MAX CO.,LTD.
6454・Prime Market・Machinery
Business
MAX CO., LTD. operates in three segments: Office Equipment, including staplers, time recorders, and character display devices; Industrial Equipment, including nailers, rebar tying machines, air compressors, and bathroom heating/ventilation/drying units; and HCR Equipment, including standard and specialized wheelchairs. The company has 22 subsidiaries and 2 affiliated companies both in Japan and overseas, with production bases in Thailand, China, Malaysia, and other locations, and sales bases in the United States, Europe, and Asia. In FY2026 (ending March 2026), net sales were ¥99,607 million, with Industrial Equipment accounting for approximately 75% of consolidated net sales. The overseas sales ratio reached 52%, reflecting the company's global business foundation.
Business Model
The mainstay Rebar Tying Machine "Twintier" forms a stock-type business model in which, following sale of the machine unit, consumables such as tie wire are purchased on an ongoing basis. Growth in the cumulative number of units in operation underpins demand for consumables, making this a high-margin and stable source of earnings. Domestically, sales are made indirectly through Max's sales network, while overseas the company combines direct sales and indirect sales through local subsidiaries and distributor networks such as MAX USA CORP. In the Housing Equipment segment, the company is also promoting expansion of a stock business that captures replacement demand.
Company Strengths
The Rebar Tying Machine "Twintier" has a stock-type earnings structure in which demand for consumables such as tie wire continues to expand along with the increase in the cumulative number of units in operation. In FY2026 (ending March 2026), overseas machinery products business sales achieved substantial growth to ¥41,192 million (+23.8% year-on-year), and the segment profit margin of the Industrial Equipment division reached 25.2%.
Against total assets of ¥137,929 million at the end of FY2026 (ending March 2026), net assets stood at ¥115,465 million, maintaining an extremely sound financial structure with an equity ratio of 83.6%. The company has low reliance on interest-bearing debt and possesses financial flexibility to allocate operating cash flow of ¥14,799 million as internal funds toward capital expenditure, shareholder returns, and M&A.
The company has production bases in Thailand, China, and Malaysia, and sales subsidiaries in the US, Europe (the Netherlands and the UK), Singapore, and elsewhere, achieving overseas sales equivalent to ¥52.0 billion and an overseas sales ratio of 52%. In April 2026, the company acquired Bo Fastening AB, a sales agent in Sweden, and renamed it MAX Scandinavia AB, continuing to expand its sales network.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥99,607 million (+8.5% YoY), operating income reached ¥17,571 million (+21.4% YoY), and profit attributable to owners of parent reached ¥13,891 million (+23.8% YoY), all marking record highs. The operating margin improved to 17.6% (15.8% in the previous period), and ROE improved to 12.6% (10.9% in the previous period). External factors such as expanding infrastructure investment in Europe and resilient demand in the North American non-residential market provided tailwinds, while translation gains from yen depreciation also contributed to the increase in cash balances. On the other hand, the decline in new housing starts in Japan and the persistently high U.S. mortgage rates continued to act as headwinds. The 5-year CAGR of operating income reached approximately 18.6%, clearly indicating an acceleration in profit growth.
Growth Strategy
Pursuing sustainable growth through three axes: expansion of overseas business, strengthening of domestic business, and creation of new businesses
Capturing rising demand for mechanization amid labor shortages at construction sites, the company is actively expanding sales of the rebar tying machine "Twintier" and its consumables in Europe and the US. Strengthened promotion and expanding consumables stock demand driven by an increasing cumulative number of units in operation are boosting earnings. The overseas machinery and equipment business achieved a 23.8% year-on-year increase in revenue in FY2026 (ended March 2026).
The company is focusing on replacement demand for existing units of the bathroom heating/ventilation/drying unit "Dryfan," while maintaining solid sales to some OEM customers. The living environment equipment business achieved a 6.0% year-on-year increase in revenue in FY2026 (ended March 2026), with continued development of the replacement market contributing to earnings stability.
For character display devices centered on the label maker "Beepop," the company is promoting the acquisition of prospective deals through increased participation in exhibitions, mainly in Europe. The overseas office business grew steadily with a 7.4% year-on-year increase in revenue in FY2026 (ended March 2026), partially offsetting the decline in revenue for the office equipment segment as a whole.
The company aims to move out of the red through sales recovery driven by a recovery in wheelchair sales to the Chinese rental market and the resolution of defects in new domestic products, as well as cost reductions through productivity improvements and increased in-house production. In FY2026 (ended March 2026), the segment loss narrowed to ¥42 million (improved from a loss of ¥82 million in the previous fiscal year), but the segment has not yet returned to profitability.
The company raised its dividend policy target from a net asset dividend ratio of 5.0% to 6.0%, and has also stepped up share buybacks. Total shareholder returns in FY2026 (ended March 2026) reached ¥10,839 million (dividends of ¥5,239 million plus share buybacks of ¥5,600 million), improving ROE to 12.6%. The company also aims to broaden its investor base through a 1-for-4 stock split effective April 1, 2026.
Last updated: July 19, 2026