MARUI GROUP CO.,LTD.
8252・Prime Market・Retail Trade
Business
Marui Group Co., Ltd. is a holding company that integrates the operation of commercial facilities centered on Marui and Modi stores (Retail segment) with credit card and financial services centered on EPOS Card (Credit Card) (FinTech segment). The group consists of 23 consolidated subsidiaries and 5 affiliated companies, offering diverse financial services including credit card operations, Card Cashing, Installment & Revolving Payment, Rent Guarantee Service, tsumiki Securities & Investment Trust Sales, and EPOS Small-Amount Short-Term Insurance. Its main customers are individual consumers, primarily younger generations, and it is characterized by community-based membership acquisition through cards that support customers' personal interests ("favorites"). In FY2025 (ended March 2025), revenue was ¥254,392 million, and the group's total transaction volume reached a record high.
Business Model
In the Retail segment, the company is advancing the shift from merchandise sales to experiential, dining, and service-oriented tenants, steadily accumulating Fixed-Term Tenant Leasing income (¥44,546 million). In the FinTech segment, the primary revenue sources are merchant fees and Card Cashing, Installment & Revolving Payment fees, driven by expanding transaction volume from EPOS Card (Credit Card) members (7.90 million members at fiscal year-end). The structure maximizes member LTV through mutual customer referrals and collaboration between the two segments, with recurring revenue (on a gross profit basis) reaching ¥151,500 million and contracted deferred revenue reaching ¥398,400 million in FY2025 (ended March 2025).
Company Strengths
Achieved 4 consecutive fiscal years of revenue and profit growth from FY2022 (ending March 2022) through FY2025 (ending March 2025). In FY2025 (ending March 2025), revenue was ¥254,392 million (up 8% year on year), operating profit was ¥44,515 million (up 9% year on year), and EPS was ¥143.2 (up 10% year on year), all record highs. ROE exceeded 10% for the first time in 34 years, reaching 10.6%, surpassing the cost of shareholders' equity of 6.7%.
Contract-based recurring revenue, including real estate leasing income, installment/revolving payment fees, and merchant fees, accounts for 66.8% of gross profit. Contracted deferred revenue at fiscal year-end reached ¥398,400 million (up 5% year on year), representing approximately 1.8 times the current fiscal year's gross profit in future revenue secured on a contract basis.
The number of EPOS Card members at fiscal year-end reached a record high of 7.90 million (up 310 thousand year on year). Card credit transaction volume reached a record ¥4,530,500 million (up 10% year on year). Membership in cards supporting fan interests (collaborations with anime, games, etc.) expanded to 1.11 million (up 210 thousand year on year), capturing a highly profitable member segment with LTV 2 to 7 times higher than that of general cardholders.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue reached ¥276,862 million (up 8.8% year-on-year), operating profit was ¥50,211 million (up 12.8%), and profit attributable to owners of parent was ¥28,476 million (up 7.1%), marking five consecutive fiscal years of increased revenue and profit, with EPS of ¥158.4 setting a new record high. From FY2022 to FY2026, revenue expanded 32.3% and operating profit expanded 36.5%, indicating an accelerating trend. However, as an external factor, interest expenses surged 70.3% year-on-year to ¥5,873 million against a backdrop of rising market interest rates, causing the growth in ordinary income (+6.8%) to fall significantly short of operating profit growth (+12.8%). FinTech's credit card transaction volume reached a record high of ¥4,964.0 billion (up 10% year-on-year), and the fee rate change implemented in October 2025 also contributed to increased revenue. For FY2027 (ending March 2027), the company forecasts revenue of ¥296,000 million (up 6.9% year-on-year), operating profit of ¥55,000 million (up 9.5%), and net income of ¥29,500 million (up 3.6%), anticipating a continuation of the trend of increasing revenue and profit.
Growth Strategy
Transitioning to a business that supports what customers 'love,' aiming for an EPS growth rate of 9%+ annually and TSR of 12%+ annually by FY2031
Centered on anime and game collaboration cards, the company is expanding its high-profitability member base, which has an LTV 2 to 7 times that of general cards. Reached 1.38 million members (up 260 thousand year-on-year) at the end of FY2026. The rollout of units supporting what customers 'love' across major cities nationwide will also accelerate member recruitment outside major metropolitan areas.
Expanded the non-merchandise tenant floor area ratio to 70% (up 5 percentage points year-on-year), achieving a fixed-term lease monthly rate per tsubo of ¥52 thousand (up ¥1 thousand year-on-year). Accelerating new tenant introductions through the OMEMIE online store opening service, aiming to reduce vacant space and enhance facility profitability.
Changed the fee rates for Card Cashing, Installment & Revolving Payment from October 2025, achieving increased revenue. Installment/revolving payment transaction volume expanded to ¥473.2 billion (up 10% year-on-year), and the balance including securitized receivables reached a record high of ¥499.4 billion (up 6% year-on-year).
Hiring digital specialist talent through Marui Unite (a wholly owned subsidiary tech company established in September 2024) and Muture (a joint venture with Goodpatch). Established a new CTO position in April 2026, with an appointee possessing AI deep learning expertise. Strengthening an agile product development structure.
The annual dividend for FY2026 (ending March 2026) is ¥131 (up ¥25 year-on-year), marking 14 consecutive periods of dividend increases and a record high for the 10th consecutive period. DOE achieved 10.1%. Plans to allocate ¥350 billion in base operating cash flow over 6 years toward FY2031 (ending March 2031), comprising ¥150 billion in growth investment, ¥30 billion in treasury stock repurchases, and ¥170 billion in shareholder returns.
Last updated: July 17, 2026