NTN Corporation

6472.TMEDIUMScore: 37.2

Bearings (Humanoid + Auto + Industrial) · Weight: 5%· Data as of 2026-05-16

Investment Thesis

MERGING with NSK by October 2027 to create the WORLD'S LARGEST BEARING MAKER — 24% combined global share, surpassing SKF (Nikkei Asia 2026-05-13). Joint holding company structure announced 2026-05-12; NSK president + NTN chairman; final agreement within 6 months; TSE Prime technical listing Oct 2027. NTN currently top-5 globally in bearings; FY2026/03 revenue +0.1% but operating profit +35.2% — strong margin expansion. Fwd PE 16.28x on company guidance + 3.16% dividend yield = cheapest bearings-play valuation. Each humanoid uses 60+ bearings, and the combined NSK+NTN entity will be the most consolidated supplier. Stock volatile post-announcement: +10.18% 5/13, -9.93% 5/15.

Risk

Same integration / antitrust / Chinese commodity-tier risks as NSK. NTN's standalone equity story is somewhat captive to NSK's final terms (exchange ratio + cash component). Auto cycle exposure (most of NTN's revenue is auto bearings, not robotics).

Monitoring Trigger

Definitive merger agreement signing (within 6 months from MoU on 2026-05-12). Antitrust approvals from Japan / EU / US / China FTC. Exchange ratio + cash component for the joint HC. Watch quarterly bearings volume + price commentary.

Key Dates

2026-11-12catalystFinal integration agreement target (within 6 months of MoU)

2027-10catalystJoint holding company TSE Prime technical listing

Key Metrics

16.3

Fwd PE

N/A

P/B

N/A

ROE

N/A

Op Margin

N/A

D/E

3.16%

Div Yield

N/A

FCF

¥245B

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Industrial Machinery Bearings	Major	Major	Robot joints, machine tools, semi equipment, wind turbines.
Auto Bearings	Major	Major	Hub bearings, EV motor bearings, drivetrain (~half of revenue).
Driveline Products	Sub	Sub	CVJs (Constant Velocity Joints).

Supply Chain Evidence

Evidence	Customer	Product	Detail
probable	Industrial robot OEMs + machine tool OEMs	Cross roller, angular contact, 4-point contact bearings for robot joints	Tier-1 supplier to global industrial robot ecosystem.
confirmed	Auto OEMs (Toyota, Honda, GM, etc.)	Hub bearings + driveline + CVJs	Top-5 global auto bearings supplier.
confirmed	NSK (merger partner)	Joint holding company structure Oct 2027	Memorandum of Understanding signed 2026-05-12; basic agreement to merge by Oct 2027.

Primary IR Documentation

Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).

IR landingNTN — Investor Relations portal↗

Cites: FY2027/03 EPS guidance JPY 25.23 / Fwd PE 16.3x; FY2026/03 OP +35.2%

https://www.ntnglobal.com/en/investors/

Press releaseNSK-NTN MoU (same disclosure as NSK)↗

Cites: Joint holding company merger; NTN chairman role in combined entity

https://www.nsk.com/am-en/company/news/2026/nsk-and-ntn-announce-memorandum-of-understanding/

Sources & References

↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6472.T ↗Nikkei Asia NSK NTN mergerhttps://asia.nikkei.com/business/business-deals/japan-bearing-makers-nsk-ntn-agree-to-merge-into-world-s-top-player ↗NSK Americas MoUhttps://www.nsk.com/am-en/company/news/2026/nsk-and-ntn-announce-memorandum-of-understanding/