Home/Healthcare & Aging Society/Fukuda Denshi Co., Ltd.

Fukuda Denshi Co., Ltd.

6960.THIGH

Core · Weight: 8%· Data as of 2026-04-17

¥9,860-1.99%

6-month daily

Investment 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

Update History

2026-04-17exploreNEW

View report →

Added to Healthcare theme — Nihon Kohden duopoly competitor with superior margins (OpMar 18% vs 9.2%) and HOT rental annuity.

status:not in themeadded

Key Metrics

15.87

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

Sources & References

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Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Nihon Kohden Corporation	20.3	18.9	7.1%	7.97%	N/A
M3, Inc.	19.4	17.9	12.2%	20.9%	N/A
Fukuda Denshi Co., Ltd.	15.87	15.66	8.6%	18.0%	+¥21B
JMDC Inc.	35.85	29.06	7.8%	22.3%	+¥9B
PHC Holdings Corporation	38.5	10.71	0.6%	6.2%	+¥32B
Sysmex Corporation	22.5	N/A	N/A	~20% (est. from EBITDA 25.3%)	N/A
Olympus Corporation	22.98	N/A	N/A	18.9% (adj FY2025)	+¥109B (adj FY2025)