# MARUZEN CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/03/01－2026/02/28) (S100Y6B9)
> Page: https://vizora.meequs.com/en/company/maruzen
> Retrieved: 2026-09-30T21:00:49.068Z

## Company

Maruzen, founded in 1961, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUZEN CO.,LTD. |
| Ticker | 5982 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5982.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区根岸二丁目19番18号 |
| Representative (per filing) | 代表取締役社長 渡辺 恵一 |
| Founded | Mar 1961 |
| Share capital | ¥3.16B |
| Employees (consolidated) | 1,293 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | February |
| Website | www.maruzen-kitchen.co.jp (https://www.maruzen-kitchen.co.jp/) |
| Corporate number | 3010501014528 |
| EDINET | E02438 |
| Industries (Vizora) | Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100Y6B9, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.2 | 110 |
| Profitability | 64.3 | 122 |
| Cash conversion | 29.7 | 116 |
| Efficiency | 82.4 | 122 |

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 95% of Maruzen's sales come from Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance, with Manufacturing and Sales of Large Baking Machinery and Building Rental Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +8.9%.

## Company structure

- Segment revenue mix: Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance 94.6%、Manufacturing and Sales of Large Baking Machinery 4.7%、Building Rental Business 0.7%
- Revenue → net income: ¥66782423000 → ¥5216826000
- Net income → operating cash flow: ¥5216826000 → ¥4805270000（difference ¥-411556000）
- Main uses of operating cash flow: CapEx ¥1030465000 / dividends ¥2034571000 / buybacks ¥180000
- Change in cash: ¥-3297402000
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 | ¥66.8B |  |
| Operating income | ¥6.64B | Margin 9.9% |
| Net income | ¥5.22B | Margin 7.8% |
| Free cash flow | ¥3.77B |  |
| Largest business | Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance | of segment revenue 94.6% |
| Employees (consolidated) | 1,293 |  |
| EPS | ¥294.29 |  |
| Book value per share | ¥3002.74 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 19,780,000 |  |
| Treasury shares | 3,486,000 |  |
| Shareholders | 2,354 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 27.6% | Cash ÷ revenue 30.8% |
| Vs. industry median margin | +2.4 pp | Industrial Machinery |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, parent-company salary changed +23% over five years
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45410642000 | ¥66782423000 | +47.1% |
| Operating income | ¥3388653000 | ¥6636677000 | +95.9% |
| Operating margin | 7.5% | 9.9% | +2.5 pp |
| Employees | 1,371 people | 1,293 people | -5.7% |
| Cash and equivalents | ¥22618706000 | ¥20549609000 | -9.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 業務用厨房機器製造販売業 → 業務用厨房機器製造販売業 | 93.8% |
| ベーカリー機器製造販売業 → 事業再編・廃止 | 5.0% |
| ビル賃貸業 → ビル賃貸業 | 0.7% |
| ビル賃貸業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 業務用厨房機器製造販売業 | 0.8% |
| 新設・再編 → 大型製パン機械製造販売業 | 4.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance | 5 years | +8.2% | ¥63159737000 | 10.4% | 2 |
| Manufacturing and Sales of Large Baking Machinery | 4 years | +14.2% | ¥3131319000 | 20.5% | 2 |
| Building Rental Business | 5 years | -1.9% | ¥491366000 | 62.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 66,782 | 100.0% | S100Y6B9 |
| Cost of revenue | 47,762 | 71.5% | S100Y6B9 |
| Gross profit | 19,020 | 28.5% | S100Y6B9 |
| SG&A | 12,383 | 18.5% | S100Y6B9 |
| Operating income | 6,637 | 9.9% | S100Y6B9 |
| Ordinary income | 7,342 | 11.0% | S100Y6B9 |
| Pretax income | 7,433 | 11.1% | S100Y6B9 |
| Income tax | 2,216 | 3.3% | S100Y6B9 |
| Net income | 5,217 | 7.8% | S100Y6B9 |
| Net income attributable to owners | 5,217 | 7.8% | S100Y6B9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 19 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.5% → Operating margin 9.9% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +8.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 64,253 | 66,782 | 2,529 | +3.9% |
| Gross profit | 17,973 | 19,020 | 1,047 | +5.8% |
| Operating income | 6,094 | 6,637 | 542 | +8.9% |
| Net income attributable to owners | 4,647 | 5,217 | 570 | +12.3% |
| Operating cash flow | 5,431 | 4,805 | -626 | -11.5% |
| Free cash flow | 4,496 | 3,775 | -721 | -16.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 53,581 | 4,813 | 9.0% | 3,594 | 4,984 | 3,189 | S100LEHH |
| FY ending Feb 2021 | 45,411 | 3,389 | 7.5% | 2,504 | 1,531 | 373 | S100O4O4 |
| FY ending Feb 2022 | 52,825 | 3,830 | 7.2% | 2,873 | 7,685 | 7,059 | S100QUC4 |
| FY ending Feb 2023 | 57,532 | 3,579 | 6.2% | 2,816 | 4,097 | 3,464 | S100TIWW |
| FY ending Feb 2024 | 60,597 | 4,858 | 8.0% | 3,709 | 4,662 | 3,934 | S100VU2I |
| FY ending Feb 2025 | 64,253 | 6,094 | 9.5% | 4,647 | 5,431 | 4,496 | S100Y6B9 |
| FY ending Feb 2026 | 66,782 | 6,637 | 9.9% | 5,217 | 4,805 | 3,775 | S100Y6B9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.6M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥4M |

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) | 1,319 | 1,274 | 1,271 | 1,291 | 1,293 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6.2M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance | 63,160 | 94.6% | 6,581 | 10.4% |
| Manufacturing and Sales of Large Baking Machinery | 3,131 | 4.7% | 643 | 20.5% |
| Building Rental Business | 491 | 0.7% | 309 | 62.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance | 94.6% | 87.4% | -7.2 | 10.4% |
| Manufacturing and Sales of Large Baking Machinery | 4.7% | 8.5% | 3.8 | 20.5% |
| Building Rental Business | 0.7% | 4.1% | 3.4 | 62.9% |

Segment → industry: Building Rental Business → Real Estate Development & Leasing / Manufacturing and Sales of Large Baking Machinery → Industrial Machinery / Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance → Industrial Machinery

## 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 | 4,805 | 7.2% | S100Y6B9 |
| Capital expenditure | 1,030 | 1.5% | S100Y6B9 |
| Free cash flow | 3,775 | 5.7% | 算出 |
| Investing cash flow | -6,062 | -9.1% | S100Y6B9 |
| Financing cash flow | -2,041 | -3.1% | S100Y6B9 |
| Dividends paid | 2,035 | 3.0% | S100Y6B9 |
| Share buyback | 0 | 0.0% | S100Y6B9 |
| Change in cash | -3,297 | -4.9% | S100Y6B9 |
| Cash and equivalents | 20,550 | 30.8% | S100Y6B9 |

## 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 | 29,098 | 31,577 | 33,068 | 23,847 | 20,550 | S100TIWW, S100VU2I, S100Y6B9 |
| Total assets | 61,756 | 65,558 | 67,883 | 70,655 | 74,548 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Net assets | 41,471 | 43,391 | 45,272 | 48,493 | 52,293 | S100TIWW, S100VU2I, S100Y6B9 |
| Share capital | 3,165 | 3,165 | 3,165 | 3,165 | 3,165 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Trade receivables | 8,238 | — | — | — | — | S100O4O4 |
| Property, plant and equipment | 15,904 | 15,776 | 15,723 | 15,798 | 15,644 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Intangible assets excluding goodwill | 26 | 16 | 21 | 36 | 46 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Investment securities | 2,087 | 2,291 | 2,989 | 3,261 | 3,687 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Current assets | 43,014 | 46,716 | 48,552 | 50,936 | 54,554 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Current liabilities | 17,529 | 19,338 | 19,606 | 18,951 | 19,072 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Trade payables | 4,652 | 4,432 | 4,082 | 4,015 | 4,158 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Total liabilities | 20,284 | 22,168 | 22,611 | 22,162 | 22,256 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Equity attributable to owners of parent | 44,889 | 46,743 | 48,223 | 51,318 | 54,683 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Retained earnings | 42,490 | 44,321 | 46,733 | 49,750 | 52,931 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |
| Treasury stock | -3,288 | -3,277 | -5,178 | -5,123 | -4,966 | S100QUC4, S100TIWW, S100VU2I, S100Y6B9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y6B9 |
| Property, plant and equipment | 21% | S100Y6B9 |
| Intangibles and goodwill | 0% | S100Y6B9 |
| Investment securities | 5% | S100Y6B9 |
| Other assets | 46% | S100Y6B9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y6B9 |
| Other liabilities | 24% | S100Y6B9 |
| Equity | 70% | S100Y6B9 |

### 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 | 61,756 | 65,558 | 67,883 | 70,655 | 74,548 |
| Equity | 41,471 | 43,391 | 45,272 | 48,493 | 52,293 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,098 | 31,577 | 33,068 | 23,847 | 20,550 |

## 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) | 23.4% | S100Y6B9 |
| Fixed assets ÷ total assets | 21.0% | S100Y6B9 |
| Goodwill ÷ parent equity | — | —, S100Y6B9 |

### 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) | 27.6% |
| Cash ÷ revenue | 30.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.4% |
| Cash vs. profit gap | -412 JPY mn (of net income -7.9%) |
| Shareholder returns / net income | 39.0% |
| Shareholder returns / FCF | 53.9% |
| Shareholder payments — dividends / net income | 39.0% |
| Shareholder payments — dividends / FCF | 53.9% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 126.1% |

## 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 | 5.4% | 0.86× | 4.7% | 1.38× | 6.4% | S100QUC4 |
| 2023 | 4.9% | 0.90× | 4.4% | 1.39× | 6.1% | S100TIWW |
| 2024 | 6.1% | 0.91× | 5.6% | 1.41× | 7.8% | S100VU2I |
| 2025 | 7.2% | 0.93× | 6.7% | 1.39× | 9.3% | S100Y6B9 |
| 2026 | 7.8% | 0.92× | 7.2% | 1.37× | 9.8% | S100Y6B9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マサトヨ | Major shareholder | 22.9% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 8.3% | 2026-02-28 |
| 渡辺 恵一 | Major shareholder | 6.3% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.0% | 2026-02-28 |
| ＵＨ Ｐａｒｔｎｅｒｓ ３投資事業有限責任組合 | Major shareholder | 4.3% | 2026-02-28 |
| 渡辺 雄大 | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社エフティグループ | Major shareholder | 3.0% | 2026-02-28 |
| 石川 しのぶ | Major shareholder | 2.9% | 2026-02-28 |
| マルゼン従業員持株会 | Major shareholder | 2.8% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/03/01－2026/02/28) | S100Y6B9 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6B9,, |
| 有価証券報告書－第64期(2024/03/01－2025/02/28) | S100VU2I | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU2I,, |
| 有価証券報告書－第63期(2023/03/01－2024/02/29) | S100TIWW | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIWW,, |
| 有価証券報告書－第62期(2022/03/01－2023/02/28) | S100QUC4 | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUC4,, |
| 有価証券報告書－第61期(令和3年3月1日－令和4年2月28日) | S100O4O4 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4O4,, |
| 有価証券報告書－第60期(令和2年3月1日－令和3年2月28日) | S100LEHH | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEHH,, |

## 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).