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Fuji Electric

6504.THIGH

Power Semiconductors / IGBT · Weight: 12%· Data as of 2026-04-20

Also in:EV

¥13,180+0.73%

6-month daily

Investment Thesis

Most focused power semiconductor play among large-cap Japanese industrials. Investing JPY 200B to establish SiC production and expand IGBT capacity through FY2026. Operating profit guided to JPY 128.5B. Well-positioned for EV adoption and renewable energy power conversion. Lead times 20-45 weeks indicate structural tightness.

Risk

Semiconductor segment ~40% of profits (energy ~60%). SiC ramp execution risk. EV demand slowdown in China could reduce near-term orders.

Monitoring Trigger

Watch SiC production line commissioning and FY2026 earnings. If EV demand in China weakens further, reassess conviction.

Key Dates

2026-04earningsFY2025 full-year results + FY2026 guidance

2026-H2catalystSiC production line commissioning

Key Metrics

20.6

Fwd PE

2.5

P/B

13%

ROE

11%

Op Margin

N/A

D/E

1.48%

Div Yield

N/A

FCF

¥1.18T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Power Semiconductors	~40% of OP	Top 3 Japan IGBT	IGBT modules, SiC MOSFETs for EV/industrial/renewable
Power Electronics / Energy	~60% of OP	N/A	Power supply systems, vending machines, energy management

Supply Chain Evidence

Evidence	Customer	Product	Detail
probable	Toyota Group	IGBT modules for HEV/EV powertrains	Major Japanese auto OEM supplier(2026-04)
probable	Wind/Solar inverter OEMs	Power modules for renewable energy conversion	Structural demand from global energy transition(2026-04)

Sources & References

↗Digitimes — Fuji Electric SiC investmenthttps://www.digitimes.com/news/a20231226PD212/automotive-ic-fuji-electric-japan-sic.html ↗StockAnalysishttps://stockanalysis.com/quote/tyo/6504/statistics/

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Nitto Boseki	29	22	13%	13%	N/A
Murata Manufacturing	~49.7x TTM (fwd ~37x on FY2026 guidance)	18.23	8.09%	15.1%	N/A
Fuji Electric	20.6	18	13%	11%	N/A
TDK Corporation	21	12.3	8.32%	10%	N/A
Taiyo Yuden	65	28	3.92%	5%	N/A
Rohm	Loss (FY2025 NI -¥158.4B SiC impairment)	15	Loss	1%	N/A
Asahi Kasei	13.4	12	7.8%	7%	N/A
Arisawa Manufacturing	14.85	14.54	6.85%	7%	N/A