# MARUWA 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53期(2025/04/01－2026/03/31) (S100YB11)
> Page: https://vizora.meequs.com/en/company/maruwa
> Retrieved: 2026-09-30T21:35:33.937Z

## Company

Maruwa, founded in 1973, is a company in Glass & Ceramics listed on TSE Prime. It has 1,322 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUWA CO.,LTD. |
| Ticker | 5344 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5344.T) |
| Listing | TSE Prime |
| Head office | 愛知県尾張旭市南本地ヶ原町三丁目83番地 |
| Representative (per filing) | 代表取締役社長 神戸 俊郎 |
| Founded | Apr 1973 |
| Share capital | ¥8.65B |
| Employees (consolidated) | 1,322 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.maruwa-g.com (https://www.maruwa-g.com/) |
| Corporate number | 2180001079691 |
| EDINET | E01210 |
| Industries (Vizora) | Glass & Ceramics, Electronic Components, Home Appliances |

> Profile source: annual securities report (S100YB11, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 17 |
| Profitability | 97.1 | 17 |
| Cash conversion | 9.4 | 16 |
| Efficiency | 44.1 | 17 |

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 86% of Maruwa's sales come from Ceramic components, with Lighting equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥34 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -7.2%.

## Company structure

- Segment revenue mix: Ceramic components 85.7%、Lighting equipment 14.3%
- Revenue → net income: ¥74476000000 → ¥18163000000
- Net income → operating cash flow: ¥18163000000 → ¥16933000000（difference ¥-1230000000）
- Main uses of operating cash flow: CapEx ¥22524000000 / dividends ¥1209000000 / buybacks ¥6000000
- Change in cash: ¥-4581000000
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 | ¥74.5B |  |
| Operating income | ¥25B | Margin 33.5% |
| Net income | ¥18.2B | Margin 24.4% |
| Free cash flow | -¥5.59B |  |
| Largest business | Ceramic components | of segment revenue 85.7% |
| Employees (consolidated) | 1,322 |  |
| EPS | ¥1474.4 |  |
| Book value per share | ¥10327.58 |  |
| Equity ratio | 90.5% |  |
| Shares outstanding | 12,372,000 |  |
| Treasury shares | 32,100 |  |
| Shareholders | 1,803 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 41.2% | Cash ÷ revenue 89.9% |
| Vs. industry median margin | +22.6 pp | Glass & Ceramics |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, operating income keeps 34 per ¥100 of revenue
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41438000000 | ¥74476000000 | +79.7% |
| Operating income | ¥10248000000 | ¥24976000000 | +143.7% |
| Operating margin | 24.7% | 33.5% | +8.8 pp |
| Employees | 1,380 people | 1,322 people | -4.2% |
| Cash and equivalents | ¥33888000000 | ¥66986000000 | +97.7% |

### 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 |
| --- | ---: |
| セラミック部品事業 → セラミック部品事業 | 79.1% |
| 照明機器事業 → 照明機器事業 | 14.3% |
| 照明機器事業 → 事業再編・廃止 | 6.5% |
| 新設・再編 → セラミック部品事業 | 6.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 74,476 | 100.0% | S100YB11 |
| Cost of revenue | 35,318 | 47.4% | S100YB11 |
| Gross profit | 39,158 | 52.6% | S100YB11 |
| SG&A | 14,182 | 19.0% | S100YB11 |
| Operating income | 24,976 | 33.5% | S100YB11 |
| Ordinary income | 26,321 | 35.3% | S100YB11 |
| Pretax income | 26,418 | 35.5% | S100YB11 |
| Income tax | 8,255 | 11.1% | S100YB11 |
| Net income | 18,163 | 24.4% | S100YB11 |
| Net income attributable to owners | 18,163 | 24.4% | S100YB11 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 19 |
| Operating income | 34 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 52.6% → Operating margin 33.5% → Net margin 24.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -7.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.97×
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 | 71,849 | 74,476 | 2,627 | +3.7% |
| Gross profit | 39,472 | 39,158 | -314 | -0.8% |
| Operating income | 26,914 | 24,976 | -1,938 | -7.2% |
| Net income attributable to owners | 19,242 | 18,163 | -1,079 | -5.6% |
| Operating cash flow | 25,351 | 16,933 | -8,418 | -33.2% |
| Free cash flow | 15,254 | -5,591 | -20,845 | -136.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,231 | 9,346 | 22.7% | 5,894 | 10,719 | 5,279 | S100LT1E |
| FY ending Mar 2021 | 41,438 | 10,248 | 24.7% | 6,935 | 10,713 | 5,137 | S100OFG2 |
| FY ending Mar 2022 | 54,344 | 18,215 | 33.5% | 13,350 | 14,757 | 10,949 | S100R2QA |
| FY ending Mar 2023 | 58,804 | 20,142 | 34.3% | 15,020 | 15,647 | 6,923 | S100TPA3 |
| FY ending Mar 2024 | 61,564 | 19,801 | 32.2% | 15,216 | 17,222 | 5,981 | S100VXWG |
| FY ending Mar 2025 | 71,849 | 26,914 | 37.5% | 19,242 | 25,351 | 15,254 | S100YB11 |
| FY ending Mar 2026 | 74,476 | 24,976 | 33.5% | 18,163 | 16,933 | -5,591 | S100YB11 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.3M |
| Operating income per employee (consolidated) | ¥18.9M |
| Net income per employee (consolidated) | ¥13.7M |

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) | 1,297 | 1,309 | 1,380 | 1,332 | 1,322 |
| Average salary (parent company) | ¥8.1M | ¥8.4M | ¥8.5M | ¥8.9M | ¥8.8M |
| Average age (parent company) | 41.5 years | 41.2 years | 43.4 years | 43.8 years | 42.0 years |
| Average tenure (parent company) | 13.2 years | 13.4 years | 12.1 years | 11.4 years | 10.7 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ceramic components | 63,797 | 85.7% | 24,573 | 38.5% |
| Lighting equipment | 10,679 | 14.3% | 2,141 | 20.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ceramic components | 85.7% | 92.0% | 6.3 | 38.5% |
| Lighting equipment | 14.3% | 8.0% | -6.3 | 20.0% |

Segment → industry: Ceramic components → Glass & Ceramics / Ceramic components → Electronic Components / Lighting equipment → Home Appliances

## 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 | 16,933 | 22.7% | S100YB11 |
| Capital expenditure | 22,524 | 30.2% | S100YB11 |
| Free cash flow | -5,591 | -7.5% | 算出 |
| Investing cash flow | -21,757 | -29.2% | S100YB11 |
| Financing cash flow | -1,216 | -1.6% | S100YB11 |
| Dividends paid | 1,209 | 1.6% | S100YB11 |
| Share buyback | 6 | 0.0% | S100YB11 |
| Change in cash | -4,581 | -6.2% | S100YB11 |
| Cash and equivalents | 66,986 | 89.9% | S100YB11 |

## 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 | 44,385 | 49,585 | 55,013 | 71,568 | 66,986 | S100TPA3, S100VXWG, S100YB11 |
| Total assets | 95,899 | 108,031 | 122,515 | 142,285 | 162,691 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Net assets | 79,681 | 94,215 | 109,203 | 127,854 | 147,262 | S100TPA3, S100VXWG, S100YB11 |
| Share capital | 8,646 | 8,646 | 8,646 | 8,646 | 8,646 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Property, plant and equipment | 23,524 | 31,046 | 36,733 | 39,356 | 57,277 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Intangible assets excluding goodwill | 298 | 284 | 318 | 444 | 438 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Investment securities | 230 | 534 | 433 | 482 | 110 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Current assets | 70,149 | 74,634 | 83,485 | 100,290 | 103,175 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Current liabilities | 14,953 | 12,910 | 12,821 | 13,933 | 14,856 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Trade payables | 3,444 | 2,975 | 2,957 | 2,965 | 4,254 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Short-term borrowings | 100 | — | — | — | — | S100R2QA |
| Long-term borrowings | 733 | 400 | — | — | — | S100R2QA, S100TPA3 |
| Total liabilities | 16,218 | 13,816 | 13,311 | 14,431 | 15,428 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Equity attributable to owners of parent | 79,732 | 93,838 | 108,042 | 126,257 | 143,279 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Retained earnings | 59,274 | 73,381 | 87,573 | 105,705 | 122,660 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |
| Treasury stock | -207 | -209 | -210 | -198 | -198 | S100R2QA, S100TPA3, S100VXWG, S100YB11 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YB11 |
| Property, plant and equipment | 35% | S100YB11 |
| Intangibles and goodwill | 0% | S100YB11 |
| Investment securities | 0% | S100YB11 |
| Other assets | 24% | S100YB11 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YB11 |
| Other liabilities | 7% | S100YB11 |
| Equity | 90% | S100YB11 |
| Other liabilities | 0% | S100YB11 |

### 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 | 95,899 | 108,031 | 122,515 | 142,285 | 162,691 |
| Equity | 79,681 | 94,215 | 109,203 | 127,854 | 147,262 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,385 | 49,585 | 55,013 | 71,568 | 66,986 |

## 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) | 76.9% | S100YB11 |
| Fixed assets ÷ total assets | 35.2% | S100YB11 |
| Goodwill ÷ parent equity | — | —, S100YB11 |

### 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) | 41.2% |
| Cash ÷ revenue | 89.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.8% |
| Cash vs. profit gap | -1,230 JPY mn (of net income -6.8%) |
| Shareholder returns / net income | 6.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.2% |
| Investing CF relative to operating CF | 128.5% |

## 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 | 24.6% | 0.57× | 13.9% | 1.20× | 16.7% | S100R2QA |
| 2023 | 25.5% | 0.58× | 14.7% | 1.17× | 17.3% | S100TPA3 |
| 2024 | 24.7% | 0.53× | 13.2% | 1.14× | 15.1% | S100VXWG |
| 2025 | 26.8% | 0.54× | 14.5% | 1.13× | 16.4% | S100YB11 |
| 2026 | 24.4% | 0.49× | 11.9% | 1.13× | 13.5% | S100YB11 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱神戸アート | Major shareholder | 29.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 10.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 8.9% | 2026-03-31 |
| ㈱日本カストディ銀行 (信託口) | Major shareholder | 8.9% | 2026-03-31 |
| 神戸誠 | Major shareholder | 2.4% | 2026-03-31 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 384513 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG (常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 1.1% | 2026-03-31 |
| MSCO CUSTOMER SECURITIES (常任代理人 モルガン・スタンレーMUFG証券㈱) | Major shareholder | 1.1% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT / COLLATERAL (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.1% | 2026-03-31 |
| 野村信託銀行㈱ (投信口) | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YB11 | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB11,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100VXWG | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXWG,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TPA3 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPA3,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R2QA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2QA,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OFG2 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFG2,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LT1E | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT1E,, |

## 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).