Fukuda Denshi Co., Ltd.
6960.THIGHScore: 71.6Core · Weight: 8%· Data as of 2026-04-17
Also in:Healthcare & Aging Society
¥9,860-1.99%
6-month dailyInvestment Thesis
Duopoly-stability play in Japanese patient monitoring. Higher-quality peer to Nihon Kohden (6849): OpMar 17.97% vs 9.2%, FCF ¥20.5B (7.3% FCF yield), net cash. Home Oxygen Therapy rental business is a hidden annuity riding Japan's 29.3% aging-society demographic. PE 15.87x with dividend +8.3% YoY signals quality on sale.
Risk
1) Revenue -1.42% YoY (flat top line). 2) Domestic-only, no FX tailwind or global growth lever. 3) Small-cap/illiquid (¥279B). 4) Next NHI fee revision could cut HOT reimbursement.
Monitoring Trigger
If HOT/rental revenue exceeds 40% of total at FY2025 results (May 2026), ADD to 10%. If OpMar drops below 15% for two quarters, TRIM to 5%.
Key Dates
2026-05
2026-11
Key Metrics
15.87
PE
15.66
Fwd PE
1.54
P/B
8.6%
ROE
18.0%
Op Margin
19.0%
D/E
1.7%
Div Yield
+¥21B
FCF
¥279B
Mkt Cap
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Physiological diagnostic equipment | |||
| Patient monitoring | |||
| Medical treatment equipment | |||
| Consumables + Home medical |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Japanese hospitals (Prime + Regional) | Patient monitors, ECG, defibrillators | Duopoly with Nihon Kohden (6849.T) |
| confirmed | Japanese home-care patients (via NHI) | HOT oxygen concentrator rental + consumables | FH-100/5L HOT system reimbursed by social insurance |
| confirmed | Patient monitoring, ECG | Direct duopoly competitor in Japan |