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Makes IC package substrates for CPUs/AI chips and ceramic diesel particulate filters for vehicles.
Makes IC package substrates for CPUs/AI chips and ceramic diesel particulate filters for vehicles.
Substrate makers are paid per board on long-qualified programmes, so a chip maker's product cycle shapes demand, and Intel has historically been an anchor customer. The ceramics side supplies particulate filters for diesel vehicles, a mature business. It has been adding substrate capacity in Gifu Prefecture to meet AI-chip demand.
In one line: A Japanese Amkor/Unimicron for chip substrates.
Moat: narrow (process know-how, customer qualification, scale). Qualified substrate supplier for leading-edge CPU/AI packages; capacity and yield take years to replicate.
Headquarters: Ogaki, Japan · Founded: 1912 · Employees: 11,105
Size Ibiden (4062.T) is a Japan Information Technology company (Electronic Components) with a market value of $22.1B, the 76th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥22,310 on 6 Nov 2026.
Performance Over six months the shares gained 163.5%, against -27.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +33.4%); the operating margin is 17.8% (peer median 12.3%).
Valuation It trades at 39.2× forward earnings against a peer median of 19.3× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +34 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points below its cost of capital (18.9% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥483B | ¥416B | ¥369B | ¥371B | ¥418B |
| Revenue growth | — | +13% | 0% | -11% | — |
| Gross profit | ¥158B | ¥128B | ¥112B | ¥102B | ¥128B |
| EBITDA | ¥163B | ¥124B | ¥100B | ¥93.7B | ¥127B |
| Net income | ¥80.2B | ¥63.7B | ¥33.7B | ¥31.5B | ¥52.2B |
| Free cash flow | ¥168B | ¥289M | -¥78.6B | ¥59.8B | ¥22.5B |
| Capital expenditure | ¥95.7B | ¥107B | ¥199B | ¥86.4B | ¥104B |
| Total debt | ¥162B | ¥193B | ¥343B | ¥344B | ¥270B |
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 |
|---|---|---|---|---|---|---|
| Ibiden 4062.T | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Nan Ya Printed Circuit Board 8046.TW | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% |
| SamsungElecMech 009150.KS | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% |
| Kinsus Interconnect Technology 3189.TW | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% |
| LG Innotek 011070.KS | $4.62B | -54% | +20% | 4% | 9.6× | -0.3% |
| Shennan Circuit 002916.SZ | $20.4B | -36% | +51% | 18% | 22.6× | n/a |
| Daeduck Electronics 353200.KS | $2.61B | -37% | +56% | 16% | 15.0× | 15.3% |
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 | 4062.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.7% | -39.2% | highest of 21 |
| 6-month return | +163.5% | -27.1% | highest of 20 |
| Distance from 52-week high | -18.8% | -50.8% | highest of 21 |
| Revenue growth (TTM) | +26.1% | +33.4% | 7th lowest of 21 |
| Operating margin | 17.8% | 12.3% | 7th highest of 21 |
| Forward P/E | 39.2× | 19.3× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 39.2% | 18.2% | 4th most demanding of 12 |
| Growth delivered (Del g) | +5.2% | +8.3% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +34.0 pp | +7.1 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | -2.4 pp | +3.9 pp | 6th lowest of 21 |
| EV / EBITDA | 19.9× | 13.4× | 3rd most expensive of 10 |
| Net debt / EBITDA | -1.6× | -0.7× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Chaozhou Three-Circle (Group) 300408.SZ | China | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% | +17.7% |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Luxshare Precision Industry 2475.HK | Hong Kong | $55.2B | n/a | +33% | 4% | 15.7× | n/a | n/a |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |