Fuji Electric
6504.TMEDIUMScore: 57.3Nuclear Operations / Power Semi · Weight: 8%· Data as of 2026-04-19
Investment Thesis
95% domestic share in nuclear radiation monitoring + top-5 global IGBT/SiC. Oct 2025 raised FY26 guidance (sales ¥1,185B, OP ¥128.5B, NI ¥89B) + interim dividend ¥91 (+21% YoY). Dec 2025 Bosch SiC co-development agreement for package-compatible EV inverter modules. Capex ¥200B over FY24-26 driving 50x SiC capacity increase vs 2022 baseline.
Risk
J-Quants PE 27.3x vs StockAnalysis 20.6x — methodology gap (J-Q annualizes cumulative EPS). ROE on latest J-Q filing dipped to 8.2% from 11.8% prior. SiC competition (Rohm, Infineon, STMicro) intensifying. Nuclear I&C is a fraction of Energy segment — not standalone driver.
Monitoring Trigger
FY25 full-year results May 12, 2026. If SiC capacity ramp below 50x target OR Bosch JV slips past 2027, trim. If data-center power electronics orders break out (¥50B+ quarterly run-rate), upgrade to Core weight.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Energy | ¥354B | 32% | Nuclear monitoring, power plants, geothermal turbines |
| Industry | ¥400B | 36% | Drives, inverters, FA components |
| Semiconductors | ¥237B | 21% | IGBT, SiC power modules |
| Food & Beverage | ¥112B | 10% | Vending machines (70% J-market share) |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | JNFL Rokkasho | 300-channel radiation monitoring panel | Largest in Japan — product page names JNFL |
| confirmed | Honda | 14-in-1 IGBT power module for Accord Hybrid | Mass production since Dec 2012; still core relationship |
| confirmed | Robert Bosch | Package-compatible SiC power modules for EV inverters | Dec 19, 2025 co-development agreement — faster design cycles, sourcing flexibility for automakers |
| confirmed | Vestas Wind Systems | Large-capacity IGBT modules for wind turbines | Partnership since 2017 |
| confirmed | J-Power / Kansai Electric / TEPCO | Nuclear I&C and radiation monitoring systems | 95% of operating J-reactors — every restart = incremental aftermarket revenue |