Maxell, Ltd.

6810 マクセル株式会社

Electric Appliances · Prime · TSE: Disclosed

PRICE: ¥2,135 · MKT CAP: ¥92.1B · P/E: 10.6x · P/B: 0.90x · DIV YIELD: 2.3%

PRICE — 5Y

Characteristics & Business Summary

Maxell, Ltd. manufactures and sale energy, functional materials, optics and systems, and life solution products in Japan, the Americas, Europe, Asia, and internationally. It offers lithium-ion and micro batteries; adhesive tapes, coated separators; optical...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	139,055	138,215	132,776	129,139	129,806	129,429	143,000
Operating Profit	3,806	9,332	5,638	8,083	9,318	7,891	10,000
Ordinary Profit	3,846	9,888	6,727	9,786	9,770	8,601	—
Net Profit	-9,373	-3,659	5,193	7,544	4,090	8,260	6,700
EPS	¥-189	¥-74	¥113	¥165	¥95	¥191	—
DPS	¥0	¥40	¥40	¥50	¥50	¥25	—

Balance Sheet & Valuation Highlights

Total Assets ¥180B

Net Assets (Equity) ¥90B

Equity Ratio 48.2%

ROE (Return on Equity) 10.6%

Cash & Equivalents ¥32B

Interest-Bearing Debt ¥37B

Capital Expenditure (CapEx) ¥8B

Depreciation & Amort. ¥5B

Major Shareholders

1. The Master Trust Bank of Japan, Ltd. (Trust Account) 14.9%
2. State Street Bank and Trust Company 9.0%
3. Custody Bank of Japan, Ltd. (Trust Account) 7.8%
4. STATE STREET BANK AND TRUST COMPANY 7.0%
5. TAIYO FUND, L.P. （常任代理人株式会社三菱ＵＦＪ銀行） 6.1%
6. Nichia Corporation 4.6%
7. ZEON CORPORATION 3.0%
8. State Street Bank and Trust Company 2.3%
9. State Street Bank and Trust Company 1.8%
10. STATE STREET BANK WEST CLIENT - TREATY 1.7%

Activist Activity

Grantham, Mayo, Van Otterloo Co. LLC 10.51%

2026-06-05 · increase

Grantham, Mayo, Van Otterloo & Co. LLC 9.15%

2026-04-08 · change

Taiyo Pacific Partners L.P. 0.0%

2025-11-27 · exit

Sumitomo Mitsui Trust Asset Management Co.,Ltd. 6.67%

2025-09-19 · change

Grantham, Mayo, Van Otterloo & Co. LLC 8.1%

2025-04-23 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥2,810	¥2,793	¥2,896	¥2,816	¥3,009	¥3,000	—
FCF/Share	¥137	¥291	¥-20	¥179	¥46	¥25	—
EPS	¥-189	¥-74	¥113	¥165	¥95	¥191	—
DPS	¥0	¥40	¥40	¥50	¥50	¥25	—
Capital Spending per share	¥127	¥81	¥108	¥131	¥182	¥182	—
Book Value per share	¥1,796	¥1,702	¥1,799	¥1,924	¥1,968	¥1,804	—
Common Shares Outstanding	49M	49M	46M	46M	43M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥139B	¥138B	¥133B	¥129B	¥130B	¥129B	¥143B
Operating Margin (%)	2.7%	6.8%	4.2%	6.3%	7.2%	6.1%	7.0%
Net Profit (owners)	¥-9B	¥-4B	¥5B	¥8B	¥4B	¥8B	¥7B
Net Profit Margin (%)	-6.7%	-2.6%	3.9%	5.8%	3.2%	6.4%	4.7%
Working Capital	¥-8B	¥7B	¥13B	¥18B	¥14B	¥-5B	—
Total Debt (Interest-bearing)	¥38B	¥33B	¥26B	¥18B	¥19B	¥37B	—
Net Worth (Common Equity)	¥89B	¥84B	¥82B	¥88B	¥85B	¥78B	—
Return on Total Assets (ROA)	-5.3%	-2.1%	3.1%	4.4%	2.5%	4.6%	—
Return on Common Equity (ROE)	-10.5%	-4.3%	6.3%	8.6%	4.8%	10.6%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.