Makino Milling Machine Co., Ltd.

6135.T · Industrials · Specialty Industrial Machinery · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.19B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.43B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.64B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.42B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.36B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.02×

the ratio the screener ranks by

Margin of Safety

+2.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.19B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.52B USD
+②Net Cash Today136.63M USD
+③Growth Value535.27M USD
=Value3.19B USD

EPV of the Operations (NOPAT over WACC)

2.52B USD

Net cash today

+136.63M USD

Growth Value

+535.27M USD

Value

3.19B USD

①EPV (earnings power value)

2.52B USD

②Net Cash Today

136.63M USD

③Growth Value

535.27M USD

Market value

Market Cap2.36B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+25.9%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.43B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE803.58M USD
+②Equity at Year 15, Today1.63B USD
=Value2.43B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

803.58M USD

②Equity at Year 15, Today

1.63B USD

Market value

Market Cap2.36B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.64B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 1.64B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap2.36B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-44.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.10%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.01×Market Risk Premium 6.00%= 4.55%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 45.21M USDPretax Income 176.76M USD= 25.58%

The tax the interest saves.

Interest Expense =EBIT 180.68M USD−Pretax Income 176.76M USD= 3.92M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 3.92M USDTotal Debt 334.15M USD×(1 − Tax Rate for WACC 25.58%)= 0.87%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 334.15M USDMarket Cap + Total Debt 2.36B USD + 334.15M USD= 12.40%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 87.60%×Cost of Equity 4.55%+Debt Weight 12.40%×Cost of Debt 0.87%= 4.10%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 2.65B USD − Total Liabilities 1.01B USD = Book Value Today 1.64B USD

Total Debt 334.15M USD − Cash and Short-Term Investments 470.79M USD = Net Debt Today -136.63M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-1.4%at most 5%passes23,391,657 / 23,717,598
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.9%at least -10.0%passes(208.08M USD − 131.46M USD) ÷ 2.65B USD
Price to bookMarket Cap ÷ Book Value Today1.44×at most 3×passes2.36B USD ÷ 1.64B USD
Operating marginOperating Income ÷ Revenue9.6%above 10.0%does not pass156.78M USD ÷ 1.64B USD
Revenue growthRevenue ÷ Revenue a Year Before − 14.4%above 10.0%does not pass1.64B USD / 1.57B USD
Net cash(Cash − Total Debt) ÷ Market Cap5.8%above -30%passes(470.54M USD − 334.15M USD) ÷ 2.36B USD
Operating efficiencyOperating Income ÷ Gross Profit30.4%above 25.0%passes156.78M USD ÷ 515.55M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3178.17 JPY

Enterprise value

353.10B JPY

the provider's own figure

EV / EBITDA

9.37×

Price / book

1.38×

the provider's book

Price / earnings

17.68×

Return on equity

10.3%

the provider's figure, not this page's

Profit margin

9.2%

Revenue growth

25.9%

Analyst target, mean

4174.17 JPY

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

1.71B1.49B1.57B1.64B

Gross profit

498.90M449.50M484.65M515.55M

Operating income

131.46M108.22M123.89M156.78M

EBITDA

operating income before depreciation and amortisation

207.93M186.41M193.20M232.38M

Pretax income

146.17M129.75M133.69M176.76M

Net income

120.79M105.63M96.44M131.46M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

123.62M101.81M96.96M127.16M

R&D

————
Balance sheet, year end

Total assets

2.62B2.39B2.46B2.65B

Total liabilities

1.13B930.57M939.26M1.01B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.48B1.46B1.51B1.63B

Total debt

428.93M379.04M382.69M334.15M

Cash and equivalents

513.36M459.82M428.55M470.54M

Net PP&E

fixed assets after depreciation

595.30M571.56M630.38M693.91M

Working capital

current assets less current liabilities

1.04B987.86M876.40M805.53M
Cash flow

Operating cash flow

22.15M85.33M90.80M208.08M

Capital expenditure

paid out, so below zero

-48.27M-63.30M-99.99M-114.60M

Depreciation and amortisation

59.39M54.64M55.62M51.70M

Free cash flow

operating cash flow plus capital expenditure

-26.11M22.03M-9.19M93.49M