# Marubeni (8002.JP)

Canonical: https://gigainvestors.com/s/8002.JP

Analysis as of: 2026-10-15T07:11:37.202Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 4,815.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,931.74 per share, central JPY 4,441.52 per share, high JPY 5,120.16 per share. Buy at or below the central value JPY 4,441.52 per share. Valuation as of 2026-10-15T07:11:37.202Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: -0.02×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.09×

- FY2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.0%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: -3.7 pp

- Typical gross margin (annual median): 10.6%

- Recent gross margin (lower of latest and 3-year median): 14.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.9%

- FY2018: 6.9%

- FY2019: 7.6%

- FY2020: -2.9%

- FY2021: 7.4%

- FY2022: 11.4%

- FY2023: 14.3%

- FY2024: 10.6%

- FY2025: 10.8%

- FY2026: 10.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 2.68T

- Net income, five-year total: JPY 2.49T

- Return on incremental invested capital: 170.4%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.7 pp

- Working capital / revenue, final three-year average: 17.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.10×

- FY2023: 1.10×

- FY2024: 1.05×

- FY2025: 1.04×

- FY2026: 1.10×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 10.6%

- Per-share earnings: 88.08 to 302.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: JPY 8.04T

- Cumulative retained earnings: JPY 2.02T

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.7%

- Per-share value change: JPY 214.70

- Per-share value, starting three-year median: JPY 88.08

- Per-share value, ending three-year median: JPY 302.78

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 672B

- Cumulative net income, 10 years: JPY 3.11T

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 10.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 88.08

- FY2018: JPY 119.43

- FY2019: JPY 130.74

- FY2020: JPY -116.03

- FY2021: JPY 126.32

- FY2022: JPY 242.89

- FY2023: JPY 316.11

- FY2024: JPY 279.62

- FY2025: JPY 302.78

- FY2026: JPY 330.42

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.4%

- FY2018: -0.6%

- FY2019: -0.8%

- FY2020: -8.3%

- FY2021: -2.5%

- FY2022: 1.4%

- FY2023: -0.8%

- FY2024: 0.3%

- FY2025: -1.0%

- FY2026: 0.1%

## Holders

## Price story

Down 21% since Apr 2026 · sales +6.1%

Story as of 2026-10-16T10:00:14.690Z; price observation 2026-10-15.

Price needs cash profits to grow 2% a year for ten years

### Sales · FY2025–2026

sales +6.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf; observed 2026-06-12.

- FY2017: JPY 7.13T 

- FY2018: JPY 7.54T 

- FY2019: JPY 7.40T 

- FY2020: JPY 6.83T 

- FY2021: JPY 6.33T 

- FY2022: JPY 8.51T 

- FY2023: JPY 9.19T 

- FY2024: JPY 7.25T 

- FY2025: JPY 7.79T 

- FY2026: JPY 8.27T 

### Gross margin · FY2026

gross margin 14.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf; observed 2026-06-12.

- FY2017: 8.6% 

- FY2018: 9.0% 

- FY2019: 9.9% 

- FY2020: 10.2% 

- FY2021: 10.7% 

- FY2022: 10.5% 

- FY2023: 11.4% 

- FY2024: 14.7% 

- FY2025: 14.7% 

- FY2026: 14.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are JPY 8.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf (filed 2026-06-12); FY2026: revenue 8265841000000; grossProfit 1182699000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 14.3% to 14.7% during 2024–26; it earns 9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: grossProfit / revenue = 14.7%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf (filed 2026-06-12); FY2026: grossProfit / revenue = 14.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); 10-year return on capital observations [[2017,0.0194551989796138],[2018,0.06913545721955446],[2019,0.07581739783358024],[2020,-0.02878480789457784],[2021,0.07413522576681855],[2022,0.11443069434937568],[2023,0.14279939918192558],[2024,0.10573217892659995],[2025,0.10812193534179602],[2026,0.10512582635619788]]; median 0.09047161209488906. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 11% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf (filed 2026-06-12); Gross margin observations: [[2021,0.1066604299718875],[2022,0.10522670557322593],[2023,0.11438966355590877]]; range within 2 percentage points.

### Where the cash goes

Reinvests 3.1% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/MARA.F.json#2017-03-31 (filed 2026-06-12); FY2017: growth capex 0; upkeep 130987000000; owner earnings 131622000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2018: growth capex 0; upkeep 103176000000; owner earnings 228414000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2019: growth capex 0; upkeep 93221000000; owner earnings 251211000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2021: growth capex 0; upkeep 124090000000; owner earnings 243583000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2022: growth capex 0; upkeep 101805000000; owner earnings 465554000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2023: growth capex 0; upkeep 104260000000; cash acquisitions 0; owner earnings 595280000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: growth capex 0; upkeep 153371000000; cash acquisitions 198507000000; owner earnings 495707000000. Growth capex plus acquisitions / owner earnings = 0.40045228330445204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: growth capex 0; upkeep 177554000000; cash acquisitions 233052000000; owner earnings 524732000000. Growth capex plus acquisitions / owner earnings = 0.444135291920447.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf (filed 2026-06-12); FY2026: growth capex 0; upkeep 153490000000; cash acquisitions 18427000000; owner earnings 599422000000. Growth capex plus acquisitions / owner earnings = 0.03074128076713901.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Incremental return on capital 1.7044083677894772, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Dividend observations: [[2017,36721000000],[2018,49134000000],[2019,65646000000],[2020,63780000000],[2021,53423000000],[2022,85636000000],[2023,127208000000],[2024,138537000000],[2025,147475000000],[2026,165265000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MARA.F.json#2026-03-31 (filed 2026-06-12); FY2026: cash repurchases 70041000000 JPY.

### What the price says

The price assumes cash profits grow 2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Ten-year compound average after fade. Initial solved rate 0.015153847232525788. Price 4815; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -45.81119491198767 → FY2026 364.181831159948. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 626.30 per share

- 2016-12: JPY 662.80 per share

- 2017-01: JPY 687.60 per share

- 2017-02: JPY 726.80 per share

- 2017-03: JPY 685.50 per share

- 2017-04: JPY 686.40 per share

- 2017-05: JPY 684.00 per share

- 2017-06: JPY 725.80 per share

- 2017-07: JPY 731.30 per share

- 2017-08: JPY 715.40 per share

- 2017-09: JPY 768.50 per share

- 2017-10: JPY 756.70 per share

- 2017-11: JPY 745.80 per share

- 2017-12: JPY 816.10 per share

- 2018-01: JPY 818.20 per share

- 2018-02: JPY 819.70 per share

- 2018-03: JPY 769.90 per share

- 2018-04: JPY 824.20 per share

- 2018-05: JPY 848.40 per share

- 2018-06: JPY 845.10 per share

- 2018-07: JPY 850.80 per share

- 2018-08: JPY 911.60 per share

- 2018-09: JPY 1,040.00 per share

- 2018-10: JPY 916.30 per share

- 2018-11: JPY 847.50 per share

- 2018-12: JPY 772.40 per share

- 2019-01: JPY 846.60 per share

- 2019-02: JPY 794.70 per share

- 2019-03: JPY 765.00 per share

- 2019-04: JPY 795.10 per share

- 2019-05: JPY 683.40 per share

- 2019-06: JPY 713.00 per share

- 2019-07: JPY 710.00 per share

- 2019-08: JPY 678.10 per share

- 2019-09: JPY 717.70 per share

- 2019-10: JPY 765.80 per share

- 2019-11: JPY 808.20 per share

- 2019-12: JPY 810.60 per share

- 2020-01: JPY 795.20 per share

- 2020-02: JPY 716.80 per share

- 2020-03: JPY 539.00 per share

- 2020-04: JPY 524.00 per share

- 2020-05: JPY 523.30 per share

- 2020-06: JPY 487.50 per share

- 2020-07: JPY 485.00 per share

- 2020-08: JPY 639.60 per share

- 2020-09: JPY 594.50 per share

- 2020-10: JPY 543.20 per share

- 2020-11: JPY 608.50 per share

- 2020-12: JPY 686.10 per share

- 2021-01: JPY 694.30 per share

- 2021-02: JPY 791.70 per share

- 2021-03: JPY 920.80 per share

- 2021-04: JPY 908.60 per share

- 2021-05: JPY 967.30 per share

- 2021-06: JPY 966.10 per share

- 2021-07: JPY 925.90 per share

- 2021-08: JPY 875.60 per share

- 2021-09: JPY 933.20 per share

- 2021-10: JPY 961.20 per share

- 2021-11: JPY 1,017.50 per share

- 2021-12: JPY 1,119.50 per share

- 2022-01: JPY 1,179.50 per share

- 2022-02: JPY 1,203.50 per share

- 2022-03: JPY 1,426.00 per share

- 2022-04: JPY 1,422.50 per share

- 2022-05: JPY 1,353.50 per share

- 2022-06: JPY 1,224.00 per share

- 2022-07: JPY 1,233.00 per share

- 2022-08: JPY 1,452.00 per share

- 2022-09: JPY 1,268.00 per share

- 2022-10: JPY 1,303.00 per share

- 2022-11: JPY 1,548.00 per share

- 2022-12: JPY 1,515.00 per share

- 2023-01: JPY 1,586.50 per share

- 2023-02: JPY 1,740.00 per share

- 2023-03: JPY 1,795.50 per share

- 2023-04: JPY 1,920.00 per share

- 2023-05: JPY 1,992.00 per share

- 2023-06: JPY 2,440.00 per share

- 2023-07: JPY 2,513.50 per share

- 2023-08: JPY 2,384.50 per share

- 2023-09: JPY 2,332.00 per share

- 2023-10: JPY 2,178.00 per share

- 2023-11: JPY 2,307.00 per share

- 2023-12: JPY 2,228.50 per share

- 2024-01: JPY 2,541.50 per share

- 2024-02: JPY 2,472.00 per share

- 2024-03: JPY 2,632.00 per share

- 2024-04: JPY 2,824.00 per share

- 2024-05: JPY 3,060.00 per share

- 2024-06: JPY 2,975.50 per share

- 2024-07: JPY 2,860.50 per share

- 2024-08: JPY 2,487.00 per share

- 2024-09: JPY 2,340.00 per share

- 2024-10: JPY 2,323.00 per share

- 2024-11: JPY 2,254.00 per share

- 2024-12: JPY 2,392.50 per share

- 2025-01: JPY 2,318.00 per share

- 2025-02: JPY 2,347.50 per share

- 2025-03: JPY 2,379.50 per share

- 2025-04: JPY 2,528.00 per share

- 2025-05: JPY 2,945.00 per share

- 2025-06: JPY 2,913.00 per share

- 2025-07: JPY 3,113.00 per share

- 2025-08: JPY 3,382.00 per share

- 2025-09: JPY 3,698.00 per share

- 2025-10: JPY 3,800.00 per share

- 2025-11: JPY 4,119.00 per share

- 2025-12: JPY 4,353.00 per share

- 2026-01: JPY 5,115.00 per share

- 2026-02: JPY 6,008.00 per share

- 2026-03: JPY 5,618.00 per share

- 2026-04: JPY 6,072.00 per share

- 2026-05: JPY 5,196.00 per share

- 2026-06: JPY 4,690.00 per share

- 2026-07: JPY 5,201.00 per share

- 2026-08: JPY 4,928.00 per share

- 2026-09: JPY 4,824.00 per share

- 2026-10: JPY 4,825.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 880.77 per share, central JPY 965.18 per share, high JPY 1,077.55 per share

- FY2019: low JPY 1,050.32 per share, central JPY 1,166.94 per share, high JPY 1,322.17 per share

- FY2020: low JPY 1,036.52 per share, central JPY 1,148.16 per share, high JPY 1,296.77 per share

- FY2021: low JPY 1,536.67 per share, central JPY 1,700.24 per share, high JPY 1,917.98 per share

- FY2022: low JPY 2,040.73 per share, central JPY 2,289.86 per share, high JPY 2,621.51 per share

- FY2023: low JPY 3,045.38 per share, central JPY 4,244.35 per share, high JPY 4,942.51 per share

- FY2024: low JPY 2,821.14 per share, central JPY 3,222.94 per share, high JPY 3,710.99 per share

- FY2025: low JPY 3,568.92 per share, central JPY 4,026.68 per share, high JPY 4,636.07 per share

- FY2026: low JPY 3,931.74 per share, central JPY 4,441.52 per share, high JPY 5,120.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAY4.pdf); period 2026-03-31, filed 2026-06-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations