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Japanese maker of automotive lighting (headlamps, LED lights) competing with Koito as a top global auto-lighting supplier.
Japanese maker of automotive lighting (headlamps, LED lights) competing with Koito as a top global auto-lighting supplier.
Wins a car model's lamps at the design stage and supplies them through production, so income follows automakers' output. LED headlamps carry more value per vehicle than older halogen ones.
In one line: A smaller rival to Koito in auto lighting.
Moat: narrow (IP / patents, customer qualification, process know-how). Long-standing OEM lighting design-in relationships and lighting technology patents.
Headquarters: Tokyo, Japan · Founded: 1920 · Employees: 18,230
Size Stanley Electric (6923.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.41B, the 425th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,087 on 6 Nov 2026.
Performance Over six months the shares gained 1.1%, against -12.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 11.5% over the last twelve months (peer median +10.6%); the operating margin is 7.4% (peer median 6.8%).
Valuation It trades at 9.9× forward earnings against a peer median of 19.9× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (6.8% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥573B | ¥518B | ¥510B | ¥472B | ¥440B |
| Revenue growth | — | +2% | +8% | +7% | — |
| Gross profit | ¥128B | ¥101B | ¥99.7B | ¥77.5B | ¥77.4B |
| EBITDA | ¥90.0B | ¥84.5B | ¥92.7B | ¥72.7B | ¥77.9B |
| Net income | ¥31.3B | ¥32.8B | ¥32.1B | ¥26.5B | ¥26.5B |
| Free cash flow | n/a | ¥23.1B | ¥22.8B | ¥40.5B | ¥40.8B |
| Capital expenditure | n/a | ¥66.8B | ¥53.9B | ¥31.4B | ¥36.7B |
| Total debt | ¥198B | ¥121B | ¥44.6B | ¥14.3B | ¥14.2B |
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 |
|---|---|---|---|---|---|---|
| Stanley Electric 6923.T | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% |
| Koito Manufacturing 7276.T | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% |
| Forvia FRVIA.PA | $1.93B | -20% | -32% | 5% | n/a | -8.3% |
| Valeo FR.PA | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% |
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 | 6923.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.9% | -6.2% | 8th lowest of 21 |
| 6-month return | +1.1% | -12.4% | 6th highest of 21 |
| Distance from 52-week high | -18.8% | -38.6% | 4th highest of 21 |
| Revenue growth (TTM) | +11.5% | +10.6% | 11th highest of 21 |
| Operating margin | 7.4% | 6.8% | 8th highest of 21 |
| Forward P/E | 9.9× | 19.9× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.3% | 8.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +7.6% | +11.6% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -6.3 pp | +5.6 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | -2.4 pp | -0.9 pp | 9th lowest of 21 |
| EV / EBITDA | 5.2× | 18.7× | cheapest of 9 |
| Net debt / EBITDA | -0.2× | 0.7× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |
| PHINIA PHIN | United States | $2.48B | -14% | +6% | 9% | 10.1× | 0.4% | +27.5% |
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Weifu High-Technology 000581.SZ | China | $2.29B | -11% | +17% | -3% | 10.2× | 16.4% | -1.4% |
| Huada Automotive Technology 603358.SS | China | $2.28B | +3% | +5% | -3% | 24.7× | n/a | n/a |
| Toyota Boshoku 3116.T | Japan | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% | +9.9% |
| Chongqing Zongshen Power Machinery 001696.SZ | China | $2.25B | -24% | -5% | 5% | 17.3× | 7.6% | +9.6% |
| Gabriel India GABRIEL.NS | India | $2.58B | +22% | +24% | 7% | 47.7× | 55.1% | +22.5% |
| Feilong Auto Components 002536.SZ | China | $2.60B | -20% | +5% | 4% | 35.4× | n/a | n/a |
| IKD 600933.SS | China | $2.21B | -16% | +26% | 14% | 13.3× | n/a | n/a |
| Keboda Technology 603786.SS | China | $2.20B | -32% | -1% | 10% | 20.4× | n/a | n/a |
| Hesai 2525.HK | Hong Kong | $2.20B | -39% | +39% | 1% | 34.2× | n/a | n/a |
| Zhejiang Wanfeng Auto Wheel 002085.SZ | China | $2.64B | -36% | -2% | 7% | 19.5× | 3.7% | +8.4% |
| Shanghai Beite Technology 603009.SS | China | $2.64B | +11% | +9% | 7% | 114.7× | n/a | n/a |
| Belrise Industries BELRISE.NS | India | $2.19B | -6% | +12% | 8% | 31.6× | 18.6% | +13.0% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Motherson Sumi Wiring India MSUMI.NS | India | $2.75B | -9% | +36% | 7% | 32.1× | 30.0% | +23.8% |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |