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Japanese maker of patient monitors, ECG machines and other diagnostic medical devices for hospitals and clinics.
Japanese maker of patient monitors, ECG machines and other diagnostic medical devices for hospitals and clinics.
Sells monitors and ECG machines through its own domestic sales and service network to hospitals, then earns follow-on income from maintenance and the electrodes, paper and sensors those machines use. Most sales are in Japan.
In one line: A smaller Japanese GE Healthcare (patient monitoring).
Moat: narrow (installed base, regulatory licence). Long-standing hospital equipment relationships and regulatory approvals support recurring replacement sales.
Headquarters: Kawasaki, Japan · Founded: 1939 · Employees: 3,497
Size Fukuda Denshi (6960.T) is a Japan Health Care company (Medical Specialties) with a market value of $1.75B, the 522nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥9,590 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against +2.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median +11.6%); the operating margin is 19.0% (peer median 11.3%).
Valuation It trades at 14.6× forward earnings against a peer median of 27.6× (3rd cheapest of 18).
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 -1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.9 points above its cost of capital (7.3% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥140B | ¥140B | ¥139B | ¥140B | ¥135B |
| Revenue growth | — | 0% | -1% | +4% | — |
| Gross profit | ¥85.5B | ¥74.6B | ¥72.1B | ¥72.7B | ¥68.6B |
| EBITDA | n/a | ¥38.5B | ¥36.4B | ¥36.2B | ¥33.5B |
| Net income | ¥18.5B | ¥18.8B | ¥18.6B | ¥18.7B | ¥17.3B |
| Free cash flow | n/a | ¥10.1B | ¥20.5B | ¥10.4B | ¥11.2B |
| Capital expenditure | n/a | ¥19.9B | ¥12.9B | ¥14.1B | ¥12.5B |
| Total debt | ¥1.70B | ¥3.48B | ¥3.32B | ¥3.51B | ¥3.68B |
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 |
|---|---|---|---|---|---|---|
| Fukuda Denshi 6960.T | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% |
| Nihon Kohden 6849.T | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
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 | 6960.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.4% | -0.5% | 4th lowest of 21 |
| 6-month return | -4.7% | +2.8% | 9th lowest of 20 |
| Distance from 52-week high | -23.2% | -22.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +0.1% | +11.6% | 4th lowest of 21 |
| Operating margin | 19.0% | 11.3% | 6th highest of 21 |
| Forward P/E | 14.6× | 27.6× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 11.4% | 2nd least demanding of 15 |
| Growth delivered (Del g) | -1.0% | +13.4% | lowest of 15 |
| Hurdle (Req g minus delivered) | -2.2 pp | -6.5 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +6.9 pp | +2.5 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |