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Japanese maker of high-precision machining centers and EDM systems for mold, die and aerospace parts makers.
Japanese maker of high-precision machining centers and EDM systems for mold, die and aerospace parts makers.
Sells high-priced machines to factories that order when they expand or replace tooling, so results follow capital-spending cycles in aerospace, autos and electronics, then earns again from service, parts and tooling over each machine's life. A large share of sales is outside Japan.
In one line: A precision-focused, mold-and-die Haas Automation.
Moat: narrow (process know-how, brand). Reputation for micron-level precision in mold/die and aerospace niches; competes on accuracy not price.
Headquarters: Tokyo, Japan · Founded: 1937 · Employees: 4,777
Size Makino Milling Machine (6135.T) is a Japan Industrials company (Industrial Machinery) with a market value of $1.99B, the 485th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥15,700 on 6 Nov 2026.
Performance Over six months the shares gained 35.3%, against -9.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 18 in its peer set.
Growth Revenue grew 17.3% over the last twelve months (peer median +13.8%); the operating margin is 11.5% (peer median 13.8%).
Valuation It trades at 10.1× forward earnings against a peer median of 19.4× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.6 points above its cost of capital (6.3% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥288B | ¥261B | ¥234B | ¥225B | ¥228B |
| Revenue growth | — | +12% | +4% | -1% | — |
| Gross profit | ¥96.0B | ¥79.1B | ¥69.1B | ¥64.8B | ¥63.5B |
| EBITDA | ¥42.4B | ¥33.4B | ¥26.9B | ¥24.6B | ¥25.4B |
| Net income | ¥27.9B | ¥21.0B | ¥14.4B | ¥16.0B | ¥16.1B |
| Free cash flow | n/a | ¥14.9B | -¥1.37B | ¥3.33B | -¥3.48B |
| Capital expenditure | n/a | ¥18.3B | ¥14.9B | ¥9.58B | ¥6.42B |
| Total debt | ¥64.4B | ¥53.4B | ¥57.2B | ¥57.3B | ¥57.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Makino Milling Machine 6135.T | $1.99B | +35% | +17% | 12% | 10.1× | -3.2% |
| Dmg Mori 6141.T | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% |
| Okuma 6103.T | $1.56B | -16% | +15% | 9% | 10.4× | n/a |
| Sodick 6143.T | $412M | -18% | +15% | 7% | 8.3× | -4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6135.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | -2.9% | 10th highest of 21 |
| 6-month return | +35.3% | -9.1% | highest of 18 |
| Distance from 52-week high | -4.8% | -24.6% | highest of 21 |
| Revenue growth (TTM) | +17.3% | +13.8% | 10th highest of 21 |
| Operating margin | 11.5% | 13.8% | 9th lowest of 21 |
| Forward P/E | 10.1× | 19.4× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 1.3% | 6th least demanding of 15 |
| Growth delivered (Del g) | +17.5% | +10.2% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -20.7 pp | -7.0 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +2.6 pp | +3.1 pp | 9th lowest of 20 |
| EV / EBITDA | 7.2× | 11.2× | 4th cheapest of 13 |
| Net debt / EBITDA | -0.2× | -0.5× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Makino Milling Machine 6135.T | Japan | $1.99B | +35% | +17% | 12% | 10.1× | -3.2% | +17.5% |
| Enerpac Tool EPAC | United States | $1.99B | +9% | +6% | 20% | 18.8× | 3.8% | +4.3% |
| Kaishan 300257.SZ | China | $2.00B | -56% | +12% | 15% | 22.0× | n/a | n/a |
| Xi'an Shaangu Power 601369.SS | China | $2.00B | -22% | -5% | 7% | 18.2× | -11.1% | +3.2% |
| CIMC Enric 3899.HK | Hong Kong | $1.96B | -32% | +6% | 4% | 10.4× | -4.7% | +15.6% |
| Max 6454.T | Japan | $2.01B | +1% | +11% | 18% | 19.4× | 2.4% | +9.2% |
| Landis+Gyr LAND.SW | Switzerland | $2.01B | +17% | -22% | 25% | 21.5× | -10.2% | -5.7% |
| Direct Drive Tech 6731.HK | Hong Kong | $2.02B | n/a | +253% | -38% | n/a | n/a | n/a |
| Shenzhen Hongfuhan Technology 301086.SZ | China | $2.04B | -23% | +58% | 14% | 27.7× | n/a | n/a |
| LMW LMW.NS | India | $1.93B | +14% | +19% | 4% | 55.9× | n/a | n/a |
| Miura 6005.T | Japan | $2.05B | -11% | +6% | 11% | 11.6× | -4.3% | +14.8% |
| Midera Food Processing MFP | United States | $1.92B | n/a | +11% | 14% | 16.4× | 0.9% | +10.5% |
| Guangdong Topstar Technology 300607.SZ | China | $2.05B | -1% | +20% | 7% | 88.9× | 31.0% | -1.8% |
| Suzhou Secote Precision Electronic 603283.SS | China | $1.92B | -12% | +9% | 20% | 20.2× | n/a | n/a |
| Excelland Robotics (Wuxi) 3231.HK | Hong Kong | $1.91B | n/a | +19% | -36% | n/a | n/a | n/a |
| Chenbro Micom 8210.TW | Taiwan | $2.06B | -57% | +54% | 23% | 10.4× | 0.3% | +23.9% |
| Burckhardt Compression BCHN.SW | Switzerland | $2.07B | -3% | -15% | 13% | 18.6× | -7.8% | +9.9% |
| Ta Liang Technology 3167.TW | Taiwan | $1.89B | -9% | +103% | 23% | 19.6× | 31.8% | +15.9% |
| OSG 6136.T | Japan | $1.88B | -2% | +20% | 18% | 11.4× | 1.7% | +9.0% |
| ELGI Equipments ELGIEQUIP.NS | India | $1.87B | -1% | +16% | 13% | 35.0× | 30.6% | +15.5% |
| Shenyang Machine Tool 000410.SZ | China | $2.11B | -14% | +29% | -3% | n/a | 25.3% | +22.7% |