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World's largest maker of small precision motors (HDD spindle motors), now expanding into EV traction motors.
World's largest maker of small precision motors (HDD spindle motors), now expanding into EV traction motors.
Sells motors as components built into customers' products, so volume follows their output. It has grown by acquiring other makers as well as building its own, notably in appliance, industrial and automotive motors. Founder Shigenobu Nagamori built it from a 1973 start-up.
In one line: A focused, motor-only Emerson Electric.
Moat: narrow (scale, process know-how, installed base). Dominant share in small precision motors from decades of process know-how; EV motor business still scaling and less differentiated.
Headquarters: Kyoto, Japan · Founded: 1973 · Employees: 100,329
Size Nidec (6594.T) is a Japan Industrials company (Electrical Products) with a market value of $11.7B, the 119th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,613 on 6 Nov 2026.
Performance Over six months the shares fell 32.7%, against -21.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +13.3%); the operating margin is -21.6% (peer median 12.2%).
Valuation It trades at 11.5× forward earnings against a peer median of 18.2× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 49.4 points below its cost of capital (8.6% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.71T | ¥2.71T | ¥2.61T | ¥2.35T | ¥2.23T |
| Revenue growth | — | +4% | +11% | +5% | — |
| Gross profit | ¥599B | ¥528B | ¥549B | ¥495B | ¥403B |
| EBITDA | -¥482B | ¥200B | ¥349B | ¥328B | ¥226B |
| Net income | -¥563B | -¥565B | ¥84.7B | ¥124B | ¥37.0B |
| Free cash flow | ¥104B | ¥104B | ¥155B | ¥209B | ¥5.67B |
| Capital expenditure | ¥148B | ¥148B | ¥137B | ¥128B | ¥154B |
| Total debt | ¥1.11T | ¥1.11T | ¥639B | ¥601B | ¥705B |
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 |
|---|---|---|---|---|---|---|
| Nidec 6594.T | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% |
| Bosch BOSCHLTD.NS | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% |
| Denso 6902.T | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% |
| Johnson Electric 0179.HK | $1.56B | -53% | 0% | 8% | 10.8× | -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 | 6594.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.5% | -14.6% | 7th lowest of 21 |
| 6-month return | -32.7% | -21.4% | 7th lowest of 20 |
| Distance from 52-week high | -45.1% | -40.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +3.8% | +13.3% | 4th lowest of 20 |
| Operating margin | -21.6% | 12.2% | lowest of 20 |
| Forward P/E | 11.5× | 18.2× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.4% | 8.9% | 8th least demanding of 15 |
| Growth delivered (Del g) | +10.9% | +12.4% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -2.4 pp | -1.3 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | -49.4 pp | +7.3 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |