# Marui Group (8252.JP)

Canonical: https://gigainvestors.com/s/8252.JP

Analysis as of: 2026-10-15T07:11:43.299Z. 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 2,773.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,031.64 per share, central JPY 2,274.95 per share, high JPY 2,598.85 per share. Buy at or below the central value JPY 2,274.95 per share. Valuation as of 2026-10-15T07:11:43.299Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.16×

- FY2020: 0.17×

- FY2021: 0.07×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.17×

- FY2026: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 3.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 3.1%

- Typical minus recent gross margin: -10.6 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.1%

- FY2018: 3.3%

- FY2019: 3.9%

- FY2020: 3.9%

- FY2021: 1.3%

- FY2022: 3.3%

- FY2023: 3.3%

- FY2024: 3.4%

- FY2025: 3.6%

- FY2026: 3.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 125B

- Net income, five-year total: JPY 119B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -39.7 pp

- Working capital / revenue, final three-year average: -0.0%

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

- FY2022: 1.15×

- FY2023: 1.08×

- FY2024: 1.00×

- FY2025: 1.05×

- FY2026: 1.00×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 3.6%

- Per-share earnings: 80.24 to 143.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.3%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: JPY 196B

- Cumulative retained earnings: JPY -36B

- Diluted shares, 10-year annual growth: -3.3%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.5%

- Per-share value change: JPY 63.00

- Per-share value, starting three-year median: JPY 80.24

- Per-share value, ending three-year median: JPY 143.24

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 3.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 8.7B

- Cumulative net income, 10 years: JPY 212B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 80.24

- FY2018: JPY 93.18

- FY2019: JPY 115.99

- FY2020: JPY 117.58

- FY2021: JPY 10.58

- FY2022: JPY 85.81

- FY2023: JPY 109.37

- FY2024: JPY 130.70

- FY2025: JPY 143.24

- FY2026: JPY 158.35

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.5%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 8.0%

- FY2018: 4.6%

- FY2019: -0.1%

- FY2020: -1.6%

- FY2021: -2.2%

- FY2022: 0.7%

- FY2023: 0.5%

- FY2024: -1.3%

- FY2025: 2.9%

- FY2026: 6.5%

## Holders

## Price story

Price needs cash profits to grow 3.7% a year for ten years · sales +8.8%

Story as of 2026-10-16T10:00:14.725Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

### Sales · FY2025–2026

sales +8.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf; observed 2026-06-19.

- FY2017: JPY 0 

- FY2018: JPY 0 

- FY2019: JPY 251B 

- FY2020: JPY 248B 

- FY2021: JPY 206B 

- FY2022: JPY 209B 

- FY2023: JPY 218B 

- FY2024: JPY 235B 

- FY2025: JPY 254B 

- FY2026: JPY 277B 

### Gross margin · FY2026

gross margin 87.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf; observed 2026-06-19.

- FY2019: 75.8% 

- FY2020: 79.0% 

- FY2021: 86.0% 

- FY2022: 86.5% 

- FY2023: 88.0% 

- FY2024: 87.4% 

- FY2025: 87.6% 

- FY2026: 87.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 276.9 billion.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/8252.T (filed 2026-06-19); FY2026: revenue 276862000000; grossProfit 242276000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 87.4% to 87.6% during 2024–26; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 87.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 87.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 87.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2017,0.03109775004401225],[2018,0.03341287165796749],[2019,0.038504383172790806],[2020,0.03913542298543141],[2021,0.013499802174713835],[2022,0.033018739574047815],[2023,0.03308835821077737],[2024,0.03445719489951262],[2025,0.03632621431438359],[2026,0.03826155387641649]]; median 0.033935033278740055. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 87% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); Gross margin observations: [[2021,0.8601544461475775],[2022,0.86504110871715],[2023,0.8801399102150982]]; range within 2 percentage points.

### Where the cash goes

Spends 5.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2017: growth capex 0; upkeep 18059000000; owner earnings 10786000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 0; upkeep 9607000000; owner earnings 21574000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 0; upkeep 8788000000; owner earnings 26464000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 10979000000; owner earnings 23608000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 10374000000; owner earnings 2375000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 8531000000; owner earnings 20481000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 0; upkeep 9701000000; owner earnings 23271000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 2215000000; upkeep 12574000000; owner earnings 24667000000. Growth capex / owner earnings = 0.08979608383670491.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: growth capex 0; upkeep 13103000000; owner earnings 27879000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: growth capex 1685000000; upkeep 15818000000; owner earnings 28476000000. Growth capex / owner earnings = 0.05917263660626493.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,6386000000],[2018,7953000000],[2019,9452000000],[2020,11731000000],[2021,10102000000],[2022,11017000000],[2023,11005000000],[2024,15208000000],[2025,19540000000],[2026,21410000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: cash repurchases 7701000000 JPY.

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.03957938300367203. Price 2773; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 73.11408699566711 → FY2026 158.35. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,576.00 per share

- 2016-12: JPY 1,707.00 per share

- 2017-01: JPY 1,616.00 per share

- 2017-02: JPY 1,552.00 per share

- 2017-03: JPY 1,513.00 per share

- 2017-04: JPY 1,526.00 per share

- 2017-05: JPY 1,611.00 per share

- 2017-06: JPY 1,656.00 per share

- 2017-07: JPY 1,502.00 per share

- 2017-08: JPY 1,539.00 per share

- 2017-09: JPY 1,611.00 per share

- 2017-10: JPY 1,725.00 per share

- 2017-11: JPY 1,986.00 per share

- 2017-12: JPY 2,063.00 per share

- 2018-01: JPY 1,986.00 per share

- 2018-02: JPY 2,061.00 per share

- 2018-03: JPY 2,168.00 per share

- 2018-04: JPY 2,275.00 per share

- 2018-05: JPY 2,211.00 per share

- 2018-06: JPY 2,334.00 per share

- 2018-07: JPY 2,216.00 per share

- 2018-08: JPY 2,455.00 per share

- 2018-09: JPY 2,804.00 per share

- 2018-10: JPY 2,430.00 per share

- 2018-11: JPY 2,447.00 per share

- 2018-12: JPY 2,133.00 per share

- 2019-01: JPY 2,206.00 per share

- 2019-02: JPY 1,959.00 per share

- 2019-03: JPY 2,235.00 per share

- 2019-04: JPY 2,257.00 per share

- 2019-05: JPY 2,264.00 per share

- 2019-06: JPY 2,194.00 per share

- 2019-07: JPY 2,362.00 per share

- 2019-08: JPY 2,115.00 per share

- 2019-09: JPY 2,282.00 per share

- 2019-10: JPY 2,417.00 per share

- 2019-11: JPY 2,634.00 per share

- 2019-12: JPY 2,668.00 per share

- 2020-01: JPY 2,543.00 per share

- 2020-02: JPY 2,106.00 per share

- 2020-03: JPY 1,815.00 per share

- 2020-04: JPY 1,772.00 per share

- 2020-05: JPY 1,943.00 per share

- 2020-06: JPY 1,946.00 per share

- 2020-07: JPY 1,523.00 per share

- 2020-08: JPY 1,937.00 per share

- 2020-09: JPY 2,011.00 per share

- 2020-10: JPY 1,874.00 per share

- 2020-11: JPY 1,906.00 per share

- 2020-12: JPY 1,812.00 per share

- 2021-01: JPY 1,868.00 per share

- 2021-02: JPY 2,021.00 per share

- 2021-03: JPY 2,079.00 per share

- 2021-04: JPY 2,046.00 per share

- 2021-05: JPY 2,085.00 per share

- 2021-06: JPY 2,088.00 per share

- 2021-07: JPY 1,909.00 per share

- 2021-08: JPY 1,962.00 per share

- 2021-09: JPY 2,172.00 per share

- 2021-10: JPY 2,229.00 per share

- 2021-11: JPY 2,086.00 per share

- 2021-12: JPY 2,165.00 per share

- 2022-01: JPY 2,205.00 per share

- 2022-02: JPY 2,255.00 per share

- 2022-03: JPY 2,250.00 per share

- 2022-04: JPY 2,243.00 per share

- 2022-05: JPY 2,445.00 per share

- 2022-06: JPY 2,375.00 per share

- 2022-07: JPY 2,418.00 per share

- 2022-08: JPY 2,508.00 per share

- 2022-09: JPY 2,398.00 per share

- 2022-10: JPY 2,454.00 per share

- 2022-11: JPY 2,334.00 per share

- 2022-12: JPY 2,181.00 per share

- 2023-01: JPY 2,206.00 per share

- 2023-02: JPY 2,074.00 per share

- 2023-03: JPY 2,023.00 per share

- 2023-04: JPY 2,160.00 per share

- 2023-05: JPY 2,339.00 per share

- 2023-06: JPY 2,508.00 per share

- 2023-07: JPY 2,545.00 per share

- 2023-08: JPY 2,522.50 per share

- 2023-09: JPY 2,430.00 per share

- 2023-10: JPY 2,369.50 per share

- 2023-11: JPY 2,364.50 per share

- 2023-12: JPY 2,364.50 per share

- 2024-01: JPY 2,452.50 per share

- 2024-02: JPY 2,438.50 per share

- 2024-03: JPY 2,442.00 per share

- 2024-04: JPY 2,419.00 per share

- 2024-05: JPY 2,335.50 per share

- 2024-06: JPY 2,269.00 per share

- 2024-07: JPY 2,436.50 per share

- 2024-08: JPY 2,462.50 per share

- 2024-09: JPY 2,390.50 per share

- 2024-10: JPY 2,408.50 per share

- 2024-11: JPY 2,418.00 per share

- 2024-12: JPY 2,514.50 per share

- 2025-01: JPY 2,593.00 per share

- 2025-02: JPY 2,590.50 per share

- 2025-03: JPY 2,699.50 per share

- 2025-04: JPY 2,828.50 per share

- 2025-05: JPY 2,953.50 per share

- 2025-06: JPY 3,066.00 per share

- 2025-07: JPY 3,081.00 per share

- 2025-08: JPY 3,177.00 per share

- 2025-09: JPY 3,174.00 per share

- 2025-10: JPY 2,956.00 per share

- 2025-11: JPY 3,173.00 per share

- 2025-12: JPY 3,221.00 per share

- 2026-01: JPY 3,026.00 per share

- 2026-02: JPY 3,174.00 per share

- 2026-03: JPY 3,052.00 per share

- 2026-04: JPY 3,004.00 per share

- 2026-05: JPY 2,728.00 per share

- 2026-06: JPY 2,864.50 per share

- 2026-07: JPY 2,967.50 per share

- 2026-08: JPY 2,918.50 per share

- 2026-09: JPY 2,791.50 per share

- 2026-10: JPY 2,743.50 per share

## Annual estimated value (JPY per share)

- FY2023: low JPY 1,431.55 per share, central JPY 1,595.17 per share, high JPY 1,812.98 per share

- FY2024: low JPY 1,650.09 per share, central JPY 1,833.87 per share, high JPY 2,078.53 per share

- FY2025: low JPY 1,808.79 per share, central JPY 2,025.38 per share, high JPY 2,313.71 per share

- FY2026: low JPY 2,031.64 per share, central JPY 2,274.95 per share, high JPY 2,598.85 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

Prior published observations retained from 2026-10-15T07:11:43.299Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf); period 2026-03-31, filed 2026-06-19.

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