Maruo Calcium Co Ltd

Maruo Calcium's capital structure is characterized by a low debt-to-equity ratio of 0.21, indicating a conservative leverage profile. The company maintains a strong liquidity position with a current ratio of 1.98 and cash and equivalents of ¥3.15 billion, which is 18.5% of total assets. The price-to-book ratio of 0.32 suggests the company is trading at a significant discount to its book value.

Profitability metrics show significant deterioration, with a negative return on equity of -0.27% and a negative return on assets of -0.15%. The operating margin is negative at -2.64%, and the company reported an operating loss of ¥82.9 million in the latest period. These results fall well below the industry median for return on equity and operating margin in the Commodity Chemicals sector.

Geographically, Maruo Calcium's revenue is concentrated in Japan, with no disclosed international operations in the latest financial statements. The company operates in a single business segment focused on calcium carbonate and related products, with no material diversification across product lines.

The company's growth trajectory is mixed. While revenue of ¥3.14 billion represents a 12.3% increase from the prior year, the operating loss has widened from ¥38.6 million to ¥82.9 million. Analysts expect revenue to grow by 15.6% in the next fiscal year, but operating income is projected to remain negative. The company's capital expenditures of ¥328.2 million in the latest period suggest ongoing investment in production capacity.

Risk factors include the company's negative net income of ¥25.9 million and the potential for margin compression due to raw material price volatility. The risk assessment indicates low dilution potential, with no immediate filing-based flags detected. However, the company's negative earnings and operating cash flow of ¥509 million raise concerns about long-term sustainability.

Recent events include the release of Q4 2023 financial results showing a significant operating loss. The company has not issued any material press releases or held investor calls in the past quarter, suggesting limited near-term strategic developments.

Revenue grew at a 4.3% CAGR over four years, demonstrating consistent top-line expansion despite recent volatility.

The company maintains a low debt-to-equity ratio of 0.21, indicating a conservative capital structure relative to peers.

Dilution and liquidity risks are assessed as low, suggesting stable shareholder equity and adequate market trading conditions.

Operating and net margins rank in the bottom quartile of the commodity chemicals cohort, showing inferior profitability.

The company faces high credit risk, raising concerns about its ability to meet financial obligations amidst declining performance.

Revenue ¥3.25B, −4,3% YoY; Operating income +122,3% YoY.

• ▍Revenue ¥3.25B, −4,3% YoY
• ▍Operating income +122,3% YoY
• ▍Net income +46,8% YoY
• ▍Net margin 2.8%

Revenue ¥3.04B, −5,0% YoY; Operating income +176,4% YoY.

• ▍Revenue ¥3.04B, −5,0% YoY
• ▍Operating income +176,4% YoY
• ▍Net income +789,7% YoY
• ▍Net margin 2.8%

Revenue ¥2.99B, −8,7% YoY; Operating income −192,8% YoY.

• ▍Revenue ¥2.99B, −8,7% YoY
• ▍Operating income −192,8% YoY
• ▍Net income −99,4% YoY
• ▍Net margin 0.0%

Revenue ¥2.98B, −5,3% YoY; Operating income +45,5% YoY.

• ▍Revenue ¥2.98B, −5,3% YoY
• ▍Operating income +45,5% YoY
• ▍Net income +170,5% YoY
• ▍Net margin 0.6%

Revenue ¥3.39B; Operating income ¥29.7M.

• ▍Revenue ¥3.39B
• ▍Operating income ¥29.7M
• ▍Net margin 1.8%

Revenue ¥3.20B; Operating income -¥19.7M.

• ▍Revenue ¥3.20B
• ▍Operating income -¥19.7M
• ▍Net margin 0.3%

Revenue ¥3.27B; Operating income ¥39.3M.

• ▍Revenue ¥3.27B
• ▍Operating income ¥39.3M
• ▍Net margin 1.8%

Revenue ¥3.14B; Operating income -¥82.9M.

• ▍Revenue ¥3.14B
• ▍Operating income -¥82.9M
• ▍Net margin -0.8%

Revenue ¥12.84B, −0,3% YoY; Operating income −95,9% YoY.

• ▍Revenue ¥12.84B, −0,3% YoY
• ▍Operating income −95,9% YoY
• ▍Net income −40,4% YoY
• ▍Free cash flow −176,3% YoY
• ▍Net margin 1.2%

Revenue ¥12.89B, +2,3% YoY; Operating income +1 672,2% YoY.

• ▍Revenue ¥12.89B, +2,3% YoY
• ▍Operating income +1 672,2% YoY
• ▍Net income +112,8% YoY
• ▍Free cash flow +293,2% YoY
• ▍Net margin 1.9%

Revenue ¥12.59B, +8,9% YoY; Operating income −104,7% YoY.

• ▍Revenue ¥12.59B, +8,9% YoY
• ▍Operating income −104,7% YoY
• ▍Net income −38,6% YoY
• ▍Free cash flow −141,8% YoY
• ▍Net margin 0.9%

Revenue ¥11.57B, +6,7% YoY; Operating income −10,4% YoY.

• ▍Revenue ¥11.57B, +6,7% YoY
• ▍Operating income −10,4% YoY
• ▍Net income +6,1% YoY
• ▍Free cash flow −12,2% YoY
• ▍Net margin 1.6%