Loading…
World's leading maker of automotive lighting (headlamps, LED lighting systems), a core Toyota group supplier.
World's leading maker of automotive lighting (headlamps, LED lighting systems), a core Toyota group supplier.
Sells lamps under programmes awarded for each new car model years before launch, then supplies them through that model's life, so revenue follows automaker production schedules, with Toyota-group volumes as the base. Toyota is both its largest customer and a major shareholder.
In one line: The world's largest auto-headlamp maker, like a bigger Varroc Lighting.
Moat: wide (scale, IP / patents, customer qualification). World's largest auto-lighting maker with deep OEM design-in relationships and lighting patents.
Headquarters: Tokyo, Japan · Founded: 1915 · Employees: 21,507
Size Koito Manufacturing (7276.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $4.27B, the 274th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,386 on 6 Nov 2026.
Performance Over six months the shares fell 6.2%, against -11.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +8.3%); the operating margin is 6.4% (peer median 7.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 13.8× (9th cheapest of 19).
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 +6%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points above its cost of capital (9.5% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥979B | ¥948B | ¥917B | ¥950B | ¥865B |
| Revenue growth | — | +3% | -4% | +10% | — |
| Gross profit | ¥121B | ¥111B | ¥96.7B | ¥107B | ¥95.8B |
| EBITDA | ¥108B | ¥98.1B | ¥88.8B | ¥100.0B | ¥88.2B |
| Net income | ¥27.1B | ¥16.5B | ¥46.2B | ¥40.9B | ¥29.7B |
| Free cash flow | ¥47.6B | ¥45.4B | ¥39.2B | ¥59.0B | ¥19.9B |
| Capital expenditure | ¥46.5B | ¥54.5B | ¥49.2B | ¥37.3B | ¥39.8B |
| Total debt | ¥1.51B | ¥9.98B | ¥11.7B | ¥19.8B | ¥27.5B |
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 |
|---|---|---|---|---|---|---|
| Koito Manufacturing 7276.T | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% |
| Stanley Electric 6923.T | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% |
| 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 | 7276.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.9% | -1.9% | 5th lowest of 21 |
| 6-month return | -6.2% | -11.7% | 6th highest of 21 |
| Distance from 52-week high | -19.7% | -30.7% | 5th highest of 21 |
| Revenue growth (TTM) | +6.5% | +8.3% | 9th lowest of 21 |
| Operating margin | 6.4% | 7.2% | 10th lowest of 21 |
| Forward P/E | 13.3× | 13.8× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 0.9% | 8th least demanding of 17 |
| Growth delivered (Del g) | +6.1% | +9.4% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | -6.8 pp | -8.8 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +0.1 pp | +1.4 pp | 8th lowest of 21 |
| EV / EBITDA | 4.3× | 5.9× | 3rd cheapest of 10 |
| Net debt / EBITDA | -2.5× | 1.4× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koito Manufacturing 7276.T | Japan | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% | +6.1% |
| Gentex GNTX | United States | $4.19B | -15% | +8% | 19% | 9.9× | -4.7% | +8.5% |
| Atmus Filtration Technologies ATMU | United States | $4.13B | -9% | +13% | 17% | 16.2× | 8.1% | +7.4% |
| Ningbo Joyson Electronic 600699.SS | China | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% | +5.0% |
| Fulin Precision 300432.SZ | China | $3.84B | -47% | +95% | 5% | 20.2× | n/a | n/a |
| Inter Cars CAR.WA | Poland | $3.83B | +38% | +12% | 6% | 13.9× | 9.5% | +18.3% |
| Jtekt 6473.T | Japan | $3.82B | -1% | +4% | 5% | 11.4× | 1.2% | +9.1% |
| Toyoda Gosei 7282.T | Japan | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% | +9.7% |
| ZCZL Industrial Technology 601717.SS | China | $3.80B | -19% | -1% | 8% | 6.3× | -9.8% | +9.4% |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| Suzhou Inovance Automotive 301656.SZ | China | $4.95B | -31% | +28% | 1% | 676.0× | n/a | n/a |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| Jiangsu Xinquan Automotive Trim 603179.SS | China | $5.07B | +5% | +12% | 6% | 33.5× | n/a | n/a |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Lear LEA | United States | $5.31B | -21% | +4% | 4% | 6.9× | -1.3% | +6.4% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| Brembo BRE.MI | Italy | $5.62B | -11% | -3% | 7% | 13.7× | 17.3% | +10.9% |