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Makes industrial measurement and control systems used in process manufacturing plants.
Makes industrial measurement and control systems used in process manufacturing plants.
Earns from project sales of control systems for new plants and upgrades, then from years of maintenance, spare parts and system updates on installed systems that can run for decades. Most sales come from outside Japan.
In one line: Japan's Emerson Process Management/Honeywell Process Solutions.
Moat: narrow (switching costs, installed base, process know-how). Once installed, plant control systems are costly and risky for customers to replace.
Headquarters: Tokyo, Japan · Founded: 1915 · Employees: 18,313
Size Yokogawa Electric (6841.T) is a Japan Industrials company (Electronic Equipment/Instruments) with a market value of $6.24B, the 203rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,850 on 6 Nov 2026.
Performance Over six months the shares fell 29.5%, against -12.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 15 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +6.9%); the operating margin is 12.8% (peer median 15.2%).
Valuation It trades at 15.5× forward earnings against a peer median of 20.5× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (11.3% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥621B | ¥605B | ¥562B | ¥540B | ¥456B |
| Revenue growth | — | +8% | +4% | +18% | — |
| Gross profit | ¥283B | ¥276B | ¥268B | ¥255B | ¥205B |
| EBITDA | ¥105B | ¥108B | ¥106B | ¥101B | ¥64.1B |
| Net income | ¥51.8B | ¥58.1B | ¥52.1B | ¥61.7B | ¥38.9B |
| Free cash flow | n/a | ¥74.8B | ¥88.2B | ¥55.1B | ¥31.8B |
| Capital expenditure | n/a | ¥27.7B | ¥26.9B | ¥24.1B | ¥20.8B |
| Total debt | ¥24.2B | ¥34.2B | ¥34.1B | ¥32.9B | ¥57.1B |
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 |
|---|---|---|---|---|---|---|
| Yokogawa Electric 6841.T | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
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 | 6841.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.8% | -8.6% | 3rd lowest of 15 |
| 6-month return | -29.5% | -12.6% | 2nd lowest of 15 |
| Distance from 52-week high | -38.5% | -27.3% | 3rd lowest of 15 |
| Revenue growth (TTM) | +7.5% | +6.9% | 8th highest of 15 |
| Operating margin | 12.8% | 15.2% | 6th lowest of 15 |
| Forward P/E | 15.5× | 20.5× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 16.2% | 4th least demanding of 13 |
| Growth delivered (Del g) | +10.1% | +6.6% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -3.3 pp | +6.4 pp | least demanding of 13 |
| ROIC minus cost of capital | +4.1 pp | +1.8 pp | 7th highest of 15 |
| EV / EBITDA | 7.9× | 17.6× | cheapest of 13 |
| Net debt / EBITDA | -1.6× | 0.0× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yokogawa Electric 6841.T | Japan | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% | +10.1% |
| APAR Industries APARINDS.NS | India | $6.25B | +10% | +23% | 9% | 34.6× | n/a | n/a |
| MSA Safety MSA | United States | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% | +6.8% |
| Sensata Technologies ST | United States | $5.72B | -13% | +4% | 16% | 9.9× | 5.2% | +4.1% |
| ESCO Technologies ESE | United States | $7.14B | -24% | +17% | 16% | 25.8× | 25.5% | +8.4% |
| China Railway Signal & Communication 3969.HK | Hong Kong | $7.40B | -15% | +6% | 12% | 7.4× | -6.9% | -3.6% |
| Ralliant RAL | United States | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% | -0.3% |
| Azbil 6845.T | Japan | $4.63B | -2% | +1% | 15% | 18.7× | 5.5% | +3.9% |
| Posco Future M 003670.KS | South Korea | $10.6B | -36% | -9% | 2% | 282.1× | n/a | n/a |
| Hitachi Energy India POWERINDIA.NS | India | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% | +19.0% |
| Honeywell Automation India HONAUT.NS | India | $2.81B | -2% | +5% | 13% | 39.5× | 32.9% | +9.2% |
| Standex International SXI | United States | $2.76B | -13% | +8% | 18% | 20.9× | 15.2% | +6.3% |
| Shihlin Electric & Engineering 1503.TW | Taiwan | $2.51B | -20% | +8% | 12% | 18.9× | 11.5% | +7.7% |
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| Fortive FTV | United States | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% | -2.1% |