# Maxell, 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80期(2025/04/01－2026/03/31) (S100YJH7)
> Page: https://vizora.meequs.com/en/company/maxell
> Retrieved: 2026-09-30T17:49:00.236Z

## Company

Maxell, founded in 1960, is a company in Auto Parts listed on TSE Prime. It has 3,765 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maxell, Ltd. |
| Ticker | 6810 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6810.T) |
| Listing | TSE Prime |
| Head office | 京都府乙訓郡大山崎町大山崎小泉1番地(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 取締役社長 中村 啓次 |
| Founded | Sep 1960 |
| Share capital | ¥12.2B |
| Employees (consolidated) | 3,765 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.maxell.co.jp (https://www.maxell.co.jp/) |
| Corporate number | 9120901001761 |
| EDINET | E01947 |
| Industries (Vizora) | Auto Parts, Batteries, Cameras & Optics, Chemicals, Home Appliances |

> Profile source: annual securities report (S100YJH7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 8 |
| Profitability | 43.8 | 8 |
| Cash conversion | 41.7 | 6 |
| Efficiency | 56.3 | 8 |

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 33% of Maxell's sales come from Energy, with Optics and Systems and Functional Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -15.3%.

## Company structure

- Segment revenue mix: Energy 32.8%、Optics and Systems 28.1%、Functional Materials 25.2%、Value co-creation businesses 13.9%
- Revenue → net income: ¥129429000000 → ¥8393000000
- Net income → operating cash flow: ¥8393000000 → ¥8372000000（difference ¥-21000000）
- Main uses of operating cash flow: CapEx ¥8320000000 / dividends ¥2158000000 / buybacks ¥13232000000
- Change in cash: ¥-1515000000
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 | ¥129.4B |  |
| Operating income | ¥7.89B | Margin 6.1% |
| Net income | ¥8.26B | Margin 6.4% |
| Free cash flow | ¥52M |  |
| Largest business | Energy | of segment revenue 32.8% |
| Employees (consolidated) | 3,765 |  |
| EPS | ¥142.17 |  |
| Book value per share | ¥1721.08 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 46,956,000 |  |
| Treasury shares | 10,081,800 |  |
| Shareholders | 16,006 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 24.4% |
| Vs. industry median margin | -1.1 pp | Batteries |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥139055000000 | ¥129429000000 | -6.9% |
| Operating income | ¥3806000000 | ¥7891000000 | +107.3% |
| Operating margin | 2.7% | 6.1% | +3.4 pp |
| Employees | 4,555 people | 3,765 people | -17.3% |
| Cash and equivalents | ¥32795000000 | ¥31557000000 | -3.8% |

### 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 |
| --- | ---: |
| エネルギー → エネルギー | 15.7% |
| 機能性部材料 → 機能性部材料 | 11.5% |
| 産業用部材料 → 事業再編・廃止 | 21.2% |
| 電器・コンシューマー → 事業再編・廃止 | 21.0% |
| 光学・システム → 光学・システム | 16.1% |
| ライフソリューション → 事業再編・廃止 | 14.6% |
| 新設・再編 → エネルギー | 17.1% |
| 新設・再編 → 機能性部材料 | 13.7% |
| 新設・再編 → 光学・システム | 12.1% |
| 新設・再編 → 価値共創事業 | 13.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 5 years | +2.3% | ¥42458000000 | 4.9% | 2 |
| Optics and Systems | 5 years | -1.2% | ¥36413000000 | 9.7% | 2 |
| Functional Materials | 5 years | +3.4% | ¥32614000000 | 4.5% | 2 |
| Value co-creation businesses | — | — | ¥17944000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,429 | 100.0% | S100YJH7 |
| Cost of revenue | 97,601 | 75.4% | S100YJH7 |
| Gross profit | 31,828 | 24.6% | S100YJH7 |
| SG&A | 23,937 | 18.5% | S100YJH7 |
| Operating income | 7,891 | 6.1% | S100YJH7 |
| Ordinary income | 8,601 | 6.6% | S100YJH7 |
| Pretax income | 10,118 | 7.8% | S100YJH7 |
| Income tax | 1,725 | 1.3% | S100YJH7 |
| Net income | 8,393 | 6.5% | S100YJH7 |
| Net income attributable to owners | 8,260 | 6.4% | S100YJH7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.6% → Operating margin 6.1% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -15.3%
Operating leverage (core profit growth ÷ revenue growth): 52.73×
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 | 129,806 | 129,429 | -377 | -0.3% |
| Gross profit | 33,167 | 31,828 | -1,339 | -4.0% |
| Operating income | 9,318 | 7,891 | -1,427 | -15.3% |
| Net income attributable to owners | 4,090 | 8,260 | 4,170 | +102.0% |
| Operating cash flow | 9,836 | 8,372 | -1,464 | -14.9% |
| Free cash flow | 1,626 | 52 | -1,574 | -96.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 145,041 | -137 | -0.1% | -10,487 | 14,226 | 5,820 | S100LU1I |
| FY ending Mar 2021 | 139,055 | 3,806 | 2.7% | -9,373 | 13,029 | 6,278 | S100OJ4S |
| FY ending Mar 2022 | 138,215 | 9,332 | 6.8% | -3,659 | 18,442 | 13,300 | S100R0KF |
| FY ending Mar 2023 | 132,776 | 5,638 | 4.2% | 5,193 | 4,001 | -1,525 | S100TOMZ |
| FY ending Mar 2024 | 129,139 | 8,083 | 6.3% | 7,544 | 14,240 | 7,641 | S100W4AH |
| FY ending Mar 2025 | 129,806 | 9,318 | 7.2% | 4,090 | 9,836 | 1,626 | S100YJH7 |
| FY ending Mar 2026 | 129,429 | 7,891 | 6.1% | 8,260 | 8,372 | 52 | S100YJH7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.4M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 4,180 | 4,111 | 3,956 | 3,797 | 3,765 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥7.2M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 44.5 years | 44.9 years | 44.8 years | 44.8 years | 44.6 years |
| Average tenure (parent company) | 19.9 years | 20.2 years | 20.0 years | 19.4 years | 18.8 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 42,458 | 32.8% | 2,065 | 4.9% |
| Functional Materials | 32,614 | 25.2% | 1,467 | 4.5% |
| Optics and Systems | 36,413 | 28.1% | 3,540 | 9.7% |
| Value co-creation businesses | 17,944 | 13.9% | 819 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy | 32.8% | 26.2% | -6.6 | 4.9% |
| Functional Materials | 25.2% | 18.6% | -6.6 | 4.5% |
| Optics and Systems | 28.1% | 44.9% | 16.7 | 9.7% |
| Value co-creation businesses | 13.9% | 10.4% | -3.5 | 4.6% |

Segment → industry: Optics and Systems → Auto Parts / Energy → Batteries / Optics and Systems → Cameras & Optics / Functional Materials → Chemicals / Value co-creation businesses → Home Appliances

## 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 | 8,372 | 6.5% | S100YJH7 |
| Capital expenditure | 8,320 | 6.4% | S100YJH7 |
| Free cash flow | 52 | 0.0% | 算出 |
| Investing cash flow | -14,505 | -11.2% | S100YJH7 |
| Financing cash flow | 2,911 | 2.2% | S100YJH7 |
| Dividends paid | 2,158 | 1.7% | S100YJH7 |
| Share buyback | 13,232 | 10.2% | S100YJH7 |
| Change in cash | -1,515 | -1.2% | S100YJH7 |
| Cash and equivalents | 31,557 | 24.4% | S100YJH7 |

## 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 | 43,337 | 36,569 | 38,665 | 33,072 | 31,557 | S100TOMZ, S100W4AH, S100YJH7 |
| Total assets | 177,535 | 168,177 | 171,100 | 164,514 | 180,467 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Net assets | 84,616 | 85,940 | 97,307 | 94,171 | 90,183 | S100TOMZ, S100W4AH, S100YJH7 |
| Share capital | 12,203 | 12,203 | 12,203 | 12,203 | 12,203 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Trade receivables | 30,160 | 30,439 | 30,446 | 28,446 | 28,064 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Inventories | 18,378 | 22,476 | 19,617 | 19,190 | 20,137 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Property, plant and equipment | 55,507 | 51,544 | 54,413 | 54,988 | 60,871 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Intangible assets excluding goodwill | 5,031 | 4,697 | 4,778 | 4,367 | 10,161 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Goodwill | 48 | — | — | — | 6,181 | S100R0KF, S100YJH7 |
| Investment securities | 9,672 | 9,503 | 9,568 | 9,667 | 10,803 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Current assets | 99,469 | 94,837 | 92,166 | 84,191 | 85,474 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Current liabilities | 57,719 | 55,494 | 59,258 | 44,380 | 46,522 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Trade payables | 19,606 | 18,421 | 17,168 | 16,942 | 15,942 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Long-term borrowings | 25,994 | 17,625 | 5,622 | 17,059 | 34,500 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Total liabilities | 92,919 | 82,237 | 73,793 | 70,343 | 90,284 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Non-controlling interests | 3,118 | 3,124 | 3,413 | 2,815 | 3,124 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Equity attributable to owners of parent | 84,215 | 82,487 | 88,229 | 84,905 | 77,832 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Retained earnings | 49,756 | 53,011 | 58,721 | 60,357 | 66,459 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |
| Treasury stock | -6,034 | -5,678 | -5,648 | -6,189 | -19,374 | S100R0KF, S100TOMZ, S100W4AH, S100YJH7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJH7 |
| Receivables | 16% | S100YJH7 |
| Inventories | 11% | S100YJH7 |
| Property, plant and equipment | 34% | S100YJH7 |
| Intangibles and goodwill | 9% | S100YJH7 |
| Investment securities | 6% | S100YJH7 |
| Other assets | 7% | S100YJH7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YJH7 |
| Other liabilities | 41% | S100YJH7 |
| Equity | 50% | S100YJH7 |

### 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 | 177,535 | 168,177 | 171,100 | 164,514 | 180,467 |
| Equity | 84,616 | 85,940 | 97,307 | 94,171 | 90,183 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 43,337 | 36,569 | 38,665 | 33,072 | 31,557 |

## 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) | 47.0% | S100YJH7 |
| Fixed assets ÷ total assets | 33.7% | S100YJH7 |
| Goodwill ÷ parent equity | 7.9% | S100YJH7 |

Goodwill over 4 years: 48 → 6,181 JPY; total investing cash flow: -29,573 JPY. This does not imply causation.

### 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) | 17.5% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.1% |
| Cash vs. profit gap | 112 JPY mn (of net income 1.4%) |
| Shareholder returns / net income | 186.3% |
| Shareholder returns / FCF | 29596.2% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 4150.0% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 173.3% |

## 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 | — | —× | -2.1% | —× | — | S100R0KF |
| 2023 | 3.9% | 0.77× | 3.0% | 2.07× | 6.2% | S100TOMZ |
| 2024 | 5.8% | 0.76× | 4.4% | 1.99× | 8.8% | S100W4AH |
| 2025 | 3.2% | 0.77× | 2.4% | 1.94× | 4.7% | S100YJH7 |
| 2026 | 6.4% | 0.75× | 4.8% | 2.12× | 10.2% | S100YJH7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（注）１ | Major shareholder | 15.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（注）１ | Major shareholder | 6.9% | 2026-03-31 |
| 日亜化学工業株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 日本ゼオン株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| iShares Core MSCI EAFE ETF（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YJH7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJH7,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W4AH | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4AH,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TOMZ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOMZ,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R0KF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0KF,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OJ4S | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ4S,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LU1I | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU1I,, |

## 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).