# MARUYAMA MFG.CO.,INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第90期(2024/10/01－2025/09/30) (S100XAQD)
> Page: https://vizora.meequs.com/en/company/maruyama-mfg
> Retrieved: 2026-09-30T20:25:13.210Z

## Company

Maruyama MFG., founded in 1937, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 977 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUYAMA MFG. CO., INC. |
| Ticker | 6316 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6316.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区内神田三丁目4番15号 |
| Representative (per filing) | 代表取締役社長 内山 剛治 |
| Founded | Nov 1937 |
| Share capital | ¥4.65B |
| Employees (consolidated) | 977 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Website | www.maruyama.co.jp (https://www.maruyama.co.jp/) |
| Corporate number | 5010001008788 |
| EDINET | E01568 |
| Industries (Vizora) | Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance, Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100XAQD, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.4 | 17 |
| Profitability | 15.6 | 16 |
| Cash conversion | 83.3 | 15 |
| Efficiency | 91.2 | 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 78% of Maruyama MFG.'s sales come from Agricultural and foresty machinery, with Industrial machinery and Other machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -7.5%.

## Company structure

- Segment revenue mix: Agricultural and foresty machinery 77.6%、Industrial machinery 15.9%、Other machinery 6.0%、Rent business and others 0.5%
- Revenue → net income: ¥41266000000 → ¥785000000
- Net income → operating cash flow: ¥785000000 → ¥1871000000（difference ¥1086000000）
- Main uses of operating cash flow: CapEx ¥1878000000 / dividends ¥309000000 / buybacks ¥383000000
- Change in cash: ¥-940000000
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 | ¥41.3B |  |
| Operating income | ¥1.08B | Margin 2.6% |
| Net income | ¥743M | Margin 1.8% |
| Free cash flow | -¥7M |  |
| Largest business | Agricultural and foresty machinery | of segment revenue 77.6% |
| Employees (consolidated) | 977 |  |
| EPS | ¥105.15 |  |
| Book value per share | ¥3949.1 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 5,029,000 |  |
| Treasury shares | 1,075,100 |  |
| Shareholders | 7,675 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 8.9% | Net cash -¥3.18B · Cash ÷ revenue 8.5% |
| Vs. industry median margin | -6 pp | Construction & Farm Machinery |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, buybacks were 1.2× dividends
- FY2025, segment profit share differs by -33 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34895000000 | ¥41266000000 | +18.3% |
| Operating income | ¥852000000 | ¥1080000000 | +26.8% |
| Operating margin | 2.4% | 2.6% | +0.2 pp |
| Employees | 928 people | 977 people | +5.3% |
| Cash and equivalents | ¥4124000000 | ¥3490000000 | -15.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 農林業用機械 → 事業再編・廃止 | 75.8% |
| 工業用機械 → 事業再編・廃止 | 17.4% |
| その他の機械 → 事業再編・廃止 | 6.3% |
| 不動産賃貸他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 農林業用機械 | 77.6% |
| 新設・再編 → 工業用機械 | 15.9% |
| 新設・再編 → その他の機械 | 6.0% |
| 新設・再編 → 不動産賃貸他 | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agricultural and foresty machinery | — | — | ¥32020000000 | 4.1% | 2 |
| Industrial machinery | — | — | ¥6581000000 | 19.3% | 2 |
| Other machinery | — | — | ¥2472000000 | 5.1% | 2 |
| Rent business and others | — | — | ¥192000000 | 128.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,266 | 100.0% | S100XAQD |
| Cost of revenue | 30,645 | 74.3% | S100XAQD |
| Gross profit | 10,621 | 25.7% | S100XAQD |
| SG&A | 9,541 | 23.1% | S100XAQD |
| Operating income | 1,080 | 2.6% | S100XAQD |
| Ordinary income | 1,173 | 2.8% | S100XAQD |
| Pretax income | 1,171 | 2.8% | S100XAQD |
| Income tax | 386 | 0.9% | S100XAQD |
| Net income | 785 | 1.9% | S100XAQD |
| Net income attributable to owners | 743 | 1.8% | S100XAQD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.7% → Operating margin 2.6% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -7.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.39×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,006 | 41,266 | 1,260 | +3.1% |
| Gross profit | 10,311 | 10,621 | 310 | +3.0% |
| Operating income | 1,168 | 1,080 | -88 | -7.5% |
| Net income attributable to owners | 597 | 743 | 146 | +24.5% |
| Operating cash flow | 214 | 1,871 | 1,657 | +774.3% |
| Free cash flow | -1,351 | -7 | 1,344 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 36,177 | 434 | 1.2% | 301 | 321 | -536 | S100KDVV |
| FY ending Sep 2020 | 34,895 | 852 | 2.4% | 648 | 4,602 | 3,756 | S100N3SY |
| FY ending Sep 2021 | 37,503 | 1,387 | 3.7% | 855 | 1,927 | 865 | S100PZJ4 |
| FY ending Sep 2022 | 39,639 | 1,521 | 3.8% | 1,158 | 2,418 | 1,591 | S100SI81 |
| FY ending Sep 2023 | 41,426 | 1,732 | 4.2% | 1,218 | -284 | -2,167 | S100UZ3W |
| FY ending Sep 2024 | 40,006 | 1,168 | 2.9% | 597 | 214 | -1,351 | S100XAQD |
| FY ending Sep 2025 | 41,266 | 1,080 | 2.6% | 743 | 1,871 | -7 | S100XAQD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥760.5K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 917 | 952 | 968 | 1,006 | 977 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 44.8 years | 45.6 years | 45.1 years | 45.1 years | 44.5 years |
| Average tenure (parent company) | 17.7 years | 17.5 years | 17.0 years | 16.7 years | 16.9 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Agricultural and foresty machinery | 32,020 | 77.6% | 1,309 | 4.1% |
| Industrial machinery | 6,581 | 15.9% | 1,269 | 19.3% |
| Other machinery | 2,472 | 6.0% | 126 | 5.1% |
| Rent business and others | 192 | 0.5% | 247 | 128.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Agricultural and foresty machinery | 77.6% | 44.4% | -33.2 | 4.1% |
| Industrial machinery | 15.9% | 43.0% | 27.1 | 19.3% |
| Other machinery | 6.0% | 4.3% | -1.7 | 5.1% |
| Rent business and others | 0.5% | 8.4% | 7.9 | 128.6% |

Segment → industry: Rent business and others → Real Estate Development & Leasing / Other machinery → Disaster Prevention & Infrastructure Maintenance / Industrial machinery → Industrial Machinery / Agricultural and foresty machinery → Construction & Farm Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,871 | 4.5% | S100XAQD |
| Capital expenditure | 1,878 | 4.6% | S100XAQD |
| Free cash flow | -7 | -0.0% | 算出 |
| Investing cash flow | -1,974 | -4.8% | S100XAQD |
| Financing cash flow | -836 | -2.0% | S100XAQD |
| Dividends paid | 309 | 0.7% | S100XAQD |
| Share buyback | 383 | 0.9% | S100XAQD |
| Change in cash | -940 | -2.3% | S100XAQD |
| Cash and equivalents | 3,490 | 8.5% | S100XAQD |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,012 | 4,658 | 4,003 | 4,431 | 3,490 | S100SI81, S100UZ3W, S100XAQD |
| Total assets | 34,154 | 34,459 | 36,733 | 38,706 | 39,101 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Net assets | 16,989 | 17,699 | 19,466 | 19,830 | 20,794 | S100SI81, S100UZ3W, S100XAQD |
| Share capital | 4,651 | 4,651 | 4,651 | 4,651 | 4,651 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Trade receivables | 4,620 | — | — | — | — | S100PZJ4 |
| Property, plant and equipment | 8,004 | 7,931 | 9,236 | 10,162 | 9,872 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Intangible assets excluding goodwill | 91 | 52 | 83 | 63 | 90 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Investment securities | 3,453 | 2,871 | 3,744 | 3,887 | 4,762 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Current assets | 21,863 | 22,615 | 22,515 | 23,426 | 22,700 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Current liabilities | 14,757 | 14,293 | 15,001 | 16,033 | 15,070 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Trade payables | 1,954 | 2,029 | 1,919 | 1,924 | 2,248 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Short-term borrowings | 89 | 2,615 | 4,323 | 5,827 | 5,179 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Long-term borrowings | 100 | 51 | 609 | 1,352 | 1,485 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Bonds | — | 40 | 30 | 20 | 10 | S100SI81, S100UZ3W, S100XAQD |
| Interest-bearing debt | — | 2,706 | 4,962 | 7,199 | 6,674 | 算出 |
| Total liabilities | 17,165 | 16,759 | 17,267 | 18,876 | 18,307 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Non-controlling interests | — | 78 | 102 | 158 | 197 | S100SI81, S100UZ3W, S100XAQD |
| Equity attributable to owners of parent | 15,417 | 16,195 | 16,911 | 16,767 | 16,815 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Retained earnings | 7,023 | 7,986 | 8,960 | 9,235 | 9,668 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |
| Treasury stock | -772 | -956 | -1,190 | -1,621 | -1,988 | S100PZJ4, S100SI81, S100UZ3W, S100XAQD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XAQD |
| Property, plant and equipment | 25% | S100XAQD |
| Intangibles and goodwill | 0% | S100XAQD |
| Investment securities | 12% | S100XAQD |
| Other assets | 54% | S100XAQD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XAQD |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 24% | S100XAQD |
| Equity | 53% | S100XAQD |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,154 | 34,459 | 36,733 | 38,706 | 39,101 |
| Equity | 16,989 | 17,699 | 19,466 | 19,830 | 20,794 |
| Interest-bearing debt | — | 2,706 | 4,962 | 7,199 | 6,674 |
| Cash | 4,012 | 4,658 | 4,003 | 4,431 | 3,490 |

## 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) | 23.9% | S100XAQD |
| Fixed assets ÷ total assets | 25.2% | S100XAQD |
| Goodwill ÷ parent equity | — | —, S100XAQD |

### 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) | 8.9% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | -¥3.18B |
| Net debt ÷ operating cash flow | 1.70× |
| Cash conversion (operating CF ÷ operating income) | 173.2% |
| Cash vs. profit gap | 1,128 JPY mn (of net income 151.8%) |
| Shareholder returns / net income | 93.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 105.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.3% | 1.10× | 2.5% | 2.22× | 5.5% | S100PZJ4 |
| 2022 | 2.9% | 1.16× | 3.4% | 2.17× | 7.3% | S100SI81 |
| 2023 | 2.9% | 1.16× | 3.4% | 2.15× | 7.4% | S100UZ3W |
| 2024 | 1.5% | 1.06× | 1.6% | 2.24× | 3.5% | S100XAQD |
| 2025 | 1.8% | 1.06× | 1.9% | 2.32× | 4.4% | S100XAQD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸山製作所取引先持株会 | Major shareholder | 7.5% | 2025-09-30 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2025-09-30 |
| 農林中央金庫 | Major shareholder | 4.9% | 2025-09-30 |
| 丸山製作所従業員持株会 | Major shareholder | 4.4% | 2025-09-30 |
| 株式会社千葉興業銀行 | Major shareholder | 4.1% | 2025-09-30 |
| 株式会社クボタ | Major shareholder | 2.4% | 2025-09-30 |
| みずほ信託銀行株式会社 | Major shareholder | 2.3% | 2025-09-30 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 明治安田生命保険相互会社 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社マキタ | Major shareholder | 1.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2024/10/01－2025/09/30) | S100XAQD | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAQD,, |
| 有価証券報告書－第89期(2023/10/01－2024/09/30) | S100UZ3W | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ3W,, |
| 有価証券報告書－第88期(2022/10/01－2023/09/30) | S100SI81 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI81,, |
| 訂正有価証券報告書－第87期(2021/10/01－2022/09/30) | S100PZJ4 | 2023-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PZJ4,, |
| 有価証券報告書－第86期(令和2年10月1日－令和3年9月30日) | S100N3SY | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3SY,, |
| 有価証券報告書－第85期(令和1年10月1日－令和2年9月30日) | S100KDVV | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDVV,, |

## 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).