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)
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 חכירות | — | 778 |
| FCF | 29 | 203 |
Missing data: מספר עובדים, Insider Ownership מדויק (אורי מקס), EV/EBITDA נוכחי.
3 Industry & Competitive Context
קמעונאות דיסקאונט (Extreme Value Retail) — מוצרי בית וצריכה. מחזוריות חלקית — ביקוש יציב למוצרים בסיסיים, עונתיות. מקס סטוק מובילה בנישה — אין מתחרה ישיר בגודל דומה. מגמות: אינפלציה (צרכנים עוברים ל-value retail), ייבוא ישיר 70% (רוח גבית מירידת דולר), העלאת שכר מינימום (לחץ על שולים).
| מתחרה | הבדל מרכזי |
|---|
| רשתות סופרמרקט (שופרסל, רמי לוי) | מתחרות בקטגוריות חפיפה |
| MINISO / Flying Tiger | מיובאים — מוצרי עיצוב, מחיר גבוה יותר |
| Stores 10 ₪ עצמאיות | ללא מותג ארצי, כוח קנייה נמוך |
| Dollar Tree / Five Below (ארה"ב) | מודל דומה בחו"ל — מקס המקבילה הישראלית |
4 Risk Factors
| סיכון | הקשר |
|---|
| תלות בייבוא מהמזרח הרחוק | 70% מהמוצרים — תלות בלוגיסטיקה ימית גלובלית |
| תנודות שערי חליפין | רכישות בדולר, מכירות בשקל — לחץ על שולים אם הדולר מתחזק |
| ייקור שכר מינימום | מספר עובדים גדול — לחץ על הוצאות תפעוליות |
| מכסים / חסימות ייבוא | מלחמת סחר ארה"ב-סין יכולה להשפיע עקיפה |
| תחרות מ-MINISO ו-Flying Tiger | חברות בינלאומיות יכולות להתרחב לישראל |
| צפיפות סניפים | יעד ל-110K מ"ר עד 2030 — עלולה לפגוע ב-SSS |
| חכירות גבוהות (777M ₪ IFRS 16) | מגביל גמישות במשבר |
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
הכנסות גדלו 7.2% ב-2025, יעד הנהלה ל-Low-Mid Teens. כמה מהצמיחה היא SSS (4.4%) לעומת פתיחת Stores חדשים? איך התרחבות תתורגם להכנסות חדשות?
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:
הכנסות גדלות 13-15% Annual, הייבוא הישיר עולה ל-85% ושולי הגולמי עוברים את 45%, EBITDA Margin עולה מעל 17%, ויעדי הסניפים מתממשים. Net Income גדל מעל 20% Annual.
Base Scenario — if current trends continue:
הכנסות גדלות 8-10% Annual, שולי תפעול יציבים סביב 16%, Net Income גדל בקצב חד-ספרתי גבוה, FCF סביב 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 | מקס סטוק — דוח Annual 2025 | March 2026 | Official — TASE |
| 2 | מצגת תוצאות Q4 2025 | פברואר 2026 | Official |
| 3 | maya.tase.co.il — MAXO | April 2026 | Official — Stock Exchange |
Missing: מספר עובדים, Insider Ownership מדויק (אורי מקס), EV/EBITDA נוכחי.
