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Japanese maker of staplers, nail guns and construction fastening tools, plus rehabilitation and medical equipment.
Japanese maker of staplers, nail guns and construction fastening tools, plus rehabilitation and medical equipment.
Staplers and office equipment are a mature base, while construction tools, including rebar-tying machines that replace hand-tying on building sites, are where growth has been, sold through tool distributors to contractors. It also supplies bathroom-ventilation equipment for builders.
In one line: Japan's Stanley Black & Decker for fastening tools.
Moat: narrow (brand, distribution). Strong Japan brand recognition in stationery and construction tools; less differentiated overseas.
Headquarters: Tokyo, Japan · Founded: 1942 · Employees: 2,470
Size Max (6454.T) is a Japan Industrials company (Industrial Machinery) with a market value of $2.01B, the 480th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,704 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -9.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +16.6%); the operating margin is 18.1% (peer median 13.0%).
Valuation It trades at 19.4× forward earnings against a peer median of 18.8× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥106B | ¥99.6B | ¥91.8B | ¥86.6B | ¥84.3B |
| Revenue growth | — | +8% | +6% | +3% | — |
| Gross profit | ¥51.9B | ¥47.8B | ¥42.6B | ¥38.6B | ¥35.0B |
| EBITDA | ¥22.9B | ¥20.9B | ¥17.8B | ¥15.7B | ¥12.9B |
| Net income | ¥15.1B | ¥13.9B | ¥11.2B | ¥10.4B | ¥7.62B |
| Free cash flow | ¥13.0B | ¥11.8B | ¥11.8B | ¥9.39B | ¥4.83B |
| Capital expenditure | ¥3.69B | ¥3.41B | ¥2.99B | ¥2.96B | ¥3.60B |
| Total debt | ¥1.21B | ¥1.54B | ¥1.52B | ¥1.77B | ¥2.65B |
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 |
|---|---|---|---|---|---|---|
| Max 6454.T | $2.01B | +1% | +11% | 18% | 19.4× | 2.4% |
| Stanley Black & Decker SWK | $17.3B | +43% | 0% | 10% | 18.3× | 6.8% |
| Makita 6586.T | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
| Techtronic Ind 0669.HK | $33.1B | +14% | +4% | 9% | 22.8× | 8.1% |
| Kokuyo 7984.T | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% |
| ACCO Brands ACCO | $467M | +25% | +2% | 7% | 5.5× | -0.9% |
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 | 6454.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | +0.3% | 6th lowest of 21 |
| 6-month return | +0.7% | -9.1% | 5th highest of 18 |
| Distance from 52-week high | -13.7% | -24.6% | 5th highest of 21 |
| Revenue growth (TTM) | +11.0% | +16.6% | 9th lowest of 21 |
| Operating margin | 18.1% | 13.0% | 7th highest of 21 |
| Forward P/E | 19.4× | 18.8× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 0.6% | 6th most demanding of 15 |
| Growth delivered (Del g) | +9.2% | +12.7% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -6.8 pp | -8.4 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +11.3 pp | +3.0 pp | 7th highest of 20 |
| EV / EBITDA | 12.3× | 9.8× | 6th most expensive of 13 |
| Net debt / EBITDA | -1.6× | -0.4× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Xi'an Shaangu Power 601369.SS | China | $2.00B | -22% | -5% | 7% | 18.2× | -11.1% | +3.2% |
| Direct Drive Tech 6731.HK | Hong Kong | $2.02B | n/a | +253% | -38% | n/a | n/a | n/a |
| Kaishan 300257.SZ | China | $2.00B | -56% | +12% | 15% | 22.0× | n/a | n/a |
| Enerpac Tool EPAC | United States | $1.99B | +9% | +6% | 20% | 18.8× | 3.8% | +4.3% |
| Makino Milling Machine 6135.T | Japan | $1.99B | +35% | +17% | 12% | 10.1× | -3.2% | +17.5% |
| Shenzhen Hongfuhan Technology 301086.SZ | China | $2.04B | -23% | +58% | 14% | 27.7× | n/a | n/a |
| Miura 6005.T | Japan | $2.05B | -11% | +6% | 11% | 11.6× | -4.3% | +14.8% |
| Guangdong Topstar Technology 300607.SZ | China | $2.05B | -1% | +20% | 7% | 88.9× | 31.0% | -1.8% |
| CIMC Enric 3899.HK | Hong Kong | $1.96B | -32% | +6% | 4% | 10.4× | -4.7% | +15.6% |
| 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% |
| LMW LMW.NS | India | $1.93B | +14% | +19% | 4% | 55.9× | n/a | n/a |
| Midera Food Processing MFP | United States | $1.92B | n/a | +11% | 14% | 16.4× | 0.9% | +10.5% |
| Suzhou Secote Precision Electronic 603283.SS | China | $1.92B | -12% | +9% | 20% | 20.2× | n/a | n/a |
| Shenyang Machine Tool 000410.SZ | China | $2.11B | -14% | +29% | -3% | n/a | 25.3% | +22.7% |
| Excelland Robotics (Wuxi) 3231.HK | Hong Kong | $1.91B | n/a | +19% | -36% | n/a | n/a | n/a |
| 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% |