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Maker of automotive springs and seating components, and precision suspensions for hard-disk drives.
Maker of automotive springs and seating components, and precision suspensions for hard-disk drives.
Sells springs, seat frames and other parts to automakers under programmes tied to each vehicle model, so output follows car production. HDD suspensions, the tiny springs that hold a disk drive's read head, go to drive makers such as Seagate and Western Digital, a smaller line tied to data-centre storage demand.
In one line: A niche auto-parts and HDD-suspension supplier.
Moat: narrow (process know-how, customer qualification, scale). One of very few qualified HDD-suspension suppliers worldwide, plus deep automotive OEM ties.
Headquarters: Yokohama, Japan · Founded: 1939 · Employees: 18,121
Size NHK Spring (5991.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $3.18B, the 345th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,474 on 6 Nov 2026.
Performance Over six months the shares fell 13.8%, against -11.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +9.0%); the operating margin is 5.9% (peer median 8.9%).
Valuation It trades at 9.8× forward earnings against a peer median of 16.0× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points below its cost of capital (11.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥833B | ¥817B | ¥802B | ¥767B | ¥693B |
| Revenue growth | — | +2% | +5% | +11% | — |
| Gross profit | ¥119B | ¥114B | ¥113B | ¥89.4B | ¥80.8B |
| EBITDA | ¥80.3B | ¥76.2B | ¥81.5B | ¥63.3B | ¥57.4B |
| Net income | ¥34.6B | ¥27.9B | ¥48.2B | ¥39.2B | ¥21.5B |
| Free cash flow | n/a | ¥37.6B | ¥13.6B | ¥33.4B | -¥12.9B |
| Capital expenditure | n/a | ¥41.9B | ¥43.2B | ¥33.9B | ¥27.0B |
| Total debt | ¥59.5B | ¥64.3B | ¥71.8B | ¥47.4B | ¥50.5B |
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 |
|---|---|---|---|---|---|---|
| NHK Spring 5991.T | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% |
| Tdk 6762.T | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% |
| Mistras MG | $642M | +14% | +5% | 7% | 16.4× | 7.6% |
| Chuo Spring 5992.T | $433M | -28% | +2% | 2% | n/a | n/a |
| TS Tech 7313.T | $1.25B | -3% | 0% | 2% | 23.3× | n/a |
| Toyota Boshoku 3116.T | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% |
| Lear LEA | $5.31B | -21% | +4% | 4% | 6.9× | -1.3% |
| Adient ADNT | $1.26B | -28% | +4% | 3% | 6.1× | -17.6% |
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 | 5991.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.6% | -5.8% | lowest of 21 |
| 6-month return | -13.8% | -11.7% | 10th lowest of 21 |
| Distance from 52-week high | -43.0% | -31.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +3.1% | +9.0% | 6th lowest of 21 |
| Operating margin | 5.9% | 8.9% | 5th lowest of 21 |
| Forward P/E | 9.8× | 16.0× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 5.2% | 7.0% | 9th least demanding of 18 |
| Growth delivered (Del g) | +7.4% | +11.5% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -2.2 pp | -6.5 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -2.9 pp | +1.1 pp | 6th lowest of 21 |
| EV / EBITDA | 5.6× | 7.0× | 5th cheapest of 13 |
| Net debt / EBITDA | -0.8× | 0.4× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Shanghai Daimay Automotive Interior 603730.SS | China | $2.90B | -18% | -2% | 13% | 22.7× | 13.0% | +10.3% |
| WuHu Foresight Technology 301529.SZ | China | $2.89B | +66% | +4% | 9% | 113.6× | 55.9% | +29.9% |
| NSK 6471.T | Japan | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% | +4.0% |
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| Sansera Engineering SANSERA.NS | India | $2.86B | +70% | +23% | 13% | 61.5× | n/a | n/a |
| Escorts Kubota ESCORTS.NS | India | $2.84B | -27% | +19% | 9% | 21.8× | 21.0% | +10.7% |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| TVS TVSHLTD.NS | India | $2.78B | -10% | +35% | 14% | n/a | n/a | n/a |
| ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS | India | $2.76B | -5% | +9% | 13% | 44.2× | 31.9% | +17.3% |
| Motherson Sumi Wiring India MSUMI.NS | India | $2.75B | -9% | +36% | 7% | 32.1× | 30.0% | +23.8% |
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| ZCZL Industrial Technology 0564.HK | Hong Kong | $3.80B | -29% | +9% | 9% | 4.4× | -5.3% | +8.5% |