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Japanese maker of construction and mining equipment (excavators, bulldozers, mining trucks), the world's #2 player behind Caterpillar.
Japanese maker of construction and mining equipment (excavators, bulldozers, mining trucks), the world's #2 player behind Caterpillar.
Sells machines mainly through dealers, then earns again from replacement parts, repairs and rebuilds across a long equipment life, tracked remotely through its Komtrax monitoring. The 2017 purchase of Joy Global, the US underground-mining equipment maker, made mining a much larger part of the business. Most sales come from outside Japan.
In one line: Japan's Caterpillar.
Moat: narrow (scale, brand, installed base). Global dealer network and large installed equipment base drive recurring parts/service revenue.
Headquarters: Tokyo, Japan · Founded: 1921 · Employees: 67,279
Size Komatsu (6301.T) is a Japan Industrials company (Trucks/Construction/Farm Machinery) with a market value of $32.2B, the 48th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,801 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against -7.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 9.2% over the last twelve months (peer median +12.9%); the operating margin is 13.2% (peer median 13.1%).
Valuation It trades at 13.1× forward earnings against a peer median of 15.1× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (10.4% WACC).
Credit Komatsu has 1 bond outstanding ($500M), rated A by the agencies and trading like AA- at a weighted spread of 74 bp.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥4.40T | ¥4.13T | ¥4.11T | ¥3.87T | ¥3.56T |
| Revenue growth | — | +1% | +6% | +9% | — |
| Gross profit | ¥1.45T | ¥1.26T | ¥1.32T | ¥1.22T | ¥1.05T |
| EBITDA | ¥747B | ¥734B | ¥826B | ¥768B | ¥656B |
| Net income | ¥392B | ¥376B | ¥439B | ¥393B | ¥326B |
| Free cash flow | ¥221B | ¥237B | ¥311B | ¥232B | ¥22.9B |
| Capital expenditure | ¥240B | ¥212B | ¥206B | ¥203B | ¥184B |
| Total debt | ¥1.53T | ¥1.42T | ¥1.22T | ¥1.27T | ¥1.12T |
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 |
|---|---|---|---|---|---|---|
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Hitachi Construction Machinery 6305.T | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% |
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% |
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 | 6301.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.4% | -5.3% | 4th lowest of 21 |
| 6-month return | -11.5% | -7.1% | 9th lowest of 21 |
| Distance from 52-week high | -27.3% | -20.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +9.2% | +12.9% | 10th lowest of 21 |
| Operating margin | 13.2% | 13.1% | 10th highest of 21 |
| Forward P/E | 13.1× | 15.1× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.5% | 6.3% | 7th most demanding of 19 |
| Growth delivered (Del g) | +13.6% | +8.6% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -4.1 pp | -1.6 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | -2.4 pp | +5.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 8.6× | 12.7× | 2nd cheapest of 13 |
| Net debt / EBITDA | 1.5× | 1.2× | 6th most indebted of 13 |
| Bond spread | 74 bp | 78 bp | 2nd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
Komatsu has 1 bond outstanding with $500M face value. The agencies rate it A; its bonds trade like AA-. Weighted yield 5.32%, a spread of 74 bp over government bonds.