Maruo Calcium Co., Ltd. (4102) AI Stock Analysis

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Maruo Calcium Co., Ltd.

(TSE/TYO:4102)

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Rating:66Neutral

Price Target:JPY 1,564.00▲(7.12% Upside)

Action:reiterated

Date:08/17/26

The score is driven primarily by solid valuation (low P/E and strong dividend yield) and a stable balance sheet with conservative leverage. Offsetting these positives are thin margins, recent revenue decline, and historically volatile free cash flow, while technical indicators suggest only modest/neutral momentum.

Positive Factors

Conservative Balance SheetLow leverage and steadily increasing equity provide financial resilience and flexibility. This reduces solvency risk and should help the company withstand cyclical demand or input-cost pressure without excessive reliance on external funding.

Negative Factors

Recent Revenue ContractionPersistent stagnation and the latest revenue decline indicate limited near-term expansion in the company’s calcium-materials markets. Weak volume growth can restrict operating leverage and make earnings increasingly dependent on pricing or mix.

Maruo Calcium Co., Ltd. (4102) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 3.09B
Dividend Yield: 4.11%
Average Volume (3M): 642
Price to Earnings (P/E): 8.5
Beta (1Y): 0.10
Revenue Growth: 8.59%
EPS Growth: 119.18%
Country: Japan
Employees: 239
Sector: General
Sector Strength: 55
Industry: Chemicals

Maruo Calcium Co., Ltd. Business Overview & Revenue Model

Company Description

Maruo Calcium Co., Ltd., a Japan-based firm, specializes in the manufacturing and sale of diverse calcium carbonate products and various other industrial raw materials. Its comprehensive product line includes multiple forms of calcium carbonate, such...

How the Company Makes Money

Maruo Calcium primarily makes money by manufacturing calcium-based materials and selling them to business customers (B2B). Revenue is generated from (1) product sales of calcium compounds and related chemical/industrial materials, where earnings depe...

Maruo Calcium Co., Ltd. Financial Statement Overview

Summary

Financially stable but low-return. Balance sheet strength (low-to-moderate leverage and steadily building equity) is offset by thin operating/net margins, recent revenue softness (2026: -1.6%), and uneven cash generation with volatile free cash flow despite a rebound in 2026.

Income Statement

56Neutral

Balance Sheet

72Positive

Cash Flow

49Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	13.05B	12.64B	12.84B	12.89B	12.59B	11.57B
Gross Profit	2.29B	2.19B	2.12B	2.24B	2.27B	2.11B
EBITDA	726.58M	671.13M	524.47M	632.42M	515.25M	725.98M
Net Income	359.33M	293.51M	148.63M	249.24M	117.14M	190.80M
Balance Sheet
Total Assets	17.07B	17.13B	16.87B	17.01B	16.99B	15.64B
Cash, Cash Equivalents and Short-Term Investments	2.50B	2.65B	2.39B	3.15B	3.65B	3.26B
Total Debt	2.27B	2.42B	2.31B	2.04B	2.66B	1.99B
Total Liabilities	6.56B	6.84B	6.66B	7.02B	7.29B	6.34B
Stockholders Equity	10.31B	10.08B	9.80B	9.62B	9.30B	8.90B
Cash Flow
Free Cash Flow	0	414.29M	-617.93M	207.05M	-225.65M	203.10M
Operating Cash Flow	0	959.18M	246.92M	508.99M	464.80M	529.34M
Investing Cash Flow	0	-650.52M	-1.17B	-345.73M	-745.35M	-441.94M
Financing Cash Flow	0	-62.26M	116.41M	-762.08M	606.48M	-478.57M

Maruo Calcium Co., Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price1460.00

Price Trends

50DMA1448.72Positive

100DMA1445.92Positive

200DMA1433.22Positive

Market Momentum

MACD0.86Positive

RSI52.96Neutral

STOCH55.06Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4102, the sentiment is Positive. The current price of 1460.00 is above the 20-day moving average (MA) of 1448.55, above the 50-day MA of 1448.72, and above the 200-day MA of 1433.22, indicating a bullish trend. The MACD of 0.86 indicates Positive momentum. The RSI at 52.96 is Neutral, neither overbought nor oversold. The STOCH value of 55.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4102.

Maruo Calcium Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:4102 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4040	79Outperform	JPY 9.55B	2.74	―	1.60%	0.56%	238.99%
JP:8158	71Outperform	JPY 31.79B	12.88	―	3.32%	6.03%	25.63%
JP:4093	69Neutral	JPY 13.88B	11.06	―	3.44%	-0.22%	4.42%
JP:4102	66Neutral	JPY 3.26B	8.55	―	4.11%	8.59%	119.18%
JP:4960	59Neutral	JPY 8.14B	22.14	―	1.01%	6.87%	300.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

JP:4102 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4102	Maruo Calcium Co., Ltd.	1460.00	88.52	6.45%
JP:4040	NANKAI CHEMICAL COMPANY LIMITED	4050.00	1029.89	34.10%
JP:4093	Toho Acetylene Co., Ltd.	407.00	66.88	19.66%
JP:4960	Chemipro Kasei Kaisya,Ltd.	516.00	189.46	58.02%
JP:8158	Soda Nikka Co., Ltd.	1474.00	492.99	50.25%

Maruo Calcium Co., Ltd. Corporate Events

Maruo Calcium Delivers Profit Rebound but Guides Cautious Full-Year Outlook

Aug 7, 2026

Maruo Calcium Co., Ltd. reported a strong recovery in its first quarter for the fiscal year ending March 31, 2027, with net sales rising 13.6% year-on-year to ¥3,397 million. Profit attributable to owners of the parent jumped sharply to ¥66 million,...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026

Maruo Calcium Co., Ltd. AI Stock Analysis