Maruichi Co (NGO:8228) Cyclically Adjusted PB Ratio: 0.99 (As of Aug. 14, 2026) — 17% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NGO:8228 Maruichi Co Ltd NGO:8228
66 GF Score
Price 円1,117.00
GF Value 円1,567.42
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Maruichi Co Cyclically Adjusted PB Ratio?

Maruichi Co NGO:8228 66 Cyclically Adjusted PB Ratio is 0.99 as of Aug. 14, 2026, which is 17% below its 10-year median of 1.19. GuruFocus rates NGO:8228 with a GF Score™ of 66/100 and a GF Value™ of 円1,567.42 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 231 Retail - Defensive companies, Maruichi Co ranks better than 72.29% on this metric.

As of today (2026-08-14), Maruichi Co's current share price is 円1117.00. Maruichi Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was 円1,124.10. Maruichi Co's Cyclically Adjusted PB Ratio for today is 0.99.

The historical rank and industry rank for Maruichi Co's Cyclically Adjusted PB Ratio or its related term are showing as below:

NGO:8228' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.97   Med: 1.19   Max: 1.43
Current: 0.99

During the past years, Maruichi Co's highest Cyclically Adjusted PB Ratio was 1.43. The lowest was 0.97. And the median was 1.19.

NGO:8228's Cyclically Adjusted PB Ratio is ranked better than
72.29% of 231 companies
in the Retail - Defensive industry
Industry Median: 1.65 vs NGO:8228: 0.99

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Maruichi Co's adjusted book value per share data for the three months ended in Mar. 2026 was 円1,301.682. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is 円1,124.10 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Maruichi Co  (NGO:8228) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Maruichi Co Cyclically Adjusted PB Ratio Related Terms


Maruichi Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Maruichi Co's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Maruichi Co Cyclically Adjusted PB Ratio Chart

Maruichi Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.15 1.14 1.21 1.02 1.04

Maruichi Co Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.02 1.04 1.03 1.06 1.04

NGO:8228 vs SYY, USFD, PFGC: Cyclically Adjusted PB Ratio Comparison

For the Food Distribution subindustry, Maruichi Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Maruichi Co Cyclically Adjusted PB Ratio vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Maruichi Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Maruichi Co's Cyclically Adjusted PB Ratio falls into.


NGO:8228
66GF Score
Maruichi Co Ltd NGO:8228
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Maruichi Co Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Maruichi Co's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=1117.00/1124.10
=0.99

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Maruichi Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Maruichi Co's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=1301.682/112.7000*112.7000
=1,301.682

Current CPI (Mar. 2026) = 112.7000.

Maruichi Co Quarterly Data

Book Value per Share CPI Adj_Book
201603 821.743 97.900 945.970
201606 824.433 98.100 947.131
201609 843.261 98.000 969.750
201612 879.138 98.400 1,006.899
201703 872.019 98.100 1,001.800
201706 877.797 98.500 1,004.342
201709 896.737 98.800 1,022.897
201712 934.315 99.400 1,059.329
201803 922.836 99.200 1,048.424
201806 918.489 99.200 1,043.485
201809 939.445 99.900 1,059.814
201812 960.855 99.700 1,086.142
201903 949.166 99.700 1,072.929
201906 943.588 99.800 1,065.555
201909 961.409 100.100 1,082.426
201912 1,001.769 100.500 1,123.377
202003 976.152 100.300 1,096.833
202006 981.275 99.900 1,107.004
202009 1,007.254 99.900 1,136.312
202012 1,046.337 99.300 1,187.535
202103 1,029.489 99.900 1,161.395
202106 1,016.987 99.500 1,151.904
202109 1,036.012 100.100 1,166.419
202112 1,069.714 100.100 1,204.363
202203 1,034.803 101.100 1,153.534
202206 1,034.441 101.800 1,145.201
202209 1,054.671 103.100 1,152.875
202212 1,094.995 104.100 1,185.456
202303 1,081.388 104.400 1,167.360
202306 1,086.003 105.200 1,163.427
202309 1,105.773 106.200 1,173.452
202312 1,126.288 106.800 1,188.508
202403 1,158.775 107.200 1,218.227
202406 1,167.314 108.200 1,215.862
202409 1,155.937 108.900 1,196.273
202503 1,183.596 111.100 1,200.641
202506 1,192.015 111.700 1,202.687
202509 1,243.581 112.000 1,251.353
202512 1,313.463 113.000 1,309.976
202603 1,301.682 112.700 1,301.682

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 0.99 mean?
Maruichi Co (NGO:8228) has a Cyclically Adjusted PB Ratio of 0.99 as of Aug. 14, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Maruichi Co and its competitors. This is 17% below median its historical median of 1.19. Over the past decade, Maruichi Co's Cyclically Adjusted PB Ratio has ranged from 0.97 to 1.43. According to the industry distribution chart, Maruichi Co ranks #64 out of 231 companies in the Retail - Defensive industry, placing it in the top 27.7%.
Is Maruichi Co's Cyclically Adjusted PB Ratio too high?
Maruichi Co's current Cyclically Adjusted PB Ratio of 0.99 is 17% below median its 10-year median of 1.19. Over the past 10 years, this metric has ranged from a low of 0.97 to a high of 1.43. The Retail - Defensive industry median Cyclically Adjusted PB Ratio is 1.65. Maruichi Co's value of 0.99 is 40% below this industry median. Based on the distribution chart, Maruichi Co ranks #64 out of 231 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, Maruichi Co has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Maruichi Co's Cyclically Adjusted PB Ratio compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Maruichi Co ranks #64 out of 231 companies for Cyclically Adjusted PB Ratio. This puts Maruichi Co in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.65. Maruichi Co's value of 0.99 is 40% below this benchmark. Historically, Maruichi Co's own Cyclically Adjusted PB Ratio has ranged from 0.97 to 1.43 over the past decade. While the company's 10-year median is 1.19 vs. the industry median of 1.65, Maruichi Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Retail - Defensive company?
The median Cyclically Adjusted PB Ratio among Retail - Defensive companies is 1.65, based on 231 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Maruichi Co's current Cyclically Adjusted PB Ratio of 0.99 is 40% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Maruichi Co and its competitors. For the Retail - Defensive industry, the median Cyclically Adjusted PB Ratio is 1.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maruichi Co's current Cyclically Adjusted PB Ratio is 0.99, which is 17% below median its own 10-year median of 1.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maruichi Co stock overvalued right now?
Based on GuruFocus' analysis, Maruichi Co (NGO:8228) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,567.42, compared to a current price of 円1,117.00 — trading 28.7% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.99, which is 17% below median its 10-year median of 1.19 and 40% below the Retail - Defensive industry median of 1.65. Maruichi Co's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Maruichi Co (NGO:8228), the current Cyclically Adjusted PB Ratio is 0.99 as of Aug. 14, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Maruichi Co (NGO:8228) Overvalued in 2026?

Based on GuruFocus' analysis, Maruichi Co stock appears to be undervalued. The current stock price of 円1,117.00 is trading 28.7% below its estimated GF Value™ of 円1,567.42. GuruFocus considers Maruichi Co to be Modestly Undervalued.

Key valuation signals for NGO:8228:

  • Cyclically Adjusted PB Ratio: 0.99 (17% below median its 10-year median of 1.19)
  • GF Value™: 円1,567.42 vs. price of 円1,117.00 (28.7% below fair value)
  • GF Score™: 66/100 with 2 warning signs
  • Industry Position: 40% below the Retail - Defensive median (#64 of 231)

No single metric tells the full story. See the NGO:8228 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Maruichi Co Business Description

Address 3-38 Nagano City Market, Nagano, JPN, 381-2281
Maruichi Co Ltd is engaged in the wholesale business of fishery products, dairy foods, and frozen foods, general dry foods, processed foods, livestock products, and processed livestock products, retail store support business, among others. The company has four reportable segments: "Fishery Business", "General Food Business", and "Livestock Business", which are segments by product and service based on business divisions, and "Marusui Nagano Kensui Group", which is a segment by operating company. The company generates the majority of its revenue from Fishery Business segment, which is engaged in seafood, processed seafood products, daily necessities, and frozen foods, and manufactures processed seafood products.
66GF Score

Get the complete analysis for NGO:8228

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円1,117.00
Price
円1,567.42
GF Value