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World-leading maker of linear motion guide bearings (LM Guide) used in machine tools, robots and factory automation.
World-leading maker of linear motion guide bearings (LM Guide) used in machine tools, robots and factory automation.
Sells precision motion-control parts that machine builders design into their equipment, so orders follow factory-equipment investment cycles, and once a part is chosen it is replaced slowly. It sells both through distributors and direct, and a large share of sales comes from outside Japan.
In one line: Japan's answer to Thomson Industries/Bosch Rexroth for linear motion components.
Moat: narrow (IP / patents, scale, installed base). Invented and holds leading share of the LM Guide linear-bearing category it pioneered.
Headquarters: Tokyo, Japan · Founded: 1971 · Employees: 13,036
Size THK (6481.T) is a Japan Industrials company (Industrial Machinery) with a market value of $3.52B, the 324th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,955 on 6 Nov 2026.
Performance Over six months the shares fell 15.6%, against -12.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +10.0%); the operating margin is 6.7% (peer median 9.8%).
Valuation It trades at 10.6× forward earnings against a peer median of 36.3× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.7 points below its cost of capital (9.5% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | ¥240B | ¥223B | ¥352B | ¥394B |
| Revenue growth | — | +8% | -37% | -11% | — |
| Gross profit | n/a | ¥67.4B | ¥65.3B | ¥78.0B | ¥102B |
| EBITDA | n/a | ¥40.5B | ¥38.6B | ¥44.5B | ¥67.1B |
| Net income | n/a | -¥69.9B | ¥10.4B | ¥18.4B | ¥21.2B |
| Free cash flow | n/a | ¥23.9B | -¥1.15B | ¥12.3B | ¥8.15B |
| Capital expenditure | n/a | ¥18.9B | ¥29.6B | ¥27.0B | ¥29.4B |
| Total debt | ¥140B | ¥133B | ¥109B | ¥122B | ¥131B |
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 |
|---|---|---|---|---|---|---|
| THK 6481.T | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% |
| NSK 6471.T | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% |
| Ntn 6472.T | $1.23B | -15% | +3% | 4% | 13.4× | -2.1% |
| HIWIN Technologies 2049.TW | n/a | -14% | n/a | n/a | n/a | n/a |
| Nippon Thompson 6480.T | $553M | +12% | +21% | 9% | 8.7× | 14.5% |
| Schaeffler SHA0.DE | $5.83B | -45% | -1% | 2% | 18.4× | 10.7% |
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 | 6481.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.6% | -2.9% | 4th lowest of 21 |
| 6-month return | -15.6% | -12.8% | 10th lowest of 21 |
| Distance from 52-week high | -39.9% | -38.2% | 11th highest of 21 |
| Revenue growth (TTM) | +8.0% | +10.0% | 9th lowest of 21 |
| Operating margin | 6.7% | 9.8% | 9th lowest of 21 |
| Forward P/E | 10.6× | 36.3× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.8% | 15.5% | 4th most demanding of 12 |
| Growth delivered (Del g) | +1.9% | +11.8% | lowest of 12 |
| Hurdle (Req g minus delivered) | +23.0 pp | +4.8 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -5.7 pp | +0.2 pp | 5th lowest of 21 |
| EV / EBITDA | 14.3× | 19.4× | 4th cheapest of 10 |
| Net debt / EBITDA | 0.6× | -0.1× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| THK 6481.T | Japan | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% | +1.9% |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |
| Shenzhen Zhaowei Machinery & Electronics 003021.SZ | China | $3.45B | +6% | 0% | 9% | 124.4× | 46.0% | +7.5% |
| Danieli & C. Officine Meccaniche DAN.MI | Italy | $3.60B | -24% | -8% | -6% | 13.5× | n/a | n/a |
| Kunshan Kinglai Hygienic Materials 300260.SZ | China | $3.61B | -12% | +11% | 8% | 73.2× | n/a | n/a |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |
| Sumitomo Heavy Industries 6302.T | Japan | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% | +4.3% |
| Estun Automation 002747.SZ | China | $3.65B | +30% | +8% | 4% | 104.6× | 48.2% | +14.3% |
| Zijin Longking 600388.SS | China | $3.70B | -6% | +13% | 11% | 17.4× | n/a | n/a |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Mueller Water Products MWA | United States | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% | +5.8% |
| Ningbo Zhenyu Technology 300953.SZ | China | $3.77B | -35% | +58% | 6% | 21.2× | n/a | n/a |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Aixtron AIXA.DE | Germany | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% | +15.6% |