Harmonic Drive Systems Inc.

株式会社ハーモニック・ドライブ・システムズ

Machinery

Harmonic Drive Systems Inc. produces and sells precision control equipment and components worldwide. It offers mechatronics products, including rotary and linear actuators, speed reducers, motors, sensors, drivers, controllers, and other system elements. The company also provides HarmonicDrive, a precision speed reducer; high-precision planetary speed reducers under the AccuDrive and HarmonicPlanetary brands; and high-performance gear heads for servo motors series. Its products are used in industrial robots, semiconductor manufacturing equipment, and other systems. Harmonic Drive Systems Inc. was founded in 1970 and is headquartered in Tokyo, Japan.

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Price

¥7,800

Market Cap

¥740.2B

Ent. Value

¥731.9B

Net Cash

¥8.3B

Shares Out.

94.9M

P / E

459.1×

EV / EBIT

285.0×

P / Book

9.19×

P / NCAV

36.94×

Div. Yield

0.13%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥59.6B	¥55.6B	¥55.8B	¥71.5B	¥57.1B
Cost of Sales	¥41.4B	¥40.8B	¥40.2B	¥45.7B	¥34.7B
Gross Profit	¥18.1B	¥14.9B	¥15.6B	¥25.8B	¥22.4B
SG&A	¥15.6B	¥14.8B	¥15.5B	¥15.6B	¥13.7B
Operating Income	¥2.6B	¥7M	¥125M	¥10.2B	¥8.7B
Non-Operating Income	¥494M	¥880M	¥870M	¥1.0B	¥837M
Dividend Income	—	¥275M	¥276M	¥268M	¥264M
Interest Income	—	¥316M	¥97M	¥15M	¥13M
Non-Operating Expenses	—	¥736M	¥424M	¥484M	¥469M
Interest Expense	—	¥224M	¥177M	¥167M	¥138M
Ordinary Income	¥2.5B	¥151M	¥570M	¥10.8B	¥9.1B
Pre-tax Income	¥2.3B	¥4.8B	¥-27.6B	¥10.2B	¥9.0B
Income Taxes	¥685M	¥1.3B	¥-2.8B	¥2.6B	¥2.3B
Current Tax	—	¥1.6B	¥1.1B	¥3.1B	¥3.0B
Deferred Tax	—	¥-248M	¥-3.9B	¥-491M	¥-754M
Net Income (owners)	¥1.6B	¥3.5B	¥-24.8B	¥7.6B	¥6.6B
Minority Interest	—	—	—	—	¥73M
Comprehensive Income	—	¥1.8B	¥-21.7B	¥12.1B	¥5.5B
EBITDA	¥9.9B	¥8.0B	¥10.5B	¥19.8B	¥17.0B
Goodwill Amort. (J-GAAP)	—	—	¥1.2B	¥1.1B	¥976M
EPS	¥16.99	¥36.57	¥-261.00	¥79.67	¥69.02
Shares Outstanding	—	94.9M	95.0M	95.1M	96.3M
Shares Issued (total)	—	96.3M	96.3M	96.3M	96.3M
Treasury Shares	—	1.4M	1.3M	1.3M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥111.4B	¥113.6B	¥119.1B	¥154.3B	¥143.3B
Current Assets	¥51.0B	¥53.2B	¥47.5B	¥52.2B	¥45.9B
Cash & Deposits	¥21.6B	¥24.9B	¥20.3B	¥20.8B	¥19.9B
Trade Receivables	—	¥9.5B	¥8.7B	¥10.2B	¥8.6B
Non-Current Assets	¥60.4B	¥60.5B	¥71.7B	¥102.2B	¥97.4B
PP&E	¥45.3B	¥46.0B	¥48.1B	¥48.9B	¥44.0B
Goodwill	—	—	—	¥15.3B	¥15.3B
Intangible Assets	—	¥12.2B	¥12.9B	¥40.3B	¥40.4B
Investment Securities	¥390M	¥410M	¥8.8B	¥11.0B	¥11.1B
Deferred Tax Assets	—	¥165M	¥137M	¥439M	¥455M
Total Liabilities	¥31.0B	¥34.7B	¥39.7B	¥50.4B	¥44.4B
Current Liabilities	¥12.3B	¥13.9B	¥11.7B	¥16.5B	¥14.1B
Accounts Payable	—	¥3.2B	¥3.0B	¥3.6B	¥3.9B
ST Debt	¥4.1B	¥4.6B	¥3.2B	¥5.2B	¥2.3B
Taxes Payable	—	¥1.3B	¥102M	¥1.0B	¥2.6B
Non-Current Liabilities	¥18.7B	¥20.8B	¥28.0B	¥33.9B	¥30.3B
Total LT Borrowings	¥9.1B	¥11.0B	¥15.2B	¥17.8B	¥14.6B
Pension Obligations	—	¥955M	¥836M	¥751M	¥1.0B
Deferred Tax Liab.	—	¥3.7B	¥5.8B	¥10.0B	¥9.9B
Total Equity	¥80.4B	¥78.9B	¥79.4B	¥104.0B	¥98.9B
Capital Stock	—	¥7.1B	¥7.1B	¥7.1B	¥7.1B
Capital Surplus	—	¥22.8B	¥22.8B	¥22.8B	¥22.8B
Retained Earnings	¥38.8B	¥39.1B	¥37.5B	¥64.9B	¥59.4B
Treasury Stock	—	¥-5.6B	¥-5.3B	¥-5.0B	¥-39M
AOCI	—	¥15.6B	¥17.4B	¥14.2B	¥9.7B
Equity (owners)	¥62.3B	¥63.3B	¥62.0B	¥89.7B	¥89.2B

Total Interest-Bearing Debt ⓘ	¥13.2B	¥15.6B	¥18.4B	¥22.9B	¥16.9B
Net Cash ⓘ	¥8.3B	¥9.3B	¥1.9B	¥-2.2B	¥3.0B
NCAV ⓘ	¥20.0B	¥18.5B	¥7.7B	¥1.8B	¥1.4B
NCAV/Share	—	¥195	¥81	¥19	¥15
BV/Share	—	¥667	¥653	¥944	¥926

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.4B	¥7.5B	¥12.7B	¥10.9B	¥9.9B
Interest Paid	—	¥-231M	¥-183M	¥-177M	¥-143M
Interest Received	—	¥550M	¥371M	¥283M	¥277M
D&A	¥7.4B	¥8.0B	¥9.2B	¥8.5B	¥7.3B
Goodwill Amort.	—	—	¥1.2B	¥1.1B	¥976M
Investing CF	¥-4.9B	¥1.5B	¥-6.0B	¥-8.7B	¥-19.5B
CapEx	¥5.7B	¥4.9B	¥4.9B	¥8.8B	¥4.7B
Proceeds from Invest.	—	¥8.3B	—	—	¥29M
Financing CF	¥-5.9B	¥-5.9B	¥-8.1B	¥-1.6B	¥8.1B
Dividends Paid	—	¥-1.9B	¥-2.6B	¥-2.1B	¥-1.9B
Share Buybacks	—	¥-391M	¥-397M	¥-5.0B	¥-0M
LT Debt Repaid	—	¥-4.8B	¥-2.7B	¥-2.2B	¥-884M
Free Cash Flow	¥735M	¥2.6B	¥7.8B	¥2.0B	¥5.1B
Net Change in Cash	—	¥4.0B	¥-980M	¥1.2B	¥-1.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.0%	4.4%	-27.1%	7.5%	6.6%
ROA	1.4%	3.0%	-18.1%	5.1%	4.6%
EPS	¥16.99	¥36.57	¥-261.00	¥79.67	¥69.02
DPS	¥10.00	¥20.00	¥20.00	¥28.00	¥21.00
BPS	¥849.20	¥831.82	¥836.02	¥1,093.53	¥1,026.94
FCF/Share	—	¥28	¥82	¥21	¥53
NCAV/Share	—	¥195	¥81	¥19	¥15
Payout Ratio	58.9%	54.7%	—	35.1%	30.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 14

Date	Activist	Stake	Event	Flag	Demands
2025-07-29	KODEN Holdings Co., Ltd.	34.77%	change	Passive	—
2025-07-11	KODEN Holdings Co., Ltd.	34.77%	change	Passive	—
2025-04-07	Capital Research and Management Company	3.89% -1.39%	change	Passive	—
2024-12-06	Capital Research and Management Company	5.28% -0.55%	change	Passive	—
2024-11-22	T. Rowe Price Associates, Inc.	4.28% -2.86%	change	Passive	—
2024-11-08	T. Rowe Price Associates, Inc.	7.14% -2.27%	change	Passive	—
2024-09-06	T. Rowe Price Associates, Inc.	9.41%	change	Passive	—
2024-08-22	Capital Research and Management Company	5.83% -0.91%	change	Passive	—
2024-08-19	KODEN Holdings Company Limited	34.77%	change	Passive	—
2024-01-11	T. Rowe Price Japan, Inc.	8.26%	change	Passive	—
2023-12-13	KODEN Holdings Company Limited	34.77%	change	Passive	—
2023-10-20	Capital Research and Management Company	6.74% +1.18%	change	Passive	—
2023-09-25	Capital Research and Management Company	5.56% -1.11%	change	Passive	—
2023-09-13	Capital Research and Management Company	6.67%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	KODEN HOLDINGS CO. 株式会社ＫＯＤＥＮホールディングス	33,490,700	35.28%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	4,654,800	4.90%
3	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001（常任代理人：株式会社みずほ銀行決済営業部）	4,112,070	4.33%
4	INTERACTIVE BROKERS LLC（常任代理人：インタラクティブ・ブローカーズ証券株式会社）	3,151,000	3.32%
5	伊藤典光	3,041,600	3.20%
6	STATE STREET BANK WEST CLIENT - TREATY STATE STREET BANK WEST CLIENT - TREATY 505234（常任代理人：株式会社みずほ銀行決済営業部）	2,490,200	2.62%
7	管理信託（A030）受託者株式会社ＳＭＢＣ信託銀行	2,176,800	2.29%
8	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	1,933,800	2.03%
9	MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB（常任代理人：BOFA証券株式会社）	1,718,512	1.81%
10	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385840（常任代理人：株式会社みずほ銀行決済営業部）	1,344,526	1.41%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

6.9%

-0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

8.4%

-6.1% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

45.9%

+5.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
KODEN HOLDINGS CO. 式会社ＫＯＤＥＮホールディングス		35.22%	35.26%	35.28% +0.02%
State Street		8.05%	9.20%	6.95% -2.25%
Japan Custody Bank 日本カストディ銀行		3.12%	3.52%	4.90% +1.38%
Interactive Brokers NEW ENTRY	—	—	—	3.32% NEW
伊藤典光		3.19%	3.20%	3.20%
管理信託（A030）受託者株式会社ＳＭＢＣ信託銀行		2.28%	2.29%	2.29%
Japan Master Trust Bank 日本マスタートラスト信託銀行		4.81%	3.95%	2.03% -1.92%
MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB NEW ENTRY	—	—	—	1.81% NEW
JP Morgan		1.87%	3.74%	1.41% -2.33%
Northern Trust last seen 2024	Exited Top 10	—	1.52%	—
野村信託銀行 last seen 2023	Exited Top 10	2.10%	—	—
トヨタ自動車 last seen 2023	Exited Top 10	4.60%	—	—
Concentration (HHI) ⓘ		1383	1388	1353

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥406M -96% since 2023

Holdings 2 1 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥406M total		FY2023 ¥11,041M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NACHI-FUJIKOSHI CORP. ㈱不二越	365	107,000	423	107,000	M
NANYO CORPORATION ㈱南陽	41	+100.0% ↑ 35,200	40	17,600	M
Nabtesco Corporation ナブテスコ㈱	—	−100% Exit —	10,579	3,265,000
Portfolio total	406		11,041

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding