Nidec Corp

6594.TAVOIDScore: 37.9

Motors / E-Axle · Weight: 5%· Data as of 2026-05-17

¥2,398+0.04%

6-month daily

Investment Thesis

E-Axle leader compromised by governance collapse. FY2026 results postponed — restatement of FY2022-2026 in progress. Quality misconduct (motors/materials/processes) disclosed May 12 2026 on top of accounting misconduct.

Risk

CRITICAL — AVOID. Accounting misconduct: 1,000+ cases; ¥160.7B net assets impact; potential additional ¥250B impairments (goodwill + automotive). Quality misconduct: May 12 2026 — motors with unapproved material/process changes shipped to OEMs. Moody's downgraded Baa1. Founder Nagamori resigned. No FY2026 results. No FY2027 guidance. Written Confirmation of Internal Controls not due until Oct 2026. OEM recall risk unknown.

Monitoring Trigger

DO NOT hold. Exit if still held. Re-evaluate only AFTER: (1) FY2026 results published with auditor opinion, (2) Written Confirmation submitted Oct 2026, (3) No further quality misconduct found, (4) Moody's rating restored. Earliest re-evaluation: Q2 2027.

Key Dates

2026monitoringFY2026 financial results — TBD: postponed as of April 27 2026

2026-10monitoringWritten Confirmation of Internal Management System — governance milestone (best case)

2027-Q2monitoringEarliest possible re-evaluation date if governance remediation on track

Key Metrics

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Fwd PE

1.48

P/B

6.3%

ROE

5.0%

Op Margin

40%

D/E

Div Yield

+¥174B

FCF

¥2.63T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Automotive Components	¥786B	30%	E-Axle, EPS motors, thermal
Medium/Large Motors	¥655B	25%	Industrial motors
Small Precision Motors	¥524B	20%	HDD, consumer
Appliance/Commercial	¥655B	25%	HVAC, appliance motors

Supply Chain Evidence

Evidence	Customer	Product	Detail
inferred	Chinese NEV OEMs (BYD etc.)	E-Axle traction motors	Nidec announced China supply but no named OEM confirmed
probable	Stellantis	E-Axle for European EVs	Announced partnership

Recent News

2026-04-27tdnet「改善計画・状況報告書（改訂版）」の公表に関するお知らせ

2026-04-27tdnet2026年３月期決算発表の延期に関するお知らせ

2026-04-27tdnet機構改革および役員等の異動に関するお知らせ

Primary IR Documentation

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

IR landingNidec Corporation Investor Relations landing↗

Cites: Primary IR portal

https://www.nidec.com/en/ir/

Press releaseNotice Regarding Postponement of Earnings Announcement for FY Ended March 31, 2026 (Apr 27, 2026)↗

Cites: FY2026 results postponed following Third-Party Committee final report (Apr 17, 2026); restatements back to FY March 2022 — material to e-axle thesis and PE re-rate risk

https://www.nidec.com/files/user/www-nidec-com/corporate/news/2026/0427-02/260427-02en.pdf

Earnings releaseNidec Q2 FY25 Financial Statements (Six Months Ended Sept 2025)↗

Cites: Most recent disclosed quarterly results — Nov 14, 2025 (Q2 FY25, half-year) before postponement

https://www.nidec.com/files/user/www-nidec-com/ir/library/earnings/2026/FY25Q2_1_en.pdf

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6594/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6594.T