MonotaRO Co Ltd MONOY

IndustrialsDiversified RetailJapan

Last close 14.00 USD on Nov 3, 2026, −11.0% year to date

Quant rating

Quant rating A Rank 7 of 418 in Industrials

Growth A 40 of 418
Valuation B 127 of 418
Quality A 4 of 418
Revisions B 74 of 418
Momentum A 33 of 418

Wall Street consensus Hold (2.73)Average target 14.62 USD +4.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.0B
Enterprise value: 6.8B
52-week range: 10.26 – 16.76
3-year range: 8.59 – 21.28
Dividend yield: 1.63%
Beta (5 years): 1.16
Shares outstanding: 496M
Next earnings: Nov 4, 2026

About the company

MonotaRO Co Ltd is a Japan-based company principally engaged in mail-order sales primarily through e-commerce, an internet-based distribution channel, selling industrial supplies to customers mainly consisting of domestic and international businesses. Products procured from domestic and international wholesalers and manufacturers are listed in the Company's online catalog on its website and in paper catalogs distributed to individual customers, and are sold directly to end users both domestically and internationally. The Company conducts its business through the Factory Indirect Materials Sales segment. The products handled primarily consist of factory indirect materials, such as consumables and repair supplies used routinely within factories.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,131	1,833	1,803	1,724	1,649	–
Revenue growth	16.3%	1.7%	4.6%	4.5%	8.2%	6.9%
EPS (basic, normalized)	0.42	0.34	0.30	0.29	0.31	–
EPS growth	22.7%	15.5%	1.4%	−5.0%	–	–
Gross margin	29.8%	29.3%	29.9%	29.0%	28.5%	29.3%
Net margin	9.7%	9.1%	8.6%	8.3%	9.3%	9.0%
ROE	28.7%	27.7%	27.5%	28.4%	33.0%	29.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	254
Current ratio	2.69x
Long-term debt (mil)	126
Net debt (mil)	−123
Total equity (mil)	743
Net debt / equity	−0.17x
Net debt / EBITDA	−0.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,131	+16.3%	3.2x	340	+24.0%	20.2x	0.42	+22.7%	33.4x
2026	2,452	+15.0%	2.8x	386	+13.7%	17.7x	0.48	+15.1%	29.0x
2027	2,744	+11.9%	2.5x	436	+12.9%	15.7x	0.55	+14.3%	25.4x
2028	3,083	+12.4%	2.2x	490	+12.5%	14.0x	0.61	+11.3%	22.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,452	+0.6%	+0.7%	+2.3%	0.48	+0.3%	−0.1%	+1.1%
2027	2,744	+1.6%	+2.0%	+2.4%	0.55	+1.4%	+1.5%	+0.8%
2028	3,083	+2.4%	+3.1%	+2.2%	0.61	+2.5%	+2.7%	−0.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	69,139	70,258	72,112	76,610	79,106	81,126	81,168	92,480	95,582	97,679
Sales mean (mil)	68,318	70,199	71,028	76,504	78,788	81,112	82,397	91,003	94,655	97,979
Surprise	+1.2%	+0.1%	+1.5%	+0.1%	+0.4%	0.0%	−1.5%	+1.6%	+1.0%	−0.3%
EPS reported	12.59	12.56	12.86	15.00	15.17	15.86	16.24	18.01	17.99	19.64
EPS mean	12.39	12.32	12.92	15.48	13.81	15.34	16.05	18.34	18.77	19.44
Surprise	+1.6%	+1.9%	−0.4%	−3.1%	+9.8%	+3.4%	+1.1%	−1.8%	−4.1%	+1.0%

Peer comparison Diversified Retail

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MONOY MonotaRO Co Ltd	7.0B	−0.36x	9.7%	9.03x	29.0x	25.4x	17.7x	15.7x
IMHDY Isetan Mitsukoshi Holdings Ltd.	8.5B	0.27x	13.9%	2.14x	19.4x	19.1x	12.3x	11.9x
ETSY Etsy, Inc.	7.7B	1.05x	5.7%	−11.65x	22.6x	18.3x	9.9x	9.3x
CTCa Canadian Tire Corporation Ltd	7.5B	3.66x	3.5%	1.77x	14.2x	13.0x	8.5x	8.2x
M Macy's, Inc.	6.2B	0.62x	2.8%	1.27x	10.4x	10.1x	4.1x	4.0x
OLLI Ollie's Bargain Outlet Holdings, Inc.	5.3B	−0.51x	9.1%	2.80x	19.3x	18.0x	12.2x	11.5x
Mean		0.79x	7.5%	0.89x	19.2x	17.3x	10.8x	10.1x
Median		0.44x	7.4%	1.95x	19.3x	18.1x	11.0x	10.4x

Technical analysis

1M+7.4%
3M+13.0%
1Y+2.2%
3Y+68.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MonotaRO Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,131	1,833	1,803	1,724	1,649	1,524
Cost of revenue	1,495	1,296	1,264	1,224	1,179	1,091
Gross profit	636	537	539	499	470	433
Selling, general & administrative expenses	298	264	281	299	260	243
Research & development	0.4	0.3	0.1	0.4	–	–
Depreciation/amortization	42.7	36.5	35.5	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.1	0.4	5.4	6.4	0.3	1.9
Other operating expenses	0	0	0	0	0	0
Operating income	295	235	217	194	209	188
Net interest income (expense)	−1.7	0.9	0.7	1.4	1.4	0.5
Gain (loss) on sale of assets	−0.1	−0.5	−0.1	−0.6	−0.3	−0.2
Other non-operating income (expense)	1.0	0.7	1.0	0.6	0.4	0.4
Net income before taxes	294	236	218	195	211	189
Provision for taxes	89.7	72.8	67.4	56.1	60.1	58.1
Minority interest	2.9	3.9	3.9	3.5	1.8	2.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	207	168	155	142	153	133
Extraordinary items	–	–	–	–	–	–
Net income	207	168	155	142	153	133
EBIT, normalized	295	236	222	200	210	190
EBITDA, normalized	338	272	258	227	228	205
Basic EPS, normalized	0.42	0.34	0.30	0.29	0.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MonotaRO Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	302	195	132	67.8	108	183
Receivables	331	263	260	253	247	224
Total inventory	143	131	134	149	134	115
Prepaid expenses	–	–	–	–	–	–
Other current assets	9.8	8.4	8.1	10.5	7.4	4.5
Total current assets	786	599	534	481	496	526
Property, plant & equipment	351	237	280	267	244	185
Goodwill	–	–	–	5.4	6.7	7.8
Intangibles	49.1	41.5	45.1	48.7	48.3	39.0
Long-term investments	9.3	9.5	10.6	11.4	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	38.5	35.6	40.0	38.5	37.1	29.9
Total assets	1,234	923	910	852	832	787
Liabilities
Accounts payable	160	126	121	119	127	113
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2.7	2.4	2.4	1.4	1.1	1.4
Short-term debt	0.7	1.4	1.6	0.5	0	0
Current portion of long-term debt	5.6	3.1	33.7	36.0	0.3	6.4
Other current liabilities	173	99.0	104	83.5	79.1	97.7
Total current liabilities	342	232	262	241	207	218
Long-term debt	83.0	4.1	5.9	42.1	83.3	92.9
Minority interest	2.6	3.6	3.7	3.7	7.8	8.0
Other liabilities	23.9	23.3	25.1	15.4	18.2	14.3
Total liabilities	451	263	297	302	316	333
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	13.1	13.0	14.5	15.6	17.4	19.3
Additional paid-in capital	1.6	3.2	7.3	7.9	7.8	7.9
Retained earnings (accumulated deficit)	771	646	593	528	493	430
Treasury stock	−5.6	−4.8	−4.4	−3.8	−3.6	−3.1
Other equity	2.1	2.6	2.9	2.4	1.3	−0.4
Total equity	782	660	613	550	516	454
Total liabilities & shareholders' equity	1,234	923	910	852	832	787

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MonotaRO Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	294	236	218	195	211	189
Depreciation, depletion & amortization	42.7	36.6	34.6	27.2	18.6	15.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	2.4	0.6	6.6	7.1	−0.4	1.5
Changes in working capital	−124	−91.4	−47.1	−111	−123	−57.4
Cash from operations	215	182	212	118	107	148
Investing activities
Capital expenditures	−103	−22.3	−56.4	−87.8	−104	−88.3
Other investing cash flows	−6.5	−0.5	−3.1	−7.8	−19.9	0.9
Cash from investing	−109	−22.8	−59.6	−95.6	−124	−87.3
Financing activities
Financing cash flow items	0	0	3.2	0	1.8	0
Cash dividends paid	−79.3	−53.7	−52.8	−46.4	−45.3	−38.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	79.5	−31.1	−33.4	4.4	−6.6	55.7
Cash from financing	0.2	−84.9	−83.0	−42.1	−50.1	17.2
Foreign exchange effects	−0.2	1.1	0.3	0.6	0.9	−0.1
Net change in cash	106	75.8	69.9	−18.9	−66.9	77.7
Free cash flow	113	160	156	30.3	2.2	59.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.