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Maruwa Co.,Ltd. (MAWAF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Maruwa Co.,Ltd. $233, price $274, upside -14.9%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · US

MC Maruwa Co.,Ltd. logo Some data Sep 24, 2026

Maruwa Co.,Ltd.

MAWAF · US

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value $233.09 · Overvalued (−14.9%)
!Quality 53/100
!Expensive Growth (revenue 5y +12.4 %/yr)
✓Highly profitable · 24.4% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (9/12)
✓Wide moat 75/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 13 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$307.75 $159.45 Fair Value $233.09 Sep 2024 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

24‑month range $159.45 – $307.75 · fair‑value band $163.16 – $303.01 · the $274.00 price screens above the $233.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Maruwa Co.,Ltd. produces and sells ceramics and electronic parts in Japan and internationally. It operates through Ceramic Components Business and Lighting Equipment segments.

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Maruwa Co.,Ltd. produces and sells ceramics and electronic parts in Japan and internationally. It operates through Ceramic Components Business and Lighting Equipment segments. The company offers ceramics, including ceramic substrates and fillers, metalized/multilayer ceramic substrates, pressed ceramic products, ceramic hermetic seals, and ultra-high purity SiC components; and electronic components and devices, such as antennas, EMC and RF components, and capacitors. It also provides semiconductor products comprising quartz glass products, including quartz tubes and boats; and aluminum nitride components. In addition, the company offers LED lighting products comprising LED streetlights, LED tunnel lights, and LED landscape lights; and technical consultation services. Its products are used in automotive, telecommunications, semiconductors, industrial equipment, and lighting applications. The company was formerly known as Maruwa Ceramic Co., Ltd. and changed its name to Maruwa Co., Ltd. in 1999. Maruwa Co.,Ltd. was incorporated in 1973 and is headquartered in Owariasahi, Japan.

Stock analysis

Maruwa Co.,Ltd. (MAWAF) currently trades at $274.00, while our model-based Fair Value estimate is $233.09, implying the stock looks roughly 17.6% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $667.54 per share, and 10 of the 15 models we run sit above the $274.00 price.

Bear case: the DCF Models group reads lowest at $123.42, and 5 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: $163.16 (bear) to $303.01 (bull), the price of $274.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 53/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Maruwa Co.,Ltd. reported revenue of ¥74.5B in FY2026 versus ¥54.3B in FY2022, a compound +8.2%/yr. Reported net income was ¥18.2B in FY2026, compounding +8.0%/yr from FY2022.

Key figures

Market cap $3.4B · P/E ratio 30.2 · P/S ratio 7.37 · EPS (TTM) $9.07 · Net margin 24.4% · Return on equity 13.2% · Return on assets (EBIT) 17.6% · Operating margin 35.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 6% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −64% fair-value upside, at −15%, MAWAF screens cheaper than that median.

Fair Value models

Bear $163.16 Fair Value $233.09 Bull $303.01
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings $114.11 $123.42 $137.55 78
Residual Income $198.84 $233.09 $320.49 76
ROIC Compounder $381.86 $455.36 $539.90 72
All 15 models by family
DCF Models
Owner Earnings $114.11 $123.42 $137.55 78
Earnings-Based
Graham-Dodd $180.59 $636.19 $855.94 64
Lynch FV $148.72 $212.46 $276.19 61
PEG = 1.0 $148.72 $212.46 $276.19 57
EPV $360.51 $401.92 $437.65 71
Multiples
P/E Multiple $557.70 $743.60 $929.50 63
P/S Multiple $338.60 $451.47 $564.34 58
P/B Multiple $338.60 $451.47 $564.34 55
EV/EBIT $755.57 $974.69 $1,194 66
EV/EBITDA $696.53 $895.96 $1,095 67
EV/Revenue $430.56 $572.98 $715.40 54
Asset-Based
NCAV (Graham) $107.66 $144.26 $215.32 54
Economic Profit
Residual Income $198.84 $233.09 $320.49 76
ROIC Compounder $381.86 $455.36 $539.90 72
Growth Earnings
Growth-Adj P/E $467.28 $667.54 $867.80 67

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Quality Score breakdown

Overall quality 53/100

Of which business quality 54 · Market factors (momentum, volatility) 62

Profitability 58
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.4%
Start year 2021 (pandemic)
What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.4%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 34%

MAWAF screens 18% overvalued. Compare with Amphenol Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 650 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −14.9% · Above median
Profitability
Return on equity (TTM) 13.2% · Top 25%
Return on assets 10.2% · Top 25%
Net margin (TTM) 24.4% · Top 25%
Operating margin (TTM) 35.5% · Top 25%
Growth and dividend
Revenue growth 18.9% · Above median
Dividend yield (TTM) 37.2% · Top 25%

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/E (TTM) 30.2× · Cheaper than median
P/B 3.62× · Pricier than median
P/S (TTM) 7.16× · Priciest 25%
EV/EBITDA 15.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)13 · sector 0
FUTURE (revenue growth)95 · sector 38
PAST (return on equity)53 · sector 26
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 25

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amphenol Corporation APH $84.09 $84.44 +0%
Delta Electronics, Inc 2308 1,910 TWD 519.57 TWD −73%
Corning Incorporated GLW $156.74 $33.52 −79%
Samsung Electro-Mechanics Co 009150 1,507,000 KRW 171,572 KRW −89%
TE Connectivity plc TEL $218.59 $142.45 −35%
Luxshare Precision Industry Co 002475 ¥52.00 ¥18.59 −64%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥185.99 ¥21.19 −89%
Shengyi Technology Co 600183 ¥137.33 ¥66.42 −52%
Celestica Inc CLS $365.44 $106.95 −71%
Asia Vital Components Co 3017 3,555 TWD 2,737 TWD −23%

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Maruwa Co.,Ltd. · Fair Value
$233.09 −18%Fair Value
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Cite: Fair Value Calculator (2026). "Maruwa Co.,Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/MAWAF

Frequently asked questions

Is Maruwa Co.,Ltd. (MAWAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $233.09 versus a price of $274.00, about −15% upside (overvalued).
What is the fair value of MAWAF?
Our model-based fair value for Maruwa Co.,Ltd. is $233.09 (as of Sep 24, 2026), built from audited fundamentals. The current price: $274.00.
What is the quality score of MAWAF?
Maruwa Co.,Ltd. has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Maruwa Co.,Ltd. (MAWAF)?
Our model-based price target is the fair value of $233.09 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario $163.16, optimistic scenario $303.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Maruwa Co.,Ltd. stock forecast for 2026?
Our models put fair value at $233.09, about −15% upside versus a price of $274.00 (overvalued). Cautious scenario $163.16, optimistic scenario $303.01. The calculation is refreshed regularly with new filings.
What is the revenue of Maruwa Co.,Ltd. (MAWAF)?
Maruwa Co.,Ltd. reported trailing-twelve-month revenue of about ¥74.5B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Maruwa Co.,Ltd. (MAWAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maruwa Co.,Ltd. it is $233.09 per share (as of Sep 24, 2026), against a price of $274.00. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Maruwa Co.,Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MAWAF trades above its calculated fair value: price $274.00, fair value $233.09, a gap of about −15% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAWAF?
No. The price is what the market pays today ($274.00); the fair value is what the company's own numbers justify ($233.09). For Maruwa Co.,Ltd. the two are $40.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Maruwa Co.,Ltd. worth?
The market values Maruwa Co.,Ltd. at about $3.4B (market capitalisation, as of Sep 24, 2026). Per share that is $274.00; our models calculate a fair value of $233.09 per share.
What do the bullish and bearish scenarios say about MAWAF?
Our models span a range for Maruwa Co.,Ltd.: cautious scenario $163.16, base $233.09, optimistic $303.01 per share (as of Sep 24, 2026, price $274.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAWAF?
Maruwa Co.,Ltd. trades at a price-to-earnings ratio of 30.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $233.09 is built from several models across several years. Other multiples: P/B 3.6, P/S 7.2, EV/EBITDA 15.4.
How solid is the balance sheet of Maruwa Co.,Ltd. (MAWAF)?
Balance-sheet figures for Maruwa Co.,Ltd. (as of Sep 24, 2026): return on equity 13.2%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is MAWAF from its 52-week high?
Maruwa Co.,Ltd. trades at $274.00, about 6% below its 52-week high of $292.59 and 6% above the low of $258.70 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $233.09 is for.
Which stocks are comparable to Maruwa Co.,Ltd.?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Samsung Electro-Mechanics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Maruwa Co.,Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price $274.00, calculated fair value $233.09 (−15%), Quality Score 53/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAWAF calculated?
We run Maruwa Co.,Ltd. through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $233.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Maruwa Co.,Ltd. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Maruwa Co.,Ltd. (MAWAF)?
The closing price on Sep 25, 2026 was $274.00. Our model-based fair value is $233.09, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maruwa Co.,Ltd. right now?
Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($163.16 to $303.01) leaves room in how you read the outcome.

Key figures of Maruwa Co.,Ltd.

How large is the market capitalisation of Maruwa Co.,Ltd. (MAWAF)?
The market capitalisation of Maruwa Co.,Ltd. is $3.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Maruwa Co.,Ltd. (MAWAF)?
The price-to-sales ratio of Maruwa Co.,Ltd. is 7.37 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maruwa Co.,Ltd. (MAWAF)?
Earnings per share at Maruwa Co.,Ltd. are $9.07 (price ÷ EPS = P/E 30.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Maruwa Co.,Ltd. (MAWAF)?
The net margin of Maruwa Co.,Ltd. is 24.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Maruwa Co.,Ltd. (MAWAF)?
The return on equity (ROE) of Maruwa Co.,Ltd. is 13.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Maruwa Co.,Ltd. (MAWAF)?
On an EBIT basis the return on assets of Maruwa Co.,Ltd. is 17.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Maruwa Co.,Ltd. (MAWAF)?
The operating margin of Maruwa Co.,Ltd. is 35.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maruwa Co.,Ltd. (MAWAF)?
Revenue at Maruwa Co.,Ltd. is growing +18.9% versus a year earlier (3y avg +8.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Maruwa Co.,Ltd. (MAWAF)?
Earnings per share at Maruwa Co.,Ltd. are growing +10.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Maruwa Co.,Ltd. (MAWAF) generate?
The free cash flow of Maruwa Co.,Ltd. is −¥5.6B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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