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Maker of aluminum electrolytic capacitors that also sells home battery storage and EV charging/vehicle-to-home equipment.
Maker of aluminum electrolytic capacitors that also sells home battery storage and EV charging/vehicle-to-home equipment.
Capacitors, the parts that store and smooth electric charge, carry the business and are sold by volume to makers of power supplies, inverters and car electronics, so demand swings with the electronics cycle. The home-energy line sells battery systems and vehicle-to-home chargers to households through installers.
In one line: A capacitor specialist plus a home-battery business.
Moat: narrow (process know-how, installed base). Long-run capacitor manufacturing scale and qualification in power-electronics supply chains.
Headquarters: Kyoto, Japan · Founded: 1950 · Employees: 4,982
Size Nichicon (6996.T) is a Japan Information Technology company (Electronic Components) with a market value of $758M, the 865th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,764 on 6 Nov 2026.
Performance Over six months the shares fell 27.1%, against -16.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 0.4% over the last twelve months (peer median +12.1%); the operating margin is 4.9% (peer median 7.6%).
Valuation It trades at 13.0× forward earnings against a peer median of 18.6× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.0 points below its cost of capital (11.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥175B | ¥170B | ¥176B | ¥182B | ¥185B |
| Revenue growth | — | -3% | -3% | -2% | — |
| Gross profit | ¥32.4B | ¥35.1B | ¥33.5B | ¥36.1B | ¥38.1B |
| EBITDA | ¥16.7B | ¥14.2B | ¥13.6B | ¥15.8B | ¥20.2B |
| Net income | ¥7.59B | ¥6.31B | ¥5.88B | ¥8.25B | ¥7.82B |
| Free cash flow | ¥3.86B | ¥1.06B | ¥7.70B | ¥4.04B | -¥164M |
| Capital expenditure | ¥7.33B | ¥7.10B | ¥10.7B | ¥12.3B | ¥9.35B |
| Total debt | ¥23.5B | ¥25.1B | ¥26.3B | ¥36.0B | ¥33.8B |
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 |
|---|---|---|---|---|---|---|
| Nichicon 6996.T | $758M | -27% | 0% | 5% | 13.0× | 15.3% |
| Panasonic 6752.T | $44.5B | -6% | +4% | 8% | 13.5× | 9.8% |
| Nippon Chemi-Con 6997.T | n/a | -50% | n/a | n/a | n/a | n/a |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
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 | 6996.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.1% | -17.0% | 2nd lowest of 21 |
| 6-month return | -27.1% | -16.2% | 5th lowest of 21 |
| Distance from 52-week high | -64.5% | -42.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +0.4% | +12.1% | 5th lowest of 21 |
| Operating margin | 4.9% | 7.6% | 8th lowest of 21 |
| Forward P/E | 13.0× | 18.6× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.3% | 19.8% | 6th least demanding of 12 |
| Growth delivered (Del g) | +7.9% | +10.7% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +7.4 pp | +7.0 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -7.0 pp | -0.1 pp | 6th lowest of 21 |
| EV / EBITDA | 7.1× | 13.2× | cheapest of 9 |
| Net debt / EBITDA | -0.2× | 0.2× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nichicon 6996.T | Japan | $758M | -27% | 0% | 5% | 13.0× | 15.3% | +7.9% |
| Cicor Technologies CICN.SW | Switzerland | $758M | -6% | +26% | 4% | 18.2× | 5.8% | +23.5% |
| Ji'an Mankun Technology 301132.SZ | China | $751M | +38% | +32% | 9% | n/a | n/a | n/a |
| Lelon Electronics 2472.TW | Taiwan | $750M | -20% | +10% | 20% | 10.9× | 8.2% | +7.6% |
| LEM LEHN.SW | Switzerland | $768M | +74% | -6% | 9% | 20.0× | 6.4% | -0.9% |
| ASRock 3515.TW | Taiwan | $747M | -16% | +29% | 7% | 8.9× | n/a | n/a |
| Qingdao Eastsoft Communication Technology 300183.SZ | China | $745M | -23% | +4% | -6% | n/a | n/a | n/a |
| Megachips 6875.T | Japan | $772M | -17% | +2% | 1% | 3.4× | n/a | n/a |
| Zbit Semiconductor 688416.SS | China | $798M | -34% | +122% | 19% | 27.3× | 30.7% | +13.5% |
| Jutze Intelligent Technology 300802.SZ | China | $801M | -6% | +18% | 12% | 39.4× | 32.6% | +10.0% |
| Anhui Tongfeng Electronics 600237.SS | China | $714M | -15% | -6% | 10% | 32.8× | 19.8% | +10.7% |
| Isvision (Hangzhou) Technology 688816.SS | China | $713M | -23% | +14% | 11% | n/a | 27.0% | +26.3% |
| Shenzhen Xunjiexing Technology 688655.SS | China | $810M | -13% | +70% | 0% | n/a | n/a | n/a |
| Zhejiang Yonggui Electric Equipment 300351.SZ | China | $703M | -47% | +15% | -1% | 30.9× | n/a | n/a |
| Jiangsu Allfavor Intelligent Circuits Technology 300964.SZ | China | $821M | +1% | +78% | 8% | n/a | n/a | n/a |
| Hexatronic HTRO.ST | Sweden | $821M | -17% | +7% | 6% | 15.0× | 12.9% | +28.3% |
| Unitech Printed Circuit Board 2367.TW | Taiwan | $701M | -46% | -13% | -5% | 45.8× | n/a | n/a |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 19.1× | 23.8% | +5.7% |
| ACES Electronics 3605.TW | Taiwan | $689M | +43% | +9% | 6% | 17.7× | n/a | n/a |
| Yutong Heavy Industries 600817.SS | China | $685M | -25% | -13% | 9% | 16.1× | -4.9% | +0.1% |
| Shenzhen Jingquanhua Electronics 002885.SZ | China | $840M | -34% | +9% | 4% | n/a | 27.6% | +20.6% |