.07× | 7.1% | S100Y5TV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 久光製薬株式会社 | Major shareholder | 39.8% | 2026-02-28 |
| TOPPANホールディングス株式会社 | Major shareholder | 18.9% | 2026-02-28 |
| 日本ポリエチレン株式会社 | Major shareholder | 5.2% | 2026-02-28 |
| 丸東産業従業員持株会 | Major shareholder | 2.8% | 2026-02-28 |
| 株式会社佐賀銀行 | Major shareholder | 2.1% | 2026-02-28 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.7% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 1.6% | 2026-02-28 |
| 株式会社みずほ銀行 | Major shareholder | 1.5% | 2026-02-28 |
| 原 口 雅 行 | Major shareholder | 1.3% | 2026-02-28 |
| 原 口 耕 一 | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第79期(2025/03/01－2026/02/28) | S100Y5TV | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5TV,, |
| 有価証券報告書－第78期(2024/03/01－2025/02/28) | S100VTBD | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTBD,, |
| 有価証券報告書－第77期(2023/03/01－2024/02/29) | S100TI48 | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI48,, |
| 有価証券報告書－第76期(2022/03/01－2023/02/28) | S100QTZV | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTZV,, |
| 有価証券報告書－第75期(令和3年3月1日－令和4年2月28日) | S100O55B | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O55B,, |
| 有価証券報告書－第74期(令和2年3月1日－令和3年2月28日) | S100LF7G | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF7G,, |

## 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).