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Toyota-group's largest supplier of powertrain, thermal, safety and electrification auto components.
Toyota-group's largest supplier of powertrain, thermal, safety and electrification auto components.
Supplies parts that go into new vehicles, so volume follows automakers' production, with Toyota and its group the largest customer and Toyota the largest shareholder. It was spun out of Toyota in 1949 and is the biggest part supplier in the Toyota group.
In one line: Japan's Bosch — Toyota's biggest parts supplier.
Moat: narrow (customer qualification, scale, process know-how). Deep Toyota keiretsu ties and manufacturing scale, but competes globally with Bosch/Continental for non-Toyota business.
Headquarters: Kariya, Japan · Founded: 1949 · Employees: 154,716
Size Denso (6902.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $32.5B, the 47th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,860 on 6 Nov 2026.
Performance Over six months the shares fell 1.2%, against -7.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +11.0%); the operating margin is 6.8% (peer median 9.9%).
Valuation It trades at 12.1× forward earnings against a peer median of 20.7× (9th cheapest of 20).
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 +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points below its cost of capital (8.7% WACC).
Credit Denso has 2 bonds outstanding ($1.00B), rated A+ by the agencies and trading like AA- at a weighted spread of 62 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥7.79T | ¥7.54T | ¥7.16T | ¥7.14T | ¥6.40T |
| Revenue growth | — | +5% | 0% | +12% | — |
| Gross profit | ¥1.16T | ¥1.82T | ¥1.69T | ¥1.61T | ¥1.40T |
| EBITDA | ¥915B | ¥995B | ¥907B | ¥788B | ¥824B |
| Net income | ¥432B | ¥444B | ¥419B | ¥313B | ¥315B |
| Free cash flow | ¥303B | ¥141B | ¥379B | ¥570B | ¥242B |
| Capital expenditure | ¥413B | ¥434B | ¥445B | ¥446B | ¥414B |
| Total debt | ¥1.20T | ¥853B | ¥739B | ¥898B | ¥944B |
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 |
|---|---|---|---|---|---|---|
| Denso 6902.T | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% |
| Bosch BOSCHLTD.NS | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Aisin 7259.T | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% |
| Magna International MG.TO | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% |
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 | 6902.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | -3.2% | 9th highest of 20 |
| 6-month return | -1.2% | -7.1% | 8th highest of 20 |
| Distance from 52-week high | -20.2% | -25.3% | 9th highest of 20 |
| Revenue growth (TTM) | +7.1% | +11.0% | 9th lowest of 20 |
| Operating margin | 6.8% | 9.9% | 6th lowest of 20 |
| Forward P/E | 12.1× | 20.7× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.4% | 8.6% | 8th least demanding of 20 |
| Growth delivered (Del g) | +8.8% | +7.7% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -5.4 pp | -3.7 pp | 8th least demanding of 20 |
| ROIC minus cost of capital | -1.9 pp | +2.1 pp | 6th lowest of 20 |
| EV / EBITDA | 5.7× | 10.9× | 3rd cheapest of 15 |
| Net debt / EBITDA | -0.1× | 1.0× | 4th least indebted of 15 |
| Bond spread | 62 bp | 117 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Denso 6902.T | Japan | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% | +8.8% |
| Sumitomo Electric Industries 5802.T | Japan | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% | +11.9% |
| Weichai Power 000338.SZ | China | $24.2B | -40% | +8% | 7% | 11.0× | -6.1% | +3.3% |
| Shenzhen Inovance Technology 300124.SZ | China | $23.0B | -17% | +19% | 10% | 27.0× | 21.3% | +31.4% |
| Mobis 012330.KS | South Korea | $22.3B | -18% | +4% | 6% | 8.3× | -1.0% | +10.8% |
| ITT ITT | United States | $18.4B | 0% | +28% | 17% | 21.6× | 20.9% | +9.7% |
| Jiangsu Hengli Hydraulic 601100.SS | China | $17.9B | -15% | +31% | 24% | 38.2× | 24.0% | +6.9% |
| Samvardhana Motherson International MOTHERSON.NS | India | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% | +17.0% |
| Knorr-Bremse KBX.DE | Germany | $17.1B | -9% | +4% | 13% | 20.7× | 8.6% | +4.9% |
| Magna International MG.TO | Canada | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% | +6.0% |
| Bosch BOSCHLTD.NS | India | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% | +15.7% |
| Cummins India CUMMINSIND.NS | India | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% | +22.7% |
| Ningbo Tuopu 601689.SS | China | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% | +35.4% |
| Trelleborg TREL-B.ST | Sweden | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% | +2.6% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Donaldson DCI | United States | $9.77B | -2% | +5% | 16% | 19.5× | 8.3% | +6.4% |
| Allison Transmission ALSN | United States | $9.65B | -6% | +71% | 20% | 11.0× | 2.6% | +7.7% |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Autoliv ALV | United States | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% | +7.7% |
| HELLA GmbH & Co. KGaA HLE.DE | Germany | $8.26B | -7% | -1% | 5% | 34.7× | 2.4% | +6.1% |
Denso has 2 bonds outstanding with $1.00B face value. The agencies rate it A+; its bonds trade like AA-. Weighted yield 5.21%, a spread of 62 bp over government bonds.