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One of the world's largest bearing makers, also supplying automotive steering systems.
One of the world's largest bearing makers, also supplying automotive steering systems.
Sells components designed into customers' machines, so automakers and equipment builders rely on it for a part that must last the life of a vehicle or machine. Automotive contracts are won model by model, while industrial bearings sell in cyclical orders and through distributors that supply replacements. China, Europe and the Americas are also large markets.
In one line: A Japanese SKF/Timken.
Moat: narrow (scale, IP / patents, process know-how). Top-3 global bearing maker by scale with precision-manufacturing know-how built over a century.
Headquarters: Tokyo, Japan · Founded: 1916 · Employees: 26,278
Size NSK (6471.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.87B, the 374th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥925 on 6 Nov 2026.
Performance Over six months the shares fell 27.1%, against -9.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 25.7% over the last twelve months (peer median +8.9%); the operating margin is 4.8% (peer median 8.0%).
Valuation It trades at 12.9× forward earnings against a peer median of 22.2× (5th 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 +4%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points below its cost of capital (8.2% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.02T | ¥912B | ¥797B | ¥789B | ¥777B |
| Revenue growth | — | +14% | +1% | +2% | — |
| Gross profit | ¥225B | ¥182B | ¥167B | ¥159B | ¥175B |
| EBITDA | ¥109B | ¥85.5B | ¥80.5B | ¥78.4B | ¥99.5B |
| Net income | ¥32.4B | ¥22.9B | ¥10.6B | ¥8.50B | ¥18.4B |
| Free cash flow | ¥47.8B | ¥59.8B | ¥44.1B | ¥49.9B | ¥19.9B |
| Capital expenditure | ¥51.8B | ¥50.7B | ¥50.4B | ¥58.7B | ¥51.7B |
| Total debt | ¥200B | ¥319B | ¥329B | ¥343B | ¥361B |
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 |
|---|---|---|---|---|---|---|
| NSK 6471.T | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% |
| SKF SKF-A.ST | $12.7B | +18% | -10% | 12% | 16.4× | 5.8% |
| Timken TKR | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% |
| Jtekt 6473.T | $3.82B | -1% | +4% | 5% | 11.4× | 1.2% |
| Ntn 6472.T | $1.23B | -15% | +3% | 4% | 13.4× | -2.1% |
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 | 6471.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -4.4% | 4th lowest of 21 |
| 6-month return | -27.1% | -9.3% | 4th lowest of 21 |
| Distance from 52-week high | -34.2% | -27.5% | 9th lowest of 21 |
| Revenue growth (TTM) | +25.7% | +8.9% | 3rd highest of 21 |
| Operating margin | 4.8% | 8.0% | 4th lowest of 21 |
| Forward P/E | 12.9× | 22.2× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 13.0% | 5th least demanding of 16 |
| Growth delivered (Del g) | +4.0% | +11.6% | lowest of 16 |
| Hurdle (Req g minus delivered) | -2.2 pp | +2.8 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -3.8 pp | -0.2 pp | 5th lowest of 21 |
| EV / EBITDA | 4.8× | 14.0× | 2nd cheapest of 13 |
| Net debt / EBITDA | 0.5× | 0.3× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NSK 6471.T | Japan | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% | +4.0% |
| Sansera Engineering SANSERA.NS | India | $2.86B | +70% | +23% | 13% | 61.5× | n/a | n/a |
| Escorts Kubota ESCORTS.NS | India | $2.84B | -27% | +19% | 9% | 21.8× | 21.0% | +10.7% |
| WuHu Foresight Technology 301529.SZ | China | $2.89B | +66% | +4% | 9% | 113.6× | 55.9% | +29.9% |
| Shanghai Daimay Automotive Interior 603730.SS | China | $2.90B | -18% | -2% | 13% | 22.7× | 13.0% | +10.3% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |
| TVS TVSHLTD.NS | India | $2.78B | -10% | +35% | 14% | n/a | n/a | n/a |
| ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS | India | $2.76B | -5% | +9% | 13% | 44.2× | 31.9% | +17.3% |
| Motherson Sumi Wiring India MSUMI.NS | India | $2.75B | -9% | +36% | 7% | 32.1× | 30.0% | +23.8% |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| Shanghai Beite Technology 603009.SS | China | $2.64B | +11% | +9% | 7% | 114.7× | n/a | n/a |
| Zhejiang Wanfeng Auto Wheel 002085.SZ | China | $2.64B | -36% | -2% | 7% | 19.5× | 3.7% | +8.4% |
| Feilong Auto Components 002536.SZ | China | $2.60B | -20% | +5% | 4% | 35.4× | n/a | n/a |
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Gabriel India GABRIEL.NS | India | $2.58B | +22% | +24% | 7% | 47.7× | 55.1% | +22.5% |
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| PHINIA PHIN | United States | $2.48B | -14% | +6% | 9% | 10.1× | 0.4% | +27.5% |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |