Overview
Machinery

MAX CO.,LTD.

MAX Co., Ltd. manufactures and sells a diverse range of products across three core segments: Office Equipment (staplers, time recorders, label printers, auto staplers), Industrial Equipment (nail guns, air compressors, rebar tying machines, power tools, bathroom ventilation/heating systems, and whole-house 24-hour ventilation systems), and HCR Equipment (standard and specialized wheelchairs). The company serves both domestic and international markets through its own sales network and overseas subsidiaries, with manufacturing operations in Japan, Thailand, Malaysia, and China. MAX's competitive strengths include its deep customer-centric product development philosophy and its globally recognized TWINTIER rebar tying machine, which is a leading product in the construction tools segment.

Market Cap
¥341B
US$2.17B
EV
¥280B
US$1.78B
Stock¥1,905▼-0.26%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
12.7
x
LTM EV/EBIT
15.1
x
LTM PER
23.3
x
LTM PBR
3.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+13.2%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 4, 25Q2 earnings release - strong results
2Feb 2, 26Q3 earnings - revenue growth slowdown
3Mar 10, 26Stock split announcement (1:4 split planned)
4Mar 12, 26ValueAct Capital Management, L.P. filed large shareholding report
5Mar 23, 26Pre-split adjustment selling pressure
MC → EV Bridge
341BUS$2.17BMarket Cap1.89BUS$12.1M+ Debt35.5BUS$226M− Cash28.2BUS$180M− Inv. Sec.0.16BUS$0.99M+ NCI280BUS$1.78BEV
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Performance & Balance
Revenue 5Y (¥B)
74.0US$471M'22/384.3US$537M'23/386.6US$552M'24/391.8US$585M'25/399.6US$634M'26/3
EBITDA 5Y (¥B)
10.3US$65.6M'22/312.9US$82.4M'23/315.7US$99.7M'24/317.8US$113M'25/321.0US$134M'26/3
Net Income 5Y (¥B)
6.09US$38.8M'22/37.62US$48.5M'23/310.4US$66.4M'24/311.2US$71.5M'25/313.9US$88.4M'26/3
Capital Structure
98%
EquityD/E 0.02xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
47.1US$300M2.63US$16.8M'22/348.3US$308M2.65US$16.9M'23/353.0US$338M1.77US$11.2M'24/360.6US$386M1.52US$9.67M'25/365.3US$416M1.54US$9.81M'26/3
Shareholders
Top 10 hold 61.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.65%
2
The Dai-ichi Life Insurance Company, Limited
8.58%
3
Nippon Life Insurance Company
8.37%
4
MAX CO.,LTD. Stock Ownership Association
8.06%
5
MAX CO.,LTD. Stock Ownership Association
7.22%
6
STATE STREET BA N K A N D T R U S T COMPANY 505010 (Standing Proxy: Mizuho Bank, Ltd.)
5.78%
7
Custody Bank of Japan, Ltd. (Trust Account)
4.34%
8
Mizuho Bank, Ltd.
4.08%
9
The Gunma Bank,Ltd.
3.81%
10
MAX CO.,LTD. Employee Stock Ownership Association
2.51%
Management
10 officers
Tatsushi OGAWA
Representative Director, President
Apr 1988 Joined the Company Oct 2010 Deputy Manager, First Design Group, Development Division Oct 2012 Manager, First Design Group, Design Department, Development Division Oct 2013 General Manager, Research and Development Department Apr 2015 Executive Officer; General Manager, Design Department, Development Division, and General Manager, Design Quality Group Apr 2017 Executive Officer; Director, Development Division, General Manager, Design Department, and General Manager, Design Quality Group Oct 2019 Senior Executive Officer; Director, Development Division, General Manager, Design Department, and General Manager, Design Quality Group Jun 2020 Director, Senior Executive Officer; Director, Development Division Jun 2021 Managing Director, Senior Executive Officer; Director, Production Division Jun 2023 Representative Director, President (current)
1964-09-09
Yoshihiro SUMI
Senior Managing Director, Senior Executive Officer, Director, Corporate Division
Apr 1985 Joined the Company Apr 2011 General Manager, Corporate Planning Office Apr 2012 Executive Officer; General Manager, Corporate Planning Office Jun 2013 Director, Executive Officer; General Manager, Corporate Planning Office Oct 2013 Director, Executive Officer; General Manager, Overseas Sales Department, Sales Division Jun 2015 Chief Executive Officer; General Manager, Overseas Sales Department, Sales Division Apr 2017 Chief Executive Officer; General Manager, Sales Management Department, Sales Division Apr 2018 Chief Executive Officer, in charge of Office Equipment Segment; General Manager, Sales Management Department, Sales Division Oct 2018 Senior Executive Officer, in charge of Office Equipment Segment; General Manager, Sales Management Department, Sales Division Apr 2021 Senior Executive Officer, in charge of Office Equipment Segment; General Manager, Business Management Group and Sales Management Department, Sales Division Jun 2021 Director, Senior Executive Officer, in charge of Office Equipment Segment; General Manager, Business Management Group and Sales Management Department, Sales Division Oct 2021 Director, Senior Executive Officer; General Manager, Corporate Planning Office; in charge of IR, PR, ESG Promotion, Internal Audit, Human Resources, and Systems Apr 2022 Managing Director, Senior Executive Officer; General Manager, Corporate Planning Office; in charge of IR, PR, ESG Promotion, Internal Audit, Human Resources, and Systems Oct 2022 Managing Director, Senior Executive Officer; General Manager, Corporate Planning Office; in charge of IR, PR, ESG Promotion, Human Resources, and Systems Jun 2023 Senior Managing Director, Senior Executive Officer; General Manager, Corporate Planning Office; in charge of IR, PR, ESG Promotion, Human Resources, and Systems Apr 2024 Senior Managing Director, Senior Executive Officer; Director, Corporate Division; General Manager, Corporate Planning Office Apr 2026 Senior Managing Director, Senior Executive Officer; Director, Corporate Division (current)
1961-10-01
Masahito YAMAMOTO
Senior Managing Director, Senior Executive Officer, Director, Sales Division
Apr 1987 Joined the Company Apr 2007 Attached to Overseas Sales Department, Sales Division; President, MAX USA CORP. May 2014 Deputy Manager, RB Business Promotion Office, Sales Division Oct 2015 General Manager, Overseas Sales Department and IP Division, Sales Division; General Manager, RB Business Promotion Office Apr 2017 Executive Officer; General Manager, Overseas Sales Department and IP Division, Sales Division; in charge of RB Business Promotion Office Apr 2018 Executive Officer; General Manager, Overseas Sales Department and IP Division, Sales Division; in charge of RB Business Promotion Office and Industrial Equipment Segment Oct 2018 Senior Executive Officer, in charge of Industrial Equipment Segment; General Manager, Overseas Sales Department and IP Division, Sales Division; in charge of RB Business Promotion Office Jun 2020 Director, Senior Executive Officer; Director, Sales Division Apr 2021 Managing Director, Senior Executive Officer; Director, Sales Division Apr 2025 Senior Managing Director, Senior Executive Officer; Director, Sales Division (current)
1964-03-19
Hideyuki ISHII
Managing Director, Senior Executive Officer, Director, Production Division
Apr 1989 Joined the Company Apr 2014 Attached to Production Division; President, MAX (THAILAND) CO., LTD. Oct 2019 Executive Officer, attached to Production Division; President, MAX (THAILAND) CO., LTD. Apr 2020 Executive Officer; General Manager, Production and Logistics Systems Department, Production Division Oct 2020 Executive Officer; Office Manager, Production Division Jun 2023 Director, Executive Officer; Director, Production Division Apr 2025 Managing Director, Senior Executive Officer; Director, Production Division (current)
1963-06-08
Koji KATO
Managing Director, Senior Executive Officer, Director, Development Division
Oct 2004 Joined the Company Oct 2013 Deputy Manager, Sixth Design Group, Design Department, Development Division Apr 2015 Deputy Manager, Third Design Group, Design Department, Development Division Oct 2017 Manager, Third Design Group, Design Department, Development Division Apr 2021 Executive Officer; General Manager, Design Department, Development Division Jun 2021 Executive Officer; Director, Development Division and General Manager, Design Department Apr 2022 Executive Officer; Director, Development Division and General Manager, Residential Environment and Office Products Design Department Jun 2023 Director, Executive Officer; Director, Development Division and General Manager, Residential Environment and Office Products Design Department Oct 2023 Director, Executive Officer; Director, Development Division Apr 2025 Managing Director, Senior Executive Officer; Director, Development Division (current)
1965-03-01
Nobuyuki MATSUDA
Full-time Director, Audit and Supervisory Committee Member
Apr 1991 Joined the Company Apr 2017 Deputy Manager, Fujioka Plant, Production Division Oct 2018 Manager, Fujioka Plant, Production Division Jul 2025 General Manager, Corporate Planning Office Jun 2026 Director, Full-time Audit and Supervisory Committee Member (current)
1965-02-19
Keiko KURASAWA
Director
Apr 1986 Joined Komatsu Ltd. Apr 2009 General Manager, CSR Office, Komatsu Ltd. Apr 2019 Councilor, Foundation for Advanced Studies on International Development (FASID) (current) Apr 2021 Deputy General Manager, Sustainability Promotion Division and General Manager, CSR Office, Komatsu Ltd. Sep 2022 Principal, Sustainability Office, Corporate Planning Department, Tokio Marine Holdings, Inc. Jun 2023 Outside Director, the Company Jun 2025 Outside Director, Casio Computer Co., Ltd. (current)
1963-12-29
Shoji KIUCHI
Director, Audit and Supervisory Committee Member
Apr 1983 Joined Kodaira City Hall Jun 1985 Left Kodaira City Hall Apr 1995 Registered as attorney-at-law (Second Tokyo Bar Association); joined Murayama Law Office Apr 2001 Member, Kodaira City Fixed Asset Evaluation Review Committee Jul 2004 Opened Tsunomori Sakamoto Law Office (current) Apr 2006 Mediation Committee Member, Tokyo Family Court (current) Apr 2012 Member, Kodaira City Information Disclosure Review Committee Apr 2013 Vice President, Second Tokyo Bar Association May 2013 Legal Adviser, Kodaira City Apr 2016 Member, Kodaira City Administrative Appeal Review Committee Jun 2018 Substitute Outside Director (Audit and Supervisory Committee Member), the Company, and Member, Special Committee Apr 2019 Managing Director, Japan Federation of Bar Associations Jun 2020 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1959-09-08
Mari YAJIMA
Director, Audit and Supervisory Committee Member
Dec 2007 Joined ShinNihon & Co. (currently EY ShinNihon LLC) Sep 2011 Registered as Certified Public Accountant Oct 2017 Manager, ShinNihon & Co. (currently EY ShinNihon LLC) May 2019 Joined AXA Life Insurance Co., Ltd.; concurrently in Internal Audit Department and Internal Audit Division, AXA Holdings Japan K.K.; Principal, Mari Yajima CPA Office (current) Oct 2021 General Manager, Internal Audit Department, AXA Direct Life Insurance Co., Ltd. (currently AXA Life Insurance Co., Ltd.) Jun 2023 Full-time Outside Corporate Auditor, Zigexn Co., Ltd. (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1983-08-10
Tamotsu UENO
Director, Audit and Supervisory Committee Member
Apr 1994 Registered as attorney-at-law (Second Tokyo Bar Association); joined Motoki Ueno Law & Accounting Office Apr 2011 Professor, Omiya Law School Apr 2014 Visiting Professor, Toin Law School Jun 2014 Director, Japan Sailing Federation (current) Jun 2017 Councilor, Tokyo Metropolitan Transportation Cooperation Association (current) Sep 2018 Part-time Lecturer, University of Tokyo Law School Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1968-11-18
Large Shareholding Reports
Dai-ichi Life Insurance Company, Limited
2026-08-06
8.66%→7.18%
Annual report (as of 2026-03-31): 8.58%
ValueAct Japan Master Fund, L.P.
2026-03-12
7.31%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-06
Large Shareholding Report
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-03-25
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnetAmended
2026-03-25
Q1 Earnings Flash
FY ending Mar 2026
EDINETAmended
2026-03-25
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnetAmended
2026-03-25
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-03-12
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-05-08
Amended Quarterly Securities Report
Period: Jul 2022 – Sep 2022
EDINETAmended
2023-05-08
Amended Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2023-05-08
Amended Quarterly Securities Report
Period: Apr 2022 – Jun 2022
EDINETAmended
2023-05-08
Amended Quarterly Securities Report
Period: Oct 2021 – Dec 2021
EDINETAmended
2023-04-28
Amended Annual Securities Report
Period: Apr 2021 – Mar 2022
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINETAmended
2022-06-28
Amended Annual Securities Report
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