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Japanese maker of electrical distribution boards, cabinets and fiber-optic cable closures for construction and telecom networks.
Japanese maker of electrical distribution boards, cabinets and fiber-optic cable closures for construction and telecom networks.
Moat: narrow (installed base). Established distribution relationships with electrical contractors in Japan.
Headquarters: Nagoya, Japan · Employees: 5,358
Size NITTO KOGYO (6651.T) is a Japan Industrials company (Electrical Products) with a market value of $906M, the 775th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,765 on 6 Nov 2026.
Performance Over six months the shares fell 16.8%, against -20.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +6.3%); the operating margin is 8.3% (peer median 4.9%).
Valuation It trades at 11.6× forward earnings against a peer median of 14.6× (4th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (7.9% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥199B | ¥196B | ¥185B | ¥161B | ¥147B |
| Revenue growth | — | +6% | +15% | +10% | — |
| Gross profit | ¥54.8B | ¥52.0B | ¥47.4B | ¥41.6B | ¥35.9B |
| EBITDA | ¥23.2B | ¥22.1B | ¥19.6B | ¥17.0B | ¥12.7B |
| Net income | ¥12.1B | ¥11.5B | ¥12.1B | ¥8.71B | ¥5.47B |
| Free cash flow | n/a | ¥12.6B | ¥9.52B | -¥1.59B | -¥7.90B |
| Capital expenditure | n/a | ¥5.76B | ¥9.12B | ¥13.9B | ¥11.6B |
| Total debt | ¥23.5B | ¥24.6B | ¥28.6B | ¥18.6B | ¥6.62B |
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.
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 | 6651.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.8% | -6.0% | 3rd lowest of 21 |
| 6-month return | -16.8% | -20.7% | 8th highest of 20 |
| Distance from 52-week high | -26.0% | -38.3% | 4th highest of 21 |
| Revenue growth (TTM) | +6.2% | +6.3% | 11th highest of 21 |
| Operating margin | 8.3% | 4.9% | 10th highest of 20 |
| Forward P/E | 11.6× | 14.6× | 4th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -2.7% | 15.5% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +7.3% | +7.1% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -10.0 pp | +7.8 pp | least demanding of 16 |
| ROIC minus cost of capital | +2.2 pp | -3.6 pp | 8th highest of 20 |
| EV / EBITDA | 5.7× | n/a | — |
| Net debt / EBITDA | -0.5× | 6.6× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NITTO KOGYO 6651.T | Japan | $906M | -17% | +6% | 8% | 11.6× | -2.7% | +7.3% |
| CWB Automotive Electronics 605005.SS | China | $907M | -21% | 0% | 9% | n/a | 9.4% | +9.3% |
| Array Technologies ARRY | United States | $902M | -32% | -16% | 0% | 6.5× | 57.9% | +8.0% |
| Shenzhen Center Power Tech 002733.SZ | China | $901M | -43% | +16% | 5% | n/a | 16.9% | +6.4% |
| Beijing SOJO Electric 300444.SZ | China | $912M | -52% | -11% | -4% | 9.1× | n/a | n/a |
| R&S Group Holding AG Pref RSGN.SW | Switzerland | $899M | -22% | +2% | 18% | 14.6× | -7.0% | +2.3% |
| Beijing Jingwei Hirain Technologies 688326.SS | China | $896M | -40% | +2% | -5% | n/a | n/a | n/a |
| Changgao Electric 002452.SZ | China | $917M | -10% | -9% | 19% | 8.2× | 2.6% | +1.3% |
| Kunshan GuoLi Electronic Technology 688103.SS | China | $924M | +7% | +34% | 5% | 53.9× | 37.7% | +26.6% |
| Changshu Fengfan Power Equipment 601700.SS | China | $924M | 0% | +31% | -9% | n/a | n/a | n/a |
| Fujian Nanping Sun Cable 002300.SZ | China | $924M | -9% | +9% | 0% | n/a | 19.6% | +8.7% |
| Shanghai Zhezhong 002346.SZ | China | $928M | -21% | +23% | 15% | n/a | 22.1% | +7.0% |
| Hangzhou Weiguang Electronic 002801.SZ | China | $884M | -21% | +11% | 17% | 13.4× | 6.6% | +13.1% |
| Jinlei Technology 300443.SZ | China | $876M | -40% | -14% | 13% | 17.6× | 5.6% | +11.1% |
| Warom Technology 603855.SS | China | $938M | +1% | -18% | 15% | 14.6× | -2.6% | +7.1% |
| Qingdao CHOHO Industrial 003033.SZ | China | $939M | +36% | +6% | 9% | n/a | 14.2% | +14.6% |
| Sunway 603333.SS | China | $941M | +1% | +68% | 3% | n/a | n/a | n/a |
| Beijing Creative 002350.SZ | China | $946M | -19% | +7% | -1% | n/a | 54.8% | -0.3% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | n/a | 45.6% | n/a |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | n/a | 17.7% | +5.1% |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |