Overview
Metal Products

MARUZEN CO.,LTD.

Maruzen is a comprehensive manufacturer and seller of commercial kitchen equipment, offering a wide range of products including IH fryers, steam convection ovens, dishwashers, noodle boilers, grills, and sanitation equipment for the foodservice industry. The company provides end-to-end solutions from product planning and design to installation and after-sales service, targeting restaurants, large-scale catering facilities, bakeries, and institutional food operations. Its competitive strengths lie in its one-stop service model, 365-day customer support, and the breadth of both gas and electric equipment offerings.

Market Cap
US$377M
¥60.2B
EV
US$112M
¥17.9B
StockUS$23.70(¥3,785)▲+0.00%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
2.2
x
LTM EV/EBIT
2.5
x
LTM PER
11.0
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.5%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$377M¥60.2BMarket CapUS$0.06M¥0.01B+ DebtUS$242M¥38.6B− CashUS$23.1M¥3.69B− Inv. Sec.US$112M¥17.9BEV
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Performance & Balance
Revenue 5Y (US$)
US$331M¥52.8B'22/2US$360M¥57.5B'23/2US$379M¥60.6B'24/2US$402M¥64.3B'25/2US$418M¥66.8B'26/2
EBITDA 5Y (US$)
US$29.4M¥4.70B'22/2US$27.5M¥4.40B'23/2US$35.8M¥5.72B'24/2US$43.8M¥6.99B'25/2US$47.5M¥7.59B'26/2
Net Income 5Y (US$)
US$18.0M¥2.87B'22/2US$17.6M¥2.82B'23/2US$23.2M¥3.71B'24/2US$29.1M¥4.65B'25/2US$32.7M¥5.22B'26/2
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$195M¥31.2BUS$0.12M¥0.02B'22/2US$212M¥33.9BUS$0.13M¥0.02B'23/2US$226M¥36.1BUS$0.14M¥0.02B'24/2US$245M¥39.1BUS$0.08M¥0.01B'25/2US$259M¥41.3BUS$0.06M¥0.01B'26/2
Business Segments
2026/02 · US$ (¥B)
95%
Manufacturing and Sales of General Commercial Kitchen Equipment and Appliance
Revenue
US$395M(¥63.2B)
Segment profit
US$41.2M(¥6.58B)10.4%
4.7%
Manufacturing and Sales of Large Baking Machinery
Revenue
US$19.7M(¥3.15B)
Segment profit
US$4.03M(¥0.64B)20.4%
0.7%
Building Rental Business
Revenue
US$3.08M(¥0.49B)
Segment profit
US$1.94M(¥0.31B)62.9%
Adjustments
Revenue
-US$0.11M(¥-0.02B)
Segment profit
-US$5.61M(¥-0.90B)
No segment changes in the last 5 years
Shareholders
Top 10 hold 62.7%
1
Masatoyo Co., Ltd.
22.93%
2
UH Partners 2 Investment Limited Partnership
8.24%
3
Keiichi WATANABE
6.26%
4
Hikari Tsushin Investment Limited Partnership
6.04%
5
UH Partners 3 Investment Limited Partnership
4.25%
6
FTGroup CO.,LTD.
3.77%
7
Yudai WATANABE
3.19%
8
Shinobu ISHIKAWA
2.84%
9
MARUZEN CO.,LTD. Employee Stock Ownership Association
2.82%
10
Custody Bank of Japan, Ltd. (Trust Account E)
2.40%
Management
13 officers
Keiichi WATANABE
Representative Director, President
Feb 1980 Joined the Company Nov 1983 Director, Masatoyo Co., Ltd. (current) Feb 1991 Director, Taiwan Maruzen Co., Ltd. Apr 1992 Director, Maru Chuko Kogyo Co., Ltd. (now Maruzen Kogyo Co., Ltd.) May 1992 Director, the Company; General Manager, Manufacturing Division May 1995 Managing Director, the Company; General Manager, Manufacturing Division; Managing Director, Maru Chuko Kogyo Co., Ltd. (now Maruzen Kogyo Co., Ltd.) Mar 1996 Managing Director, the Company; Deputy General Manager, Sales Division Mar 2006 Representative Director, President, the Company (current); Representative Director, President, Maruzen Kogyo Co., Ltd. (current); Representative Director, President, Fujisawa Maruzen Co., Ltd. (current); Chairman, Taiwan Maruzen Co., Ltd. (current) Sep 2013 Representative Director, President, Maruzen (Thailand) Co., Ltd. (current)
1955-05-22
Yudai WATANABE
Director, Vice President, General Manager of Sales Division, in charge of Overseas Sales
Mar 2008 Joined the Company Mar 2016 General Manager, East Kanto Division May 2017 Director, in charge of North Kanto, Chugoku-Shikoku and Kyushu Divisions, Product Purchasing Section and Overseas Business Section, the Company; Managing Director, Fujisawa Maruzen Co., Ltd. Mar 2018 Managing Director, the Company; Deputy General Manager, Sales Division; in charge of Overseas Sales and Product Purchasing Mar 2019 Senior Managing Director, the Company; Deputy General Manager, Sales Division; in charge of Overseas Sales and Product Purchasing; Senior Managing Director, Fujisawa Maruzen Co., Ltd. May 2019 Senior Managing Director, the Company; General Manager, Sales Division; in charge of Overseas Sales and Product Purchasing Mar 2020 Director, Vice President, the Company; General Manager, Sales Division; in charge of Overseas Sales and Product Purchasing; Director, Vice President, Fujisawa Maruzen Co., Ltd. (current); Director, Vice President, Maruzen Kogyo Co., Ltd. (current) May 2024 Director, Vice President, the Company; General Manager, Sales Division; in charge of Overseas Sales (current) Mar 2025
1983-09-19
Makoto YAMANOI
Managing Director, in charge of East Kanto, South Kanto, Shinetsu, Hokkaido and Tohoku Divisions
Apr 1989 Joined the Company Mar 2005 Head, South Kanto Block May 2015 Director, in charge of East Kanto and South Kanto Divisions; General Manager, East Kanto Division Mar 2018 Director, in charge of East Kanto, South Kanto, Hokkaido and Tohoku Divisions Mar 2019 Managing Director, in charge of East Kanto, South Kanto, Shinetsu, Hokkaido and Tohoku Divisions (current)
1964-09-27
Takashi YANAI
Managing Director, in charge of Metropolitan Area, Chubu, Kinki and Kyushu Divisions, Sales Development Department and Product Purchasing
Apr 1984 Joined the Company Mar 2009 Head, Metropolitan Area Route Branch Mar 2016 Branch Manager, Metropolitan Area Route Branch Office Mar 2017 General Manager, Metropolitan Area Division May 2017 Director, General Manager, Metropolitan Area Division Feb 2019 Director, in charge of Metropolitan Area Division and Sales Development Department; General Manager, Metropolitan Area Division May 2024 Managing Director, in charge of Metropolitan Area, Chubu, Kinki, Kyushu Divisions and Sales Development Department May 2024 Managing Director, in charge of Metropolitan Area, Chubu, Kinki, Kyushu Divisions, Sales Development Department and Product Purchasing (current) May 2025
1960-04-30
Hiroki TANEMURA
Director, General Manager, Chugoku-Shikoku Division
Apr 1984 Joined the Company Mar 2002 Head, Chugoku-Shikoku Block Mar 2013 General Manager, Chugoku-Shikoku Division May 2018 Director, General Manager, Chugoku-Shikoku Division (current)
1961-10-31
Kainosuke TANAKA
Director, General Manager, Metropolitan Area Division
Jul 1997 Joined the Company Mar 2017 Branch Manager, Metropolitan Area Route Branch Office Mar 2024 Executive Officer, General Manager, Metropolitan Area Division May 2024 Director, General Manager, Metropolitan Area Division (current)
1974-02-17
Koji KIMIZUKA
Director, General Manager, Accounting & Finance Group
Jul 2015 Branch Manager, Tokushima Branch, The Shoko Chukin Bank, Ltd. Mar 2018 General Manager, Sales Department No. 1, Nagoya Branch, The Shoko Chukin Bank, Ltd. Apr 2020 General Manager, Asset Support Department, The Shoko Chukin Bank, Ltd.; Director, Shoko Chukin Card Co., Ltd. Oct 2022 Joined the Company; General Manager, Accounting & Finance Group May 2023 Director, General Manager, Accounting & Finance Group (current)
1968-11-16
Yasushi NAKAMARU
Outside Director
Jun 2004 Executive Officer, General Manager, Corporate Planning Division, Chuo Fudosan Co., Ltd. (now Chuo Nihon Tochi Tatemono Co., Ltd.) Jun 2011 Managing Executive Officer, in charge of Development Business, Chuo Fudosan Co., Ltd. Apr 2015 Outside Director, Chuo Building Techno Co., Ltd. (now Chuo Nichi Tochi Facilities Co., Ltd.) Jul 2015 Managing Director, in charge of Business Promotion, Chuo Fudosan Co., Ltd. May 2016 Outside Director, the Company (current)
1952-09-08
Koji YABE
Outside Director
Dec 2012 Senior Managing Director, Mizuho Loan Experts Co., Ltd. Mar 2017 Director, in charge of Sales, Shiba Park Hotel Co., Ltd. Mar 2018 Managing Director, in charge of Corporate Sales, Shiba Park Hotel Co., Ltd. Mar 2021 Non-Executive Advisor, Shiba Park Hotel Co., Ltd. May 2021 Outside Director, the Company (current) Jun 2021 Audit & Supervisory Board Member, Seiwa Sogo Tatemono Co., Ltd.
1960-03-23
Tomoko SUGANUMA
Outside Director
Apr 1990 Registered as Attorney-at-Law; joined Tokyo Chuo Law Office (current) Apr 2010 Vice President, Second Tokyo Bar Association Apr 2011 Managing Director, Japan Federation of Bar Associations Apr 2015 General Manager, First Business Division, Japan Legal Support Center Apr 2022 President, Second Tokyo Bar Association; Vice President, Japan Federation of Bar Associations Apr 2024 Chairperson, Kanto Federation of Bar Associations May 2024 Outside Director, the Company (current) Oct 2025 Director, Japan Legal Support Center (current)
1960-04-13
Takayuki KUNO
Outside Corporate Auditor (Full-time)
Apr 2007 General Manager, Compliance Department, Sumitomo Mitsui Asset Management Company, Limited Apr 2010 Executive Officer, in charge of Planning and Risk Management, Sumitomo Mitsui Asset Management Company, Limited Apr 2014 Director, in charge of Planning and General Affairs, CCO, Human Inventory Co., Ltd.; Director, Financial Career Co., Ltd. Jun 2015 Managing Director, in charge of Planning and General Affairs, CCO, Human Inventory Co., Ltd.; Managing Director, Financial Career Co., Ltd. May 2019 Outside Corporate Auditor (Full-time), the Company (current); Corporate Auditor, Maruzen Kogyo Co., Ltd. (current); Corporate Auditor, Fujisawa Maruzen Co., Ltd. (current)
1957-01-09
Masaaki TANAHASHI
Outside Corporate Auditor
Jul 2008 General Manager, General Affairs Department, Administration Division, Muromachi Building Service Co., Ltd. May 2010 Director, Managing Executive Officer, Muromachi Create Co., Ltd. (now Muromachi Real Estate Create Co., Ltd.) Mar 2019 Outside Corporate Auditor and Member of Nomination and Compensation Committee, Nihon Fenoal Co., Ltd. May 2023 Outside Corporate Auditor, the Company (current)
1956-08-29
Mieko SUZUKI
Outside Corporate Auditor
Apr 2002 Registered as Certified Tax Accountant; joined Futamata Accounting Office Aug 2012 Opened Mieko Suzuki Certified Tax Accountant Office (current) Aug 2012 Outside Corporate Auditor, the Company (current) May 2024 Managing Director, Tokyo Certified Tax Accountants' Association (current) Jun 2025 Director, Japan Federation of Certified Tax Accountants' Associations (current)
1962-07-10
Large Shareholding Reports
UH Partners 2 Co., Ltd.
2026-10-15
6.80%→6.80%
UH Partners 2 Co., Ltd.
2026-06-15
6.80%→6.80%
UH Partners 2 Co., Ltd.
2025-09-29
6.80%→6.80%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-15
Large Shareholding Report
EDINET
2026-10-14
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
EDINETAmended
2026-10-14
Amended Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-10-09
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-07-10
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-06-15
Large Shareholding Report
EDINET
2026-05-26
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-04-10
Full-Year Earnings Flash
FY ending Feb 2026
TDnet
2026-01-09
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-14
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
EDINET
2025-09-29
Large Shareholding Report
TDnet
2025-07-11
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-29
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-09
Q3 Earnings Flash
FY ending Feb 2025
EDINETAmended
2024-10-29
Amended Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-10-11
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
TDnet
2024-07-10
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-30
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINET
2024-01-12
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-29
Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINET
2023-01-13
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-07-14
Quarterly Securities Report
EDINET
2022-05-27
Annual Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-10-14
Quarterly Securities Report
EDINET
2021-07-14
Quarterly Securities Report
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