Maxell, Ltd. (JP:6810)
:6810
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Maxell, Ltd.
(6810)
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Rating:62Neutral
Price Target:
¥2,078.00
▲(5.06% Upside)
Action:ReiteratedDate:04/29/26
The score is driven mainly by improved profitability but tempered by higher recent leverage and uneven free cash flow. Technicals are notably weak (below major moving averages with negative momentum), while valuation is a relative positive with a low P/E and a moderate dividend yield.
Positive Factors
Profitability Recovery
Maxell’s transition from loss-making in 2021–2022 to sustained positive net income through 2023–2026 builds a stronger earnings base. Durable profitability increases capacity to fund R&D, sustain operations, and absorb cyclical weakness, improving long-term resilience and stakeholder confidence.
Negative Factors
Weak Top-Line Momentum
Flat or declining revenue through 2021–2024 limits scalability and forces reliance on margin improvement for profit growth. Without durable top-line expansion, long-term earnings and cash-flow gains are constrained and the company remains vulnerable to competitive or cyclical demand shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
Maxell’s transition from loss-making in 2021–2022 to sustained positive net income through 2023–2026 builds a stronger earnings base. Durable profitability increases capacity to fund R&D, sustain operations, and absorb cyclical weakness, improving long-term resilience and stakeholder confidence.
Read all positive factors
Maxell, Ltd. (6810) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥86.02B
Dividend Yield1.99%
Average Volume (3M)139.49K
Price to Earnings (P/E)9.5
Beta (1Y)1.01
Revenue Growth-0.29%
EPS Growth119.59%
CountryJP
Employees3,956
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)80.76
Shares Outstanding46,956,200
10 Day Avg. Volume151,660
30 Day Avg. Volume139,486
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.97
Price to Sales (P/S)0.65
P/FCF Ratio77.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,312.50Price Target Upside16.91% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)206.07
Revenue Forecast (FY)¥142.05B
Maxell, Ltd. Business Overview & Revenue Model
Company Description
Maxell, Ltd. manufactures and sells energy products, industrial materials, and electronic appliances and consumer products in Japan. The company offers primary batteries, including heat-resistant coin-type lithium manganese dioxide, coin-type lith...
How the Company Makes Money
Maxell makes money primarily by selling manufactured products through a mix of business-to-business (B2B) and business-to-consumer (B2C) channels. Key revenue streams typically include: (1) Energy-related products: sales of batteries and related p...
Maxell, Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 128.69B | 129.43B | 129.81B | 129.14B | 132.78B | 138.22B |
| Gross Profit | 32.83B | 30.42B | 31.86B | 33.28B | 30.10B | 34.60B |
| EBITDA | 10.44B | 13.18B | 11.66B | 14.02B | 12.15B | 3.69B |
| Net Income | 3.48B | 8.26B | 4.09B | 7.54B | 5.19B | -3.66B |
Balance Sheet | ||||||
| Total Assets | 160.53B | 180.47B | 164.51B | 171.10B | 168.18B | 177.53B |
| Cash, Cash Equivalents and Short-Term Investments | 31.11B | 31.56B | 33.07B | 38.66B | 38.17B | 45.55B |
| Total Debt | 18.09B | 37.37B | 18.84B | 18.34B | 25.99B | 32.86B |
| Total Liabilities | 66.13B | 90.28B | 70.34B | 73.79B | 82.24B | 92.92B |
| Stockholders Equity | 91.66B | 87.06B | 91.36B | 93.89B | 82.82B | 81.50B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.08B | 1.99B | 7.64B | -1.52B | 13.30B |
| Operating Cash Flow | 0.00 | 8.93B | 9.84B | 14.24B | 4.00B | 18.44B |
| Investing Cash Flow | 0.00 | -15.06B | -8.03B | -4.85B | 1.71B | -3.91B |
| Financing Cash Flow | 0.00 | 2.91B | -7.75B | -9.49B | -13.98B | -6.21B |
Maxell, Ltd. Technical Analysis
Negative
1978.00
Price Trends
2121.83
Negative
2213.84
Negative
2112.49
Positive
Market Momentum
7.56
Positive
49.08
Neutral
37.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6810, the sentiment is Negative. The current price of 1978 is below the 20-day moving average (MA) of 2112.42, below the 50-day MA of 2121.83, and below the 200-day MA of 2112.49, indicating a neutral trend. The MACD of 7.56 indicates Positive momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 37.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6810.
Maxell, Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥3.87T | 18.51 | 1.37% | 2.29% | 2.77% | 500.36% | |
69 Neutral | ¥173.91B | 9.04 | 13.53% | 1.34% | -3.63% | -14.77% | |
62 Neutral | ¥86.02B | 9.53 | ― | 1.99% | -0.29% | 119.59% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥7.76T | -69.04 | 4.25% | 1.99% | -7.70% | -39.06% | |
56 Neutral | ¥19.11T | -5.95 | 14.45% | 0.55% | -12.56% | -119.49% | |
49 Neutral | ¥378.13B | 5.68 | ― | ― | -13.33% | ― |
* Technology Sector Average
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Maxell, Ltd. Corporate Events
Maxell Sharpens Battery‑Focused Portfolio and Ups Shareholder Returns Under MEX26
Apr 27, 2026
Maxell has advanced its mid‑term management plan MEX26 by refining its business portfolio around high‑reliability small batteries, adopting the new byline “Micro batteries. Maximum impact.” and acquiring Murata Manufacturin...
Maxell to Cancel Over 13% of Outstanding Shares to Tighten Equity Base
Apr 27, 2026
Maxell, Ltd. has resolved to cancel 6,292,200 shares of its common stock, representing 13.40% of its issued shares outstanding prior to the cancellation, under Article 178 of the Companies Act of Japan. The shares to be cancelled were previously r...
Maxell Carves Out Electro Fine Forming Business Into New Subsidiary Ahead of Sale
Apr 27, 2026
Maxell will transfer its EF2 Electro Fine Forming business from the Optics Systems Division to a newly established wholly owned subsidiary, Noah Co., Ltd., through a simplified absorption-type company split effective July 1, 2026. Noah will assum...
Maxell Lifts Sales and Operating Profit but Bottom Line Falls on Lower Dividend Income
Apr 27, 2026
Maxell, Ltd. reported higher net sales and operating profit for the fiscal year ended March 31, 2026, driven by stronger demand for primary batteries in medical and infrastructure markets and increased licensing income, despite lower sales of disc...
Maxell Lifts Profit Despite Flat Sales, Signals Shift in Earnings Mix for FY2027
Apr 27, 2026
Maxell reported flat net sales of ¥129.4 billion for the year ended March 31, 2026, with operating profit down 15.3% to ¥7.9 billion and ordinary profit down 12%, even as profit attributable to owners of parent more than doubled to ¥...
Maxell Cuts Sales Outlook but Lifts Profit Forecast on Extraordinary Gain
Apr 14, 2026
Maxell, Ltd. said it will book about 2.9 billion yen in extraordinary income from the sale of its equity stake in Wuxi Maxell Energy Co., Ltd., boosting bottom-line results for the fiscal year ended March 31, 2026. Despite this gain, the company f...
Maxell to Divest Electro Fine Forming Business to SONOCOM in Portfolio Overhaul
Mar 27, 2026
Maxell has decided to transfer its Electro Fine Forming (EF2) business from the Optics Systems Division to SONOCOM Co., Ltd. as part of its MEX26 mid-term management plan to reform its business portfolio and concentrate resources on higher-growth...
Maxell Secures ¥10 Billion Covenanted Loan to Back Medium-Term Growth Plan
Mar 11, 2026
Maxell, Ltd. has approved a new loan agreement totaling 10 billion yen with a syndicate of city and regional banks, aimed at funding growth investments in line with its medium-term management plan. The unsecured loan, scheduled to be executed on M...
Maxell Reshapes Board and Executive Lineup Ahead of 2026 Shareholders’ Meeting
Mar 4, 2026
Maxell, Ltd. has announced a slate of board director candidates and executive officer appointments as it prepares for its 80th Ordinary General Meeting of Shareholders in late June 2026. President and Representative Director Keiji Nakamura is set ...
Maxell Completes Acquisition of Murata Micro Primary Battery Business
Mar 2, 2026
Maxell has completed the acquisition of all shares in a new entity that has taken over the micro primary battery operations of Murata Manufacturing and its wholly owned unit, Tohoku Murata Manufacturing, effective March 1, 2026. The new subsidiary...
Maxell Secures ¥10 Billion Covenant-Linked Loan to Bolster Operating Funds
Feb 13, 2026
Maxell, Ltd. has approved a new loan agreement totaling 10 billion yen with a consortium of regional banks and cooperative financial institutions to secure operating funds, with maturities set for 2031 and 2036 and no collateral pledged. The loan ...
Maxell Secures ¥10 Billion Long-Term Loan Under Strict Financial Covenants
Feb 13, 2026
Maxell, Ltd. has approved a new loan agreement totaling 10 billion yen with a syndicate of regional, second-tier regional, and cooperative financial institutions to secure operating funds, with maturities set for 2031 and 2036 and no collateral pl...
Maxell Accelerates Exit from Wuxi Battery Unit Through Equity Sale
Feb 4, 2026
The company has agreed to sell its entire stake in China-based Wuxi Maxell Energy, a prismatic lithium-ion battery subsidiary whose operations were halted in May 2025, after determining that an equity transfer would expedite asset disposal and clo...
Maxell to Transfer In-Car Optical Lens Unit Business to Subsidiary Maxell Frontier
Jan 30, 2026
Maxell, Ltd. will transfer its Optical Lens Unit business, centered on in-car camera lens units within the Optics Systems Division, to wholly owned subsidiary Maxell Frontier Co., Ltd. via a simplified absorption-type company split effective Apri...
Maxell Lifts Nine-Month Profit and Keeps Dividend, Affirms Strong Full-Year Outlook
Jan 30, 2026
Maxell reported modest year-on-year growth for the nine months ended 31 December 2025, with net sales edging up 0.7% to ¥96.3 billion and operating profit rising 9.1% to ¥7.2 billion, while profit attributable to owners of parent climbed...
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.