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Leading maker of precision strain-wave (harmonic drive) gears used in industrial and humanoid robot joints.
Leading maker of precision strain-wave (harmonic drive) gears used in industrial and humanoid robot joints.
Sells precision gears to robot and machine makers, who design them into joints and axes, so a qualified gear is ordered for the life of each robot model and volumes track industrial-automation and chip-equipment investment. Humanoid robots, which need many joints each, are the newer source of interest in the gears.
In one line: The world's dominant harmonic-drive gear maker, akin to a robotics-focused Timken.
Moat: wide (IP / patents, process know-how, customer qualification). Pioneered and holds leading global share of harmonic drive gears, deeply qualified in robot designs.
Headquarters: Azumino, Japan · Founded: 1970 · Employees: 1,419
Size Harmonic Drive Systems (6324.T) is a Japan Industrials company (Industrial Machinery) with a market value of $2.60B, the 401st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,265 on 6 Nov 2026.
Performance Over six months the shares fell 18.3%, against -22.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 11.8% over the last twelve months (peer median +19.4%); the operating margin is 6.8% (peer median 8.4%).
Valuation It trades at 62.4× forward earnings against a peer median of 22.0× (2nd most expensive of 17).
Capital Return on invested capital runs 11.2 points below its cost of capital (15.1% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥62.7B | ¥59.6B | ¥55.6B | ¥55.8B | ¥71.5B |
| Revenue growth | — | +7% | 0% | -22% | — |
| Gross profit | ¥20.2B | ¥16.3B | ¥13.2B | ¥13.1B | ¥23.5B |
| EBITDA | ¥11.6B | ¥9.93B | ¥8.03B | ¥10.5B | ¥19.8B |
| Net income | ¥2.92B | ¥1.61B | ¥3.47B | -¥24.8B | ¥7.60B |
| Free cash flow | n/a | ¥735M | ¥2.63B | ¥7.79B | ¥2.01B |
| Capital expenditure | n/a | ¥5.94B | ¥5.33B | ¥5.31B | ¥9.07B |
| Total debt | ¥16.9B | ¥18.1B | ¥20.7B | ¥23.8B | ¥27.4B |
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 |
|---|---|---|---|---|---|---|
| Harmonic Drive Systems 6324.T | $2.60B | -18% | +12% | 7% | 62.4× | n/a |
| Nabtesco 6268.T | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% |
| Sumitomo Heavy Industries 6302.T | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% |
| Timken TKR | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% |
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 | 6324.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.4% | -10.1% | 4th lowest of 21 |
| 6-month return | -18.3% | -22.9% | 7th highest of 21 |
| Distance from 52-week high | -53.4% | -42.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +11.8% | +19.4% | 9th lowest of 21 |
| Operating margin | 6.8% | 8.4% | 8th lowest of 21 |
| Forward P/E | 62.4× | 22.0× | 2nd most expensive of 17 |
| ROIC minus cost of capital | -11.2 pp | -0.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 34.8× | 14.5× | 3rd most expensive of 12 |
| Net debt / EBITDA | -0.5× | -0.0× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Shanghai Zhenhua Heavy Industries 600320.SS | China | $2.64B | -21% | +6% | 5% | 20.4× | -4.9% | +9.7% |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| Dongguan Yiheda Automation 301029.SZ | China | $2.65B | -2% | +31% | 18% | 27.1× | 21.6% | +19.5% |
| 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% |
| Guangzhou Haozhi Industrial 300503.SZ | China | $2.70B | -8% | +55% | 20% | n/a | n/a | n/a |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| Beijing Jingyi Automation Equipment 688652.SS | China | $2.73B | -10% | +34% | 9% | 77.6× | 49.0% | +32.4% |
| Nabtesco 6268.T | Japan | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% | +2.0% |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Fuji 6134.T | Japan | $2.85B | -23% | +45% | 20% | 9.9× | n/a | n/a |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |