Makita Corporation

MKTAY

Manufacturing - Tools & Accessories · Industrials

Price

$33.04

-0.23 (-0.69%)

Market Cap

$8.51B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Share count falling — buybacks

−2.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 271.5M (2022) → 264.8M (2026)

Winston Score History

The full picture

Makita is a Japanese company that makes power tools, outdoor equipment, and accessories for professional tradespeople and do-it-yourself users. Its products include cordless drills, saws, grinders, lawn mowers, and blowers. It is one of the largest power tool manufacturers in the world, competing directly with brands like DeWalt and Milwaukee.

Makita earns revenue by selling its tools and batteries through distributors, home improvement retailers, and specialty dealers across more than 40 countries. The company operates factories in Japan, China, Europe, and other regions, with a market cap around $8.5 billion. Its broad cordless battery platform, which works across hundreds of tools, helps keep customers loyal to the brand. A key growth driver is the global shift from gas-powered outdoor equipment to battery-powered alternatives, though Makita faces intense competition and currency fluctuations given its heavy reliance on international sales.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+9.2% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

¥17.6B/ year

↑ Rising (+20% vs prior year)

2.1% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

5.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥303.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Makita Corporation is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

39.3%

Modest — 39.3% gross margin

Profit after running costs

Operating Margin

14.8%

Healthy — 14.8% operating margin

Return on the money invested

ROCE

11.1%

Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.4%

Steady sales growth (+8.4% YoY)

Profit growth

EPS YoY

+0.6%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

145%

Turns 145% of profit into real cash

Spare cash per sale

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

47.21x

Comfortably covers interest (47.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.7x

Fair value — P/E 16.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

2.66%

Moderate income — 2.66% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+251.0%

Dividend growing fast (251.0% YoY)

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