Marusan Securities Co., Ltd.
8613・Prime Market・Securities & Commodity Futures
Business
Marusan Securities is an independent securities company founded in 1910, with a management foundation built on a spirit of "self-reliance and independence," unaffiliated with any corporate group. Its core business is the financial instruments business, centered on the sale, brokerage, underwriting, distribution, and offering handling of securities, providing a wide range of financial products—including stocks, bonds, investment trusts, and fund wraps—primarily to individual investors. The company is listed on the Prime Market of the Tokyo Stock Exchange. In April 2025, it absorbed its subsidiary Marusan Finance Co., Ltd. through a merger, integrating management resources on a standalone basis. For FY2026 (ending March 2026), operating revenue was ¥21,725 million and net assets were ¥51,444 million.
Business Model
The main pillars of revenue are stock brokerage commissions (¥7,298 million) and investment trust management fees (¥8,425 million), supplemented by offering commissions and underwriting commissions. Trust fees represent stable, balance-linked revenue, and in FY2026 (ending March 2026) the SG&A coverage ratio reached 51.7%. Through the Marusan Fund Wrap Service launched in July 2025, the company aims to expand balance-linked fee revenue and reduce its reliance on trading commissions.
Company Strengths
The equity investment trust balance reached ¥1,210.4 billion at the end of FY2026 (ending March 2026), up 19.6% year-on-year, with trust fee income of ¥8,425 million, up 10.6% year-on-year. The SG&A coverage ratio from trust fee income stood at 51.7%, establishing a stable earnings base less susceptible to market fluctuations. The net increase in equity investment trusts under the medium-term management plan exceeded the plan with an achievement rate of 121.9%.
As an independent securities firm affiliated with no financial group, the company provides its own unique market and stock views. In FY2026 (ending March 2026), it underwrote shares for 19 newly listed companies, expanding its underwriting business. The net increase in Japanese equities (over 24 months) under the medium-term management plan reached ¥52.3 billion, significantly exceeding the plan with an achievement rate of 130.8%, demonstrating its strong stock selection and proposal capabilities through actual results.
Total net assets at the end of FY2026 (ending March 2026) stood at ¥51,444 million, with cash and deposits secured at ¥35,588 million. The company maintains a financial policy of funding routine operations primarily through its own capital, holding sufficient liquidity as required of a financial instruments business operator. It posted net income of ¥5,010 million for the period while also implementing shareholder returns, paying dividends of ¥4,104 million.
ENVALITH's Perspective
Performance Trend
Operating revenue bottomed out in FY2023 (ending March 2023) at ¥14,931 million and has since recovered, reaching ¥21,725 million in FY2026 (ending March 2026), up 15.3% year on year and marking a new five-year high. Operating profit also improved significantly to ¥5,375 million (up 51.0% year on year), with the operating margin rising to 24.7% (from 18.9% in the prior fiscal year). As an external factor, the rise in the stock market—during which the Nikkei Average surpassed 50,000 yen—boosted brokerage commissions (¥7,442 million, up 36.3% year on year). Meanwhile, trust fee income (¥8,440 million, up 10.8% year on year) has grown steadily regardless of market conditions, indicating progress in the qualitative improvement of the revenue structure. Net income attributable to owners of parent came in at a more modest ¥5,010 million (up 10.8% year on year), as the prior fiscal year had included substantial extraordinary gains such as a special dividend from an affiliated company of ¥604 million and gains on sale of investment securities of ¥1,297 million; on an ordinary income basis, growth was 44.0%, reflecting a genuine improvement in underlying performance.
Growth Strategy
Advancing a medium-term management plan centered on establishing a balance-linked revenue structure and achieving ROE in excess of the cost of capital
By promoting long-term holding of high-quality funds, the company steadily builds up balances and further raises the SG&A coverage ratio through trust fee income, aiming for stable performance even in unstable market conditions. As of the end of FY2026 (ending March 2026), the equity investment trust balance reached ¥1,210.4 billion (up 19.6% year on year), with the coverage ratio reaching 51.7%.
The company strengthens its stock-picking capabilities for promising issues and its ability to make clear, easy-to-understand proposals, aiming to increase balances of its recommended individual stocks. As of the end of FY2026 (ending March 2026), the net increase over the 24-month period reached ¥52.3 billion (achievement rate of 130.8%), substantially exceeding the plan.
With the goal-based asset management-type fund wrap launched in July 2025, the company is promoting a shift from a revenue structure dependent on trading commissions to one based on balance-linked fees. This is beginning to function as a new channel for bringing in assets from new customer segments, and is expected to contribute to medium- to long-term revenue stabilization.
The company focuses on marketing, information provision, and relationship-building with companies aiming for new listings, expanding its underwriting business. In FY2026 (ending March 2026), it underwrote shares for 19 newly listed companies. It aims to expand its acquisition of lead-managed underwriting deals by emphasizing its distinctiveness and strengths as an independent securities firm.
Through the implementation of the above initiatives, the company aims to achieve ROE in excess of the cost of capital over the medium term. ROE for FY2026 (ending March 2026) improved to 10.1% (from 9.2% in the previous fiscal year), and the company maintains financial soundness with a capital adequacy ratio of 576.9%.
Last updated: July 19, 2026