Revenue 2025
1,427M ₪
+7.2% YoY
Net Income 2025
138M ₪
+13.6% | EPS NIS 0.89
Gross Margin 2025
43.9%
+220 bps Y/Y
EBITDA Margin
16.4%
2022: 13.1%
Stores
63
44 Max + 19 Mini Max
FCF 2025
203M ₪
2024: NIS 28.7M (timing)
Market Cap
₪4.42B
StockAnalysis · 08/05/2026
P/E (TTM)
35.54
StockAnalysis
EV/EBITDA
15.66
TTM · StockAnalysis
Net Debt
₪648.5M
Debt 810.4M − Cash 161.9M
1 Company Profile
Max Stock (MAXO) is an Israeli retailer operating a chain of discount stores under the "Max — Shopping with Joy" and "Mini Max" brands. The company was founded in 2004 by Uri Max and listed on the Tel Aviv Stock Exchange. Max Stock is regarded as the leading Extreme Value Retail company in Israel — a model analogous to Dollar Tree, Five Below, and Action globally, with no direct competitor of comparable scale in Israel. Approximately 72% of products are sold at NIS 10 or less; ~70% of products are imported directly, primarily from the Far East. A chain of 63 stores (44 Max + 19 Mini Max), net selling area 67,200 sqm. Headquartered in Caesarea. Traded on TASE (symbol: MAXO). Reporting currency: ILS.
| Category | % of Revenue | Y/Y Growth |
|---|
| Housewares | 27% | +5.3% |
| Party/Storage/Consumables | 15% | +4.5% |
| Toys & Baby | 12% | +13.3% |
| Office & School | 8% | +0.8% |
| Apparel Basics | 6% | -1.5% |
| Arts & Crafts | 6% | +2.5% |
| Other (27 categories) | 26% | +12.8% |
Source: 2025 Annual Report, Q4 2025 presentation
2 Key Financial Observations
This summary is not a recommendation. It is a factual list of key financial metrics.
Performance — 3 Years (₪K)
| Metric | 2023 | 2024 | 2025 |
|---|
| Revenue | 1,119 | 1,331 | 1,427 |
| Gross Profit | 468 (41.8%) | 556 (41.8%) | 627 (43.9%) |
| Operating Profit | 148 (13.3%) | 184 (13.8%) | 231 (16.2%) |
| Net Income | 92 | 121 | 138 |
| Basic EPS | 0.58 ₪ | 0.78 ₪ | 0.89 ₪ |
| Adjusted EBITDA | 151M | 191M | 234M |
Balance Sheet & Cash Flow (NIS M)
| Metric | 2024 | 2025 |
|---|
| Cash | 97 | 162 |
| Net Cash | 50 | 129 |
| Inventory | 241 | 210 |
| Total Assets | 1,286 | 1,367 |
| Shareholders’ Equity | 277 | 292 |
| IFRS 16 Lease Liabilities | — | 778 |
| FCF | 29 | 203 |
Missing data: Employee count, precise Insider Ownership (Uri Max), current EV/EBITDA.
Revenue + Net Income (NIS M)
Profitability Margins (%)
2030 Target — Selling Area
3 Industry & Competitive Context
Discount Retail (Extreme Value Retail) — household and consumer goods. Partially cyclical — stable demand for essentials, with seasonal swings. Max Stock leads the niche — no direct competitor of comparable scale. Trends: inflation (consumers shifting toward value retail), 70% direct imports (tailwind from a weaker USD), minimum-wage increases (margin pressure).
| Competitor | Key Difference |
|---|
| Supermarket Chains (Shufersal, Rami Levy) | Compete in overlapping categories |
| MINISO / Flying Tiger | Imported — design products, higher price point |
| Independent ₪10 Stores | No national brand, low purchasing power |
| Dollar Tree / Five Below (USA) | Similar model abroad — Max is the Israeli equivalent |
4 Risk Factors
| Risk | Context |
|---|
| Reliance on Far East imports | 70% of products — exposure to global maritime logistics |
| FX volatility | Purchases in USD, sales in NIS — margin pressure if the USD strengthens |
| Minimum-wage increases | Large headcount — pressure on operating expenses |
| Tariffs / import barriers | U.S.–China trade tensions could have indirect impact |
| Competition from MINISO and Flying Tiger | International players could expand into Israel |
| Branch density | 110K sqm target by 2030 — may weigh on SSS |
| High lease liabilities (NIS 777M IFRS 16) | Limits flexibility during a downturn |
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.
This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
Revenue grew 7.2% in 2025, with management guidance for low-to-mid teens. How much of the growth comes from SSS (4.4%) versus new-store openings? How will expansion translate into incremental revenue?
Profitability
Gross margin expanded 220 bps in 2025. What is the ceiling? How will a shift in direct imports (70% → 85%) affect it?
Leverage
Net cash of NIS 129M — but IFRS 16 lease liabilities of NIS 778M. Which is the real picture? What does the lease-repayment schedule look like?
Competitive Position
Max is the Israeli leader. How structural is the advantage? How does it compare to MINISO?
Management Quality
Management has met its targets. How much reflects execution versus macro tailwinds?
Business Complexity / Risk
A retailer with 70% direct imports, high lease obligations, and aggressive expansion targets. How should an investor monitor it?
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:
Revenue grows 13–15% annually, direct imports rise to 85% and gross margin exceeds 45%, EBITDA margin rises above 17%, and store-opening targets are met. Net income grows more than 20% annually.
Base Scenario — if current trends continue:
Revenue grows 8–10% annually, operating margins remain stable around 16%, net income grows at a high single-digit pace, FCF around NIS 200M.
Adverse Scenario — if the following risks materialise:
A decline in Israeli consumer activity, a material increase in maritime-logistics costs, or the entry of an international competitor. SSS falls below 2%, operating margins erode.
Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Max Stock is not a typical retail chain — it is a unique example of the Extreme Value Retail model in Israel. Globally — Dollar Tree, Five Below, Action — the model has proven to be a profitable machine. In Israel, Max Stock is the only operator at this scale. The real question in analysing Max is not "does the model work" (it works excellently — 16.4% EBITDA margin), but rather "how far can the value-retail model expand in Israel before market saturation?"
The critical variables are three. First, Same-Store Sales (SSS). 4.4% in 2025 — excellent. If that drags down to 2-3%, growth will slow. Second, gross margin. Achieving 43.9% in 2025 — is it sustainable? Direct imports help, but there is a ceiling. Third, the pace of new store openings. The target of 3-5 new stores per year — if the 110K sqm goal by 2030 is achieved, revenue scale grows 1.6×.
Where the analysis may go wrong. First error — treating the IFRS 16 lease liability of NIS 778M as "debt". It is not classical financial debt but an accounting obligation. Real Net Cash is NIS 129M. Second error — assuming gross margin will expand another 200 bps. It depends on exchange rates outside the company’s control. Third error — valuing the company as a "retail equity". It is a value-retail equity with a very different profitability profile (16% EBITDA versus 5-7% for supermarkets).
What distinguishes professional analysis of Max. Professional analysis addresses three things: (a) the ratio of SSS to new-store openings; (b) gross-margin sensitivity to exchange rates — every 1% ILS weakness versus the USD implies a 0.5-0.7% margin hit; (c) the scenario in which MINISO or Flying Tiger expand aggressively in Israel. These are not what one buys — they are what one asks before deciding.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
| # | Source | Date | Type |
|---|
| 1 | Max Stock — 2025 Annual Report | March 2026 | Official — TASE |
| 2 | Q4 2025 Results Presentation | February 2026 | Official |
| 3 | maya.tase.co.il — MAXO | April 2026 | Official — Stock Exchange |
Missing: Employee count, precise Insider Ownership (Uri Max), current EV/EBITDA.
