Overview
Electric Appliances

BUFFALO INC.

Buffalo Inc. develops, manufactures, and sells a broad range of digital consumer electronics and PC peripherals, including Wi-Fi routers, NAS/HDD storage devices, SSDs, memory products, and optical drives, targeting both individual consumers and corporate clients. The company also provides network infrastructure construction, maintenance, data recovery services, and network/storage software development and sales. Additionally, Buffalo operates a direct marketing business and offers managed remote network services (KikiNavi) for enterprise customers.

Market Cap
¥84.4B
US$538M
EV
¥59.0B
US$376M
Stock¥3,560▼-0.70%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.6
x
LTM EV/EBIT
6.5
x
LTM PER
10.8
x
LTM PBR
1.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+77.0%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Mar 4, 26Effissimo Capital Management Pte. Ltd. changed stake (7.9%→9.28%)
MC → EV Bridge
84.4BUS$538MMarket Cap1.47BUS$9.39M+ Debt25.2BUS$161M− Cash1.62BUS$10.3M− Inv. Sec.59.0BUS$376MEV
AI Briefing
Buffalo: Japan's established Wi-Fi/NAS/storage peripherals brand serving consumer and enterprise markets via a 14-subsidiary group. FY26/3 revenue ¥117B with OP margin expanding to 7.9% despite a revenue pullback from ¥143B prior year, signaling a profitability-over-scale shift. Top shareholder Melco Group at 30.57% alongside founder-family holders points to a concentrated, insider-anchored ownership base; no tender offer in data.
Performance & Balance
Revenue 5Y (¥B)
144US$919M'22/3143US$909M'23/3146US$930M'24/3143US$913M'25/3117US$748M'26/3
EBITDA 5Y (¥B)
15.0US$95.5M'22/36.77US$43.2M'23/35.67US$36.1M'24/311.2US$71.3M'25/310.6US$67.9M'26/3
Net Income 5Y (¥B)
9.35US$59.6M'22/33.06US$19.5M'23/33.01US$19.2M'24/36.01US$38.3M'25/38.07US$51.5M'26/3
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
32.5US$207M0.96US$6.12M'22/330.9US$197M0.10US$0.63M'23/333.7US$215M'24/333.9US$216M'25/328.9US$185M1.55US$9.87M'26/3
Shareholders
Top 10 hold 66.7%
1
Melco Group Co., Ltd.
30.57%
2
Hiroyuki MAKI
17.01%
3
Maki Makoto Foundation (Public Interest Foundation)
4.22%
4
ECM MF (Standing Proxy: Tachibana Securities Co., Ltd.)
3.82%
5
The Master Trust Bank of Japan, Ltd. (Trust Account)
3.38%
6
MLI FOR SEGREGATED PB CLIENT (Standing Proxy: BofA Securities Japan Co., Ltd.)
2.11%
7
CGML PB CLIENT ACCOUNT/COLLATERAL (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.94%
8
JPMSPLC CLIENT ASSETS SK JPY (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.62%
9
Buffalo Kyoeikai (Buffalo Employee Shareholding Association)
1.13%
10
Taiji IWASAKI
0.93%
Management
7 officers
Hiroyuki MAKI
Representative Director, President and Executive Officer, CEO
Aug 2004 Representative Director, Melco Asset Management Limited Nov 2006 Representative Director, Melco Asset Management Pte. Ltd. Oct 2007 Representative Director, MAM PTE. LTD. Jun 2011 Director, the Company Jun 2014 Representative Director, President, the Company May 2018 Representative Director, President, Buffalo Inc. May 2020 Representative Director, President, Buffalo IT Solutions Inc. Oct 2020 Representative Director, President, Melco Financial Holdings Co., Ltd. May 2021 Representative Director, President, Bios Co., Ltd. May 2022 Director, Shimadaya Corporation Jun 2022 Outside Director, Saison Information Systems Co., Ltd. (now Saison Technology Co., Ltd.) Jun 2023 Outside Director, Kawasaki Kisen Kaisha, Ltd. (current) Jun 2023 Representative Director, Melco Group Co., Ltd. (current) Apr 2025 Representative Director, President and Executive Officer, CEO, the Company (current)
1980-11-15
Chisato NAKAYAMA
Director
Apr 1987 Joined Brother Industries, Ltd. Dec 2001 Joined Oasis International Patent Office Mar 2008 Joined Buffalo Inc. Apr 2017 General Manager, Legal Department, the Company Apr 2021 General Manager, Internal Audit Department, the Company May 2021 Director, Buffalo Inc. Jun 2023 Director, the Company (current)
1965-03-04
Iwao TSUZAKA
Director
Oct 1992 Head, Tsuzaka Iwao Certified Public Accountant Office (current) Oct 1999 Audit & Supervisory Board Member, Buffalo Inc. Jun 2004 Director, the Company (current) Jun 2023 Director, Melco Group Co., Ltd. (current)
1957-05-28
Yoshimasa NAGASE
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Daiwa Securities Co., Ltd. Apr 2006 Executive Officer and Head of Nagoya Branch, Daiwa Securities SMBC Co., Ltd. Sep 2008 Executive Officer, in charge of International Business Planning and Planning, Daiwa Securities SMBC Co., Ltd. Apr 2009 Managing Executive Officer, Daiwa Securities SMBC Co., Ltd. Apr 2011 Managing Director, Deputy Head of Sales Division and in charge of Corporate Business, Daiwa Securities Co., Ltd. Apr 2013 Senior Managing Director, Head of Product & Solutions Division, Daiwa Securities Co., Ltd. Apr 2015 Senior Managing Executive Officer, Daiwa Securities Group Inc.; Representative Director, Senior Managing Director, in charge of Compliance, Daiwa Securities Co., Ltd. Apr 2019 Representative Director, J&U Inc. (current) Jul 2020 Director, Buffalo IT Solutions Inc. Jun 2021 Director, the Company Jun 2024 Outside Director, Saison Technology Co., Ltd. (current) Jun 2025 Director (Audit and Supervisory Committee Member), Shimadaya Corporation (current) Jun 2025 Director (Audit and Supervisory Committee Member), the Company (current)
1957-11-03
Jun KAMIYA
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Brother Industries, Ltd. Oct 1995 President, Brother International Corporation (Canada) Apr 1999 General Manager, Information Equipment Division, Brother Sales, Ltd. Jun 2001 Director, Brother Sales, Ltd. Jun 2003 Managing Director, Brother Sales, Ltd. Jun 2005 Representative Director, President, Brother Sales, Ltd. Apr 2008 Executive Officer, Brother Industries, Ltd. Dec 2009 Representative Director, Chairman, Exing Co., Ltd. Apr 2010 Group Managing Executive Officer, Brother Industries, Ltd. Jun 2014 Director and Managing Executive Officer, Brother Industries, Ltd. Jun 2022 Outside Director, the Company Jun 2023 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1959-02-11
Hiroyuki MIYAJIMA
Director (Audit and Supervisory Committee Member)
Mar 1984 Joined Bic Camera Inc. Apr 1996 Director and Head Store Manager, Bic Camera Inc. Jun 2002 Director and Head of Sales Division, Bic Camera Inc. Mar 2005 Representative Director, Senior Managing Director and Head of Merchandising Division, Bic Camera Inc. Nov 2005 Representative Director, President, Bic Camera Inc. Sep 2020 Director and Vice Chairman, Bic Camera Inc. Jan 2021 Advisor, Animate Holdings Co., Ltd. Nov 2021 Outside Director, ZMP Inc. Jan 2022 Outside Director, Kiyonaga Co., Ltd. (current) Apr 2022 Outside Director, Tsuji Hongo M&A Solutions Co., Ltd. (now SBI Tsuji Hongo M&A Co., Ltd.) (current) Jun 2023 Director, Kyushu Hitec Co., Ltd. Jun 2023 Outside Director, the Company Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jan 2025 Advisor, Kokan Dekirukun Co., Ltd. (current)
1959-10-24
Kumiko OTSUKA
Director (Audit and Supervisory Committee Member)
Apr 1991 Joined Fuji Bank, Ltd. Apr 1994 Joined Otsuka Kagu, Ltd. as Head of Business Planning Office Oct 1994 Head of Business Planning Office and General Manager, Sales Management Department, Otsuka Kagu, Ltd. Mar 1996 Director, Head of Business Planning Office and General Manager, Sales Management Department, Otsuka Kagu, Ltd. Jul 1997 Director, General Manager, General Planning Department and Sales Management Department, Otsuka Kagu, Ltd. Jul 1998 Director, General Manager, General Planning Department and Accounting Department, Otsuka Kagu, Ltd. Apr 2001 Director, General Manager, General Planning Department, Otsuka Kagu, Ltd. Jul 2002 Director, Head of Products Division and General Manager, Public Relations Department, Otsuka Kagu, Ltd. Apr 2004 Advisor, Otsuka Kagu, Ltd. Jul 2005 Representative Director, Qualia Consulting Co., Ltd. Jan 2007 Executive Officer, Frontier Management Inc. Mar 2009 Representative Director, President, Otsuka Kagu, Ltd. Jul 2014 Director, Otsuka Kagu, Ltd. Jan 2015 Representative Director, President, Otsuka Kagu, Ltd. Dec 2020 Representative Director, Qualia Consulting Co., Ltd. (current) Feb 2023 Representative Director, Qualia Living Solutions Co., Ltd. (current) Apr 2023 Visiting Professor, Meiji University Jun 2023 Outside Director, the Company Mar 2024 Representative Director, Sakura HeritageCraft Initiative General Incorporated Association (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Outside Director, Tobishima Holdings Co., Ltd. (current) Apr 2026 Part-time Lecturer, Meiji University (current)
1968-02-26
Large Shareholding Reports
Melco Group Co., Ltd.
2026-05-27
30.17%→35.17%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2026-05-15
30.17%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2026-05-13
30.17%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2026-03-24
30.17%→30.17%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2026-03-09
30.17%→30.17%
Annual report (as of 2026-03-31): 30.57%
Effissimo Capital Management Pte. Ltd.
2026-03-04
7.90%→9.28%
Melco Group Co., Ltd.
2026-03-04
29.80%→30.17%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2026-02-13
28.28%→29.80%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2025-09-09
32.62%→28.28%
Annual report (as of 2026-03-31): 30.57%
Melco Group Co., Ltd.
2025-09-04
27.29%→32.62%
Annual report (as of 2026-03-31): 30.57%
Hiroyuki MAKI
2025-08-22
18.87%→18.91%
Annual report (as of 2026-03-31): 17.01%
Hiroyuki MAKI
2025-08-22
17.71%→17.75%
Annual report (as of 2026-03-31): 17.01%
Hiroyuki MAKI
2025-08-19
18.87%→17.71%
Annual report (as of 2026-03-31): 17.01%
Hiroyuki MAKI
2025-07-29
15.78%→18.87%
Annual report (as of 2026-03-31): 17.01%
Effissimo Capital Management Pte. Ltd.
2025-05-14
9.26%→10.25%
Effissimo Capital Management Pte. Ltd.
2025-05-14
10.25%→7.90%
Effissimo Capital Management Pte. Ltd.
2024-09-20
9.26%→9.26%
Effissimo Capital Management Pte. Ltd.
2024-07-04
10.52%→10.52%
Effissimo Capital Management Pte. Ltd.
2024-07-04
10.52%→9.26%
Effissimo Capital Management Pte. Ltd.
2024-04-24
8.01%→10.52%
Effissimo Capital Management Pte. Ltd.
2021-12-06
8.01%→8.01%
Effissimo Capital Management Pte. Ltd.
2021-11-08
8.01%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-26
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-27
Large Shareholding Report
EDINETAmended
2026-05-15
Change Report
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-03-24
Large Shareholding Report
EDINET
2026-03-09
Large Shareholding Report
EDINET
2026-03-04
Large Shareholding Report
EDINET
2026-03-04
Large Shareholding Report
EDINET
2026-02-13
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-09
Large Shareholding Report
EDINET
2025-09-04
Large Shareholding Report
EDINETAmended
2025-08-22
Change Report
EDINETAmended
2025-08-22
Change Report
EDINET
2025-08-19
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-07-29
Large Shareholding Report
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-05-14
Large Shareholding Report
EDINET
2025-05-14
Large Shareholding Report
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2024-09-20
Large Shareholding Report
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-04
Large Shareholding Report
EDINET
2024-07-04
Large Shareholding Report
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-04-24
Large Shareholding Report
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