Denso

6902.TMEDIUM

Cobots / Automotive Components · Weight: 12%· Data as of 2026-04-16

¥1,895.5+0.69%

6-month daily

Investment Thesis

World's largest user of small assembly robots. COBOTTA PRO 900 (Hannover Messe 2026) — fastest cobot (0.28s cycle time) with edge AI. PE 13.9x / Fwd PE 9.6x cheapest in theme. FCF +¥201B massive. PB 0.94x below book. Toyota 35% owner. Denso Wave is Japan's cobot/SCARA leader. COBOTTA deployments +12% YoY. Physical AI: edge AI in cobots for autonomous decision-making.

Risk

CRITICAL GPT CORRECTION: Toyota ownership is 21.25% (not 35% as stated). Denso own shareholder page confirms. COBOTTA PRO 900 claim could not be validated. Own it for cheap industrial-auto exposure with robotics optionality, not pure-play robotics thesis.

Monitoring Trigger

Robotics segment breakout in earnings. COBOTTA PRO 900 commercial orders. Toyota Physical AI partnership. OP margin <5% → EXIT.

Key Dates

2026-04-24catalystHannover Messe — COBOTTA PRO 900 launch event (Apr 20-24)

2026-05-09earningsFY2026 earnings announcement

2026-06-30rebalanceSemiannual portfolio rebalance

Update History

2026-04-17evolveHOLD

View report →

GPT validation: CRITICAL GPT CORRECTION: Toyota ownership is 21.25% (not 35% as stated). Denso o...

weight:see previous12%

2026-04-16newNEW

View report →

NEW addition. Cheapest in theme (PE 13.9x, PB 0.94x). COBOTTA PRO 900 launched. FCF +¥201B. Robotics option on Toyota ecosystem.

Key Metrics

13.93

9.62

Fwd PE

0.94

P/B

7.89%

ROE

6.69%

Op Margin

18%

D/E

3.34%

Div Yield

+¥201.2B

FCF

¥5.16T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Automotive Components	¥3.0T	41%	Thermal, powertrain, electrification
Mobility Electronics	¥1.5T	20%	Semiconductors, sensors, ECUs
Industrial (incl. Robotics)	¥800B	11%	COBOTTA cobots, SCARA robots, QR code (Denso Wave)
Electrification	¥1.1T	15%	Inverters, motor systems for EVs
Other	¥1.0T	13%	Aftermarket, new business

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Toyota	Primary auto component supplier (35% owner)	Largest customer, cross-shareholding[source](2025-01)
confirmed	Semiconductor fabs	COBOTTA cobots for wafer handling	Denso Robotics deployed in electronics/semi assembly[source](2025-01)
probable	Electronics assembly (Apple suppliers)	SCARA robots for SMT	Leading small robot supplier in Asia electronics
inferred	NVIDIA	Potential Physical AI integration	Edge computing cobots could integrate NVIDIA Jetson

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6902/↗Denso Hannover Messe 2026https://www.blogist.de/denso-revolutioniert-die-robotik-auf-der-hannover-messe-2026-scara-serie-mit-028s-zykluszeit-und-cobotta-pro-900-im-fokus/↗COBOTTA PROhttps://www.densorobotics.com/products/collaborative/cobotta-pro/

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