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Leading maker of motorcycle clutches, a major supplier to Honda's global motorcycle production.
Leading maker of motorcycle clutches, a major supplier to Honda's global motorcycle production.
Makes clutches to each vehicle maker's specification and supplies them to nearby assembly plants, so Honda's motorcycle production largely sets its volumes. A second line supplies clutch parts for automatic car transmissions. Plants are spread across Asia and the Americas, following its customers' own factories.
In one line: The world's top motorcycle-clutch specialist.
Moat: narrow (customer qualification, process know-how, scale). World-leading motorcycle-clutch market share with deep Honda-group ties.
Headquarters: Hamamatsu, Japan · Founded: 1939 · Employees: 7,804
Size F.C.C.Co (7296.T) is a Japan Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.20B, the 660th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,995 on 6 Nov 2026.
Performance Over six months the shares gained 19.6%, against -17.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +13.3%); the operating margin is 7.9% (peer median 6.3%).
Valuation It trades at 9.0× forward earnings against a peer median of 16.2× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (7.7% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥282B | ¥261B | ¥257B | ¥240B | ¥219B |
| Revenue growth | — | +2% | +7% | +10% | — |
| Gross profit | ¥53.2B | ¥48.4B | ¥49.0B | ¥41.8B | ¥33.1B |
| EBITDA | ¥34.0B | ¥29.9B | ¥29.9B | ¥28.4B | ¥24.7B |
| Net income | ¥22.1B | ¥18.8B | ¥15.9B | ¥12.2B | ¥9.57B |
| Free cash flow | ¥9.94B | ¥7.01B | ¥13.2B | ¥27.0B | ¥13.2B |
| Capital expenditure | ¥16.5B | ¥16.8B | ¥15.2B | ¥8.87B | ¥8.55B |
| Total debt | ¥3.81B | ¥5.02B | ¥5.20B | ¥7.66B | ¥7.51B |
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 |
|---|---|---|---|---|---|---|
| F.C.C.Co 7296.T | $1.20B | +20% | +10% | 8% | 9.0× | -7.1% |
| Exedy 7278.T | $1.14B | -17% | 0% | 7% | 11.3× | -6.9% |
| Aisin 7259.T | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% |
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 | 7296.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -4.4% | 7th highest of 21 |
| 6-month return | +19.6% | -17.4% | 5th highest of 20 |
| Distance from 52-week high | -7.7% | -36.6% | highest of 21 |
| Revenue growth (TTM) | +10.2% | +13.3% | 9th lowest of 20 |
| Operating margin | 7.9% | 6.3% | 9th highest of 21 |
| Forward P/E | 9.0× | 16.2× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | -0.4% | 4th least demanding of 12 |
| Growth delivered (Del g) | +12.3% | +10.1% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -19.4 pp | -12.0 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +3.0 pp | +0.9 pp | 7th highest of 20 |
| EV / EBITDA | 3.7× | 16.4× | 2nd cheapest of 9 |
| Net debt / EBITDA | -1.9× | 1.0× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| F.C.C.Co 7296.T | Japan | $1.20B | +20% | +10% | 8% | 9.0× | -7.1% | +12.3% |
| Sichuan Chengfei Integration Technology 002190.SZ | China | $1.20B | -24% | +9% | -1% | n/a | n/a | n/a |
| Zhejiang Wanliyang 002434.SZ | China | $1.19B | -13% | -30% | -10% | 15.5× | n/a | n/a |
| NASN Intelligent Tech (Zhejiang) 2261.HK | Hong Kong | $1.21B | n/a | +57% | -12% | n/a | n/a | n/a |
| Ruifeng Power 2025.HK | Hong Kong | $1.22B | +29% | +4% | 1% | n/a | n/a | n/a |
| Zhejiang EV-Tech 301607.SZ | China | $1.18B | -7% | +60% | 6% | 20.3× | 24.2% | +35.3% |
| Xiangyang Automobile Bearing 000678.SZ | China | $1.22B | +53% | -3% | -3% | n/a | n/a | n/a |
| SKF India (Industrial) SKFINDUS.NS | India | $1.23B | +9% | n/a | 11% | 33.3× | 36.9% | n/a |
| JBM Auto JBMA.NS | India | $1.24B | -21% | +16% | 9% | n/a | n/a | n/a |
| Kuangda Technology 002516.SZ | China | $1.16B | -13% | +3% | 12% | n/a | 9.3% | +9.0% |
| Wuxi Zhenhua Auto Parts 605319.SS | China | $1.16B | -18% | +13% | 20% | 14.6× | -4.7% | +16.0% |
| KYB 7242.T | Japan | $1.15B | +10% | +11% | 6% | 9.6× | -0.4% | +8.0% |
| Adient ADNT | United States | $1.26B | -28% | +4% | 3% | 6.1× | -17.6% | +2.1% |
| Hong Leong Asia H22.SI | Singapore | $1.26B | -40% | +17% | 9% | 9.5× | -12.9% | +2.9% |
| Exedy 7278.T | Japan | $1.14B | -17% | 0% | 7% | 11.3× | -6.9% | +6.0% |
| Jiangsu Yunyi Electric 300304.SZ | China | $1.27B | -19% | +14% | 17% | 16.9× | 17.1% | +23.4% |
| Guangzhou Ruili Kormee Automotive Electronic 001285.SZ | China | $1.14B | -22% | +21% | 14% | 17.4× | n/a | n/a |
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% | +15.1% |
| Hl Mando 204320.KS | South Korea | $1.13B | -43% | +2% | 3% | 9.6× | -19.9% | +11.2% |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 34.3× | n/a | n/a |
| Longhorn Auto 301488.SZ | China | $1.29B | -32% | +34% | 2% | 82.0× | n/a | n/a |