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MERFTSE:3168 -2.98%49 Debt-to-Equity is 1.28 as of Feb. 2026, which is 11% above its 10-year median of 1.15. GuruFocus rates TSE:3168 with a GF Score™ of 49/100 and a GF Value™ of 円580.98 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,224 Metals & Mining companies, MERF ranks worse than 92.97% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for MERF's Debt-to-Equity or its related term are showing as below:
TSE:3168'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.85 Med: 1.15 Max: 1.68
Current: 1.5
During the past 13 years, the highest Debt-to-Equity Ratio of MERF was 1.68. The lowest was 0.85. And the median was 1.15.
TSE:3168's Debt-to-Equity is ranked worse than 92.97% of 1224
companies
in the Metals & Mining industry
Industry Median: 0.14
vs TSE:3168: 1.50
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
MERF Debt-to-Equity Related Terms
MERF Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for MERF's Debt-to-Equity 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.
For the Other Industrial Metals & Mining subindustry, MERF's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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.
MERF Debt-to-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, MERF's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where MERF's Debt-to-Equity falls into.
* 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.
MERF (TSE:3168) has a Debt-to-Equity of 1.28 as of Feb. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on MERF and its competitors. This is 11% above median its historical median of 1.15. Over the past decade, MERF's Debt-to-Equity has ranged from 0.85 to 1.68. According to the industry distribution chart, MERF ranks #1138 out of 1224 companies in the Metals & Mining industry, placing it in the top 93%.
Is MERF's Debt-to-Equity too high?
MERF's current Debt-to-Equity of 1.28 is 11% above median its 10-year median of 1.15. Over the past 10 years, this metric has ranged from a low of 0.85 to a high of 1.68. The Metals & Mining industry median Debt-to-Equity is 0.14. MERF's value of 1.28 is 814.3% above this industry median. Based on the distribution chart, MERF ranks #1138 out of 1224 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, MERF has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MERF's Debt-to-Equity compare to competitors?
According to the Metals & Mining industry distribution chart, MERF ranks #1138 out of 1224 companies for Debt-to-Equity. This places MERF in the lower half of its industry. The industry median Debt-to-Equity is 0.14. MERF's value of 1.28 is 814.3% above this benchmark. Historically, MERF's own Debt-to-Equity has ranged from 0.85 to 1.68 over the past decade. While the company's 10-year median is 1.15 vs. the industry median of 0.14, MERF has consistently been above 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 Debt-to-Equity for a Metals & Mining company?
The median Debt-to-Equity among Metals & Mining companies is 0.14, based on 1,224 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MERF's current Debt-to-Equity of 1.28 is 814.3% above 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 Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on MERF and its competitors. For the Metals & Mining industry, the median Debt-to-Equity is 0.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MERF's current Debt-to-Equity is 1.28, which is 11% above median its own 10-year median of 1.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MERF stock overvalued right now?
Based on GuruFocus' analysis, MERF (TSE:3168) is currently considered Significantly Overvalued. The stock's GF Value™ is 円580.98, compared to a current price of 円1,268.00 — trading 118.3% above its estimated fair value. The current Debt-to-Equity is 1.28, which is 11% above median its 10-year median of 1.15 and 814.3% above the Metals & Mining industry median of 0.14. MERF's overall GF Score™ is 49/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For MERF (TSE:3168), the current Debt-to-Equity is 1.28 as of Feb. 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 MERF (TSE:3168) Overvalued in 2026?
Based on GuruFocus' analysis, MERF stock appears to be overvalued.
The current stock price of 円1,268.00 is trading 118.3% above its estimated GF Value™ of 円580.98.
GuruFocus considers MERF to be Significantly Overvalued.
Key valuation signals for TSE:3168:
Debt-to-Equity: 1.28 (11% above median its 10-year median of 1.15)
GF Value™: 円580.98 vs. price of 円1,268.00 (118.3% above fair value)
Industry Position: 814.3% above the Metals & Mining median (#1138 of 1224)
No single metric tells the full story. See the TSE:3168 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MERF Inc is engaged in recycling non-ferrous metals, focusing on copper and copper alloys. Its business activities are divided into two main segments: the Ingot Business, which involves the manufacturing of copper alloy ingots, and the Metal Recycling Raw Materials Business, which is engaged in metal recycling. It is also involved in the manufacturing and selling of art and craft products segment.
49GF Score
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