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DENSO Corporation (DNZOF)

NEUTRAL
Consumer CyclicalAuto PartsJapan

Fundamental

66

Preço

$1921.50

Capitalização de Mercado

$4.87T

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

O que impulsiona a procura

Cíclico

DENSO'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.

Principais riscos

  • 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.

Concentração de clientes

Os principais clientes representam 48.6% da receita

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.

Os 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.

Os argumentos 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.

Balanço & Liquidez

Receita

$7.54T

Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação

Resultado Líquido

$440.53B

Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação

Fluxo de Caixa Livre

$76.84B

Capital Próprio Total

$5.49T

Passivo Total

$3.02T

Rácio de Liquidez

2.09

Cobertura de Juros

17.41

Dívida/EBITDA

1.32

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Subvalorizada

Valor Justo

$3874.49

Preço Atual

$1921.50

Margem de Segurança

+50.4%

Intervalo de Valor Justo

$2518.42 - $5230.56

Métodos de Estimativa

Analyst Target:$2124.44
DCF:$7348.85
PE-based:$1739.66
Graham Growth:$8385.58
EPV:$1716.37
Consenso dos Analistas:Comprar (12B / 12H / 0S)
Última Surpresa de Resultados:+10.07%

Métricas de Avaliação

Rácio P/E

11.86

ROE

8.1%

Rácio P/B

0.95

P/FCF

67.99

Margem Bruta

15.5%

ROIC

6.5%

Radar de Rentabilidade

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.

Critérios de Análise Fundamental

Aprovado (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

Reprovado (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%

Indisponível (3)

  • Dividend Payout NaN%
  • Return on Tangible Assets
  • Low reliance on intangibles

Piotroski F-Score

6/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

1.15

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

36.9%

A emitir novas ações, diluindo a participação

Governação

Equipa Executiva

NomeCargoIdade
Mr. Shinnosuke HayashiPresident, CEO & Director61
Mr. Yasushi MatsuiCRO, CCO, Chief Safety & Environment Officer & Representative Director61
Mr. Yasuhiko YamazakiEVP, Chief Strategy Officer, CHRO & Representative Director62
Mr. Seiji MaedaCFO & Head of Corporate Management Headquarters-
Tadashi AraiAccounting Manager-
Masanori SugiuraOperating Exec. Officer & Head of Corporate Legal, IP and Public Affairs Headquarters of Audit Dept.-
Yasuhisa SakuraiSenior Executive Officer, Head of Sales & Marketing Group of Corporate Strategy Headquarters-
Chitaka KambeSenior Executive Officers & Head of General Administration and Human Resources Headquarters-
Mr. Kenichiro ItoCEO of EU Area & Senior Executive Officer63
Mr. Jiro EbiharaSr Exec Off, Chief Monozukuri Officer & Head of Purchasing Group, Corp Strategy Headquarters61

Risco de Auditoria

1

Risco do Conselho

5

Risco de Remuneração

1

Risco dos Direitos dos Acionistas

5

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

Recent headlines for DNZOF, sourced from Markets Gazette.

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