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World's largest maker of air conditioning and refrigeration equipment; also makes fluorochemicals.
World's largest maker of air conditioning and refrigeration equipment; also makes fluorochemicals.
Sells air conditioners and heat pumps mostly through distributors and installers, and nearly all revenue is air conditioning, with the majority from outside Japan. The 2006 purchase of Malaysia's OYL, owner of McQuay, and the 2012 purchase of US maker Goodman made it global. Fluorochemicals, including the refrigerants it uses, are a small supplier business.
In one line: A global Carrier/Trane, but bigger in HVAC.
Moat: narrow (scale, brand, distribution). World's largest HVAC maker by volume with a deep dealer network across Japan, China and the US (Goodman).
Headquarters: Osaka, Japan · Founded: 1924 · Employees: 104,095
Size Daikin Industries (6367.T) is a Japan Industrials company (Industrial Machinery) with a market value of $40.4B, the 36th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥21,790 on 6 Nov 2026.
Performance Over six months the shares fell 0.8%, against -7.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +8.1%); the operating margin is 8.1% (peer median 18.0%).
Valuation It trades at 21.8× forward earnings against a peer median of 23.2× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (7.4% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥5.23T | ¥5.02T | ¥4.75T | ¥4.40T | ¥3.98T |
| Revenue growth | — | +6% | +8% | +10% | — |
| Gross profit | ¥1.74T | ¥1.63T | ¥1.60T | ¥1.48T | ¥1.26T |
| EBITDA | ¥712B | ¥691B | ¥648B | ¥608B | ¥559B |
| Net income | ¥274B | ¥275B | ¥265B | ¥260B | ¥258B |
| Free cash flow | ¥335B | ¥257B | ¥268B | ¥157B | -¥16.2B |
| Capital expenditure | ¥221B | ¥209B | ¥246B | ¥243B | ¥175B |
| Total debt | ¥1.21T | ¥1.09T | ¥987B | ¥968B | ¥888B |
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 |
|---|---|---|---|---|---|---|
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Mitsubishi Electric 6503.T | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% |
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 | 6367.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | -5.6% | 7th highest of 21 |
| 6-month return | -0.8% | -7.0% | 7th highest of 20 |
| Distance from 52-week high | -17.6% | -33.5% | 8th highest of 21 |
| Revenue growth (TTM) | +10.9% | +8.1% | 9th highest of 21 |
| Operating margin | 8.1% | 18.0% | 2nd lowest of 21 |
| Forward P/E | 21.8× | 23.2× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.4% | 17.1% | 4th least demanding of 19 |
| Growth delivered (Del g) | +15.0% | +9.2% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -7.6 pp | +3.4 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +1.2 pp | +4.3 pp | 7th lowest of 20 |
| EV / EBITDA | 9.4× | 15.9× | cheapest of 14 |
| Net debt / EBITDA | 0.4× | 0.8× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |