Investment Thesis
E-Axle + industrial motor leader — ON HOLD. Governance collapse and ongoing restatement (FY2022-2026) make fundamental analysis impossible until FY2026 results published and audited.
Risk
CRITICAL AVOID: Quality misconduct May 12 2026 (motors with unapproved material changes). Accounting restatement ¥160.7B net assets impact + potential ¥250B additional impairments. Moody's Baa1 downgrade. Founder resigned. FY2026 results postponed.
Monitoring Trigger
DO NOT hold. Exit position. Re-evaluate only after FY2026 audited results published and Written Confirmation (Oct 2026 target) submitted.
Key Dates
Update History
J-Quants PE 42.4x WRONG (stale EPS). StockAnalysis+Yahoo both show ~22x.
GPT validation: CRITICAL GPT CORRECTION: 'Securities fraud investigation' wording was too strong...
AVOID confirmed in robotics theme. Quality misconduct May 12 2026 added to accounting misconduct. Moody's Baa1. No FY2026 results.
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Automotive Components | ¥786B | 30% | E-Axle, EPS |
| Medium/Large Motors | ¥655B | 25% | Industrial |
| Small Precision | ¥524B | 20% | HDD, consumer |
| Appliance/Commercial | ¥655B | 25% | HVAC, appliance |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| probable | Stellantis | E-Axle for European EVs | Partnership announced |
| inferred | Chinese NEV OEMs | E-Axle traction motors | China supply announced, no named OEM |
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 |