# MAX CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第95期(2025/04/01－2026/03/31) (S100YHEY)
> Page: https://vizora.meequs.com/en/company/max
> Retrieved: 2026-09-30T20:56:34.971Z

## Company

MAX, founded in 1942, is a company in Medical Devices listed on TSE Prime. It has 2,470 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAX CO., LTD. |
| Ticker | 6454 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6454.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町6番6号 |
| Representative (per filing) | 代表取締役社長 小川辰志 |
| Founded | Nov 1942 |
| Share capital | ¥12.4B |
| Employees (consolidated) | 2,470 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.max-ltd.co.jp (https://www.max-ltd.co.jp/) |
| Corporate number | 2010001057739 |
| EDINET | E02381 |
| Industries (Vizora) | Medical Devices, Housing Equipment & Building Materials, Industrial Machinery, Stationery & Office Supplies |

> Profile source: annual securities report (S100YHEY, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.4 | 110 |
| Profitability | 92.2 | 122 |
| Cash conversion | 39.2 | 116 |
| Efficiency | 55.3 | 122 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 75% of MAX's sales come from Industrial equipment, with Office equipment and HCR equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +21.4%.

## Company structure

- Segment revenue mix: Industrial equipment 75.5%、Office equipment 21.5%、HCR equipment 3.0%
- Revenue → net income: ¥99607000000 → ¥13895000000
- Net income → operating cash flow: ¥13895000000 → ¥14799000000（difference ¥904000000）
- Main uses of operating cash flow: CapEx ¥3384000000 / dividends ¥5238000000 / buybacks ¥5600000000
- Change in cash: ¥1687000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥99.6B |  |
| Operating income | ¥17.6B | Margin 17.6% |
| Net income | ¥13.9B | Margin 13.9% |
| Free cash flow | ¥11.4B |  |
| Largest business | Industrial equipment | of segment revenue 75.5% |
| Employees (consolidated) | 2,470 |  |
| EPS | ¥61.34 |  |
| Book value per share | ¥468.73 |  |
| Equity ratio | 83.6% |  |
| Shares outstanding | 46,537,426 |  |
| Treasury shares | 1,583,500 |  |
| Shareholders | 5,781 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 26.3% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +13.2 pp | Housing Equipment & Building Materials |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64029000000 | ¥99607000000 | +55.6% |
| Operating income | ¥6685000000 | ¥17571000000 | +162.8% |
| Operating margin | 10.4% | 17.6% | +7.2 pp |
| Employees | 2,507 people | 2,470 people | -1.5% |
| Cash and equivalents | ¥21421000000 | ¥36270000000 | +69.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| オフィス機器 → オフィス機器 | 21.5% |
| オフィス機器 → 事業再編・廃止 | 5.1% |
| インダストリアル機器 → インダストリアル機器 | 69.2% |
| HCR機器 → HCR機器 | 3.0% |
| HCR機器 → 事業再編・廃止 | 1.1% |
| 新設・再編 → インダストリアル機器 | 6.3% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial equipment | 5 years | +11.2% | ¥75156000000 | 25.2% | 2 |
| Office equipment | 5 years | +4.7% | ¥21438000000 | 16.7% | 2 |
| HCR equipment | 5 years | +2.5% | ¥3012000000 | -1.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,607 | 100.0% | S100YHEY |
| Cost of revenue | 50,509 | 50.7% | S100YHEY |
| Gross profit | 49,097 | 49.3% | S100YHEY |
| SG&A | 31,526 | 31.7% | S100YHEY |
| Operating income | 17,571 | 17.6% | S100YHEY |
| Ordinary income | 18,382 | 18.5% | S100YHEY |
| Pretax income | 18,541 | 18.6% | S100YHEY |
| Income tax | 4,646 | 4.7% | S100YHEY |
| Net income | 13,895 | 13.9% | S100YHEY |
| Net income attributable to owners | 13,891 | 13.9% | S100YHEY |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 32 |
| Operating income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 49.3% → Operating margin 17.6% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +21.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.54×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 91,839 | 99,607 | 7,768 | +8.5% |
| Gross profit | 43,900 | 49,097 | 5,197 | +11.8% |
| Operating income | 14,468 | 17,571 | 3,103 | +21.4% |
| Net income attributable to owners | 11,225 | 13,891 | 2,666 | +23.8% |
| Operating cash flow | 14,588 | 14,799 | 211 | +1.4% |
| Free cash flow | 11,632 | 11,415 | -217 | -1.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 69,671 | 7,586 | 10.9% | 5,510 | 8,330 | 5,431 | S100LXV5 |
| FY ending Mar 2021 | 64,029 | 6,685 | 10.4% | 5,153 | 8,798 | 3,719 | S100QN8T |
| FY ending Mar 2022 | 73,958 | 7,498 | 10.1% | 6,090 | 5,629 | 1,242 | S100R7M5 |
| FY ending Mar 2023 | 84,316 | 9,926 | 11.8% | 7,619 | 8,248 | 4,675 | S100TUBE |
| FY ending Mar 2024 | 86,638 | 12,601 | 14.5% | 10,435 | 12,120 | 9,176 | S100XTLH |
| FY ending Mar 2025 | 91,839 | 14,468 | 15.8% | 11,225 | 14,588 | 11,632 | S100YHEY |
| FY ending Mar 2026 | 99,607 | 17,571 | 17.6% | 13,891 | 14,799 | 11,415 | S100YHEY |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥5.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,477 | 2,485 | 2,456 | 2,458 | 2,470 |
| Average salary (parent company) | ¥8.1M | ¥8.1M | ¥9.4M | ¥9.3M | ¥10M |
| Average age (parent company) | 42.7 years | 42.2 years | 41.8 years | 41.3 years | 41.3 years |
| Average tenure (parent company) | 17.6 years | 17.2 years | 16.9 years | 16.3 years | 16.5 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +8.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Office equipment | 21,438 | 21.5% | 3,587 | 16.7% |
| Industrial equipment | 75,156 | 75.5% | 18,955 | 25.2% |
| HCR equipment | 3,012 | 3.0% | -42 | -1.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Office equipment | 21.5% | 15.9% | -5.6 | 16.7% |
| Industrial equipment | 75.5% | 84.1% | 8.6 | 25.2% |
| HCR equipment | 3.0% | — | — | -1.4% |

Loss-making segment (excluded from profit shares): HCR equipment -42 JPY mn

Segment → industry: HCR equipment → Medical Devices / Industrial equipment → Housing Equipment & Building Materials / Industrial equipment → Industrial Machinery / Office equipment → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14,799 | 14.9% | S100YHEY |
| Capital expenditure | 3,384 | 3.4% | S100YHEY |
| Free cash flow | 11,415 | 11.5% | 算出 |
| Investing cash flow | -3,406 | -3.4% | S100YHEY |
| Financing cash flow | -11,161 | -11.2% | S100YHEY |
| Dividends paid | 5,238 | 5.3% | S100YHEY |
| Share buyback | 5,600 | 5.6% | S100YHEY |
| Change in cash | 1,687 | 1.7% | S100YHEY |
| Cash and equivalents | 36,270 | 36.4% | S100YHEY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,435 | 26,987 | 29,579 | 34,582 | 36,270 | S100TUBE, S100XTLH, S100YHEY |
| Total assets | 109,043 | 116,742 | 121,717 | 126,575 | 137,929 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Net assets | 83,136 | 88,906 | 99,847 | 106,034 | 115,465 | S100TUBE, S100XTLH, S100YHEY |
| Share capital | 12,367 | 12,367 | 12,367 | 12,367 | 12,367 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Property, plant and equipment | 24,963 | 26,017 | 26,357 | 26,632 | 27,398 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Intangible assets excluding goodwill | 440 | 454 | 514 | 566 | 719 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Investment securities | 23,766 | 20,701 | 21,408 | 20,448 | 25,049 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Current assets | 54,930 | 63,688 | 69,392 | 74,246 | 77,643 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Current liabilities | 14,051 | 15,660 | 14,297 | 14,622 | 16,313 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Short-term borrowings | 2,000 | 1,850 | 1,050 | 750 | 750 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Long-term borrowings | — | 125 | 125 | 125 | 125 | S100TUBE, S100XTLH, S100YHEY |
| Total liabilities | 25,907 | 27,836 | 21,870 | 20,541 | 22,464 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Non-controlling interests | 100 | 110 | 116 | 127 | 152 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Equity attributable to owners of parent | 81,401 | 85,992 | 90,500 | 94,773 | 97,881 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Retained earnings | 58,929 | 63,521 | 70,267 | 74,210 | 82,862 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |
| Treasury stock | -413 | -414 | -2,670 | -2,322 | -7,873 | S100R7M5, S100TUBE, S100XTLH, S100YHEY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YHEY |
| Property, plant and equipment | 20% | S100YHEY |
| Intangibles and goodwill | 1% | S100YHEY |
| Investment securities | 18% | S100YHEY |
| Other assets | 35% | S100YHEY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YHEY |
| Equity | 84% | S100YHEY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 109,043 | 116,742 | 121,717 | 126,575 | 137,929 |
| Equity | 83,136 | 88,906 | 99,847 | 106,034 | 115,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,435 | 26,987 | 29,579 | 34,582 | 36,270 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 27.5% | S100YHEY |
| Fixed assets ÷ total assets | 19.9% | S100YHEY |
| Goodwill ÷ parent equity | — | —, S100YHEY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 26.3% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.2% |
| Cash vs. profit gap | 908 JPY mn (of net income 6.5%) |
| Shareholder returns / net income | 78.0% |
| Shareholder returns / FCF | 94.9% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 45.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 23.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.2% | 0.68× | 5.6% | 1.34× | 7.5% | S100R7M5 |
| 2023 | 9.0% | 0.75× | 6.7% | 1.35× | 9.1% | S100TUBE |
| 2024 | 12.0% | 0.73× | 8.8% | 1.35× | 11.8% | S100XTLH |
| 2025 | 12.2% | 0.74× | 9.0% | 1.34× | 12.1% | S100YHEY |
| 2026 | 13.9% | 0.75× | 10.5% | 1.37× | 14.4% | S100YHEY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 8.4% | 2026-03-31 |
| マックス共栄会第一持株会 | Major shareholder | 8.1% | 2026-03-31 |
| マックス共栄会第二持株会 | Major shareholder | 7.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡ Ｎ Ｋ Ａ Ｎ Ｄ Ｔ Ｒ Ｕ Ｓ Ｔ ＣＯＭＰＡＮＹ ５０５０１０（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社群馬銀行 | Major shareholder | 3.8% | 2026-03-31 |
| マックス従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YHEY | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHEY,, |
| 訂正有価証券報告書－第94期(2024/04/01－2025/03/31) | S100XTLH | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTLH,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TUBE | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBE,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R7M5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7M5,, |
| 訂正有価証券報告書－第91期(2021/04/01－2022/03/31) | S100QN8T | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN8T,, |
| 訂正有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LXV5 | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXV5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).