Max Co., Ltd.

6454.T · Industrials · Tools & Accessories · Valued as of 2026-11-04 · 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

1.28B USD

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

Profit

1.14B USD

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

FCFF

1.25B USD

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

Average Intrinsic Value

1.22B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.09B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.59×

the ratio the screener ranks by

Margin of Safety

-70.5%

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: 1.28B 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)1.02B USD
+②Net Cash Today261.90M USD
+③Growth Value0 USD
=Value1.28B USD

EPV of the Operations (NOPAT over WACC)

1.02B USD

Net cash today

+261.90M USD

Growth Value

0 USD

Value

1.28B USD

①EPV (Earnings Power Value)

1.02B USD

②Net Cash Today

261.90M USD

③Growth Value

0 USD

Market value

Market Cap2.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-63.3%

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): 1.14B 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 FCFE669.49M USD
+②Equity at Year 15, Today470.49M USD
=Value1.14B 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

669.49M USD

②Equity at Year 15, Today

470.49M USD

Market value

Market Cap2.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-83.2%

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): 1.25B 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).
①Present Value of the 15 Years of FCFF692.68M USD
+②Invested Capital at Year 15, Today300.11M USD
+③Net Cash Today261.90M USD
=Value1.25B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

692.68M USD

②Invested Capital at Year 15, Today

300.11M USD

③Net Cash Today

261.90M USD

Market value

Market Cap2.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-66.4%

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: 6.84%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.40×Market Risk Premium 6.00%= 6.87%

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 29.10M USDPretax Income 116.11M USD= 25.06%

The tax the interest saves.

Interest Expense =EBIT 116.27M USD−Pretax Income 116.11M USD= 156.56K USD

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

Cost of Debt =Interest Expense 156.56K USDTotal Debt 9.65M USD×(1 − Tax Rate for WACC 25.06%)= 1.22%

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

Debt Weight =Total Debt 9.65M USDMarket Cap + Total Debt 2.09B USD + 9.65M USD= 0.46%

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

WACC =Equity Weight 99.54%×Cost of Equity 6.87%+Debt Weight 0.46%×Cost of Debt 1.22%= 6.84%

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 863.78M USD − Total Liabilities 140.70M USD = Book Value Today 723.08M USD

Total Debt 9.65M USD − Cash and Short-Term Investments 271.55M USD = Net Debt Today -261.90M 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 − 1-3.4%at most 5%passes179,815,348 / 186,069,400
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets0.7%at least -10.0%passes(92.68M USD − 86.99M USD) ÷ 863.78M USD
Price to bookMarket Cap ÷ Book Value Today2.89×at most 3×passes2.09B USD ÷ 723.08M USD
Operating marginOperating Income ÷ Revenue17.6%above 10.0%passes110.04M USD ÷ 623.79M USD
Revenue growthRevenue ÷ Revenue a Year Before − 11.5%above 10.0%does not pass623.79M USD / 614.44M USD
Net cash(Cash − Total Debt) ÷ Market Cap11.6%above -30%passes(252.25M USD − 9.65M USD) ÷ 2.09B USD
Operating efficiencyOperating Income ÷ Gross Profit35.8%above 25.0%passes110.04M USD ÷ 307.47M USD

Market Data

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

Share price

1854.85 JPY

Enterprise value

295.48B JPY

the provider's own figure

EV / EBITDA

13.41×

Price / book

2.94×

the provider's book

Price / earnings

24.23×

Return on equity

13.5%

the provider's figure, not this page's

Profit margin

14.1%

Revenue growth

16.9%

Analyst target, mean

—

Analysts

—

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.

Income statement (USD)2023202420252026

Revenue

633.63M572.67M614.44M623.79M

Gross profit

271.51M263.45M293.71M307.47M

Operating income

74.59M83.29M96.80M110.04M

EBITDA

operating income before depreciation and amortisation

100.42M110.97M124.05M137.70M

Pretax income

77.40M90.55M101.75M116.11M

Net income

57.26M68.97M75.10M86.99M

Normalized income

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

58.42M69.06M73.12M86.24M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

877.31M804.53M846.84M863.78M

Total liabilities

209.21M144.57M137.45M140.70M

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

667.28M659.20M708.54M722.13M

Total debt

19.90M11.67M10.16M9.65M

Cash and equivalents

207.53M209.03M268.79M252.25M

Net PP&E

fixed assets after depreciation

195.52M174.22M178.18M171.58M

Working capital

current assets less current liabilities

360.93M364.17M398.91M384.08M
Cash flow (USD)2023202420252026

Operating cash flow

61.98M80.11M97.60M92.68M

Capital expenditure

paid out, so below zero

-27.09M-19.58M-20.02M-21.34M

Depreciation and amortisation

22.71M20.19M22.14M21.43M

Free cash flow

operating cash flow plus capital expenditure

34.89M60.53M77.58M71.34M