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Japanese maker and lessor of moisture-control 'dry room' and dehumidification equipment used in battery, semiconductor and precision manufacturing plants.
Japanese maker and lessor of moisture-control 'dry room' and dehumidification equipment used in battery, semiconductor and precision manufacturing plants.
In one line: A niche industrial dry-room/dehumidification equipment specialist.
Moat: narrow (process know-how, installed base). Specialized dry-room engineering know-how is critical for battery/chip production lines, creating customer stickiness.
Headquarters: Tokyo, Japan · Founded: 1971 · Employees: 2,855
Size Totech (9960.T) is a Japan Industrials company (Wholesale Distributors) with a market value of $1.00B, the 736th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,790 on 6 Nov 2026.
Performance Over six months the shares fell 0.3%, against -19.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.3% over the last twelve months (peer median +11.3%); the operating margin is 9.8% (peer median 3.9%).
Valuation It trades at 10.7× forward earnings against a peer median of 15.4× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (9.8% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥171B | ¥170B | ¥156B | ¥141B | ¥127B |
| Revenue growth | — | +9% | +11% | +11% | — |
| Gross profit | ¥47.9B | ¥47.5B | ¥41.7B | ¥34.0B | ¥31.1B |
| EBITDA | ¥19.0B | ¥19.4B | ¥16.5B | ¥11.8B | ¥9.62B |
| Net income | ¥12.9B | ¥13.1B | ¥11.2B | ¥7.00B | ¥5.23B |
| Free cash flow | n/a | ¥3.86B | ¥12.6B | ¥8.53B | ¥454M |
| Capital expenditure | n/a | ¥6.31B | ¥1.51B | ¥1.53B | ¥4.34B |
| Total debt | ¥8.21B | ¥7.08B | ¥4.82B | ¥9.88B | ¥13.3B |
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 |
|---|---|---|---|---|---|---|
| Totech 9960.T | $1.00B | 0% | +6% | 10% | 10.7× | 5.4% |
| Taikisha 1979.T | $1.32B | -5% | -1% | 8% | 10.6× | -13.3% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
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 | 9960.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -8.0% | 9th lowest of 21 |
| 6-month return | -0.3% | -19.7% | 7th highest of 21 |
| Distance from 52-week high | -17.4% | -36.6% | 7th highest of 21 |
| Revenue growth (TTM) | +6.3% | +11.3% | 6th lowest of 20 |
| Operating margin | 9.8% | 3.9% | 6th highest of 20 |
| Forward P/E | 10.7× | 15.4× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 5.4% | -4.3% | 5th most demanding of 11 |
| Growth delivered (Del g) | +9.2% | +8.6% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -3.7 pp | -11.5 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +6.6 pp | +1.8 pp | 3rd highest of 20 |
| EV / EBITDA | 8.1× | 7.8× | 2nd most expensive of 6 |
| Net debt / EBITDA | -0.2× | 0.6× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Totech 9960.T | Japan | $1.00B | 0% | +6% | 10% | 10.7× | 5.4% | +9.2% |
| Deep Source 0990.HK | Hong Kong | $1.00B | -31% | +7% | 2% | n/a | -13.6% | +6.1% |
| Yamazen 8051.T | Japan | $978M | +13% | +7% | 2% | n/a | -6.3% | +4.5% |
| China Agricultural Development Seed 600313.SS | China | $1.04B | -16% | +35% | 1% | n/a | 21.8% | +12.7% |
| Trusco Nakayama 9830.T | Japan | $958M | +6% | +10% | 7% | 9.4× | n/a | n/a |
| Hangzhou Cogeneration 605011.SS | China | $956M | -23% | -1% | 5% | n/a | n/a | n/a |
| Beijing Geekplus Technology 2590.HK | Hong Kong | $1.05B | -67% | +33% | 0% | 478.1× | n/a | n/a |
| Zhejiang Songyuan Automotive Safety Systems 300893.SZ | China | $1.06B | -34% | +27% | 12% | 20.1× | n/a | n/a |
| State Power Rixin Technology 301162.SZ | China | $944M | -25% | +12% | 17% | 36.8× | 22.6% | +23.8% |
| Supply Network SNL.AX | Australia | $1.06B | +12% | +16% | 17% | 26.9× | 11.7% | +19.9% |
| Dlg Exhibitions & Events 600826.SS | China | $944M | -9% | +2% | 15% | 18.7× | 6.9% | -11.5% |
| Huludao Zinc Industry 000751.SZ | China | $943M | -36% | +17% | 1% | n/a | n/a | n/a |
| BayWa BYW.DE | Germany | $1.07B | -58% | n/a | n/a | n/a | n/a | n/a |
| Auto Partner APR.WA | Poland | $928M | +26% | +67% | 8% | 12.2× | -5.0% | +21.5% |
| Lx International 001120.KS | South Korea | $913M | -35% | +11% | 2% | 4.6× | n/a | n/a |
| Dongguan Aohai Technology 002993.SZ | China | $1.10B | -44% | +122% | 1% | 19.6× | n/a | n/a |
| Wah Lee Industrial 3010.TW | Taiwan | $910M | -15% | +6% | 4% | 11.4× | -6.5% | +5.8% |
| Brighton-Best International (Taiwan) 8415.TWO | Taiwan | $1.11B | +5% | +11% | 20% | 7.8× | -8.8% | +8.8% |
| Innovation Medical Management 002173.SZ | China | $1.12B | -29% | -13% | -18% | n/a | n/a | n/a |
| Mitsuuroko 8131.T | Japan | $893M | +26% | 0% | 3% | n/a | -3.7% | +8.4% |
| Matsuda Sangyo 7456.T | Japan | $891M | -12% | +49% | 4% | 5.6× | n/a | n/a |