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Diversified heavy-industry maker of aero-engine parts, ships, boilers and industrial plant equipment.
Diversified heavy-industry maker of aero-engine parts, ships, boilers and industrial plant equipment.
Earns from large project contracts such as power plants, bridges and tunneling machines, alongside aero-engine work in partnerships with the major engine makers, where it makes parts and later earns from repair. It left shipbuilding in 2013 when its yard merged into Japan Marine United.
In one line: A smaller, diversified Honeywell Aerospace plus an industrial conglomerate.
Moat: none (installed base). Sub-scale, low-margin conglomerate; edge limited to select aero-engine joint-venture positions.
Headquarters: Tokyo, Japan · Founded: 1853 · Employees: 26,224
Size Ihi (7013.T) is a Japan Industrials company (Industrial Machinery) with a market value of $15.4B, the 95th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,292 on 6 Nov 2026.
Performance Over six months the shares fell 19.7%, against -11.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +7.6%); the operating margin is 9.8% (peer median 18.3%).
Valuation It trades at 12.7× forward earnings against a peer median of 22.9× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +9 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 0.2 points below its cost of capital (9.8% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.71T | ¥1.64T | ¥1.63T | ¥1.32T | ¥1.35T |
| Revenue growth | — | +1% | +23% | -2% | — |
| Gross profit | ¥415B | ¥365B | ¥362B | ¥132B | ¥268B |
| EBITDA | ¥257B | ¥224B | ¥228B | ¥7.85B | ¥152B |
| Net income | ¥190B | ¥161B | ¥113B | -¥68.2B | ¥44.5B |
| Free cash flow | ¥39.2B | ¥29.6B | ¥117B | ¥1.12B | -¥8.46B |
| Capital expenditure | ¥74.3B | ¥91.8B | ¥60.2B | ¥61.0B | ¥62.6B |
| Total debt | ¥563B | ¥490B | ¥515B | ¥574B | ¥519B |
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 |
|---|---|---|---|---|---|---|
| Ihi 7013.T | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Kanadevia 7004.T | $979M | -23% | +8% | 2% | 6.3× | n/a |
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 | 7013.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.6% | -5.3% | 5th lowest of 21 |
| 6-month return | -19.7% | -11.2% | 7th lowest of 21 |
| Distance from 52-week high | -51.1% | -29.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +8.0% | +7.6% | 11th highest of 21 |
| Operating margin | 9.8% | 18.3% | 2nd lowest of 21 |
| Forward P/E | 12.7× | 22.9× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.7% | 14.0% | 4th most demanding of 19 |
| Growth delivered (Del g) | +8.1% | +9.0% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | +8.6 pp | +3.0 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -0.2 pp | +6.7 pp | 5th lowest of 20 |
| EV / EBITDA | 11.2× | 17.1× | 2nd cheapest of 18 |
| Net debt / EBITDA | 1.7× | 1.0× | 4th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Zhejiang Sanhua Intelligent Controls 2050.HK | Hong Kong | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% | +19.9% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |