6902
DENSO CORPORATION
株式会社デンソー
Transportation Equipments
DENSO Corporation engages in the manufacture and sale of automotive parts in Japan, Rest of Asia, North America, Europe, and internationally. The company offers air-conditioning systems, including thermal management heat pump system, heat pump air-conditioning systems, personal heating and cooling devices, air quality system, heat exchangers, bus air-conditioning systems, automotive freezers, control system products, pick up systems, and cooling products, as well as heating, ventilation, and air-conditioning units. It also provides gasoline, diesel, hybrid, electric vehicle, and fuel cell vehicle power-train systems; and safety and cockpit systems, such as driving environment recognition, vehicle dynamic control, collision safety, visibility support, cockpit information, and information security systems, as well as other products. In addition, the company offers automotive service parts and accessories, comprising spark plugs, oil and cabin air filters, wiper blades, air filter elements, starters, alternators, compressors, oxygen sensors, fuel pumps, air conditioner service parts, radiators, condensers, plasmacluster ion generators, air conditioners for busses and construction vehicles, and truck refrigeration products, as well as refrigerant recovery, recycling, and charging machines; and repair and support products and services. Further, the company provides industrial solutions for factories in automotive parts production; agricultural solutions, including Profarm Controller, a climate control system for greenhouse and horticulture solutions; and home energy management system, co2 refrigerant heat-pumps and industrial systems. DENSO Corporation was incorporated in 1949 and is headquartered in Kariya, Japan.
Price
¥1,908
Market Cap
¥5.4T
Ent. Value
¥5.0T
Net Cash
¥377.8B
Shares Out.
2.8B
P / E
11.7×
EV / EBIT
9.0×
P / Book
0.94×
P / NCAV
4.77×
Div. Yield
1.68%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥7,540.0B | ¥7,540.0B | ¥7,144.7B | ¥6,401.3B | ¥5,515.5B |
| Cost of Sales | ¥6,370.4B | ¥6,370.4B | ¥6,054.8B | ¥5,490.2B | ¥4,714.0B |
| Gross Profit | ¥1,169.6B | ¥1,169.6B | ¥1,090.0B | ¥911.1B | ¥801.5B |
| SG&A | ¥598.6B | ¥598.6B | ¥715.2B | ¥490.5B | ¥460.4B |
| Operating Income | ¥552.5B | ¥552.5B | ¥380.6B | ¥426.1B | ¥341.2B |
| Non-Operating Income | — | ¥86.4B | ¥78.7B | ¥51.5B | ¥42.3B |
| Non-Operating Expenses | — | ¥25.8B | ¥22.2B | ¥13.7B | ¥8.4B |
| Ordinary Income | ¥617.3B | ¥578.0B | — | — | — |
| Pre-tax Income | ¥617.3B | ¥617.3B | ¥436.2B | ¥456.9B | ¥384.8B |
| Net Income (owners) | ¥443.8B | ¥443.8B | ¥312.8B | ¥314.6B | ¥263.9B |
| Minority Interest | — | ¥46.2B | ¥42.8B | ¥33.2B | ¥24.9B |
| Comprehensive Income | — | ¥-136.6B | ¥1,557.6B | ¥348.7B | ¥655.5B |
| EPS | ¥162.96 | ¥162.96 | ¥104.97 | ¥416.01 | ¥342.77 |
| Shares Outstanding | — | 2.82B | 2.91B | 748.7M | 763.2M |
| Shares Issued (total) | — | 2.91B | 3.15B | 787.9M | 787.9M |
| Treasury Shares | — | 93.9M | 241.3M | 39.2M | 24.7M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥8,730.9B | ¥8,730.9B | ¥9,093.4B | ¥7,408.7B | ¥7,432.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥4,142.8B | ¥4,142.8B | ¥3,865.4B | ¥3,277.6B | ¥3,168.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥1,189.1B | ¥1,189.1B | ¥789.4B | ¥733.9B | ¥867.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥4,588.0B | ¥4,588.0B | ¥5,228.0B | ¥4,131.1B | ¥4,263.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥2,060.1B | ¥2,060.1B | ¥2,043.6B | ¥1,955.2B | ¥1,912.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥29.6B | ¥28.8B | ¥23.2B | ¥24.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥229.3B | ¥199.8B | ¥170.2B | ¥155.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥75.9B | ¥56.1B | ¥43.0B | ¥36.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥3,015.0B | ¥3,015.0B | ¥3,346.9B | ¥2,829.0B | ¥2,942.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥1,984.2B | ¥1,984.2B | ¥2,165.0B | ¥1,796.8B | ¥1,702.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥237.4B | ¥237.4B | ¥332.5B | ¥303.5B | ¥262.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥1,030.8B | ¥1,030.8B | ¥1,181.9B | ¥1,032.2B | ¥1,240.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥573.9B | ¥573.9B | ¥518.2B | ¥585.8B | ¥728.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥116.2B | ¥382.8B | ¥151.5B | ¥197.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥5,715.8B | ¥5,715.8B | ¥5,746.5B | ¥4,579.7B | ¥4,489.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥275.8B | ¥273.5B | ¥273.7B | ¥273.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥3,922.3B | ¥3,922.3B | ¥3,451.7B | ¥3,212.2B | ¥3,017.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-189.4B | ¥-452.1B | ¥-252.3B | ¥-152.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥1,195.5B | ¥1,815.6B | ¥955.8B | ¥972.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥5,492.7B | ¥5,492.7B | ¥5,535.0B | ¥4,376.9B | ¥4,299.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥210.7B | ¥211.5B | ¥202.8B | ¥190.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥811.3B | ¥811.3B | ¥850.7B | ¥889.3B | ¥991.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥377.8B | ¥377.8B | ¥-61.3B | ¥-155.4B | ¥-123.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥1,127.8B | ¥1,127.8B | ¥518.5B | ¥448.6B | ¥226.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥400 | ¥178 | ¥599 | ¥296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,950 | ¥1,902 | ¥5,846 | ¥5,633 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥511.0B | ¥511.0B | ¥961.8B | ¥602.7B | ¥395.6B |
| Investing CF | ¥-16.9B | ¥-16.9B | ¥-459.5B | ¥-363.7B | ¥-301.6B |
| CapEx | ¥370.2B | ¥370.2B | ¥391.6B | ¥360.6B | ¥336.4B |
| Financing CF | ¥-355.0B | ¥-355.0B | ¥-496.7B | ¥-400.1B | ¥-159.5B |
| Free Cash Flow | ¥140.9B | ¥140.9B | ¥570.2B | ¥242.1B | ¥59.2B |
| Net Change in Cash | — | ¥197.1B | ¥55.5B | ¥-134.0B | ¥-29.6B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 7.8% | 7.7% | 6.1% | 6.9% | 5.9% |
| ROA | 5.1% | 5.0% | 3.8% | 4.2% | 3.6% |
| EPS | ¥162.96 | ¥162.96 | ¥104.97 | ¥416.01 | ¥342.77 |
| DPS | ¥32.00 | ¥32.00 | ¥130.00 | ¥185.00 | ¥165.00 |
| BPS | ¥2,040.42 | ¥2,040.42 | — | — | — |
| FCF/Share | — | ¥50 | ¥196 | ¥323 | ¥78 |
| NCAV/Share | — | ¥400 | ¥178 | ¥599 | ¥296 |
| Payout Ratio | 19.6% | 19.6% | 123.8% | 44.5% | 48.1% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 8
Capital Allocation Signals 2
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-04-28
11:10
|
Div Increase | ¥94.2B ¥35.0/sh +9% | Denso announced a dividend increase for fiscal year ended March 31, 2026, raising the final dividend from the previously… | |
|
Summary
Denso announced a dividend increase for fiscal year ended March 31, 2026, raising the final dividend from the previously forecasted 32 yen to 35 yen per share (+3 yen, +9.4%), resulting in a total annual dividend of 67 yen. Total dividend payout is 94.2 billion yen with a dividend payout ratio (DOE) of 3.5%, reflecting the company's commitment to long-term stable dividends while maintaining capital efficiency.
Deadline: 2026-05-29
YoY: +9%
Source (JP)
当期の1株当たり期末配当金につきましては、前回発表の配当予想から3円増額し、35 円とさせていただきます。この結果、1株当たりの年間配当金は 67 円となり、当期の DOE は 3.5%となります。
剰余金の配当に関するお知らせ
TDnet PDF
|
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|
2026-04-28
11:10
|
TOB | ¥1935.0/sh 6.9% | Denso Corporation resolved to conduct a public tender offer (TOB) to acquire 184,897,656 shares (6.87% of outstanding sh… | |
|
Summary
Denso Corporation resolved to conduct a public tender offer (TOB) to acquire 184,897,656 shares (6.87% of outstanding shares) held by Toyota Automatic Loom Works and related trust accounts. The offer price is set at 10% discount to the lower of the prior business day closing price or 1-month average price, with a price cap of 1,935 JPY per share (the June 2, 2025 closing price). The acquisition is contingent on Toyota Automatic Loom Works' successful privatization via Toyota's tender offer completed on March 23, 2026.
% of Shares: 6.9%
Shares: 184,897,656
Source (JP)
本公開買付けにおける買付予定数は豊田自動織機が所有する当社普通株式の全部(157,705,656株)及び退職給付信託の信託財産として三井住友信託銀行株式会社に信託している当社普通株式の全部(27,192,000株)の合計数である184,897,656株(所有割合:6.87%)
自己株式の取得及び自己株式の公開買付けに関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
TOYOTA MOTOR CORPORATION
トヨタ自動車株式会社
|
598,927 | 21.25% |
| 2 |
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)
|
372,158 | 13.20% |
| 3 |
Toyota Industries Corporation
株式会社豊田自動織機
|
157,706 | 5.59% |
| 4 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
140,933 | 5.00% |
| 5 | トヨタ不動産株式会社 | 133,235 | 4.72% |
| 6 |
Nippon Life Insurance
日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社)
|
86,654 | 3.07% |
| 7 | デンソー従業員持株制度会 | 50,007 | 1.77% |
| 8 |
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)
|
37,313 | 1.32% |
| 9 |
State Street Bank and Trust Company
STATE STREET BANK WEST CLIENT - TREATY505234(常任代理人 株式会社みずほ銀行決済営業部)
|
36,555 | 1.29% |
| 10 |
JPMorgan Chase Bank, N.A.
JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)
|
35,503 | 1.26% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
18.2%
+1.9% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.9%
+3.9% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
36.4%
-2.7% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 58.5% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| TOYOTA MOTOR CORPORATION トヨタ自動車 | 24.16% | 20.57% | 21.25% +0.68% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 11.76% | 11.71% | 13.20% +1.49% | |
| Toyota Industries Corporation 式会社豊田自動織機 | 9.26% | 5.41% | 5.59% +0.18% | |
| Japan Custody Bank 日本カストディ銀行 | 4.85% | 4.60% | 5.00% +0.40% | |
| トヨタ不動産 | 4.44% | 4.57% | 4.72% +0.15% | |
| Nippon Life Insurance 日本生命保険 | 2.89% | 2.97% | 3.07% +0.10% | |
| State Street NEW ENTRY | 0.98% | — | 2.61% NEW | |
| デンソー従業員持株制度会 | 1.73% | 1.67% | 1.77% +0.10% | |
| JP Morgan NEW ENTRY | — | — | — | 1.26% NEW |
| GOVERNMENT OF NORWAY GOVERNMENT OF NORWAY last seen 2024 | Exited Top 10 | — | 1.34% | — |
| SSBTC CLIENT OMNIBUS ACCOUNT SSBTC CLIENT OMNIBUS ACCOUNT last seen 2024 | Exited Top 10 | — | 1.33% | — |
| STATE STREET BANK WEST CLIENT - TREATY505234 みずほ銀行 last seen 2024 | Exited Top 10 | — | 1.24% | — |
| SSBTC クライアント オムニバス アカウント last seen 2023 | Exited Top 10 | 1.07% | — | — |
| 式会社アイシン last seen 2023 | Exited Top 10 | 1.67% | — | — |
| Concentration (HHI) ⓘ | 867 | 648 | 725 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥371,526M
-43% since 2023
Holdings
15
+6 new
14 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥371,526M total | FY2023 ¥656,011M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
TOYOTA INDUSTRIES CORPORATION
㈱豊田自動織機
|
188,333 |
-50.0%
↓
14,823,500
|
217,912 | 29,647,895 | M |
|
Renesas Electronics Corporation
ルネサスエレクトロニクス㈱
|
149,094 |
-51.0%
↓
75,015,825
|
293,040 | 153,143,625 | |
|
AISAN INDUSTRY CO., LTD
愛三工業㈱ (注2)
|
11,528 |
NEW
New
5,500,000
|
— | M | |
| Infineon Technologies AG | 11,031 |
2,220,565
|
12,184 | 2,220,565 | |
| Canatu Oyj | 5,820 |
NEW
New
3,264,417
|
— | ||
|
ROHM COMPANY LIMITED
ローム㈱
|
1,602 |
NEW
New
1,121,300
|
— | ||
| Blaize Holdings, Inc. | 1,412 |
NEW
New
4,673,746
|
— | ||
| ON Semiconductor Corporation | 1,210 |
NEW
New
198,900
|
— | ||
| Electreon Wireless Ltd. | 765 |
NEW
New
235,358
|
— | ||
|
SAWAFUJI ELECTRIC CO.,LTD.
澤藤電機㈱
|
356 |
400,000
|
468 | 400,000 | |
|
譬ェ蠑丈シ夂、セ繝「繝ォ繝輔か
㈱モルフォ
|
307 |
261,800
|
295 | 261,800 | |
|
Misonoza Co.
㈱御園座
|
68 |
40,000
|
71 | 40,000 | |
|
suzuki motor corporation
スズキ㈱
|
— | — | M | ||
|
IBIDEN CO.,LTD.
イビデン㈱
|
— | — | M | ||
|
Central Japan Railway Company
東海旅客鉄道㈱
|
— | — | |||
|
AISIN CORPORATION
㈱アイシン
|
— |
−100%
Exit
—
|
47,257 | 12,964,922 | M |
|
JTEKT Corporation
㈱ジェイテクト
|
— |
−100%
Exit
—
|
18,757 | 18,371,467 | M |
|
HONDA MOTOR CO., LTD.
本田技研工業㈱
|
— |
−100%
Exit
—
|
3,858 | 1,099,050 | |
|
繧、繝シ繧ス繝ォ譬ェ蠑丈シ夂、セ
イーソル㈱
|
— |
−100%
Exit
—
|
1,200 | 1,417,000 | |
|
TRINITY INDUSTRIAL CORPORATION
トリニティ工業㈱
|
— |
−100%
Exit
—
|
61 | 90,000 | |
|
TOYOTA BOSHOKU CORPORATION
トヨタ紡織㈱
|
— |
−100%
Exit
—
|
21,781 | 10,192,100 | M |
|
TOKAI RIKA CO.,LTD.
㈱東海理化電機製作所
|
— |
−100%
Exit
—
|
14,437 | 8,873,610 | M |
|
TOYOTA TSUSHO CORPORATION
豊田通商㈱
|
— |
−100%
Exit
—
|
12,046 | 2,143,334 | M |
|
AISAN INDUSTRY CO., LTD
愛三工業㈱
|
— |
−100%
Exit
—
|
4,945 | 5,500,000 | M |
|
Daido Special Steel Co., Ltd.
大同特殊鋼㈱
|
— |
−100%
Exit
—
|
2,496 | 480,000 | M |
|
TOYODA GOSEI CO.,LTD.
豊田合成㈱
|
— |
−100%
Exit
—
|
2,286 | 1,002,531 | M |
|
HINO MORTORS,LTD.
日野自動車㈱
|
— |
−100%
Exit
—
|
2,265 | 4,095,687 | M |
|
AICHI STEEL CORPORATION
愛知製鋼㈱
|
— |
−100%
Exit
—
|
445 | 190,222 | M |
|
FINESINTER CO.,LTD.
㈱ファインシンター
|
— |
−100%
Exit
—
|
207 | 201,400 | M |
| Portfolio total | 371,526 | 656,011 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding