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Makes ceramic insulators, catalytic-converter substrates and industrial ceramic products including NAS batteries.
Makes ceramic insulators, catalytic-converter substrates and industrial ceramic products including NAS batteries.
Sells ceramic substrates that sit inside exhaust systems, mainly to catalyst makers serving automakers, which has long been the biggest earner but is exposed to the shift to electric vehicles. Grid insulators and NAS sodium-sulfur batteries are sold to utilities in long project cycles. It also supplies ceramic parts for chip-making equipment.
In one line: A specialty ceramics maker, like a smaller Corning.
Moat: narrow (process know-how, IP / patents). Specialized ceramics engineering across grid, auto and battery applications is hard to replicate.
Headquarters: Nagoya, Japan · Founded: 1919 · Employees: 19,869
Size Ngk (5333.T) is a Japan Industrials company (Electrical Products) with a market value of $7.43B, the 172nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,310 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -32.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +28.1%); the operating margin is 16.1% (peer median 10.0%).
Valuation It trades at 13.1× forward earnings against a peer median of 22.2× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (10.0% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥715B | ¥670B | ¥620B | ¥579B | ¥559B |
| Revenue growth | — | +8% | +7% | +4% | — |
| Gross profit | ¥223B | ¥208B | ¥188B | ¥169B | ¥166B |
| EBITDA | ¥174B | ¥152B | ¥137B | ¥122B | ¥120B |
| Net income | ¥96.9B | ¥59.9B | ¥54.9B | ¥40.6B | ¥55.0B |
| Free cash flow | n/a | ¥84.8B | ¥54.9B | ¥56.3B | ¥57.7B |
| Capital expenditure | n/a | ¥55.5B | ¥43.7B | ¥45.1B | ¥43.2B |
| Total debt | ¥230B | ¥245B | ¥252B | ¥259B | ¥253B |
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 |
|---|---|---|---|---|---|---|
| Ngk 5333.T | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
| Niterra 5334.T | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% |
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 | 5333.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.2% | -4.9% | 5th lowest of 21 |
| 6-month return | -13.1% | -32.2% | 8th highest of 20 |
| Distance from 52-week high | -45.4% | -45.4% | 11th highest of 21 |
| Revenue growth (TTM) | +10.5% | +28.1% | 6th lowest of 21 |
| Operating margin | 16.1% | 10.0% | 5th highest of 21 |
| Forward P/E | 13.1× | 22.2× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.4% | 22.2% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +8.2% | +17.2% | 2nd lowest of 8 |
| Hurdle (Req g minus delivered) | -3.7 pp | -8.2 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +0.4 pp | +1.1 pp | 9th lowest of 21 |
| EV / EBITDA | 6.4× | 14.5× | cheapest of 7 |
| Net debt / EBITDA | -0.4× | -0.2× | 4th least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Zhuzhou CRRC Times Electric 688187.SS | China | $7.80B | -3% | +12% | 14% | 14.6× | n/a | n/a |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
| Goldwind Science & Technology 2208.HK | Hong Kong | $8.58B | -57% | +24% | 6% | 7.2× | n/a | n/a |
| Anker Innovations Technology 0668.HK | Hong Kong | $8.68B | n/a | +28% | 11% | 14.8× | 22.2% | +25.8% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |