Mipox Corp. (5381) AI Stock Analysis

• Market Cap: ¥11.38B
• Dividend Yield: 2.29%
• Average Volume (3M): 149.06K
• Price to Earnings (P/E): 9.3
• Beta (1Y): 2.25
• 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: ¥899.00 ▲(101.12% 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 in 2025

The 2025 top-line and margin recovery reflects structural improvements in pricing, cost control, or product mix. Sustained mid-to-high gross margins and a positive net margin increase the company's ability to fund capex and R&D, support operating leverage, and provide a buffer through business cycles.

Improved leverage and capital base

A lower debt-to-equity ratio and a majority equity base strengthen financial flexibility and reduce refinancing risk. With ROE around 10.8%, the company can reinvest profitably while the capital structure supports sustained investment in operations and buffers against cyclical downturns.

Strong cash generation

Very strong free cash flow growth and solid cash conversion show the business reliably turns earnings into cash. Durable cash generation enables debt reduction, working capital funding, or targeted investment without external financing, improving long-term operational resilience.

Negative Factors

Historical profitability volatility

Prior swings including a negative EBIT year indicate earnings are not yet consistently stable. Such volatility complicates medium-term planning, capital allocation, and creditor/investor confidence, and raises the risk that setbacks can quickly reverse recent gains.

Concentration in precision manufacturing demand

Revenue concentration in precision finishing and electronics end-markets exposes Mipox to sector-specific cycles and customer capex swings. Structural dependence on a narrow set of industrial applications limits diversification and can amplify revenue volatility across product cycles.

Recent negative EPS growth trend

A materially negative EPS growth rate reflects prior earnings deterioration before the 2025 recovery. Persistent or recurring EPS declines could constrain reinvestment, slow balance sheet repair, and leave the company exposed if market conditions deteriorate again.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5381, the sentiment is Neutral. The current price of 447 is below the 20-day moving average (MA) of 867.90, below the 50-day MA of 655.80, and below the 200-day MA of 520.68, indicating a neutral trend. The MACD of 41.84 indicates Positive momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 31.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	¥127.27B	10.07	―	3.72%	5.40%	14.80%
4116	76 Outperform	¥86.12B	6.04	―	3.04%	1.57%	-33.97%
4403	75 Outperform	¥707.22B	17.03	12.15%	1.58%	2.62%	2.81%
5381	75 Outperform	¥11.38B	9.34	―	2.29%	5.37%	63.30%
4626	75 Outperform	¥604.07B	20.62	―	3.26%	11.78%	8.98%
6988	68 Neutral	¥2.15T	17.01	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.