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MACNICA HOLDINGS INC.
(3132)
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Rating:66Neutral
Price Target:
¥4,154.00
▲(34.78% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by mixed financial performance—especially negative TTM operating/free cash flow and notable margin compression—despite solid revenue growth and a healthy balance sheet. Technicals are a meaningful positive with a strong uptrend and supportive momentum indicators. Valuation is reasonable (P/E 17.5) with a modest dividend (~2.12%), but not low enough to fully offset the cash-flow and profitability risks.
Positive Factors
Value‑added distribution & engineering services
Macnica’s core model combines component distribution with engineering, reference designs, and system-level solutions. These value‑added services deepen customer relationships, raise switching costs, and smooth revenue across product life cycles, supporting durable demand and higher-margin opportunities over time.
Negative Factors
Negative operating and free cash flow
A distributor’s durability depends on reliable cash conversion; the recent swing to materially negative OCF and FCF signals working‑capital stress or client/payment timing issues. Persistently negative cash flow can erode liquidity, force external financing, and constrain reinvestment or dividend sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Value‑added distribution & engineering services
Macnica’s core model combines component distribution with engineering, reference designs, and system-level solutions. These value‑added services deepen customer relationships, raise switching costs, and smooth revenue across product life cycles, supporting durable demand and higher-margin opportunities over time.
Read all positive factors
MACNICA HOLDINGS INC. (3132) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥663.65B
Dividend Yield1.84%
Average Volume (3M)472.63K
Price to Earnings (P/E)20.2
Beta (1Y)1.19
Revenue Growth25.16%
EPS Growth50.89%
CountryJP
Employees5,261
SectorTechnology
Sector Strength88
IndustryTechnology Distributors
Share Statistics
EPS (TTM)188.19
Shares Outstanding179,072,140
10 Day Avg. Volume526,880
30 Day Avg. Volume472,633
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)1.48
Price to Sales (P/S)0.34
P/FCF Ratio23.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)222.9
Revenue Forecast (FY)¥1.45T
MACNICA HOLDINGS INC. Business Overview & Revenue Model
Company Description
Macnica Fuji Electronics Holdings, Inc., operating through its subsidiaries, serves as a global distributor of electronic components, specifically offering semiconductor devices and integrated circuits (ICs). Established in 2015, the company's mai...
How the Company Makes Money
MACNICA HOLDINGS makes money primarily by selling semiconductors and electronic components sourced from upstream manufacturers to downstream customers (device makers, OEMs/ODMs, and other electronics manufacturers), earning a distribution margin o...
MACNICA HOLDINGS INC. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.33T | 1.21T | 1.03T | 1.03T | 1.03T | 761.82B |
| Gross Profit | 143.36B | 130.44B | 121.25B | 129.62B | 125.90B | 90.72B |
| EBITDA | 56.34B | 45.61B | 43.29B | 71.77B | 64.14B | 40.77B |
| Net Income | 33.60B | 27.77B | 25.28B | 48.07B | 41.03B | 25.80B |
Balance Sheet | ||||||
| Total Assets | 773.70B | 700.89B | 556.44B | 552.24B | 517.62B | 362.58B |
| Cash, Cash Equivalents and Short-Term Investments | 55.16B | 54.39B | 48.53B | 38.71B | 37.57B | 25.17B |
| Total Debt | 102.12B | 77.49B | 75.92B | 64.86B | 55.32B | 59.16B |
| Total Liabilities | 475.12B | 411.77B | 294.96B | 295.82B | 309.86B | 182.82B |
| Stockholders Equity | 286.75B | 278.93B | 252.41B | 244.31B | 199.79B | 170.13B |
Cash Flow | ||||||
| Free Cash Flow | -16.57B | 17.36B | 22.57B | 38.58B | 37.90B | -16.47B |
| Operating Cash Flow | -15.16B | 18.77B | 24.23B | 39.95B | 38.90B | -15.53B |
| Investing Cash Flow | -761.00M | -1.31B | -7.96B | -18.46B | -869.00M | -1.65B |
| Financing Cash Flow | 16.57B | -15.16B | -5.84B | -23.01B | -27.10B | 14.37B |
MACNICA HOLDINGS INC. Technical Analysis
Positive
3082.00
Price Trends
3328.04
Positive
3007.03
Positive
2702.07
Positive
Market Momentum
130.44
Negative
61.57
Neutral
82.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3132, the sentiment is Positive. The current price of 3082 is below the 20-day moving average (MA) of 3431.45, below the 50-day MA of 3328.04, and above the 200-day MA of 2702.07, indicating a bullish trend. The MACD of 130.44 indicates Negative momentum. The RSI at 61.57 is Neutral, neither overbought nor oversold. The STOCH value of 82.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3132.
MACNICA HOLDINGS INC. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥97.24B | 16.97 | ― | 2.87% | 52.27% | 20.94% | |
69 Neutral | ¥94.63B | 17.71 | 5.83% | 3.17% | 6.83% | 18.94% | |
66 Neutral | ¥663.65B | 20.18 | ― | 2.27% | 25.16% | 50.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥208.79B | 9.18 | ― | 2.41% | 120.07% | 337.40% | |
54 Neutral | ¥172.33B | 26.19 | ― | 2.45% | 2.92% | -19.54% | |
51 Neutral | ¥498.20B | 28.66 | 6.34% | 1.70% | 42.63% | 139.80% |
* Technology Sector Average
JP:3132
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MACNICA HOLDINGS INC. Corporate Events
Macnica Reshapes Segment Reporting as Semiconductor and Cybersecurity Units Drive Q1 Growth
Jul 27, 2026
Macnica Holdings has restructured its reporting to reflect three core segments, renaming its ICs and electronic devices division as the Semiconductor Business, its IT solutions arm as the Cybersecurity Business and designating CPS Solutions as an ...
Macnica Holdings Delivers Strong Q1 Growth and Elevates CPS Solutions as Standalone Segment
Jul 27, 2026
Macnica Holdings reported consolidated net sales of ¥393.4 billion for the first quarter of the fiscal year ending March 31, 2027, up 39.7% year on year, driven mainly by robust semiconductor revenues and steady growth in cybersecurity. Gross...
Macnica Holdings Delivers Earnings Surge and Raises Dividend Outlook
Jul 27, 2026
Macnica Holdings reported a strong start to its fiscal year, with consolidated net sales for the three months ended June 30, 2026, climbing 39.7% year on year to ¥393.4 billion and all profit lines more than doubling. Operating income rose 10...
Macnica Completes Treasury Share Disposal for Restricted Share Remuneration
Jul 23, 2026
Macnica Holdings, Inc. has completed the payment procedures for the previously approved disposition of its treasury shares under a restricted share remuneration plan. The move is part of the company’s equity-based compensation scheme aimed a...
Macnica Holdings to Grant Restricted Treasury Shares as Equity Remuneration
Jun 24, 2026
Macnica Holdings has approved the disposal of 92,216 treasury shares as restricted share remuneration, priced at 3,329 yen per share for a total of about 307 million yen, to directors, executive officers, fellows and employees of subsidiaries. Thi...
Macnica separates CPS Solutions into new segment and renames core businesses
Jun 22, 2026
Macnica Holdings will reorganize its financial reporting structure from the fiscal year ending March 31, 2027, to reflect the growth and strategic importance of its cyber-physical system (CPS) Solutions operations. The company aims to improve tran...
MACNICA HOLDINGS Lifts Sales and Earnings, Strengthens Balance Sheet
May 11, 2026
MACNICA HOLDINGS reported consolidated net sales of ¥1,214.2 billion for the year ended March 31, 2025, up 17.4% year on year, with gross profit and operating income also increasing despite a margin squeeze. Net income attributable to owners ...
Macnica Restructures Segments to Clarify Semiconductor, Cybersecurity and CPS Strategy
May 11, 2026
Macnica Holdings has restructured its business segment classifications for its FY2025 financial presentation, redefining its ICs, Electronic Devices and Other Business as the Semiconductor Business and renaming the Network Business as the Cybersec...
Macnica Holdings Lifts Sales and Profit, Projects Further Growth in FY2027
May 11, 2026
Macnica Holdings reported consolidated net sales of ¥1.21 trillion for the fiscal year ended March 31, 2026, up 17.4% year on year, with operating income rising 5.8% to ¥41.95 billion and net income attributable to owners of the parent i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.