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Diversified heavy-industry maker of motorcycles, aerospace components, ships, rolling stock and robots.
Diversified heavy-industry maker of motorcycles, aerospace components, ships, rolling stock and robots.
Operates many separate businesses sold to different customers: motorcycles through dealers, aircraft parts including Boeing 787 fuselage sections, trains and robots. Its defense work comes from Japan's defense ministry for aircraft such as the P-1 patrol plane and C-2 transport, which ties that revenue to government budgets.
In one line: A diversified conglomerate like a smaller General Dynamics plus Harley-Davidson combined.
Moat: narrow (brand, installed base, IP / patents). Strong global motorcycle brand plus defense/aerospace program positions that are hard to displace.
Headquarters: Kobe, Japan · Founded: 1896 · Employees: 41,652
Size Kawasaki Heavy Industries (7012.T) is a Japan Industrials company (Motor Vehicles) with a market value of $10.9B, the 132nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,957 on 6 Nov 2026.
Performance Over six months the shares fell 39.2%, against -19.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 8.9% over the last twelve months (peer median +8.9%); the operating margin is 5.8% (peer median 8.2%).
Valuation It trades at 13.8× forward earnings against a peer median of 12.9× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +11 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 5.1 points below its cost of capital (10.3% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.37T | ¥2.31T | ¥2.13T | ¥1.85T | ¥1.73T |
| Revenue growth | — | +9% | +15% | +7% | — |
| Gross profit | ¥473B | ¥455B | ¥432B | ¥312B | ¥334B |
| EBITDA | ¥244B | ¥230B | ¥218B | ¥117B | ¥159B |
| Net income | ¥120B | ¥108B | ¥88.0B | ¥25.4B | ¥53.0B |
| Free cash flow | ¥7.46B | ¥44.1B | ¥50.3B | -¥48.4B | -¥35.3B |
| Capital expenditure | ¥118B | ¥118B | ¥114B | ¥96.5B | ¥69.9B |
| Total debt | ¥889B | ¥861B | ¥890B | ¥845B | ¥785B |
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 |
|---|---|---|---|---|---|---|
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Honda Motor 7267.T | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
| Yaskawa Electric 6506.T | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 7012.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.4% | -8.5% | 7th lowest of 21 |
| 6-month return | -39.2% | -19.0% | 3rd lowest of 21 |
| Distance from 52-week high | -47.7% | -36.5% | 6th lowest of 21 |
| Revenue growth (TTM) | +8.9% | +8.9% | 11th highest of 21 |
| Operating margin | 5.8% | 8.2% | 4th lowest of 21 |
| Forward P/E | 13.8× | 12.9× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.2% | 4.4% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +9.2% | +8.2% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | +11.0 pp | -5.2 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -5.1 pp | -0.2 pp | 3rd lowest of 21 |
| EV / EBITDA | 10.7× | 8.8× | 8th most expensive of 20 |
| Net debt / EBITDA | 3.4× | 0.5× | 3rd most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kawasaki Heavy Industries 7012.T | Japan | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% | +9.2% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Asahi Kasei 3407.T | Japan | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% | +7.9% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| Obayashi 1802.T | Japan | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% | +7.9% |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Makita 6586.T | Japan | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% | +5.0% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |