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Japanese specialist in building energy-management and HVAC control systems for large commercial and industrial facilities.
Japanese specialist in building energy-management and HVAC control systems for large commercial and industrial facilities.
In one line: A small, building-controls specialist alongside Azbil.
Moat: narrow (installed base). Niche domestic installed base in building energy controls.
Headquarters: Tokyo, Japan · Employees: 989
Size Nihon Dengi (1723.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $653M, the 933rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,575 on 6 Nov 2026.
Performance Over six months the shares fell 34.6%, against -21.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +7.9%); the operating margin is 25.8% (peer median 4.1%).
Valuation It trades at 11.2× forward earnings against a peer median of 18.4× (cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.2 points above its cost of capital (10.6% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥47.5B | ¥46.4B | ¥43.1B | ¥38.9B | ¥34.3B |
| Revenue growth | — | +8% | +11% | +13% | — |
| Gross profit | ¥23.0B | ¥21.6B | ¥18.3B | ¥14.2B | ¥11.3B |
| EBITDA | n/a | ¥12.3B | ¥9.57B | ¥6.66B | ¥4.89B |
| Net income | ¥8.77B | ¥8.44B | ¥6.41B | ¥4.67B | ¥3.17B |
| Free cash flow | n/a | ¥8.57B | ¥8.01B | ¥4.17B | ¥3.44B |
| Capital expenditure | n/a | ¥2.73B | ¥481M | ¥236M | ¥213M |
| Total debt | n/a | ¥548M | ¥644M | ¥755M | ¥425M |
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 |
|---|---|---|---|---|---|---|
| Nihon Dengi 1723.T | $653M | -35% | +2% | 26% | 11.2× | -0.4% |
| Azbil 6845.T | $4.63B | -2% | +1% | 15% | 18.7× | 5.5% |
| Takasago Thermal Engineering 1969.T | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% |
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 | 1723.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.8% | -7.9% | 4th lowest of 21 |
| 6-month return | -34.6% | -21.6% | 3rd lowest of 21 |
| Distance from 52-week high | -50.0% | -42.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +1.5% | +7.9% | 7th lowest of 21 |
| Operating margin | 25.8% | 4.1% | highest of 21 |
| Forward P/E | 11.2× | 18.4× | cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 23.0% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +6.4% | +3.5% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -6.8 pp | +16.7 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +16.2 pp | -4.1 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nihon Dengi 1723.T | Japan | $653M | -35% | +2% | 26% | 11.2× | -0.4% | +6.4% |
| COSCO SHIPPING Technology 002401.SZ | China | $646M | -16% | -4% | -2% | 17.4× | 12.2% | +3.5% |
| ZhongYeDa Electric 002441.SZ | China | $662M | -20% | +5% | 2% | n/a | 3.9% | +0.1% |
| Smartgiant Technology 688115.SS | China | $672M | +22% | +40% | 5% | n/a | n/a | n/a |
| OPTEX 6914.T | Japan | $632M | -6% | +14% | 14% | 12.0× | 1.9% | +13.6% |
| Xiamen Sinic-Tek Intelligent Technology 301568.SZ | China | $676M | -23% | +19% | 17% | n/a | 35.3% | +13.6% |
| Saimo Technology 300466.SZ | China | $631M | -14% | -6% | 0% | n/a | 57.8% | -2.8% |
| Shenzhen Jieshun Science & Technology Industry 002609.SZ | China | $683M | -14% | +5% | 3% | 26.4× | 1.9% | +5.0% |
| Wecome Intelligent Manufacturing 603070.SS | China | $624M | -24% | -8% | 0% | n/a | 25.6% | +2.3% |
| Hangzhou Shenhao Technology 300853.SZ | China | $623M | -5% | +125% | -21% | 403.6× | 53.7% | -12.4% |
| Shenzhen Vapel Power Supply Technology 301516.SZ | China | $622M | -26% | +32% | -5% | n/a | n/a | n/a |
| Uroica Precision Information Engineering 300099.SZ | China | $618M | -39% | -16% | 15% | 20.7× | n/a | n/a |
| Unusual Machines UMAC | United States | $618M | -11% | +314% | -94% | n/a | n/a | n/a |
| Acrel 300286.SZ | China | $691M | -23% | +9% | 13% | 18.4× | 15.7% | +8.8% |
| Shanghai Holystar Information Technology 688330.SS | China | $615M | -28% | -5% | 21% | 13.7× | -2.1% | -6.5% |
| Phenix Optics 600071.SS | China | $614M | -25% | +7% | 2% | n/a | 23.0% | +4.7% |
| Hioki E.E.Corporation 6866.T | Japan | $703M | -27% | +17% | 20% | 14.6× | 8.9% | +13.3% |
| HIWIN Mikrosystem 4576.TW | Taiwan | $605M | -29% | +34% | 15% | 26.5× | 26.1% | +2.1% |
| Ningbo Techmation 603015.SS | China | $601M | -16% | +5% | 0% | n/a | 50.6% | +2.0% |
| Shenzhen Liande Automatic Equipment 300545.SZ | China | $600M | -37% | -18% | 7% | n/a | n/a | n/a |
| Rongcheer Industrial Technology (Suzhou) 301360.SZ | China | $598M | -13% | +101% | 12% | n/a | 28.4% | +11.7% |