DENSO Corporation (DNZOF)
NEUTRALFundamental
66
Precio
$1921.50
Capitalización Bursátil
$4.87T
Parte 1 · Cuánto vale la empresa
Resumen
DENSO makes the components that go inside cars rather than complete vehicles: air-conditioning and thermal-management systems, engine and powertrain parts, electronics, electrification hardware like inverters and motors, and semiconductors. It is headquartered in Japan and supplies carmakers worldwide, with Toyota — also its largest shareholder — as its single biggest customer by a wide margin.
Cómo genera ingresos
DENSO sells parts as an original-equipment supplier under contracts tied to specific vehicle models, so revenue tracks how many cars carmakers actually build and how much content DENSO wins on each one. Prices are negotiated per component and typically decline over a model's life under automakers' cost-reduction pressure, so DENSO depends on new wins and efficiency gains to protect margins.
Qué impulsa la demanda
CíclicoDENSO's revenue follows global vehicle production, which rises and falls with consumer confidence, credit conditions and automakers' own inventory cycles. Because contracts are tied to specific models, a model's production cut or delay shows up directly in DENSO's results with little lag.
Riesgos clave
- Dependence on Toyota group sales — DENSO discloses that fluctuations in Toyota group sales could materially affect its performance, even though it states it negotiates terms with Toyota group companies on the same basis as with other customers.
- Semiconductor and supply-chain fragility — Recent shortages of automotive semiconductors exposed how dependent DENSO's production is on a resilient global supply chain; a disruption at a chip or raw-material supplier can constrain output across several of its product lines at once.
- Competition in electrification components — As electrification becomes central to vehicle powertrains, DENSO faces rivals such as LG Magna e-Powertrain and CATL in inverters and battery-related systems, an area where it does not hold the same long incumbency it has in traditional components.
Concentración de clientes
Los principales clientes representan el 48.6% de los ingresos
For the fiscal year ended March 2026, sales to the Toyota group accounted for 48.6% of DENSO's net sales, according to the company's own related-party disclosure. Toyota also holds roughly 22% of DENSO's voting rights.
Los argumentos a favor
Buyers argue that DENSO's decades-long relationships with Toyota and other carmakers give it a stable base of contracted volume, and that its shift toward electrification, safety and semiconductor content lets it grow revenue per vehicle even as overall car production stays flat.
Los argumentos en contra
Sellers fear that near-half dependence on a single customer group leaves DENSO exposed to Toyota's own production decisions, that new electrification rivals lack the cost-down pressure of legacy component businesses, and that a global auto downturn would hit DENSO with little room to diversify away from it.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance y Liquidez
Ingresos
$7.54T
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$440.53B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$76.84B
Patrimonio Neto Total
$5.49T
Pasivo Total
$3.02T
Ratio de Liquidez
2.09
Cobertura de Intereses
17.41
Deuda/EBITDA
1.32
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$3874.49
Precio Actual
$1921.50
Margen de Seguridad
+50.4%
Rango de Valor Justo
$2518.42 - $5230.56
Métodos de Estimación
Métricas de Valoración
Ratio P/E
11.86
ROE
8.1%
Ratio P/B
0.95
P/FCF
67.99
Margen Bruto
15.5%
ROIC
6.5%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
6.5%
WACC
7.5%
ROIC − WACC
-1.1 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Criterios de Análisis Fundamental
Superado (18)
- EPS shows upward trend
- EPS CAGR 16.15%
- ROIC 6.5%
- P/B Ratio 0.95
- Debt/Equity ratio
- Operating Margin 7.3%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- ROE 8.6%
- Revenue Growth 5Y 8.8%
- Analyst Consensus 50% Buy
- PEG Ratio 0.37
- Earnings Quality (OCF/NI) 1.15
- Net Margin Trend 5.9% vs 5.9%
- Piotroski F-Score 6/9
Fallido (7)
- Price CAGR 4.71%
- Gross Margin 15.5%
- P/FCF 67.99
- CapEx intensity
- DCF valuation (Fairly valued)
- Earnings Surprise avg -12.0%
- Share Dilution 36.9%
No disponible (3)
- Dividend Payout NaN%
- Return on Tangible Assets
- Low reliance on intangibles
Piotroski F-Score
Señales mixtas: algunas áreas requieren atención
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Emitiendo nuevas acciones, diluyendo la participación
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Shinnosuke Hayashi | President, CEO & Director | 61 |
| Mr. Yasushi Matsui | CRO, CCO, Chief Safety & Environment Officer & Representative Director | 61 |
| Mr. Yasuhiko Yamazaki | EVP, Chief Strategy Officer, CHRO & Representative Director | 62 |
| Mr. Seiji Maeda | CFO & Head of Corporate Management Headquarters | - |
| Tadashi Arai | Accounting Manager | - |
| Masanori Sugiura | Operating Exec. Officer & Head of Corporate Legal, IP and Public Affairs Headquarters of Audit Dept. | - |
| Yasuhisa Sakurai | Senior Executive Officer, Head of Sales & Marketing Group of Corporate Strategy Headquarters | - |
| Chitaka Kambe | Senior Executive Officers & Head of General Administration and Human Resources Headquarters | - |
| Mr. Kenichiro Ito | CEO of EU Area & Senior Executive Officer | 63 |
| Mr. Jiro Ebihara | Sr Exec Off, Chief Monozukuri Officer & Head of Purchasing Group, Corp Strategy Headquarters | 61 |
Riesgo de Auditoría
1
Riesgo del Consejo
5
Riesgo de Compensación
1
Riesgo de Derechos del Accionista
5
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for DNZOF, sourced from Markets Gazette.