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MonotaRO Co.

MONOY
67
Specialty Retail · Consumer Cyclical
Price
$12.38
-0.02 (-0.16%)
Market Cap
$6.09B
Exchange
Other OTC
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 13, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Exceptional
Cash Flow
Weak
Stability
Exceptional
Valuation
Mixed
Dividends
Good
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§Winston Score History

The full picture

MonotaRO is a Japanese online retailer that sells maintenance, repair, and operations (MRO) supplies. Think of it as an Amazon-style store focused on tools, safety gear, cleaning products, and factory supplies. Its main customers are small and mid-sized businesses across Japan, and it is one of the country's largest e-commerce platforms for industrial goods.

The company makes money by selling products directly through its website, offering millions of items at competitive prices with fast delivery. It operates primarily in Japan, with a smaller presence in other Asian markets, and has a market cap around $6.1 billion. MonotaRO's moat comes from its massive product catalog, efficient logistics network, and strong brand recognition among business buyers. Growth depends on continued expansion of its customer base and product range, but increasing competition from larger e-commerce players and pressure on margins remain key risks to watch.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+22.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

¥61M/ year

↑ Rising (+38% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

51.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥41.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

MonotaRO Co. is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 496.9M (2021) → 496.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
30.3%
Modest — 30.3% gross margin
Profit after running costs
Operating Margin
14.5%
Healthy — 14.5% operating margin
Return on the money invested
ROCE
37.3%
Exceptional — 37.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+25.0%
Fast-growing sales (+25.0% YoY)
Profit growth
EPS YoY
+21.9%
Earnings growing fast (+21.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
0%
Weak — only 0% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.17
Conservative — low debt load (0.17)
Covers its interest
Interest Cover
199.46x
Comfortably covers interest (199.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.5x
Growth-priced — P/E 26.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+0.8
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
1.97%
Small dividend — 1.97% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+89.5%
Dividend growing fast (89.5% YoY)

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