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Japan's largest steelmaker, producing flat and specialty steel for automotive, construction and shipbuilding, now expanding into the US via US Steel.
Japan's largest steelmaker, producing flat and specialty steel for automotive, construction and shipbuilding, now expanding into the US via US Steel.
Sells steel mostly to automakers and other industrial buyers under negotiated contract prices, with exports exposed to Asian spot prices. The 2025 purchase of U.S. Steel, completed after a long US political review, added large American production and made the US its second home market.
In one line: Japan's Nucor/U.S. Steel, having just acquired U.S. Steel.
Moat: narrow (scale, process know-how). Scale and advanced high-strength/electrical steel technology, now combined with U.S. Steel's American plants.
Headquarters: Tokyo, Japan · Founded: 1970 · Employees: 138,453
Size Nippon Steel (5401.T) is a Japan Materials company (Steel) with a market value of $22.3B, the 75th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥656 on 6 Nov 2026.
Performance Over six months the shares gained 14.7%, against -4.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 27.8% over the last twelve months (peer median +7.7%); the operating margin is 4.3% (peer median 8.9%).
Valuation It trades at 11.2× forward earnings against a peer median of 13.4× (8th cheapest of 20).
Capital Return on invested capital runs 2.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥10.9T | ¥10.1T | ¥8.70T | ¥8.87T | ¥7.98T |
| Revenue growth | — | +16% | -2% | +11% | — |
| Gross profit | ¥1.53T | ¥1.40T | ¥1.35T | ¥1.37T | ¥1.28T |
| EBITDA | ¥1.11T | ¥1.02T | ¥941B | ¥1.02T | ¥1.05T |
| Net income | ¥288B | ¥17.2B | ¥350B | ¥549B | ¥694B |
| Free cash flow | n/a | -¥173B | ¥360B | ¥544B | ¥191B |
| Capital expenditure | n/a | ¥890B | ¥618B | ¥466B | ¥470B |
| Total debt | ¥5.52T | ¥5.17T | ¥2.51T | ¥2.71T | ¥2.70T |
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 |
|---|---|---|---|---|---|---|
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Jfe 5411.T | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% |
| Kobe Steel 5406.T | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
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 | 5401.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | -2.5% | 8th highest of 21 |
| 6-month return | +14.7% | -4.1% | highest of 21 |
| Distance from 52-week high | -8.6% | -19.2% | 4th highest of 21 |
| Revenue growth (TTM) | +27.8% | +7.7% | 2nd highest of 21 |
| Operating margin | 4.3% | 8.9% | 7th lowest of 21 |
| Forward P/E | 11.2× | 13.4× | 8th cheapest of 20 |
| ROIC minus cost of capital | -2.2 pp | -0.5 pp | 10th lowest of 21 |
| EV / EBITDA | 8.1× | 10.1× | 7th cheapest of 16 |
| Net debt / EBITDA | 4.5× | 1.0× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |