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World's largest maker of pneumatic (compressed-air) control equipment used to automate factory machinery.
World's largest maker of pneumatic (compressed-air) control equipment used to automate factory machinery.
Sells standard valves and actuators from a very wide catalogue, so customers choose parts from stock rather than commissioning designs, and replacements are bought repeatedly as machines wear. Most sales come from outside Japan, with Asia the largest region.
In one line: Japan's Parker Hannifin, for pneumatics.
Moat: narrow (scale, distribution, installed base). World's largest pneumatics maker; broad catalog and direct-sales network are hard to replicate.
Headquarters: Tokyo, Japan · Founded: 1959 · Employees: 24,773
Size Smc (6273.T) is a Japan Industrials company (Industrial Machinery) with a market value of $21.9B, the 77th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥55,290 on 6 Nov 2026.
Performance Over six months the shares fell 27.3%, against -4.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 15.7% over the last twelve months (peer median +8.0%); the operating margin is 24.1% (peer median 18.1%).
Valuation It trades at 15.9× forward earnings against a peer median of 24.4× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +7 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 1.7 points below its cost of capital (12.3% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥913B | ¥843B | ¥792B | ¥777B | ¥825B |
| Revenue growth | — | +6% | +2% | -6% | — |
| Gross profit | ¥420B | ¥381B | ¥363B | ¥363B | ¥421B |
| EBITDA | ¥269B | ¥235B | ¥225B | ¥230B | ¥284B |
| Net income | ¥201B | ¥167B | ¥156B | ¥178B | ¥225B |
| Free cash flow | n/a | ¥36.2B | ¥89.9B | -¥4.14B | ¥29.4B |
| Capital expenditure | n/a | ¥154B | ¥108B | ¥104B | ¥74.4B |
| Total debt | ¥45.8B | ¥12.3B | ¥5.17B | ¥13.2B | ¥12.4B |
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 |
|---|---|---|---|---|---|---|
| Smc 6273.T | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% |
| Parker Hannifin PH | $116B | +4% | +8% | 22% | 24.4× | 19.0% |
| CKD 6407.T | $1.54B | -40% | +11% | 14% | 10.8× | 12.4% |
| IMI IMI.L | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% |
| Airtac International 1590.TW | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% |
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 | 6273.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.2% | -5.1% | 3rd lowest of 21 |
| 6-month return | -27.3% | -4.8% | 5th lowest of 21 |
| Distance from 52-week high | -36.3% | -29.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +15.7% | +8.0% | 5th highest of 21 |
| Operating margin | 24.1% | 18.1% | 5th highest of 21 |
| Forward P/E | 15.9× | 24.4× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 16.1% | 10th least demanding of 19 |
| Growth delivered (Del g) | +8.8% | +9.5% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | +7.4 pp | +5.1 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | -1.7 pp | +4.3 pp | 3rd lowest of 20 |
| EV / EBITDA | 10.2× | 17.6× | cheapest of 15 |
| Net debt / EBITDA | -2.7× | 1.0× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |