Meiko Electronics Co., Ltd. (JP:6787)
:6787
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Meiko Electronics Co., Ltd.
(6787)
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Rating:65Neutral
Price Target:
¥32,680.00
▲(205.14% Upside)
Action:Downgraded
Date:05/15/26
The score is driven primarily by mixed financial performance: strong revenue and margin improvement is tempered by volatile and recently deeply negative free cash flow and still-notable leverage. Technicals are a clear positive with a strong uptrend and healthy momentum, while valuation is a modest headwind due to a higher P/E and very low dividend yield.
Positive Factors
Multi-year Revenue Growth
Multi-year revenue expansion demonstrates durable demand for Meiko's PCB products and effective scaling of production. Sustained top-line growth supports higher capacity utilization, strengthens customer relationships through repeat production programs, and underpins longer-term cash generation potential if demand holds.
Negative Factors
Free Cash Flow Volatility
Sharp, inconsistent free cash flow despite rising operating cash indicates weak cash conversion and heavy investment or working-capital swings. Persistent FCF deficits constrain the company’s ability to self-fund capex, pay down debt or return capital, elevating liquidity and financing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Multi-year revenue expansion demonstrates durable demand for Meiko's PCB products and effective scaling of production. Sustained top-line growth supports higher capacity utilization, strengthens customer relationships through repeat production programs, and underpins longer-term cash generation potential if demand holds.
Read all positive factors
Meiko Electronics Co., Ltd. (6787) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥782.25B
Dividend Yield0.76%
Average Volume (3M)135.33K
Price to Earnings (P/E)44.7
Beta (1Y)1.56
Revenue Growth16.33%
EPS Growth32.52%
CountryJP
Employees11,912
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)584.99
Shares Outstanding26,803,320
10 Day Avg. Volume124,390
30 Day Avg. Volume135,333
Financial Highlights & Ratios
PEG Ratio0.94
Price to Book (P/B)4.55
Price to Sales (P/S)2.58
P/FCF Ratio-27.78
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)1,005.06
Revenue Forecast (FY)¥305.85B
Meiko Electronics Co., Ltd. Business Overview & Revenue Model
Company Description
Meiko Electronics Co., Ltd. is a global enterprise specializing in the development, production, and distribution of printed circuit boards (PCBs) and related electronic components. Its market presence spans Japan, various other Asian nations, Nort...
How the Company Makes Money
Meiko Electronics makes money primarily by manufacturing and selling printed circuit boards (PCBs) to electronics and device manufacturers. Revenue is generated on a per-order basis, with pricing generally reflecting board specifications (e.g., la...
Meiko Electronics Co., Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 212.87B | 240.57B | 206.81B | 179.46B | 167.28B | 151.28B |
| Gross Profit | 42.93B | 50.43B | 39.78B | 30.55B | 26.02B | 27.39B |
| EBITDA | 33.78B | 43.77B | 33.67B | 26.85B | 21.83B | 21.29B |
| Net Income | 15.64B | 19.78B | 14.92B | 11.31B | 8.85B | 11.45B |
Balance Sheet | ||||||
| Total Assets | 280.37B | 335.29B | 256.37B | 229.96B | 202.39B | 168.33B |
| Cash, Cash Equivalents and Short-Term Investments | 33.64B | 27.50B | 23.15B | 21.60B | 17.58B | 10.70B |
| Total Debt | 113.34B | 121.91B | 87.57B | 79.26B | 75.79B | 67.00B |
| Total Liabilities | 166.06B | 191.48B | 140.76B | 124.50B | 117.92B | 109.64B |
| Stockholders Equity | 106.90B | 136.27B | 108.24B | 98.18B | 77.32B | 58.49B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -22.30B | -2.74B | 1.91B | -3.14B | 2.14B |
| Operating Cash Flow | 0.00 | 27.53B | 21.66B | 23.36B | 15.71B | 13.97B |
| Investing Cash Flow | 0.00 | -55.48B | -24.33B | -21.59B | -22.07B | -11.79B |
| Financing Cash Flow | 0.00 | 30.08B | 4.14B | 681.00M | 12.99B | -4.73B |
Meiko Electronics Co., Ltd. Technical Analysis
Positive
10710.00
Price Trends
32594.60
Positive
26154.28
Positive
18105.52
Positive
Market Momentum
-513.87
Positive
51.35
Neutral
31.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6787, the sentiment is Positive. The current price of 10710 is below the 20-day moving average (MA) of 36389.00, below the 50-day MA of 32594.60, and below the 200-day MA of 18105.52, indicating a neutral trend. The MACD of -513.87 indicates Positive momentum. The RSI at 51.35 is Neutral, neither overbought nor oversold. The STOCH value of 31.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6787.
Meiko Electronics Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥902.18B | 27.93 | 8.07% | 2.85% | 11.53% | 1.60% | |
72 Outperform | ¥128.91B | 33.11 | ― | 2.20% | 8.69% | 74.50% | |
70 Outperform | ¥70.43B | 18.67 | ― | 3.05% | 8.87% | -12.83% | |
66 Neutral | ¥413.03B | 15.34 | 11.96% | 3.04% | 2.93% | -26.76% | |
65 Neutral | ¥782.25B | 44.70 | ― | 0.76% | 16.33% | 32.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ¥162.35B | 22.25 | 5.91% | 2.39% | 2.81% | -39.05% |
* Technology Sector Average
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Meiko Electronics Co., Ltd. Corporate Events
Meiko Electronics Explains Non-Membership in Accounting Standards Foundation
Jun 4, 2026
Meiko Electronics has disclosed that, as of March 31, 2026, it is not and has never been a member of the Financial Accounting Standards Foundation, the body linked to the setting and dissemination of accounting standards in Japan. Despite this non...
Meiko Electronics Renames Newly Acquired EMS Subsidiary to Strengthen ODM and Manufacturing Reach
Jun 1, 2026
Meiko Electronics has completed the acquisition of NAGANO FCL COMPONENTS LIMITED, which became a consolidated subsidiary on June 1, 2026, and has been renamed Meiko Electronic Components Co., Ltd. Based in Iiyama, Nagano and led by President and R...
Meiko Electronics Flags Risk Factors in FY2025 Financial Results Briefing
May 21, 2026
Meiko Electronics Co., Ltd. released materials for its FY2025 financial results briefing, emphasizing that the information provided is not a statutory disclosure under Japan’s Financial Instruments and Exchange Act and that the official refe...
Meiko Electronics Finalizes ¥10.98 Billion Acquisition of NAGANO FCL Components
May 18, 2026
Meiko Electronics has finalized the acquisition cost for all shares of NAGANO FCL COMPONENTS LIMITED at 10,981 million yen, as part of its strategy to obtain the EMS business of FCL COMPONENTS LIMITED. The deal will make NAGANO FCL COMPONENTS a co...
Meiko Electronics Books Forex Gains and Subsidiary Dividends as Non-Operating Income
May 13, 2026
Meiko Electronics Co., Ltd. reported a significant increase in non-operating income in its parent-only financial statements for the fiscal year ended March 31, 2026, driven by foreign exchange gains and dividends from subsidiaries. The company boo...
Meiko Electronics Raises Year-End Dividend, Confirms Payouts on Bond-Type Shares
May 13, 2026
Meiko Electronics Co., Ltd. has approved a year-end dividend of 70 yen per common share for the fiscal year ended March 31, 2026, with total common share dividends rising to 2,990 million yen for the year, up from 2,288 million yen in the previous...
Meiko Electronics Projects Strong Growth in FY2026 on PCB and Equipment Demand
May 13, 2026
Meiko Electronics reported consolidated fiscal 2025 results showing net sales of ¥206.8 billion, driven primarily by ¥170.6 billion from its PCB business and ¥36.2 billion from electronic equipment. Operating income reached ¥19...
Meiko Electronics Boosts Earnings, Investments and Dividends on Strong FY2026 Performance
May 13, 2026
Meiko Electronics reported strong results for the fiscal year ended March 31, 2026, with net sales climbing 16.3% to ¥240.6 billion and profit attributable to owners of parent rising 32.5% to ¥19.8 billion, reflecting improved profitabil...
Meiko Electronics weighs move to lower investment unit to boost stock liquidity
May 1, 2026
Meiko Electronics said it views lowering its minimum investment unit as an important tool to improve share liquidity and make its stock more accessible to a broader range of investors. The company plans to consider measures such as a potential sto...
Meiko Electronics Revamps Audit & Supervisory Board for FY2026
Apr 20, 2026
Meiko Electronics has announced changes to its Audit Supervisory Board for fiscal 2026, as approved by its Board of Directors and pending final shareholder approval at the June 26 ordinary general meeting. The company plans to appoint Executive O...
Meiko Electronics to Launch New PCB Manufacturing Subsidiary in Vietnam
Apr 8, 2026
Meiko Electronics Co., Ltd. will establish a wholly owned subsidiary, Meiko Electronics Yen Quang Co., Ltd. (MKYQ), in Phu Tho Province, Vietnam, with capital of USD 50 million. The new entity will operate a PCB manufacturing plant to meet rising ...
Meiko Electronics Reshapes Executive Team to Bolster Global PCB Operations
Mar 24, 2026
Meiko Electronics announced a series of executive officer changes effective April 1, 2026, including new appointments and role adjustments in its PCB business, overseas operations, and headquarters functions. The moves elevate key managers with ex...
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.