Mimaki Engineering Co., Ltd. (6638) AI Stock Analysis

• Market Cap: ¥56.10B
• Dividend Yield: 3.07%
• Average Volume (3M): 90.30K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 1.20
• Revenue Growth: 1.56%
• EPS Growth: 1.72%
• Country: JP
• Employees: 2,047
• Sector: Technology
• Sector Strength: 88
• Industry: Technology Distributors
• EPS (TTM): 61.08
• Shares Outstanding: 32,040,000
• 10 Day Avg. Volume: 154,270
• 30 Day Avg. Volume: 90,296
• PEG Ratio: 0.12
• Price to Book (P/B): 1.48
• Price to Sales (P/S): 0.57
• P/FCF Ratio: 8.18
• 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): 200.5
• Revenue Forecast (FY): ¥82.00B

• Rating: 66 Neutral
• Price Target: ¥2,012.00 ▲(22.91% Upside)
• Action: Downgraded Date: 11/18/25
• Date: Action: Downgraded 11/18/25

Mimaki Engineering Co., Ltd. has a strong financial foundation with impressive revenue growth and profitability. However, the technical analysis indicates bearish momentum, which weighs down the overall score. The stock's attractive valuation provides some support, but the current market sentiment suggests caution.

Positive Factors

Recurring Consumables & Services

A meaningful installed-base aftermarket (inks, parts, services) creates durable, high-margin annuity income that supports cash generation and margins over years. This lock-in reduces revenue volatility from new equipment cycles and enhances lifetime customer value.

Strong Revenue Growth

Near-doubling revenue growth indicates successful demand capture and expanding market penetration. Sustained top-line expansion allows reinvestment in R&D, distribution, and service infrastructure, strengthening competitive position and enabling continued margin and cash-flow improvement.

Cash Generation & Margin Quality

Improving operating and free cash flow along with healthy reported profit margins point to effective conversion of earnings into cash. Strong cash conversion supports balance sheet flexibility, funds capex and consumable inventory, and underpins sustainable shareholder returns or reinvestment.

Negative Factors

Declining EPS Trend

Negative EPS growth despite strong revenue expansion suggests margin pressure, higher costs, or one-off items affecting profitability per share. If persistent, this can erode return on equity and limit the company’s ability to sustainably fund dividends, buybacks, or reinvestments.

Moderate Leverage

A moderate debt load reduces financial flexibility to pursue aggressive capex, M&A, or to absorb demand shocks. In cyclical industrial equipment markets, leverage can amplify downturn effects on cash flow and restrict the company’s ability to smooth investment in product and service capabilities.

Hardware Sales Cyclicality

Reliance on capital-equipment sales exposes revenue to customers' capex cycles and competitive pricing pressures. While aftermarket revenues help, prolonged weakness in new equipment orders or technological shifts could slow unit placements and compress long-term growth without consistent product innovation.

Mimaki Engineering Co., Ltd. Business Overview & Revenue Model

Company Description

Mimaki Engineering Co., Ltd. develops, manufactures, and sells computer devices and software in Japan and internationally. It offers inkjet printers, including roll to roll, print and cut, flat bed, textile, and option printers; cutting plotters, such as roll to roll, flat bed, and apparel cutter plotters; laminators; desktop modeling plotters; and 3D printers. The company also provides software products comprising RIP software; software for color management; software products for cutting that consist of FineCut9, FineCut8, Simple POP, Simple Cut, and Simple Studio; and ArtiosCAD designer solution used in packaging design. Its products are used in smartphone case, glass, acrylic, sticker, magnet, stationery, novelty, apparel and textile, bottle, window film, and other items. The company was founded in 1975 and is headquartered in Tomi, Japan.

How the Company Makes Money

Mimaki generates revenue primarily through the sale of its wide-format inkjet printers, cutting plotters, and 3D printers, along with the associated consumables such as inks, media, and spare parts. The company has established a strong distribution network and partnerships with resellers and distributors globally, which enhances its market reach. Additionally, Mimaki benefits from recurring revenue through the sale of inks and other consumables that customers require for ongoing operations. The company also engages in providing maintenance and support services, further contributing to its revenue streams. Strategic collaborations with other technology firms and participation in industry trade shows help Mimaki to showcase its innovations and expand its customer base, thus bolstering its financial performance.

Mimaki Engineering Co., Ltd. Financial Statement Overview

Summary

Mimaki Engineering Co., Ltd. demonstrates strong financial performance with robust revenue growth, healthy profit margins, and solid cash flow generation. The balance sheet is stable with a moderate debt-to-equity ratio, indicating a balanced leverage approach.

Income Statement

Mimaki Engineering Co., Ltd. has demonstrated strong revenue growth over the past year, with a notable increase from the previous period, indicating a positive trajectory. The gross profit margin and net profit margin are healthy, reflecting effective cost management and profitability. The EBIT and EBITDA margins are also solid, showcasing operational efficiency and earnings strength.

Balance Sheet

The company's balance sheet reveals a moderate debt-to-equity ratio, suggesting a balanced approach to leverage. The return on equity is impressive, highlighting efficient use of shareholders' funds to generate profit. The equity ratio indicates a stable financial structure with a good portion of the company's assets financed by equity.

Cash Flow

Mimaki Engineering has shown substantial improvement in free cash flow and operating cash flow, indicating strong cash generation capabilities. The free cash flow to net income ratio suggests effective conversion of profits into cash. However, the operating cash flow to net income ratio highlights some room for enhancing cash flow efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	83.57B	83.96B	75.63B	70.61B	59.51B	48.72B
Gross Profit	39.68B	39.12B	32.63B	28.45B	23.85B	18.61B
EBITDA	11.02B	10.92B	7.25B	6.00B	4.63B	1.59B
Net Income	5.99B	6.16B	3.71B	2.81B	2.35B	-301.25M
Balance Sheet
Total Assets	75.80B	76.17B	75.72B	69.79B	60.86B	50.84B
Cash, Cash Equivalents and Short-Term Investments	14.43B	15.45B	17.37B	10.49B	8.97B	10.84B
Total Debt	22.49B	22.94B	28.50B	28.85B	23.87B	17.48B
Total Liabilities	42.99B	43.80B	48.33B	47.73B	42.14B	34.63B
Stockholders Equity	32.64B	32.22B	27.26B	21.99B	18.67B	16.20B
Cash Flow
Free Cash Flow	0.00	5.81B	7.47B	-2.06B	-6.69B	6.18B
Operating Cash Flow	0.00	7.86B	9.56B	490.41M	-5.13B	6.63B
Investing Cash Flow	0.00	-2.44B	-2.60B	-3.50B	-2.71B	15.94M
Financing Cash Flow	0.00	-7.54B	-1.44B	3.52B	4.28B	-7.32B

Mimaki Engineering Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1637.00
• 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:6638, the sentiment is Positive. The current price of 1637 is below the 20-day moving average (MA) of 1859.50, below the 50-day MA of 1751.58, and below the 200-day MA of 1767.52, indicating a bullish trend. The MACD of 34.85 indicates Positive momentum. The RSI at 64.24 is Neutral, neither overbought nor oversold. The STOCH value of 63.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6638.

Mimaki Engineering Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8154	81 Outperform	¥220.11B	7.63	14.97%	2.94%	9.67%	45.58%
8093	76 Outperform	¥25.64B	13.58	―	3.83%	41.87%	167.99%
8137	74 Outperform	¥54.37B	19.94	―	4.12%	-4.88%	-26.05%
9880	68 Neutral	¥37.61B	23.17	―	3.25%	0.17%	21.01%
6638	66 Neutral	¥56.10B	9.40	―	3.07%	1.56%	1.72%
7537	65 Neutral	¥33.03B	11.35	―	5.16%	1.71%	-29.37%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Mimaki Engineering Co., Ltd. Corporate Events

Mimaki Engineering Posts Lower 9-Month Profit but Strengthens Balance Sheet and Maintains Dividends

Mimaki Engineering reported consolidated net sales of ¥60.38 billion for the nine months ended December 31, 2025, down 1.6% year on year, with operating profit falling 14.5% to ¥6.35 billion and profit attributable to owners of parent declining 8.6% to ¥4.52 billion. Despite weaker earnings, total assets rose to ¥80.64 billion and the equity ratio improved to 45.9%, reflecting a stronger balance sheet and higher net assets.

The company maintained its dividend stance, paying a ¥25 per share interim dividend and forecasting a full-year payout of ¥50 per share, slightly below the prior year which included a special dividend. For the full fiscal year ending March 31, 2026, Mimaki projects modest declines in sales and profits, signaling a more challenging operating environment but also a commitment to shareholder returns through steady, ordinary dividends.

The most recent analyst rating on (JP:6638) stock is a Hold with a Yen2037.00 price target. To see the full list of analyst forecasts on Mimaki Engineering Co., Ltd. stock, see the JP:6638 Stock Forecast page.

Mimaki Unveils Upgraded UJF-7151 plusII e Industrial Printer

Mimaki Engineering has introduced the UJF-7151 plusII e, a high-performance successor to its UJF-7151 plusII industrial printer. The new model preserves the prior machine’s praised 1,800 dpi quality, precise positioning, support for heavy media, and operational stability, while adding the ability to print on higher and deeper objects, improving productivity and lowering running costs.

The announcement is tied to the company’s FY2025 third-quarter financial results presentation, signaling that Mimaki sees this upgraded platform as a driver for future operational efficiency and competitive strength. By enhancing capabilities and cutting running costs, the UJF-7151 plusII e is positioned to reinforce Mimaki’s appeal among industrial and specialty print customers seeking more versatile, cost-effective production solutions.

The most recent analyst rating on (JP:6638) stock is a Hold with a Yen2037.00 price target. To see the full list of analyst forecasts on Mimaki Engineering Co., Ltd. stock, see the JP:6638 Stock Forecast page.