Mipox Corp. (5381) AI Stock Analysis

• Market Cap: ¥12.63B
• Dividend Yield: 2.29%
• Average Volume (3M): 149.06K
• Price to Earnings (P/E): 22.7
• Beta (1Y): 2.30
• Revenue Growth: 5.37%
• EPS Growth: 63.30%
• Country: JP
• Employees: 448
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 11.93
• Shares Outstanding: 14,451,920
• 10 Day Avg. Volume: 138,540
• 30 Day Avg. Volume: 149,060
• PEG Ratio: -0.03
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 9.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: ¥1,063.00 ▲(137.81% Upside)
• Action: Upgraded Date: 02/19/26
• Date: Action: Upgraded 02/19/26

The score is driven primarily by the strong financial recovery in 2025 and very bullish technical trend/momentum. These positives are tempered by a relatively expensive valuation (higher P/E and low dividend yield) and the company’s history of earnings volatility.

Positive Factors

Profitability recovery

The strong 2025 rebound in top-line and gross margin indicates durable operational improvements and better pricing or mix. Sustained 38% gross margin and improved net margin suggest the company has structural levers to protect profits across cycles, supporting reinvestment and resilience.

Improved leverage and equity base

Lower leverage and a >50% equity ratio provide a stronger financial cushion, reducing solvency risk and increasing funding optionality. This balance sheet flexibility supports capex, working capital for recurring consumables demand, and cushions the firm against cyclical downturns.

Strong cash generation

Very large FCF growth and >1.7x cash conversion show the business turns accounting profit into cash reliably when operations stabilize. Combined with a consumable, repeat-purchase product model, this supports durable internal funding for investments, debt reduction, or strategic initiatives.

Negative Factors

Historical earnings volatility

Past swings to negative operating income highlight that profitability can be cyclical or sensitive to demand, input costs, or mix. This raises forecasting risk and suggests margins may revert under stress, complicating long-term planning and capital allocation.

Inconsistent cash flows historically

While cash conversion improved recently, historical inconsistencies imply cash generation may not be steady across cycles. That volatility can restrict sustained reinvestment, make debt servicing timing harder, and limit reliable shareholder returns during downturns.

End-market cyclicality

Heavy exposure to electronics and precision manufacturing ties sales to capital spending and product cycles in those industries. Structural demand swings, technology shifts, or customer consolidation could cause lasting revenue and margin pressure versus more diversified end-market exposure.

Mipox Corp. Business Overview & Revenue Model

Company Description

Mipox Corporation provides polishing products in Japan and internationally. It offers polishing films, abrasive papers and cloths, functional films, liquid polishing slurries, fiber discs, abrasive non-woven fabrics, flap wheels, fine diamonds, fine super pellets, detergents/lubricants, polishing machines, inspection equipment, cleaning products, VARIO products, 3D printed objects, and retroreflective materials. The company also provides quality measurement, contracted polishing, research and development, and consulting services. Its products are used in hard-disk, optical fiber and connector, flat-panel display, semiconductor, compound semiconductor, sample and shaft polishing, automobile and other products, hoop material and wire rod, 3D printed structure, other surface processing and polishing, printed circuit board, architecture, wood and finishing hardware, automobile and its repair, sheet and metal, aircraft, shipbuilding, and stone and glasses. The company was formerly known as Nihon Micro Coating Co., Ltd and changed its name to Mipox Corporation in August 2013. Mipox Corporation was founded in 1925 and is headquartered in Chiyoda, Japan.

How the Company Makes Money

Mipox Corp. generates revenue primarily through the sale of its polishing materials and equipment used in semiconductor manufacturing. The company's core revenue streams include the sale of chemical mechanical polishing slurries, polishing pads, and related equipment, which are essential for the production of high-quality semiconductor wafers. Additionally, Mipox may engage in long-term supply agreements with major semiconductor manufacturers, ensuring a steady revenue flow. The company also benefits from partnerships and collaborations with technology firms, which can lead to joint development projects and expanded market reach. Overall, Mipox's earnings are driven by the increasing demand for advanced semiconductor technologies and the continuous innovation in polishing solutions.

Mipox Corp. Financial Statement Overview

Summary

Financials show a strong 2025 recovery: revenue grew 19.4%, gross margin reached 38.0%, and net margin improved to 8.2%. Leverage is improved (debt-to-equity 0.63) and cash conversion is strong (operating cash flow to net income 1.75) with sharp free cash flow growth. The main offset is historical volatility (e.g., negative EBIT in 2024) and past balance sheet/cash flow fluctuations.

Income Statement

Mipox Corp. shows a solid recovery in profitability with a gross profit margin of 38.0% and net profit margin of 8.2% for 2025. The revenue growth rate of 19.4% from 2024 to 2025 indicates strong top-line expansion. EBIT and EBITDA margins also improved significantly, suggesting operational efficiency. However, historical volatility in profitability, such as the negative EBIT in 2024, highlights potential risks.

Balance Sheet

The company's debt-to-equity ratio improved to 0.63 in 2025, indicating a better leverage position. Return on equity stands at 10.8%, reflecting good profitability on shareholder investments. The equity ratio of 53.1% provides a stable financial base. However, past fluctuations in equity and liabilities suggest potential financial risks.

Cash Flow

Mipox Corp. has improved its cash flow management, with a free cash flow growth rate of 611.8% from 2024 to 2025. The operating cash flow to net income ratio of 1.75 indicates strong cash conversion. Free cash flow to net income ratio is 1.00, showing balanced cash generation. Despite positive trends, past inconsistencies in cash flows pose potential challenges.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	11.30B	11.17B	9.35B	10.03B	10.45B	7.36B
Gross Profit	4.22B	4.25B	2.58B	3.46B	4.55B	2.69B
EBITDA	1.25B	1.58B	579.65M	1.04B	1.81B	500.81M
Net Income	470.50M	911.88M	-408.66M	45.29M	1.55B	87.12M
Balance Sheet
Total Assets	16.32B	15.93B	15.98B	16.20B	14.61B	11.30B
Cash, Cash Equivalents and Short-Term Investments	2.36B	2.41B	2.69B	2.61B	2.39B	3.02B
Total Debt	6.13B	5.34B	6.37B	6.01B	4.09B	5.11B
Total Liabilities	8.13B	7.47B	8.49B	8.20B	6.52B	6.93B
Stockholders Equity	8.19B	8.46B	7.48B	8.00B	8.09B	4.37B
Cash Flow
Free Cash Flow	0.00	915.12M	-178.77M	-1.42B	-1.70B	-375.25M
Operating Cash Flow	0.00	1.60B	451.87M	-423.12M	1.66B	-114.49M
Investing Cash Flow	0.00	-695.59M	-633.76M	-1.07B	-3.34B	-225.17M
Financing Cash Flow	0.00	-1.06B	144.43M	1.64B	932.90M	575.07M

Mipox Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 447.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5381, the sentiment is Positive. The current price of 447 is below the 20-day moving average (MA) of 834.25, below the 50-day MA of 617.96, and below the 200-day MA of 513.07, indicating a bullish trend. The MACD of 83.14 indicates Positive momentum. The RSI at 58.78 is Neutral, neither overbought nor oversold. The STOCH value of 10.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5381.

Mipox Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4633	77 Outperform	¥134.02B	11.39	―	3.72%	5.40%	14.80%
4116	76 Outperform	¥90.80B	12.64	―	3.04%	1.57%	-33.97%
4403	75 Outperform	¥740.87B	21.12	12.15%	1.58%	2.62%	2.81%
5381	75 Outperform	¥12.63B	22.74	―	2.29%	5.37%	63.30%
4626	75 Outperform	¥619.65B	39.14	―	3.26%	11.78%	8.98%
6988	68 Neutral	¥2.35T	18.48	11.98%	1.54%	1.84%	-6.57%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Mipox Corp. Corporate Events

Mipox Sales Grow but Profits Slide Sharply as Margin Pressure Mounts

Mipox Corporation reported consolidated net sales of ¥8.87 billion for the nine months ended December 31, 2025, up 6.7% year on year, but operating profit fell 48.8% to ¥428 million, with profit attributable to owners of parent down 46.1% to ¥431 million. Despite higher sales, profit margins weakened significantly, though the balance sheet remained solid with total assets of ¥17.35 billion and an equity ratio of 50.6%.

The company kept its dividend policy unchanged, paying no interim dividend but planning a year-end dividend of ¥10 per share, matching the prior year’s total. For the full year to March 31, 2026, Mipox forecasts net sales of ¥11 billion, a slight 1.5% decline, and a sharp profit contraction, with operating profit expected to drop 36.3% and net profit 39.7%, signaling ongoing pressure on earnings despite stable top-line performance.

The most recent analyst rating on (JP:5381) stock is a Buy with a Yen875.00 price target. To see the full list of analyst forecasts on Mipox Corp. stock, see the JP:5381 Stock Forecast page.

Mipox Posts Profit Slump Despite Modest Sales Growth and Cuts Full-Year Outlook

Mipox Corporation reported consolidated net sales of ¥5.69 billion for the six months ended September 30, 2025, up 1.1% year on year, but operating profit plunged 63.1% to ¥235 million and profit attributable to owners of parent fell 42.0% to ¥265 million, reflecting a sharp deterioration in profitability despite marginal top-line growth; total assets increased to ¥17.29 billion while the equity ratio weakened to 48.8% from 53.1%. The company kept its interim dividend at zero and reaffirmed a full-year dividend of ¥10 per share, while revising its earnings forecast for the year ending March 31, 2026 to project a slight decline in annual sales to ¥11.0 billion and steep drops in profit, signaling a more challenging operating environment and potentially softer returns for shareholders compared with the prior year.

The most recent analyst rating on (JP:5381) stock is a Hold with a Yen487.00 price target. To see the full list of analyst forecasts on Mipox Corp. stock, see the JP:5381 Stock Forecast page.