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Japanese maker of steel pipes and tubes used in construction, machinery and automotive applications.
Japanese maker of steel pipes and tubes used in construction, machinery and automotive applications.
Buys steel coil from mills, forms and welds it into tubes and sells them, so earnings depend on the gap between tube prices and the coil it buys; construction and machinery orders set demand.
In one line: A Japanese steel-tube maker akin to a smaller Nucor tubular products unit.
Moat: none (scale). Commodity steel pipe maker competing on cost and capacity in a cyclical industry.
Headquarters: Osaka, Japan · Founded: 1947 · Employees: 2,599
Size Maruichi Steel Tube (5463.T) is a Japan Industrials company (Metal Fabrication) with a market value of $2.32B, the 441st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,522 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against -16.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +17.8%); the operating margin is 13.9% (peer median 10.8%).
Valuation It trades at 11.9× forward earnings against a peer median of 40.5× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (6.8% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥249B | ¥244B | ¥262B | ¥271B | ¥273B |
| Revenue growth | — | -7% | -4% | -1% | — |
| Gross profit | ¥54.9B | ¥52.1B | ¥43.8B | ¥53.5B | ¥46.7B |
| EBITDA | ¥42.8B | ¥40.0B | ¥30.3B | ¥41.4B | ¥36.4B |
| Net income | ¥28.0B | ¥26.7B | ¥27.0B | ¥26.1B | ¥24.2B |
| Free cash flow | n/a | ¥4.94B | ¥3.51B | ¥19.9B | ¥17.9B |
| Capital expenditure | n/a | ¥15.5B | ¥24.6B | ¥15.7B | ¥6.63B |
| Total debt | ¥4.39B | ¥4.39B | ¥3.69B | ¥5.37B | ¥8.13B |
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 |
|---|---|---|---|---|---|---|
| Maruichi Steel Tube 5463.T | $2.32B | +5% | -2% | 14% | 11.9× | -2.7% |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
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 | 5463.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -8.2% | 9th lowest of 20 |
| 6-month return | +4.8% | -16.0% | 6th highest of 19 |
| Distance from 52-week high | -23.4% | -45.0% | 6th highest of 20 |
| Revenue growth (TTM) | -1.9% | +17.8% | 4th lowest of 21 |
| Operating margin | 13.9% | 10.8% | 9th highest of 21 |
| Forward P/E | 11.9× | 40.5× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.7% | 15.2% | least demanding of 11 |
| Growth delivered (Del g) | +8.6% | +13.5% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -11.4 pp | +1.6 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +2.0 pp | -0.5 pp | 6th highest of 21 |
| EV / EBITDA | 6.4× | 15.8× | 2nd cheapest of 8 |
| Net debt / EBITDA | -2.4× | 1.2× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maruichi Steel Tube 5463.T | Japan | $2.32B | +5% | -2% | 14% | 11.9× | -2.7% | +8.6% |
| Taihan Cable & Solution 001440.KS | South Korea | $2.31B | -70% | +22% | 5% | 99.2× | n/a | n/a |
| Anhui Honglu Steel Construction (Group) 002541.SZ | China | $2.30B | +4% | +12% | 5% | 16.0× | 3.8% | +10.4% |
| Zhejiang Changsheng Sliding Bearings 300718.SZ | China | $2.25B | -29% | +20% | 21% | 47.3× | 16.5% | +14.1% |
| Bossard BOSN.SW | Switzerland | $2.42B | +55% | +7% | 11% | 20.1× | 5.9% | +5.6% |
| Jyoti Cnc Automation JYOTICNC.NS | India | $2.45B | +32% | +18% | 21% | 53.8× | n/a | n/a |
| Lizhong Sitong Light Alloys 300428.SZ | China | $2.14B | -3% | +24% | 4% | 11.8× | n/a | n/a |
| NBTM New Materials 600114.SS | China | $2.14B | -40% | +6% | 9% | 22.8× | 13.8% | +13.0% |
| Hebei Huatong Wires and Cables 605196.SS | China | $1.94B | -41% | +49% | 10% | 13.4× | n/a | n/a |
| Tolerance Technology (Jiangsu) 301583.SZ | China | $2.82B | n/a | +18% | 15% | n/a | n/a | n/a |
| Avic Heavy Machinery 600765.SS | China | $2.84B | -23% | -13% | 4% | 23.1× | n/a | n/a |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| Zetwerk Manufacturing Businesses ZETWERK.NS | India | $2.96B | n/a | +40% | 1% | n/a | n/a | n/a |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Zhejiang XCC 603667.SS | China | $2.99B | -20% | -15% | 2% | 91.0× | 47.9% | +13.9% |
| Shaanxi Sirui Advanced Materials 688102.SS | China | $2.99B | -39% | +38% | 11% | 96.5× | n/a | n/a |
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |