Omron
6645.TMEDIUMAutomation Components / PLCs · Weight: 5%· Data as of 2026-04-16
Investment Thesis
Quality Japanese FA franchise trading at P/B 0.94 — priced for distress. IAB segment (45% rev) has best-in-class sensors, PLCs, safety. China FA recovery from -22.6% trough would drive margin recovery from 6% toward historical 12-14%. Healthcare (blood pressure) levered to aging demographics.
Risk
1) China/IAB recovery timing uncertain. 2) GPT FINDING: restructuring risk understated — portfolio execution around device-and-module reshaping is also material, not just macro rebound. 3) Named customer list not publicly confirmed. Should be explicitly tagged as speculative/turnaround.
Monitoring Trigger
IAB quarterly order intake turning positive YoY (May 2026 earnings). China PMI > 51.
Key Dates
Update History
J-Quants PE 51.3x WRONG (stale EPS). StockAnalysis 41.8x, Yahoo 34.3x. Using midpoint ~38x.
GPT validation: 1) China/IAB recovery timing uncertain. 2) GPT FINDING: restructuring risk under...
Physical AI DD refresh. PE 39.25→41.84, PB 0.94→1.01 (no longer below book), Cap ¥919B→¥979B.
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Industrial Automation (IAB) | ¥376B | 45% | PLCs (Sysmac), sensors, safety, cobots, AMRs |
| Healthcare | ¥209B | 25% | Blood pressure, cardiac monitoring |
| Social Systems | ¥125B | 15% | Rail, energy management |
| Devices & Modules | ¥125B | 15% | Relays, switches, PCBs |
Supply Chain Evidence
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 |