5344
MARUWA CO., LTD.
株式会社MARUWA
Glass & Ceramics Products
Maruwa Co.,Ltd. produces and sells ceramics and electronic parts in Japan and internationally. It operates through Ceramic Components Business and Lighting Equipment segments. The company offers ceramics, including ceramic substrates and fillers, metalized/multilayer ceramic substrates, pressed ceramic products, ceramic hermetic seals, and ultra-high purity SiC components; and electronic components and devices, such as antennas, EMC and RF components, and capacitors. It also provides semiconductor products comprising quartz glass products, including quartz tubes and boats; and aluminum nitride components. In addition, the company offers LED lighting products comprising LED streetlights, LED tunnel lights, and LED landscape lights; and technical consultation services. Its products are used in automotive, telecommunications, semiconductors, industrial equipment, and lighting applications. The company was formerly known as Maruwa Ceramic Co., Ltd. and changed its name to Maruwa Co., Ltd. in 1999. Maruwa Co.,Ltd. was incorporated in 1973 and is headquartered in Owariasahi, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥71.8B
¥61.6B
¥58.8B
¥54.3B
Cost of Sales
¥32.4B
¥30.6B
¥28.4B
¥27.0B
Gross Profit
¥39.5B
¥31.0B
¥30.4B
¥27.3B
SG&A
¥12.6B
¥11.2B
¥10.3B
¥9.1B
Operating Income
¥26.9B
¥19.8B
¥20.1B
¥18.2B
Non-Operating Income
¥567M
¥1.4B
¥1.1B
¥1.0B
Interest Income
¥331M
¥225M
¥107M
¥58M
Non-Operating Expenses
¥448M
¥73M
¥66M
¥63M
Interest Expense
¥0M
¥1M
¥5M
¥7M
Ordinary Income
¥27.0B
¥21.1B
¥21.2B
¥19.2B
Pre-tax Income
¥27.2B
¥21.0B
¥21.2B
¥19.3B
Income Taxes
¥7.9B
¥5.8B
¥6.1B
¥6.0B
Current Tax
¥8.1B
¥5.8B
¥6.0B
¥6.2B
Deferred Tax
¥-152M
¥33M
¥166M
¥-227M
Net Income (owners)
¥19.2B
¥15.2B
¥15.0B
¥13.3B
Comprehensive Income
¥19.7B
¥16.0B
¥15.4B
¥14.2B
EBITDA
¥31.6B
¥23.9B
¥23.2B
¥20.8B
EPS
¥1,559.45
¥1,233.30
¥1,217.45
¥1,082.11
Shares Outstanding
12.3M
12.3M
12.3M
12.3M
Shares Issued (total)
12.4M
12.4M
12.4M
12.4M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥142.3B
¥122.5B
¥108.0B
¥95.9B
Current Assets
¥100.3B
¥83.5B
¥74.6B
¥70.1B
Cash & Deposits
¥71.8B
¥55.2B
¥49.8B
¥44.6B
Trade Receivables
¥12.4B
¥14.0B
¥10.7B
¥12.9B
Non-Current Assets
¥42.0B
¥39.0B
¥33.4B
¥25.8B
PP&E
¥39.4B
¥36.7B
¥31.0B
¥23.5B
Intangible Assets
¥444M
¥318M
¥284M
¥298M
Investment Securities
¥482M
¥433M
¥534M
¥230M
Deferred Tax Assets
¥639M
¥487M
¥484M
¥637M
Total Liabilities
¥14.4B
¥13.3B
¥13.8B
¥16.2B
Current Liabilities
¥13.9B
¥12.8B
¥12.9B
¥15.0B
Accounts Payable
¥3.0B
¥3.0B
¥3.0B
¥3.4B
ST Debt
—
¥400M
¥333M
¥966M
Taxes Payable
¥4.9B
¥2.9B
¥2.7B
¥4.7B
Non-Current Liabilities
¥498M
¥489M
¥905M
¥1.3B
Total LT Borrowings
—
—
¥400M
¥733M
Deferred Tax Liab.
¥131M
¥127M
¥141M
¥153M
Total Equity
¥127.9B
¥109.2B
¥94.2B
¥79.7B
Capital Stock
¥8.6B
¥8.6B
¥8.6B
¥8.6B
Capital Surplus
¥12.1B
¥12.0B
¥12.0B
¥12.0B
Retained Earnings
¥105.7B
¥87.6B
¥73.4B
¥59.3B
Treasury Stock
¥-198M
¥-210M
¥-209M
¥-207M
AOCI
¥1.6B
¥1.2B
¥377M
¥-51M
Equity (owners)
¥126.3B
¥108.0B
¥93.8B
¥79.7B
Total Interest-Bearing Debt ⓘ
—
¥400M
¥733M
¥1.7B
Net Cash ⓘ
¥71.8B
¥54.9B
¥49.1B
¥42.9B
NCAV ⓘ
¥85.9B
¥70.2B
¥60.8B
¥53.9B
NCAV/Share
¥6,958
¥5,688
¥4,930
¥4,371
BV/Share
¥10,232
¥8,757
¥7,606
¥6,463
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥25.4B
¥17.2B
¥15.6B
¥14.8B
Taxes Paid
¥-6.0B
¥-5.6B
¥-7.8B
¥-3.5B
Interest Paid
¥0M
¥-1M
¥-5M
¥-7M
Interest Received
¥340M
¥213M
¥112M
¥63M
D&A
¥4.7B
¥4.1B
¥3.1B
¥2.6B
Investing CF
¥-7.7B
¥-10.8B
¥-8.8B
¥-3.5B
CapEx
¥9.9B
¥11.2B
¥8.7B
¥3.7B
Purchase Investments
¥-219M
¥-123M
¥-286M
¥-235M
Proceeds from Invest.
—
¥320M
—
¥232M
Financing CF
¥-1.5B
¥-1.4B
¥-1.9B
¥-1.1B
Dividends Paid
¥-1.1B
¥-1.0B
¥-912M
¥-863M
Share Buybacks
¥-1M
¥-5M
¥-2M
¥-2M
LT Debt Repaid
¥-400M
¥-333M
¥-866M
¥-266M
Free Cash Flow
¥15.4B
¥6.1B
¥7.0B
¥11.0B
Net Change in Cash
¥16.6B
¥5.4B
¥5.2B
¥10.5B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
16.2%
15.0%
17.3%
18.3%
ROA
14.5%
13.2%
14.7%
13.9%
EPS
¥1,559.45
¥1,233.30
¥1,217.45
¥1,082.11
DPS
¥94.00
¥86.00
¥78.00
¥70.00
BPS
¥10,361.04
¥8,851.10
¥7,636.60
¥6,458.45
FCF/Share
¥1,251
¥491
¥563
¥893
NCAV/Share
¥6,958
¥5,688
¥4,930
¥4,371
Payout Ratio
6.0%
7.0%
6.4%
6.5%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 26
Date Activist Stake Event Flag Demands Source
2026-05-22
Capital Research and Management Company
7.4%
-0.84%
change
Passive
—
2026-03-23
Capital Research and Management Company
8.24%
-1.11%
change
Passive
—
2026-03-19
Nomura Asset Management Co., Ltd.
5.69%
change
Passive
—
2026-02-03
Nomura Securities Co.,Ltd.
6.08%
+0.86%
change
Passive
—
2025-12-22
Nomura Securities Co.,Ltd.
5.22%
initial_5pct
Passive
—
2025-10-17
Kanbe Art Co., Ltd.
29.49%
+0.01%
correction
Passive
—
2025-10-06
Kanbe Art Co., Ltd.
29.48%
change
Passive
—
2025-09-22
Capital Research and Management Company
9.35%
-1.03%
change
Passive
—
2025-09-19
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.58%
-0.45%
change
Passive
—
2025-05-07
Capital Research and Management Company
10.38%
+1.02%
change
Passive
—
2025-04-07
Capital Research and Management Company
9.36%
+0.08%
change
Passive
—
2025-03-24
Capital Research and Management Company
9.28%
+0.96%
change
Passive
—
2025-02-07
Asset Management One Co., Ltd.
5.16%
-1.07%
change
Passive
—
2024-12-06
Capital Research and Management Company
8.32%
-1.24%
change
Passive
—
2024-11-18
Capital Research and Management Company
9.56%
-1.02%
change
Passive
—
2024-10-02
Capital Research and Management Company
10.58%
-0.97%
change
Passive
—
2024-01-22
Asset Management One Co., Ltd.
6.23%
change
Passive
—
2023-11-21
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
6.03%
-1.09%
change
Passive
—
2023-09-12
Capital Research and Management Company
11.02%
-0.13%
change
Passive
—
2023-09-12
Capital Research and Management Company
11.15%
correction
Passive
—
2023-09-12
Capital Research and Management Company
11.55%
+0.4%
change
Passive
—
2023-08-28
Capital Research and Management Company
11.15%
+1.04%
change
Passive
—
2023-08-21
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
7.12%
change
Passive
—
2023-08-03
Capital Research and Management Company
10.11%
+1.16%
change
Passive
—
2023-07-24
Capital Research and Management Company
8.95%
+1.45%
change
Passive
—
2023-06-22
Capital Research and Management Company
7.5%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 4
#
Shareholder
Shares (thou.)
% of Total
1
㈱神戸アート
3,641
29.50%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱ (信託口)
1,562
12.66%
3
Custody Bank of Japan, Ltd. (Trust Account)
㈱日本カストディ銀行 (信託口)
1,228
9.95%
4
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 ㈱みずほ銀行決済営業部)
1,032
8.36%
5
Northern Trust Company
NORTHERN TRUST CO.(AVFC)RE NON TREATY CLIENTS ACCOUNT (常任代理人 香港上海銀行東京支店)
415
3.36%
6
MSCO CUSTOMER SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社)
326
2.64%
7
神戸誠
300
2.43%
8
野村信託銀行㈱ (投信口)
174
1.41%
9
JPMorgan Chase Bank, N.A.
J.P. MORGAN BANK LUXEMBOURG S.A. 384513 (常任代理人 ㈱みずほ銀行決済営業部)
143
1.16%
10
State Street Bank and Trust Company
STATE STREET BANKWEST CLIENT - TREATY 505234 (常任代理人 ㈱みずほ銀行決済営業部)
117
0.94%
Domestic Nominees
22.6%
-3.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
13.8%
+1.1% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
36.0%
+0.3% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
㈱神戸アート
29.40%
29.48%
29.50%
+0.02%
日本マスタートラスト信託銀行
16.98%
13.60%
12.66%
-0.94%
日本カストディ銀行
12.77%
12.24%
9.95%
-2.29%
State Street
5.25%
10.94%
9.30%
-1.64%
Northern Trust
1.99%
1.80%
3.36%
+1.56%
MSCO CUSTOMER SECURITIES
NEW ENTRY
—
—
—
2.64%
NEW
神戸誠
NEW ENTRY
—
—
—
2.43%
NEW
野村信託銀行㈱ (投信口)
1.40%
1.49%
1.41%
-0.08%
JP Morgan
NEW ENTRY
—
—
—
1.16%
NEW
神戸 誠
last seen 2024
Exited Top 10
2.43%
2.43%
—
RE FUND 107-CLIENT AC
last seen 2024
Exited Top 10
—
1.24%
—
GOVERNMENT OF NORWAY
last seen 2024
Exited Top 10
—
1.00%
—
BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS
last seen 2023
Exited Top 10
1.62%
—
—
GOLDMAN,SACHS & CO.REG
last seen 2023
Exited Top 10
1.23%
—
—
Concentration (HHI)
ⓘ
1359
1337
1244
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥27M
+145% since 2023
Holdings
4
Trend
Stable
vs 2023
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding