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Japanese maker of compact CNC lathes, especially popular with manufacturers in China and across Asia.
Japanese maker of compact CNC lathes, especially popular with manufacturers in China and across Asia.
Sells compact lathes to makers of small precision parts; China is its biggest market and part of production is done in a Chinese plant, so Chinese factory investment largely decides sales.
In one line: A value-tier, Asia-focused Okuma.
Moat: none (process know-how). Competes largely on price and reliability in the value segment against Chinese and Taiwanese rivals.
Headquarters: Nagano, Japan · Founded: 1937 · Employees: 3,515
Size Tsugami (6101.T) is a Japan Industrials company (Industrial Machinery) with a market value of $1.03B, the 725th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,590 on 6 Nov 2026.
Performance Over six months the shares fell 23.4%, against -23.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 23.7% over the last twelve months (peer median +14.3%); the operating margin is 27.4% (peer median 8.7%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 3.6× (3rd cheapest of 20).
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 +16%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.6 points above its cost of capital (13.4% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥140B | ¥129B | ¥107B | ¥83.9B | ¥95.0B |
| Revenue growth | — | +20% | +28% | -12% | — |
| Gross profit | ¥52.9B | ¥48.0B | ¥36.4B | ¥23.7B | ¥26.8B |
| EBITDA | ¥40.8B | ¥36.3B | ¥24.3B | ¥13.9B | ¥17.8B |
| Net income | ¥19.1B | ¥16.7B | ¥10.9B | ¥5.38B | ¥7.70B |
| Free cash flow | ¥26.1B | ¥26.5B | ¥6.83B | ¥9.46B | ¥7.11B |
| Capital expenditure | ¥1.63B | ¥2.12B | ¥2.10B | ¥2.47B | ¥1.22B |
| Total debt | ¥9.25B | ¥9.37B | ¥11.9B | ¥17.2B | ¥18.0B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Tsugami 6101.T | $1.03B | -23% | +24% | 27% | 1.1× | -5.3% |
| Dmg Mori 6141.T | $2.53B | -13% | +20% | 4% | 0.9× | 12.9% |
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 | 6101.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.7% | -15.5% | lowest of 21 |
| 6-month return | -23.4% | -23.3% | 10th lowest of 20 |
| Distance from 52-week high | -58.4% | -45.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +23.7% | +14.3% | 7th highest of 20 |
| Operating margin | 27.4% | 8.7% | 4th highest of 20 |
| EV / Sales | 1.1× | 3.6× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.3% | 7.5% | least demanding of 12 |
| Growth delivered (Del g) | +15.9% | +9.4% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -21.2 pp | +1.5 pp | least demanding of 12 |
| ROIC minus cost of capital | +10.6 pp | -2.0 pp | 2nd highest of 20 |
| EV / EBITDA | 3.8× | 9.4× | cheapest of 7 |
| Net debt / EBITDA | -0.9× | 2.2× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tsugami 6101.T | Japan | $1.03B | -23% | +24% | 27% | 1.1× | -5.3% | +15.9% |
| Morimatsu International 2155.HK | Hong Kong | $1.03B | -16% | +14% | 3% | 0.6× | -2.4% | +17.6% |
| Allied Machinery 605060.SS | China | $1.03B | -51% | +24% | 22% | 4.4× | 15.5% | +13.2% |
| Miracle Automation Engineering 002009.SZ | China | $1.03B | -27% | +6% | 1% | 2.8× | 34.6% | -5.1% |
| Suzhou SLAC Precision Equipment 300382.SZ | China | $1.04B | -31% | +11% | -4% | 3.8× | n/a | n/a |
| Ningbo Kangqiang Electronics 002119.SZ | China | $1.04B | -12% | +49% | 5% | 2.6× | n/a | n/a |
| MayAir Technology (China) 688376.SS | China | $1.04B | -27% | +7% | 9% | 3.6× | n/a | n/a |
| Ningbo Cixing 300307.SZ | China | $1.05B | +24% | +31% | 9% | 2.7× | 11.0% | +9.5% |
| Jiangsu Shentong Valve 002438.SZ | China | $1.01B | -23% | -5% | 17% | 3.6× | 5.9% | +6.1% |
| Nikkiso 6376.T | Japan | $1.05B | -5% | +11% | 8% | 1.0× | 6.3% | +6.3% |
| Lindab International LIAB.ST | Sweden | $1.01B | -10% | -3% | 7% | 1.1× | 4.2% | +9.4% |
| Guangzhou KDT Machinery 002833.SZ | China | $1.05B | -20% | +19% | 20% | 2.4× | 1.5% | +7.6% |
| Est Tools 300488.SZ | China | $1.01B | +17% | +15% | 29% | 7.5× | 15.3% | +13.1% |
| Hangzhou XZB Tech 603040.SS | China | $1.06B | -34% | +4% | 34% | 8.5× | 18.2% | +16.5% |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | China | $1.06B | -40% | +28% | 5% | 6.1× | n/a | n/a |
| Sichuan Zigong Conveying Machine 001288.SZ | China | $999M | +1% | -20% | 3% | 5.4× | n/a | n/a |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | 19.1× | n/a | n/a |
| Noritake Co.,Limited 5331.T | Japan | $991M | -19% | +9% | 9% | 1.2× | n/a | n/a |
| Phoenix Silicon International 8028.TW | Taiwan | $991M | -26% | +24% | 24% | 7.4× | n/a | n/a |
| MACHVISION 3563.TW | Taiwan | $1.08B | -36% | +17% | 37% | 8.7× | 7.5% | +5.9% |
| Linco Technology 3644.TWO | Taiwan | $1.08B | n/a | n/a | n/a | n/a | n/a | n/a |