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Heavy forging company making large steel castings for power plants, plastic/rubber machinery and defense equipment.
Heavy forging company making large steel castings for power plants, plastic/rubber machinery and defense equipment.
Makes very large, one-off components such as nuclear reactor vessel forgings, so orders are few, big and slow to deliver, and the heavy-forging capacity few firms in the world have is what customers pay for. The plastics machinery side sells in a more cyclical, shorter-order market.
In one line: Japan's answer to a heavy forging specialist like a smaller Doosan Enerbility.
Moat: narrow (scale, process know-how, regulatory licence). Rare heavy-forging capacity for large nuclear components, hard to replicate at scale.
Headquarters: Muroran, Japan · Founded: 1907 · Employees: 5,419
Size Japan Steel Works (5631.T) is a Japan Industrials company (Industrial Machinery) with a market value of $2.41B, the 424th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,166 on 6 Nov 2026.
Performance Over six months the shares fell 45.6%, against -20.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +12.2%); the operating margin is 9.8% (peer median 7.9%).
Valuation It trades at 17.0× forward earnings against a peer median of 23.5× (7th cheapest of 18).
Capital Return on invested capital runs 0.5 points below its cost of capital (8.5% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥265B | ¥275B | ¥249B | ¥253B | ¥239B |
| Revenue growth | — | +11% | -2% | +6% | — |
| Gross profit | ¥64.9B | ¥65.7B | ¥62.2B | ¥57.8B | ¥50.2B |
| EBITDA | ¥35.4B | ¥34.4B | ¥30.8B | ¥25.9B | ¥20.6B |
| Net income | ¥20.8B | ¥19.2B | ¥18.0B | ¥14.3B | ¥12.0B |
| Free cash flow | n/a | -¥41.4B | -¥20.4B | ¥11.5B | -¥7.09B |
| Capital expenditure | n/a | ¥24.5B | ¥15.8B | ¥10.3B | ¥6.11B |
| Total debt | ¥85.9B | ¥88.4B | ¥43.5B | ¥43.6B | ¥43.4B |
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 |
|---|---|---|---|---|---|---|
| Japan Steel Works 5631.T | $2.41B | -46% | -1% | 10% | 17.0× | n/a |
| Doosan Enerbility 034020.KS | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
| Kobe Steel 5406.T | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% |
| China First Heavy Industries 601106.SS | $2.98B | -36% | 0% | 0% | n/a | n/a |
| Sumitomo Heavy Industries 6302.T | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% |
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 | 5631.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.2% | -8.0% | 7th lowest of 21 |
| 6-month return | -45.6% | -20.6% | 3rd lowest of 21 |
| Distance from 52-week high | -51.1% | -42.3% | 9th lowest of 21 |
| Revenue growth (TTM) | -1.1% | +12.2% | 4th lowest of 21 |
| Operating margin | 9.8% | 7.9% | 7th highest of 21 |
| Forward P/E | 17.0× | 23.5× | 7th cheapest of 18 |
| ROIC minus cost of capital | -0.5 pp | -0.9 pp | 11th highest of 21 |
| EV / EBITDA | 11.1× | 18.4× | 5th cheapest of 13 |
| Net debt / EBITDA | 0.3× | -0.1× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| Jungheinrich AG Pref JUN3.DE | Germany | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% | +7.6% |
| Harmonic Drive Systems 6324.T | Japan | $2.60B | -18% | +12% | 7% | 62.4× | n/a | n/a |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |