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World's leading maker of bicycle components—gears, brakes, drivetrains—plus fishing tackle.
World's leading maker of bicycle components—gears, brakes, drivetrains—plus fishing tackle.
Sells component sets, such as gears, brakes and cranks, to bicycle makers that fit them as complete groups, and to the aftermarket through bike shops; bicycle components are the much larger business and fishing tackle is smaller. Most sales are outside Japan, led by Europe, with factories in Asia.
In one line: The dominant global bicycle-component maker, akin to Intel for bikes.
Moat: wide (scale, brand, switching costs). Dominant global share in bike drivetrains with deep OEM integration few rivals can match.
Headquarters: Sakai, Japan · Founded: 1921 · Employees: 10,242
Size Shimano (7309.T) is a Japan Consumer Discretionary company (Motor Vehicles) with a market value of $11.5B, the 121st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥21,120 on 6 Nov 2026.
Performance Over six months the shares gained 28.7%, against -18.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +6.4%); the operating margin is 12.2% (peer median 2.2%).
Valuation It trades at 35.8× forward earnings against a peer median of 11.5× (2nd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +2 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 4.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥490B | ¥466B | ¥451B | ¥474B | ¥629B |
| Revenue growth | — | +3% | -5% | -25% | — |
| Gross profit | ¥176B | ¥167B | ¥172B | ¥183B | ¥266B |
| EBITDA | ¥87.9B | ¥78.9B | ¥90.1B | ¥108B | ¥190B |
| Net income | ¥57.9B | ¥34.0B | ¥76.3B | ¥61.1B | ¥128B |
| Free cash flow | n/a | ¥28.3B | ¥50.2B | ¥89.8B | ¥90.4B |
| Capital expenditure | n/a | ¥45.8B | ¥45.6B | ¥31.3B | ¥27.5B |
| Total debt | ¥3.23B | ¥4.03B | ¥3.56B | ¥3.39B | ¥5.38B |
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 |
|---|---|---|---|---|---|---|
| Shimano 7309.T | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% |
| GLOBERIDE 7990.T | $333M | +19% | +4% | 4% | 10.1× | 3.3% |
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 | 7309.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.0% | +3.9% | 2nd highest of 21 |
| 6-month return | +28.7% | -18.7% | 3rd highest of 21 |
| Distance from 52-week high | -4.4% | -29.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +5.0% | +6.4% | 9th lowest of 20 |
| Operating margin | 12.2% | 2.2% | 4th highest of 21 |
| Forward P/E | 35.8× | 11.5× | 2nd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 6.0% | 4.2% | 4th most demanding of 10 |
| Growth delivered (Del g) | +4.3% | +10.1% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | +1.7 pp | -5.7 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | +4.9 pp | -2.2 pp | 4th highest of 18 |
| EV / EBITDA | 15.8× | 7.9× | most expensive of 10 |
| Net debt / EBITDA | -4.9× | 1.7× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Great Wall Motor 601633.SS | China | $15.0B | -29% | +8% | 2% | 15.1× | -7.1% | +16.4% |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |