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Maker of ceramic packages and substrates for electronic components, including high-reliability capacitor and semiconductor materials.
Maker of ceramic packages and substrates for electronic components, including high-reliability capacitor and semiconductor materials.
Makes ceramic parts to customers' specifications that are qualified into their products, so once chosen they are re-ordered for the product's life, but volumes follow customers' device cycles in phones, cars and chipmaking equipment. Heat-dissipating aluminium-nitride substrates and ceramic packages for filter and sensor chips are the higher-value lines.
In one line: A niche Japanese ceramic-electronics-materials specialist.
Moat: narrow (process know-how, customer qualification). Specialized high-purity ceramic manufacturing know-how qualified into automotive/industrial electronics.
Headquarters: Nagoya, Japan · Founded: 1944 · Employees: 1,322
Size Maruwa (5344.T) is a Japan Industrials company (Electrical Products) with a market value of $3.12B, the 353rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥39,910 on 6 Nov 2026.
Performance Over six months the shares fell 45.7%, against -25.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 25.9% over the last twelve months (peer median +24.0%); the operating margin is 36.0% (peer median 7.5%).
Valuation It trades at 19.5× forward earnings against a peer median of 18.1× (8th most expensive of 19).
Capital Return on invested capital runs 10.7 points above its cost of capital (13.2% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥88.3B | ¥74.5B | ¥71.8B | ¥61.6B | ¥58.8B |
| Revenue growth | — | +4% | +17% | +5% | — |
| Gross profit | ¥48.2B | ¥38.2B | ¥38.6B | ¥30.1B | ¥29.8B |
| EBITDA | ¥37.5B | ¥30.3B | ¥31.6B | ¥23.9B | ¥23.2B |
| Net income | ¥22.9B | ¥18.2B | ¥19.2B | ¥15.2B | ¥15.0B |
| Free cash flow | n/a | -¥5.54B | ¥15.4B | ¥5.97B | ¥6.95B |
| Capital expenditure | n/a | ¥22.5B | ¥10.2B | ¥11.3B | ¥8.72B |
| Total debt | n/a | ¥0 | ¥0 | ¥400M | ¥733M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Maruwa 5344.T | $3.12B | -46% | +26% | 36% | 19.5× | n/a |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
| Ngk 5333.T | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% |
| Murata Manufacturing 6981.T | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5344.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.0% | -8.2% | 4th lowest of 21 |
| 6-month return | -45.7% | -25.6% | 5th lowest of 19 |
| Distance from 52-week high | -53.4% | -43.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +25.9% | +24.0% | 11th highest of 21 |
| Operating margin | 36.0% | 7.5% | highest of 21 |
| Forward P/E | 19.5× | 18.1× | 8th most expensive of 19 |
| ROIC minus cost of capital | +10.7 pp | -1.6 pp | 2nd highest of 20 |
| EV / EBITDA | 11.4× | 12.0× | 4th cheapest of 8 |
| Net debt / EBITDA | -1.8× | 0.0× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maruwa 5344.T | Japan | $3.12B | -46% | +26% | 36% | 19.5× | n/a | n/a |
| Zhefu 002266.SZ | China | $3.09B | -26% | +27% | 8% | 9.3× | n/a | n/a |
| Shenzhen Woer Heat-Shrinkable Material 002130.SZ | China | $2.98B | -37% | +20% | 15% | 16.4× | 1.8% | +15.6% |
| Harbin Electric 1133.HK | Hong Kong | $3.27B | -54% | +13% | 7% | 6.2× | n/a | n/a |
| TDG 600330.SS | China | $2.96B | -43% | +21% | -19% | 320.4× | n/a | n/a |
| T&S Communications 300570.SZ | China | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% | +21.8% |
| Taiyo 4626.T | Japan | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% | +11.2% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 10.8× | n/a | n/a |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 17.9× | 5.8% | +11.5% |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 19.4× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 27.4× | n/a | n/a |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 16.6× | n/a | n/a |
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% | +5.4% |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| Fortior Technology (Shenzhen) 688279.SS | China | $2.76B | 0% | +46% | 25% | 62.7× | n/a | n/a |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 18.3× | n/a | n/a |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | n/a | 7.7% | +9.5% |