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Maruwa Co., Ltd.

Maruwa Co., Ltd.

MAW.L
Maruwa Co., Ltd.GB flagLondon Stock Exchange
68,280.00
JPY
-4,790.00
- -
849.83BMarket Cap
Maruwa Co., Ltd.
MAW.L
(London Stock Exchange)

Recent

price

68,280.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
1,861.68
1,828.93
1,982.41
2,713.39
2,656.73
2,475.96
2,606.04
3,115.19
3,333.87
3,343.18
3,359.93
4,404.96
4,766.32
4,989.94
5,822.92
6,035.82
6,035.43
Revenue per Share
187.14
180.68
165.76
209.6
71.59
185.18
230.78
448.47
547.92
477.9
562.31
1,082.11
1,217.44
1,233.3
1,559.45
1,472
1,471.9
Basic EPS, GAAP
-0.17
-273.36
33.28
117.08
119.82
223.55
270.46
391.62
209.41
428.01
416.52
887.49
561.14
478.05
1,230.25
-453.12
- -
Free Cash Flow per Basic Share
29
29.67
30
31.97
35
37
39
42
46.02
50.02
53.92
69.95
73.92
83
89.96
97.98
- -
Dividend per Share
1,903.46
2,073.02
2,098.46
2,271.15
2,305.35
2,453.53
2,645.1
3,049.01
3,552.64
3,987.14
4,495.42
5,505.39
6,648.64
7,798.82
9,267.44
10,641.54
10,640.86
Book Value per Share
2,594.17
2,933.61
2,905.97
3,152.26
3,248.85
3,330.47
3,482.92
3,943.6
4,404.44
4,784.15
5,358.31
6,434.38
7,613.35
8,825.28
10,325.63
11,899.1
11,898.34
Tangible Book Value per Share
11
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
Basic Weighted Avg Shares
20,011
21,313
24,399
33,475
32,811
30,578
32,187
38,513
41,193
41,231
41,438
54,344
58,804
61,564
71,849
74,476
74,476
Sales/Revenue/Turnover
15.17
13.76
9.37
10.01
7.33
12.47
15.39
23.82
23.2
22.67
24.73
33.52
34.25
32.16
37.46
33.54
33.54
Operating Margin (%)
1,584
1,826
2,030
2,598
2,427
2,193
1,938
1,867
2,077
2,373
2,195
2,570
3,087
4,138
4,690
5,334
- -
Depreciation Expense
2,012
2,105
2,040
2,586
884
2,287
2,850
5,544
6,770
5,894
6,935
13,350
15,020
15,216
19,242
18,163
18,163
Net Income, GAAP
30.59
27.79
34.59
28.43
49.37
37.26
33.74
34.44
31.44
32.23
29.83
30.93
29.03
27.6
29.15
31.25
31.25
Effective Tax Rate (%)
10.05
9.88
8.36
7.72
2.69
7.48
8.86
14.4
16.43
14.29
16.74
24.57
25.54
24.72
26.78
24.39
24.39
Profit Margin (%)
14,681
17,509
19,793
22,176
23,692
26,080
28,450
33,035
36,715
39,832
44,102
55,196
61,724
70,664
86,357
88,319
88,319
Working Capital
116
111
789
1,159
253
115
- -
- -
- -
1,200
1,599
733
400
- -
- -
- -
- -
LT Debt
28,106
34,407
37,141
40,016
41,000
41,700
43,317
49,030
54,955
59,454
66,344
79,679
94,213
109,201
127,852
147,261
147,261
Total Equity
7.42
6.4
3.94
5.84
2.84
5.59
7.54
12.6
12.17
10.65
10.84
16.09
15.56
13.65
15.55
12.09
12.09
Return on Invested Capital (%)
9.94
8.97
7.71
9.05
2.97
7.56
8.99
15.75
16.6
12.39
12.77
21.03
19.72
16.97
18.24
14.79
14.79
Return on Capital (%)
10.26
9.44
8.16
9.6
3.13
7.78
9.05
15.76
16.6
12.67
13.26
21.64
20.03
17.07
18.28
14.79
14.79
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
12
12
12
Market Capitalization
513,212
505,932
651,541

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
99,535
100,691
103,175
Cash, Cash Equivalents & STI
72,499
67,840
67,185
Accounts Receivable, Net
11,199
13,937
13,671
Inventories
12,623
14,343
16,294
Total Current Liabilities
12,039
11,306
14,856
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.54%
17.3%
15.18%
Free Cash Flow
20.28%
16.42%
-136.83%
Net Income, GAAP
27.31%
25.43%
-5.61%
Sales/Revenue/Turnover
9.69%
12.88%
3.66%
Total Cash Common Dividend
10.41%
13.01%
8.92%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
12,722
15,341
16,963
16,538
61,564
2025
16,243
18,579
18,319
18,708
71,849
2026
17,256
15,859
19,110
22,251
74,476

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
230.68
- -
- -
- -
1,233.3
2025
364.96
- -
- -
- -
1,559.45
2026
314.27
- -
- -
- -
1,472

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
83
2025
- -
- -
- -
- -
89.96
2026
- -
- -
- -
- -
97.98
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Business
Maruwa Co., Ltd. is a Japan-based company engaged in the manufacture and sale of ceramic components, electronic parts, quartz glass, and LED lighting equipment. Its main product categories include ceramic substrates, metalized and multilayer ceramic substrates, pressed ceramic products, ceramic hermetic seals, silicon carbide (SiC) components, antennas, electromagnetic compatibility (EMC) and radio frequency (RF) components, inductors, capacitors, quartz glass products such as quartz boats and tubes, and LED lighting products including LED streetlights, tunnel lights, and landscape lights. The company serves diverse industries including automotive, telecommunications, semiconductors, industrial equipment, and lighting applications. Founded in 1973 and headquartered in Owariasahi City, Aichi Prefecture, Japan, Maruwa operates globally with a focus on integrated production systems from ceramic substrate manufacturing to component mounting and product innovation. Recent major developments include strategic capacity expansions in manufacturing facilities, with new plants completed or under construction through 2025 targeting the telecommunications and automotive sectors. Maruwa has also completed the acquisition of Yamagiwa Corporation, a company specializing in lighting solutions, enhancing its position in the LED lighting market and supporting global business growth. The company continuously expands its production capabilities for next-generation electronic components and sustainable LED lighting technologies, underpinned by its expertise in ceramic and circuit design technology. Maruwa’s recent financial performance reflects growth in next-generation telecommunications and new energy vehicle components, contributing to a robust business outlook. Maruwa maintains a diversified business structure with two primary segments: Ceramic Components, encompassing electronic components and semiconductor-related products, and Lighting Equipment, which includes both conventional and LED lighting solutions. This structure supports the company's aim to capitalize on emerging market demands in Asia, the Americas, and other regions while leveraging advanced materials technology developed over several decades. Maruwa continues to invest in innovation and production capacity, positioning itself as a global leader in advanced ceramics and electronic devices for high-growth technology markets.