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Max Co., Ltd.
(6454)
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Rating:81Outperform
Price Target:
¥2,129.00
▼(-67.55% Downside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by strong financial performance—materially improving margins, very low leverage, and better ROE—supported by a clear uptrend versus major moving averages. Offsetting factors are weaker cash-flow conversion/recent FCF softness and a somewhat elevated P/E, with the dividend yield providing only partial valuation support.
Positive Factors
Margin improvement
Material margin expansion to TTM net ~14.1% and operating ~18.7% indicates stronger pricing power and operational efficiency. Durable higher margins boost earnings resilience across cycles, support reinvestment or payouts, and underpin sustainable profitability if cash conversion stabilizes.
Negative Factors
Weak cash conversion
Earnings have not fully translated to cash: OCF ~0.84x of net income and FCF ~0.78x, with recent negative FCF growth. Persistent cash conversion weakness can limit sustainable reinvestment, dividend or buyback capacity and increase reliance on working-capital or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin improvement
Material margin expansion to TTM net ~14.1% and operating ~18.7% indicates stronger pricing power and operational efficiency. Durable higher margins boost earnings resilience across cycles, support reinvestment or payouts, and underpin sustainable profitability if cash conversion stabilizes.
Read all positive factors
Max Co., Ltd. (6454) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥325.35B
Dividend Yield2.11%
Average Volume (3M)52.41K
Price to Earnings (P/E)21.8
Beta (1Y)0.39
Revenue Growth10.92%
EPS Growth30.66%
CountryJP
Employees2,470
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)81.13
Shares Outstanding186,149,700
10 Day Avg. Volume60,270
30 Day Avg. Volume52,410
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)2.53
Price to Sales (P/S)2.92
P/FCF Ratio24.72
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)83.85
Revenue Forecast (FY)¥105.55B
Max Co., Ltd. Business Overview & Revenue Model
Company Description
Max Co., Ltd., along with its subsidiaries, functions as a global manufacturer and distributor of a diverse range of industrial and office machinery. The company's extensive industrial equipment catalog includes construction tools like nailers, ta...
How the Company Makes Money
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Max Co., Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.70B | 99.61B | 91.84B | 86.64B | 84.32B | 73.96B |
| Gross Profit | 50.02B | 47.78B | 42.61B | 38.65B | 35.01B | 30.38B |
| EBITDA | 22.99B | 21.99B | 18.54B | 16.79B | 13.36B | 11.12B |
| Net Income | 14.62B | 13.89B | 11.23B | 10.44B | 7.62B | 6.09B |
Balance Sheet | ||||||
| Total Assets | 137.01B | 137.93B | 124.61B | 121.72B | 116.74B | 109.04B |
| Cash, Cash Equivalents and Short-Term Investments | 38.05B | 43.36B | 43.66B | 38.22B | 33.82B | 28.11B |
| Total Debt | 1.23B | 1.54B | 1.52B | 1.77B | 2.65B | 2.63B |
| Total Liabilities | 24.11B | 22.46B | 18.57B | 21.87B | 27.83B | 25.90B |
| Stockholders Equity | 112.74B | 115.31B | 105.91B | 99.73B | 88.80B | 83.04B |
Cash Flow | ||||||
| Free Cash Flow | 11.41B | 11.78B | 11.84B | 9.39B | 4.83B | 1.47B |
| Operating Cash Flow | 14.58B | 14.80B | 14.59B | 12.12B | 8.25B | 5.63B |
| Investing Cash Flow | -1.98B | -3.41B | -1.75B | -3.71B | -1.08B | -1.65B |
| Financing Cash Flow | -12.39B | -11.16B | -7.61B | -7.20B | -3.33B | -3.27B |
Max Co., Ltd. Technical Analysis
Neutral
6560.00
Price Trends
1738.00
Positive
1711.37
Positive
1661.20
Positive
Market Momentum
23.48
Positive
43.53
Neutral
7.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6454, the sentiment is Neutral. The current price of 6560 is above the 20-day moving average (MA) of 1811.35, above the 50-day MA of 1738.00, and above the 200-day MA of 1661.20, indicating a neutral trend. The MACD of 23.48 indicates Positive momentum. The RSI at 43.53 is Neutral, neither overbought nor oversold. The STOCH value of 7.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:6454.
Max Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ¥325.35B | 21.83 | ― | 1.68% | 10.92% | 30.66% | |
74 Outperform | ¥34.43B | 7.46 | ― | 3.44% | 6.93% | 38.53% | |
70 Outperform | ¥104.46B | 12.67 | ― | 3.38% | 11.98% | 45.28% | |
69 Neutral | ¥53.21B | 10.42 | ― | 3.00% | -0.27% | -7.26% | |
69 Neutral | ¥153.84B | 9.45 | ― | 2.46% | 9.75% | -5.73% | |
62 Neutral | ¥155.60B | 8.09 | ― | 1.81% | 48.87% | 116.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:6454
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Max Co., Ltd. Corporate Events
Max Co., Ltd. Advances Share Buyback to Boost Capital Efficiency
Jul 31, 2026
Max Co., Ltd. has repurchased 2,471,300 of its own common shares for approximately ¥4.22 billion, at ¥1,709 per share, through the Tokyo Stock Exchange’s off-auction ToSTNeT-3 system on July 31, 2026. The buyback is explicitly aime...
Max Co., Ltd. Advances Tokyo Stock Exchange Off-Auction Share Buyback Under Ongoing Treasury Stock Program
Jul 30, 2026
Max Co., Ltd., a Prime Market-listed Japanese issuer of common shares, utilizes treasury share repurchases to optimize capital structure and enhance shareholder returns, leveraging market mechanisms such as off-auction buyback systems on the Tokyo...
Max Co., Ltd. Outlines Q1 FY 2026 Results and Strategic Focus on Rebar Tools and Shareholder Returns
Jul 30, 2026
Max Co., Ltd. reported its group-wide financial results for the first quarter of FY 2026, detailing net sales, operating profit and segment performance across industrial, office and HCR equipment. The briefing highlighted quarterly trends since FY...
Max Co., Ltd. Plans Double-Digit Growth as Industrial Equipment and Overseas Sales Drive FY2026 Outlook
Jul 30, 2026
Max Co., Ltd. reported steady growth, with consolidated net sales rising from ¥91.8 billion in FY2024 to ¥99.6 billion in FY2025 and a plan for ¥109.9 billion in FY2026, alongside improving operating profit and margins. Earnings per...
Max Co., Ltd. Lifts Full-Year Outlook on Strong First-Quarter Earnings After Stock Split
Jul 30, 2026
Max Co., Ltd. delivered strong earnings for the three months ended June 30, 2026, posting a 16.9% year-on-year increase in net sales to ¥28.3 billion and a 20.2% rise in profit attributable to owners of parent to ¥4.3 billion, helped by ...
Max Co., Ltd. Raises Earnings Forecasts on Strong First-Quarter Performance
Jul 30, 2026
Max Co., Ltd., a Japanese manufacturer of industrial and office equipment listed on the Prime Market of the Tokyo Stock Exchange, targets corporate customers that demand precision tools and machinery. The company relies on consistent profitability...
Max Co. to Grant ¥59 Million in Restricted Stock to Directors and Executives
Jul 13, 2026
Max Co., Ltd. has approved the disposal of 34,677 shares of its treasury stock on August 7, 2026, valued at ¥1,710 per share for a total of ¥59.3 million, to be granted as restricted stock to 5 internal directors and 11 executive officer...
Max Co., Ltd. Reports Progress on 2026 Share Buyback Program
Jul 1, 2026
Max Co., Ltd. has disclosed the progress of its ongoing share buyback program, approved by its board of directors on April 30, 2026, under provisions of the Companies Act. The company is repurchasing its own common shares on the Tokyo Stock Exchan...
Max Co., Ltd. Begins Share Buyback Program but Makes No Purchases in First Month
Jun 1, 2026
Max Co., Ltd. has launched a share buyback program authorizing the repurchase of up to 4 million shares, or 2.22% of its outstanding stock excluding treasury shares, for a maximum of ¥7.1 billion through market purchases, including ToSTNeT-3 ...
Max Co., Ltd. Revamps Audit and Supervisory Committee Ahead of June Shareholders Meeting
May 18, 2026
Max Co., Ltd. has announced upcoming changes to its board of directors, specifically within the Audit and Supervisory Committee, as resolved at a board meeting on May 18, 2026. The changes, which include the appointment of new directors and the re...
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.