Mabuchi Motor
6592.TMEDIUMCoreless / Small Motors (Hands, 12 actuators per humanoid) · Weight: 4%· Data as of 2026-05-16
Investment Thesis
Specialty small electric motor maker — direct overlap with humanoid HAND actuators (12 coreless motors per humanoid hand cluster, ~17% of total BOM cost). Mabuchi has decades of small-motor scale + cost advantage. Stock +48% 52w (most modest in the JP humanoid basket) on PE 13.6x TTM = cheapest valuation among humanoid plays. Fwd PE 21.2 above TTM means consensus expects margin normalization down from FY26 +104% earnings jump. Solid dividend (3.53% yield).
Risk
Coreless motor commodity-tier exposure to Chinese small-motor makers (Welling, Bingli, etc.). High-spec humanoid hand motors typically use Maxon (Swiss) or Faulhaber (German) for premium tier — Mabuchi may sit a step below in spec/price. Auto cycle exposure (door / window / seat motors) also creates correlation with auto demand.
Monitoring Trigger
If a major humanoid OEM (Tesla / Figure / 1X) names Mabuchi or its parent group for hand actuator motors, upgrade to HIGH. Watch FY26 results commentary for robotics-specific small-motor demand.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Small electric motors (auto + industrial + consumer) | Major | Major | Door / window / seat / wiper motors (auto), small motors for power tools, consumer electronics, white goods. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| probable | Auto OEMs (global, Tier-1 supply through Denso etc.) | Small DC motors for auto interior actuators | Global Tier-1 small motor supplier.[source](Multi-year) |
| probable | Consumer / industrial small-motor users | DC + brushless small motors | Wide product portfolio across consumer + industrial.[source](Multi-year) |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Q1 FY2026 sales +7.3%, OP +66.8% YoY; FY2026/12 guidance EPS JPY 87.52 / Fwd PE 18.3x
https://www.mabuchi-motor.co.jp/investor/library/earning.html
Cites: Earnings call slides; humanoid hand actuator angle referenced if disclosed
https://www.mabuchi-motor.co.jp/investor/library/presentation.html
Cites: Full IR portal
https://www.mabuchi-motor.co.jp/investor/
Sources & References
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Fanuc | 45.7 | 38.6 | 9.35% | 21.4% | N/A |
| Yaskawa Electric | 21.38 | 29.16 | 7.84% | 8.7% | +¥11.8B |
| Keyence | 40 | 38 | 12.4% | 51.0% | N/A |
| Kawasaki Heavy Industries | 25.35 | 31.65 | N/A | 5.3% | +¥46.9B |
| Harmonic Drive Systems | 458.8 | 164.1 | 5.9% | 7.9% | N/A |
| Omron | 38 | 22.57 | 2.3% | 6.1% | +¥5.9B |
| Nabtesco | 40.8 | 35.6 | 5.46% | 6.78% | +¥19.6B |
| Nidec Corp | 6.3% | 5.0% | +¥174B | ||
| Daifuku | 38-41x TTM | 27.92 | 18.38% | 15.26% | +¥53.9B |
| Denso | 13.93 | 9.62 | 7.89% | 6.69% | +¥201.2B |
| THK | 58 | 37.4 | 3.22% | 6.75% | +¥23.9B |
| Hamamatsu Photonics | 45.68 | 38.54 | 4.12% | 6.70% | N/A |
| Cyberdyne | N/A | 125.47 | -0.13% | -11.95% | -¥222M |
| MinebeaMitsumi | 18.66 | 13.75 | 9.1% | 6.5% | +¥16B |
| SMC Corporation | 26 | 27.2 | 7.9% | ~20% | +¥99B |
| MISUMI Group | 21.33 | 18.7 | 9.4% | 10.4% | +¥32B |
| NSK Ltd. | 26 | 24.7 | N/A | N/A | N/A |
| SANYO DENKI | 30.7 | 21.9 | N/A | N/A | N/A |
| Mabuchi Motor | 13.6 | 18.3 | N/A | N/A | N/A |
| NTN Corporation | 16.3 | 16.3 | N/A | N/A | N/A |