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World's largest musical instrument maker; also makes audio/AV equipment and small semiconductor devices.
World's largest musical instrument maker; also makes audio/AV equipment and small semiconductor devices.
Instruments carry the company, with audio gear second, and Yamaha sells through music retailers and runs music schools that train new players and so feed instrument demand. It is separate from Yamaha Motor, the motorcycle maker spun out of it in 1955, which is listed on its own.
In one line: The Yamaha of pianos and guitars, distinct from Yamaha Motor.
Moat: wide (brand, scale, distribution). Global #1 in pianos and many instrument categories, with unmatched dealer and education-market reach.
Headquarters: Hamamatsu, Japan · Founded: 1887 · Employees: 17,886
Size Yamaha (7951.T) is a Japan Consumer Discretionary company (Recreational Products) with a market value of $3.39B, the 333rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,202 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against +2.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +7.1%); the operating margin is 7.6% (peer median 9.8%).
Valuation It trades at 15.8× forward earnings against a peer median of 18.6× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (6.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥478B | ¥465B | ¥462B | ¥463B | ¥451B |
| Revenue growth | — | +1% | 0% | +3% | — |
| Gross profit | ¥183B | ¥168B | ¥169B | ¥165B | ¥166B |
| EBITDA | ¥57.4B | ¥52.4B | ¥58.2B | ¥54.7B | ¥65.1B |
| Net income | ¥32.0B | ¥23.7B | ¥13.4B | ¥29.6B | ¥38.2B |
| Free cash flow | ¥43.3B | ¥31.6B | ¥32.3B | ¥20.9B | -¥35.6B |
| Capital expenditure | ¥13.6B | ¥14.1B | ¥22.9B | ¥22.9B | ¥20.7B |
| Total debt | ¥23.5B | ¥16.7B | ¥20.0B | ¥17.9B | ¥17.7B |
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 |
|---|---|---|---|---|---|---|
| Yamaha 7951.T | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% |
| Roland 7944.T | $605M | -11% | +8% | 9% | 10.6× | -8.3% |
| Casio Computer 6952.T | $2.74B | +24% | +12% | 11% | 15.9× | 0.2% |
| Guangzhou Pearl River Piano 002678.SZ | $852M | -30% | +14% | -54% | n/a | n/a |
| Sonos SONO | $1.94B | +9% | +6% | 6% | 149.2× | 17.3% |
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 | 7951.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | +8.1% | 5th lowest of 21 |
| 6-month return | +6.9% | +2.1% | 8th highest of 21 |
| Distance from 52-week high | -16.0% | -20.4% | 9th highest of 21 |
| Revenue growth (TTM) | +5.3% | +7.1% | 9th lowest of 21 |
| Operating margin | 7.6% | 9.8% | 5th lowest of 21 |
| Forward P/E | 15.8× | 18.6× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.7% | 3.8% | 5th least demanding of 18 |
| Growth delivered (Del g) | +4.5% | +7.9% | 6th lowest of 18 |
| Hurdle (Req g minus delivered) | -6.2 pp | -3.0 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +0.4 pp | +3.6 pp | 8th lowest of 20 |
| EV / EBITDA | 7.6× | 11.4× | 4th cheapest of 19 |
| Net debt / EBITDA | -1.7× | 0.2× | 3rd least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |