6954
ファナック株式会社
Fanuc Corporation
Electric Appliances #41
TSE Prime · Japan GAAP · FY End Mar
✓ REFORM DISCLOSED BUYBACK ACTIVE (10x)

Company Profile — FANUC Corporation, spun off from Fujitsu in 1972 and headquartered in Oshino, Yamanashi, is the world's dominant manufacturer of CNC controllers, industrial robots, and ROBOMACHINE systems. Commanding an estimated 50%+ global share in CNC controllers and a top-three position in industrial robots, FANUC's FA, Robot, and ROBOMACHINE segments generated ¥797B in FY2025 revenue across 10,113 employees. Founded on NC and servo technology first developed in 1956, FANUC's vertically integrated Oshino campus—spanning CNC, motor, robot assembly, and laser R&D facilities—creates structural cost and quality advantages unmatched by Siemens, Mitsubishi Electric, or Yaskawa. IoT and AI integration across all three segments underpins the company's medium-term automation demand strategy through 2030.

Business Performance — FY2025 sales reached ¥797B (+0.3% YoY), while operating income recovered to ¥159B (+12% YoY) and net income rose to ¥148B after a ¥171B peak in FY2023. DPS increased to ¥94.39 (70% payout ratio), and the board authorized a ¥50B buyback program covering 12.5 million shares through April 2026, though execution remains at just 0.6% progress. Capex surged to ¥134B in FY2025 versus ¥14B in FY2024, signaling major capacity reinvestment at Oshino. ROE of 8.6% marks a modest recovery from the FY2024 trough of 8.0%, but remains well below the FY2023 peak of 10.8%.

Material Note — FANUC disclosed an EMC compliance irregularity in its ROBOCUT wire-EDM machines sold in Europe; remediation measures are underway, creating near-term reputational and regulatory risk.

Investment Thesis

  • World-leading ~50% global CNC controller market share; unrivaled installed base drives recurring service revenue
  • Vertically integrated Oshino production complex: CNC, servo motors, robots, lasers manufactured on single campus
  • FANUC AMERICA, FANUC INDIA, and Beijing-FANUC JV provide localized sales and service across all major manufacturing markets
  • IoT platform and AI-driven FIELD system deepens customer lock-in across FA, Robot, and ROBOMACHINE segments

Bull Case

  • EV/FCV production ramp and factory automation megatrend position FANUC to capitalize on structural capex cycle through 2030.
  • ¥50B buyback authorized at 70% DPS payout; FY2025 OCF of ¥255B provides ample shareholder return capacity.

Bear Case

  • PER of 40x and PBR of 3.4x price perfection; ROE of 8.6% well below historic 10.8% peak leaves valuation vulnerable.
  • China exposure via Beijing-FANUC and Shanghai-FANUC JVs faces demand risk from EV transition displacing legacy ICE machining orders.
Revenue by Segment
Robot 43% ¥342,765mn
Factory Automation 28% ¥223,196mn
Robomachine 15% ¥119,569mn
Service 14% ¥111,598mn
Geographic Mix
Overseas 83%
Domestic 17%
Price (2026-03-10) ¥5,960
Mkt Cap ¥6.2T
Valuation
PBR 3.40x
PER 40.0x
EV/EBITDA 28.2x
Returns
ROE 8.6%
Div Yield 1.58%
Per Share
EPS ¥157.3
DPS ¥94
BPS ¥1,848
Structure
Eq Ratio 89.0%
52w Range ¥5,856-6,682
ROE (%)
8% 10.6 '19 5.3 '20 6.8 '21 10.5 '22 10.8 '23 8.0 '24 8.6 '25
--- 8% TSE target
FCF (¥B)
54 '19 61 '20 101 '21 72 '22 22 '23 158 '24 121 '25
EPS (¥)
795 '19 382 '20 490 '21 810 '22 179 '23 140 '24 157 '25
DPS (¥)
1003 '19 300 '20 294 '21 486 '22 536 '23 84 '24 94 '25
Eq. Ratio (%)
30% 88 '19 90 '20 88 '21 86 '22 86 '23 89 '24 89 '25
--- 30% threshold
Income Statement (¥mn)
Period Sales Δ Sales Op.P OpMgn Ord.P Net.P EPS (¥) DPS (¥)
○Mar'19 635,568 - 163,297 25.7% 183,459 154,163 795.3 1,003
○Mar'20 508,252 -20.0% 88,350 17.4% 102,816 73,371 381.9 300
○Mar'21 551,287 +8.5% 112,514 20.4% 128,744 94,012 490.1 294
○Mar'22 733,008 +33.0% 183,240 25.0% 213,395 155,273 809.5 486
○Mar'23 851,956 +16.2% 191,359 22.5% 231,327 170,587 178.6 536
○Mar'24 795,274 -6.7% 141,919 17.8% 181,755 133,159 140.2 84
○Mar'25 797,129 +0.2% 158,846 19.9% 196,738 147,557 157.3 94
Highest Net Profit: ¥181,957M (Mar'18) 81% of peak
Major Shareholders (Jun'23)
BlackRock Japan Co., Ltd. 8.3%
Sumitomo Mitsui Trust Asset Management Co., Ltd. 7.1% NEW
Cross-Shareholdings / 政策保有 (5)
Equity stakes this company holds in other companies. Subject to TSE annual review — unwinding = capital return catalyst.
Kuroda Precision Industries Ltd. (7726.T) 3.5%
Nabtesco Corporation (6268.T) 3.1%
Hamai Co., Ltd. (6131.T) 2.4%
Fuji Electric Co., Ltd. (6504.T) 1.8%
Okamoto Machine Tool Works, Ltd. (6125.T) 1.4%
Top Shareholders (Annual Report)
The Master Trust Bank of Japan, Ltd. (Trust Account) 24.0%
Custody Bank of Japan, Ltd. (Trust Account) 10.4%
Citibank N.A. N.Y. as Depositary Bank for Depositary Shareholders (Standing Proxy: Citibank, N.A., Tokyo Branch) 2.8%
J.P. Morgan Chase Bank 380055 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Division) 2.6%
State Street Bank and Trust Company 505001 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Division) 2.4%
State Street Bank West Client - Treaty 505234 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Division) 2.1%
State Street Bank and Trust Company 505103 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Division) 1.8%
BNYM AS AGT/CLIENTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.) 1.6%
Balance Sheet & Cash Flow
Balance Sheet (¥B)
Total Assets ¥1,937B Net Assets ¥1,740B Eq Ratio 89.0%
Cash Flows (¥B)
CF(Operating) ¥255B CF(Investing) ¥-134B CF(Financing) ¥-137B Free CF ¥121B Cash & Equiv. ¥591B
Indices
ROA 7.6% Payout 69.5% EBITDA ¥205B
D&A ¥46B
Treasury Stock Buybacks (12 mo)
2026-03-05 5.0%
2026-02-06 5.0%
2026-01-08 5.0%
2025-12-04 5.0%
2025-11-07 5.0%
+5 more filings
Stock Data
Avg Volume 637K Shares Out 933M
Electric Appliances Peers
Company Mkt Cap PBR PER ROE OpMgn DivY
6702 Fujitsu Limite ¥7.6T 3.8 34 19.3 5.6 0.8
6981 Murata Manufac ¥7.4T 2.7 30 29.8 1.1 1.6
6954 Fanuc Corporat ¥6.2T 3.4 40 8.6 19.9 1.6
6752 Panasonic Hold ¥6.1T 1.2 16 2.6 - 2.0
6701 Nec Corporatio ¥6.1T 3.0 34 17.8 12.6 3.2
7751 Canon Inc. ¥6.0T 1.1 12 28.4 11.7 3.5
6723 Renesas Electr ¥4.9T 1.9 - 15.2 24.8 1.1
6762 Tdk Corporatio ¥4.4T 2.4 25 12.4 -4.6 4.0
Corporate Info
President: President & CEO Yamaguchi Kenji
Employees: 10,113
Head Office: 山梨県南都留郡忍野村忍草字古馬場3580番地
Recent Developments
2026-03-05
BUYBACK
Share Buyback Program Achieves 5.0% Treasury Stock Holding Ratio
Substantial capital return through 49.2 million shares supports EPS growth and total shareholder return.
2025-11-07
BUYBACK
Sustained Buyback Execution Maintains 5.0% Treasury Share Accumulation Target
Demonstrates management commitment to consistent market support through ongoing open-market share purchases.
2025-09-19
ACTIVIST
Sumitomo Mitsui Trust Discloses 7.1% Stake for Fiduciary Management
Significant institutional holding signals heightened focus on management accountability and shareholder returns.
2025-06-04
BUYBACK
Multi-Month Buyback Initiative Commences for Capital Structure Optimization
Marks commencement of a multi-month liquidity event aimed at optimizing the corporate capital structure.
2023-12-28
REFORM
Fanuc Discloses TSE Capital Efficiency Plan to Improve Valuation
Strategic response to TSE directives aimed at improving capital efficiency and long-term equity rerating.
Generated: 2026-03-18 10:13 JST Source: EDINET · TSE · IB Market Data · Large Holding Reports japanfinsight.com