Maxell, Ltd.

6810.T · Technology · Consumer Electronics · 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

702.07M USD

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

Profit

613.31M USD

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

FCFF

723.08M USD

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

Average Intrinsic Value

679.49M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

609.89M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.11×

the ratio the screener ranks by

Margin of Safety

+10.2%

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: 702.07M 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)735.30M USD
−②Net Debt Today33.22M USD
+③Growth Value0 USD
=Value702.07M USD

EPV of the Operations (NOPAT over WACC)

735.30M USD

Net debt today

-33.22M USD

Growth Value

0 USD

Value

702.07M USD

①EPV (Earnings Power Value)

735.30M USD

②Net Debt Today

33.22M USD

③Growth Value

0 USD

Market value

Market Cap609.89M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+13.1%

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): 613.31M 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 FCFE368.72M USD
+②Equity at Year 15, Today244.58M USD
=Value613.31M 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 rising 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

368.72M USD

②Equity at Year 15, Today

244.58M USD

Market value

Market Cap609.89M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+0.6%

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): 723.08M 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 FCFF305.10M USD
+②Invested Capital at Year 15, Today451.21M USD
−③Net Debt Today33.22M USD
=Value723.08M 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

305.10M USD

②Invested Capital at Year 15, Today

451.21M USD

③Net Debt Today

33.22M USD

Market value

Market Cap609.89M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+15.7%

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: 5.03%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.38×Market Risk Premium 6.00%= 6.75%

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 10.80M USDPretax Income 63.36M USD= 17.05%

The tax the interest saves.

Interest Expense =EBIT 64.92M USD−Pretax Income 63.36M USD= 1.56M USD

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

Cost of Debt =Interest Expense 1.56M USDTotal Debt 234.02M USD×(1 − Tax Rate for WACC 17.05%)= 0.55%

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

Debt Weight =Total Debt 234.02M USDMarket Cap + Total Debt 609.89M USD + 234.02M USD= 27.73%

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

WACC =Equity Weight 72.27%×Cost of Equity 6.75%+Debt Weight 27.73%×Cost of Debt 0.55%= 5.03%

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 1.13B USD − Total Liabilities 565.40M USD = Book Value Today 564.77M USD

Total Debt 234.02M USD − Cash and Short-Term Investments 200.79M USD = Net Debt Today 33.22M 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 − 1-19.6%at most 5%passes36,861,232 / 45,843,252
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets0.1%at least -10.0%passes(52.43M USD − 51.73M USD) ÷ 1.13B USD
Price to bookMarket Cap ÷ Book Value Today1.08×at most 3×passes609.89M USD ÷ 564.77M USD
Operating marginOperating Income ÷ Revenue6.1%above 10.0%does not pass49.42M USD ÷ 810.55M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-6.7%above 10.0%does not pass810.55M USD / 868.46M USD
Net cash(Cash − Total Debt) ÷ Market Cap-6.0%above -30%passes(197.62M USD − 234.02M USD) ÷ 609.89M USD
Operating efficiencyOperating Income ÷ Gross Profit24.8%above 25.0%does not pass49.42M USD ÷ 199.32M USD

Market Data

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

Share price

2594.59 JPY

Enterprise value

110.01B JPY

the provider's own figure

EV / EBITDA

7.81×

Price / book

1.05×

the provider's book

Price / earnings

12.83×

Return on equity

9.8%

the provider's figure, not this page's

Profit margin

6.6%

Revenue growth

24.4%

Analyst target, mean

2422.42 JPY

Analysts

5

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

997.81M853.59M868.46M810.55M

Gross profit

226.19M201.57M221.90M199.32M

Operating income

42.37M53.43M62.34M49.42M

EBITDA

operating income before depreciation and amortisation

91.33M92.64M78.00M98.11M

Pretax income

54.60M60.37M41.27M63.36M

Net income

39.03M49.86M27.36M51.73M

Normalized income

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

36.10M53.48M43.75M43.85M

R&D

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

Total assets

1.26B1.13B1.10B1.13B

Total liabilities

618.01M487.76M470.62M565.40M

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

622.36M620.63M611.21M545.20M

Total debt

195.34M121.25M126.02M234.02M

Cash and equivalents

286.85M255.57M221.27M197.62M

Net PP&E

fixed assets after depreciation

387.35M359.66M367.89M381.20M

Working capital

current assets less current liabilities

295.66M217.52M266.35M243.94M
Cash flow (USD)2023202420252026

Operating cash flow

30.07M94.12M65.81M52.43M

Capital expenditure

paid out, so below zero

-41.53M-43.62M-54.93M-52.10M

Depreciation and amortisation

35.96M31.75M35.75M33.18M

Free cash flow

operating cash flow plus capital expenditure

-11.46M50.51M10.88M325.65K