UNISOL Holdings Corporation
7128・Prime Market・Wholesale Trade
Business
Unisol Holdings Corporation (formerly Furusato-Maruka Holdings) is a holding company established in October 2021 through a joint share transfer by Furusato Kogyo and Maruka Corporation. With 23 consolidated subsidiaries, the company operates across four segments: (1) domestic and overseas sales of machine tools, industrial machinery, and tools (Machinery & Tools), (2) sales and manufacturing of steel structure materials, housing equipment, and piping materials (Construction Materials), (3) sales and rental of construction machinery (Construction Machinery), and (4) IoT security systems such as surveillance cameras and access control (IoT Solutions). Its major customers span domestic and overseas manufacturing, construction, real estate, and data center operators. Consolidated net sales for FY2025 (ending December 2025) were ¥159,036 million.
Business Model
The Company's main revenue source is merchandise procurement and sales (procurement results of ¥120,547 million for FY2025 (ending December 2025)), with the Machinery & Tools Segment accounting for approximately 66% of net sales. In addition, the Construction Materials segment provides added value through in-house manufacturing of products such as turnbuckle braces, while the IoT Solutions segment builds up stable recurring revenue through stock-type services such as Access Control (Entry/Exit Management). The Company has introduced a cash management system that centrally manages the funds of each group company, enhancing capital efficiency.
Company Strengths
The company retains an overseas network of business sites built up over more than 70 years since the predecessor of Maruka Corporation. It operates consolidated subsidiaries in North America (the U.S. and Mexico), Southeast Asia (Thailand, Indonesia, Malaysia, and Vietnam), China, and other regions. In FY2025 (ending December 2025), overseas machinery segment sales grew 14.4% year on year, with North America achieving high growth of 28.1% year on year.
The equity ratio remained at a high level of 62.1% as of the end of FY2025 (ending December 2025). The ratio of cash flow to interest-bearing debt was 0.2 years, and the interest coverage ratio was 429.0 times, indicating extremely high financial soundness. Cash and cash equivalents stood at ¥27,792 million, positioning the company to flexibly allocate funds for M&A and capital expenditure.
The IoT Solutions segment achieved sales of ¥3,896 million (up 8.6% year on year) and operating profit of ¥246 million (up 30.8% year on year) in FY2025 (ending December 2025), making it the only segment to record both revenue and profit growth. This was driven by an increase in orders for data center-related projects and the steady accumulation of stable recurring revenue from stock-type services such as Access Control (Entry/Exit Management).
ENVALITH's Perspective
Performance Trend
Revenue gradually declined from a peak of ¥162,416 million in FY2022 to ¥159,036 million in FY2025. In Q1 of the fiscal year ending December 2026, revenue was ¥41,698 million (up 1.1% year on year), only a slight increase. Operating profit continued a downward trend, falling from ¥5,895 million in FY2022 to ¥3,380 million in FY2025, and Q1 also failed to show improvement at ¥874 million (down 1.0% year on year). On the other hand, profit attributable to owners of parent improved to ¥621 million (up 9.6% year on year), and a recovery trend is expected from the full-year FY2025 figure of ¥1,906 million. As external factors, surging energy and raw material prices due to the Middle East situation, uncertainty over US trade policy, and a decline in housing starts continue to weigh on performance.
Growth Strategy
Maximizing synergies from the establishment of Unisol Corporation, alongside a new medium-term management plan and business domain expansion through M&A
In January 2026, Maruka Corporation absorbed and merged with G-net Corporation to form Unisol Corporation. The company is pursuing expanded cross-selling and reduced procurement costs through the integration of customer bases in Machinery & Tools and Construction Materials. As of 1Q, sales in the Machinery & Tools Segment declined 1.8% year on year, indicating that the sales contribution from integration synergies remains limited, and continued monitoring of synergy realization progress is warranted.
With the aim of promptly presenting a growth strategy and capital efficiency improvements in response to changes in the market environment, the company plans to announce a new medium-term management plan in July 2026. It is advancing initiatives aimed at enhancing economic value as well as social and environmental value, with a view to achieving management that is conscious of capital cost and stock price.
In the first quarter of FY2026 (ending December 2026), the company acquired a portion of the shares of MT FOOD SYSTEMS CO., LTD. and consolidated it. Goodwill of ¥1,428 million arose in the Machinery & Tools Segment (the purchase price allocation is provisional). Through entry into the overseas food-related systems business, the company aims to diversify its global operations.
Due to the rebound from front-loaded demand at the end of the previous fiscal year and sales adjustments in recording devices caused by memory shortages for AI applications, 1Q sales fell sharply to ¥817 million (down 16.6% year on year), with segment profit of ¥35 million (down 65.3% year on year). The strategy is to capture recovery in recording device sales following normalization of memory supply-demand conditions, as well as growth in the surveillance camera market, but the timing of recovery remains uncertain.
Last updated: July 17, 2026