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World's largest maker of industrial roller chains, used in power transmission and conveyor systems.
World's largest maker of industrial roller chains, used in power transmission and conveyor systems.
Sells chain to equipment makers, who build it into machines, and as replacement parts through industrial distributors; conveyors and parking systems are made to order as projects. A large part of sales and production is overseas, with plants in North America, Europe and Asia.
In one line: The Timken of chains.
Moat: narrow (scale, brand, installed base). World's largest chain maker by volume; brand trust in a safety-critical, low-differentiation product.
Headquarters: Osaka, Japan · Founded: 1917 · Employees: 12,228
Size Tsubakimoto Chain (6371.T) is a Japan Industrials company (Industrial Machinery) with a market value of $1.68B, the 533rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,518 on 6 Nov 2026.
Performance Over six months the shares gained 7.2%, against -17.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 20.1% over the last twelve months (peer median +8.1%); the operating margin is 7.6% (peer median 8.4%).
Valuation It trades at 10.3× forward earnings against a peer median of 22.7× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points below its cost of capital (7.8% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥334B | ¥296B | ¥279B | ¥267B | ¥252B |
| Revenue growth | — | +6% | +5% | +6% | — |
| Gross profit | ¥97.8B | ¥84.4B | ¥79.4B | ¥75.4B | ¥69.2B |
| EBITDA | ¥41.4B | ¥36.7B | ¥37.3B | ¥35.3B | ¥32.7B |
| Net income | ¥30.0B | ¥29.7B | ¥22.1B | ¥18.6B | ¥13.7B |
| Free cash flow | ¥10.2B | ¥16.1B | ¥8.14B | ¥27.7B | ¥12.4B |
| Capital expenditure | ¥20.6B | ¥15.8B | ¥13.2B | ¥10.8B | ¥8.92B |
| Total debt | ¥48.6B | ¥52.6B | ¥27.2B | ¥30.9B | ¥35.6B |
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 |
|---|---|---|---|---|---|---|
| Tsubakimoto Chain 6371.T | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% |
| 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 | 6371.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -7.3% | 10th highest of 21 |
| 6-month return | +7.2% | -17.7% | 2nd highest of 21 |
| Distance from 52-week high | -10.5% | -46.0% | highest of 21 |
| Revenue growth (TTM) | +20.1% | +8.1% | 8th highest of 21 |
| Operating margin | 7.6% | 8.4% | 9th lowest of 21 |
| Forward P/E | 10.3× | 22.7× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.0% | 9.9% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +8.9% | +9.5% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -6.9 pp | -1.1 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | -1.7 pp | -0.5 pp | 7th lowest of 21 |
| EV / EBITDA | 5.9× | 11.0× | 3rd cheapest of 9 |
| Net debt / EBITDA | -0.7× | 0.2× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Hunan Yujing Machinery 002943.SZ | China | $1.60B | -42% | -36% | -23% | 37.5× | n/a | n/a |
| Tongyu Heavy Industry 300185.SZ | China | $1.59B | -17% | +6% | 4% | 43.7× | 6.3% | +3.1% |