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Maker of precision reduction gears for robots, aircraft flight-control actuators and railway/train brake systems.
Maker of precision reduction gears for robots, aircraft flight-control actuators and railway/train brake systems.
Sells components inside other makers' machines, so orders follow robot makers' production plans and aircraft and train builds. Reduction gears for robots carry the group, with automatic doors for buildings and station platforms adding a steadier line. Aircraft actuators and railway brakes also earn from replacement parts.
In one line: A diversified precision-motion component maker like a smaller Parker Hannifin/Moog combine.
Moat: narrow (IP / patents, customer qualification, installed base). Leading share in robot reduction gears plus qualified aerospace/rail supplier status.
Headquarters: Tokyo, Japan · Founded: 2003 · Employees: 8,472
Size Nabtesco (6268.T) is a Japan Industrials company (Industrial Machinery) with a market value of $2.77B, the 385th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,729 on 6 Nov 2026.
Performance Over six months the shares fell 28.4%, against -16.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +12.4%); the operating margin is 8.7% (peer median 7.0%).
Valuation It trades at 17.6× forward earnings against a peer median of 22.8× (6th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points below its cost of capital (11.1% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥310B | ¥308B | ¥280B | ¥333B | ¥309B |
| Revenue growth | — | +10% | -16% | +8% | — |
| Gross profit | ¥113B | ¥93.7B | ¥81.9B | ¥82.5B | ¥77.2B |
| EBITDA | ¥56.7B | ¥38.4B | ¥30.7B | ¥30.7B | ¥32.1B |
| Net income | ¥21.3B | ¥15.3B | ¥10.2B | ¥14.2B | ¥10.4B |
| Free cash flow | ¥25.9B | ¥19.6B | ¥1.75B | -¥11.4B | -¥1.09B |
| Capital expenditure | ¥11.3B | ¥16.0B | ¥28.4B | ¥25.6B | ¥11.4B |
| Total debt | ¥57.7B | ¥59.8B | ¥45.8B | ¥32.4B | ¥31.2B |
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 |
|---|---|---|---|---|---|---|
| Nabtesco 6268.T | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% |
| Harmonic Drive Systems 6324.T | $2.60B | -18% | +12% | 7% | 62.4× | n/a |
| Sumitomo Heavy Industries 6302.T | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% |
| Moog MOG-A | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% |
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 | 6268.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.2% | -2.7% | 6th lowest of 21 |
| 6-month return | -28.4% | -16.0% | 4th lowest of 21 |
| Distance from 52-week high | -39.0% | -41.7% | 9th highest of 21 |
| Revenue growth (TTM) | -8.0% | +12.4% | 3rd lowest of 21 |
| Operating margin | 8.7% | 7.0% | 9th highest of 21 |
| Forward P/E | 17.6× | 22.8× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 7.8% | 17.8% | 4th least demanding of 12 |
| Growth delivered (Del g) | +2.0% | +9.7% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +5.9 pp | +3.4 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -0.8 pp | -0.7 pp | 11th highest of 21 |
| EV / EBITDA | 7.2× | 22.3× | 2nd cheapest of 11 |
| Net debt / EBITDA | -0.7× | -0.2× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nabtesco 6268.T | Japan | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% | +2.0% |
| Beijing Jingyi Automation Equipment 688652.SS | China | $2.73B | -10% | +34% | 9% | 77.6× | 49.0% | +32.4% |
| Guangzhou Haozhi Industrial 300503.SZ | China | $2.70B | -8% | +55% | 20% | n/a | n/a | n/a |
| Fuji 6134.T | Japan | $2.85B | -23% | +45% | 20% | 9.9× | n/a | n/a |
| Dongguan Yiheda Automation 301029.SZ | China | $2.65B | -2% | +31% | 18% | 27.1× | 21.6% | +19.5% |
| Shanghai Zhenhua Heavy Industries 600320.SS | China | $2.64B | -21% | +6% | 5% | 20.4× | -4.9% | +9.7% |
| Harmonic Drive Systems 6324.T | Japan | $2.60B | -18% | +12% | 7% | 62.4× | n/a | n/a |
| Jungheinrich AG Pref JUN3.DE | Germany | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% | +7.6% |
| Worthington Enterprises WOR | United States | $2.98B | +11% | +18% | 6% | 15.7× | 24.7% | -15.3% |
| China First Heavy Industries 601106.SS | China | $2.98B | -36% | 0% | 0% | n/a | n/a | n/a |
| Catcher Technology 2474.TW | Taiwan | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% | -25.7% |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| Bozhon Precision Industry Technology 688097.SS | China | $3.00B | -23% | +74% | 7% | 23.6× | n/a | n/a |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| Formosa Sumco Technology 3532.TW | Taiwan | $3.01B | +12% | +9% | 4% | 50.5× | n/a | n/a |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |