Fuji Electric

6504.TMEDIUM

Nuclear Operations / Power Semi · Weight: 8%· Data as of 2026-04-19

Also in:EV

¥13,180+0.73%

6-month daily

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

2026-05-12earningsFY25 full-year results (fiscal Mar-end)

2026-05-12monitoringSiC/IGBT segment backlog and nuclear I&C order flow

2026-06-30rebalanceSemiannual portfolio rebalance

2026-08earningsQ1 FY26 results

2026-10catalystInterim dividend announcement — watch for payout ratio progress toward 30%

2026-12catalystBosch SiC JV first package-compatible module samples expected

Update History

2026-04-19evolveHOLD

View report →

FY26 guidance raised (sales ¥1,185B, OP ¥128.5B) + Dec 2025 Bosch SiC co-dev. Interim div ¥91 (+21% YoY). Metrics refreshed from StockAnalysis; ROE dipped on latest filing.

pe:19.6220.59forward_pe:17.1317.97pb:2.122.22roe:11.8%8.2%div_yield:1.6%1.5%market_cap:¥1.68T¥1.76Tthesis:prioradded Bosch SiC JV + ¥200B capexkey_dates:3 entries6 entries incl. Bosch module sampling milestone

Key Metrics

20.3

17.7

Fwd PE

2.19

P/B

11.8%

ROE

10.3%

Op Margin

13%

D/E

1.52%

Div Yield

+¥51B

FCF

¥1.74T

Mkt Cap

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[source](2025-01)
confirmed	Honda	14-in-1 IGBT power module for Accord Hybrid	Mass production since Dec 2012; still core relationship[source](2012-12)
confirmed	Robert Bosch	Package-compatible SiC power modules for EV inverters	Dec 19, 2025 co-development agreement — faster design cycles, sourcing flexibility for automakers[source](2025-12)
confirmed	Vestas Wind Systems	Large-capacity IGBT modules for wind turbines	Partnership since 2017[source](2017-01)
confirmed	J-Power / Kansai Electric / TEPCO	Nuclear I&C and radiation monitoring systems	95% of operating J-reactors — every restart = incremental aftermarket revenue[source](2025-01)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6504/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6504.T

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
IHI Corporation	23.7	22	26.8%	8.8%	+¥68B
Hitachi	28.96	27.58	13.65%	11.1%	+¥1,390B
Japan Steel Works	33.5	31.1	9.09%	8.4%	-¥19.7B
Yokogawa Electric	38.8	23.8	11.5%	13.7%	+¥44B
Fuji Electric	20.3	17.7	11.8%	10.3%	+¥51B
Kanadevia	10.97	11	5.2%	1.9%	-¥22.6B
Organo Corporation	27	27	21.7%	20.6%	+¥19B
Kurita Water Industries	22.3	21.8	6.8%	12.4%	+¥25B
Sumitomo Heavy Industries	19.3	18	5.0%	4.8%	-¥2.3B
Toyo Tanso	23.2	23.8	5.7%	14.6%	-¥5.8B (capex phase)
Okano Valve	21.6		8.2%	10.1%	+¥624M
Kobe Steel	8.7	8.5	7.2%	4.8%	N/A
Ebara	30.9	25.4	15.8%	12.1%	-¥51.5B (capex)
Stella Pharma			-9.8%	-23.6%	N/A
Teikoku Denki	10.49	9.5	12%	18%	N/A