DENSO CORPORATION DNZOY

Consumer DiscretionaryAutomobiles & Auto PartsJapan

Last close 11.42 USD on Nov 1, 2026, −12.8% year to date

Quant rating

Quant rating D Rank 236 of 297 in Consumer Discretionary

Growth D 250 of 297
Valuation C 119 of 297
Quality B 104 of 297
Revisions D 256 of 297
Momentum C 167 of 297

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 34.4B
Enterprise value: 35.1B
52-week range: 11.17 – 14.98
3-year range: 11.17 – 19.52
Dividend yield: 3.63%
Beta (5 years): 0.94
Shares outstanding: 2,911M
Next earnings: Aug 14, 2026

About the company

Denso Corp is a Japan-based company mainly engaged in the development, manufacture and sale of automotive parts in the areas of thermal systems, powertrain systems, mobility electronics, electrification systems, advanced devices, and non-automotive business. The Company operates through four segments, including Japan, North America, Europe, and Asia. Thermal system products include passenger thermals and commercial thermals. Powertrain system products include injection equipment, and engine equipment. Mobility electronics products include electronics products, and safety system products. Electrification system products include electrification components, power mobility electronics, and motors. Advanced device products include mechatronics systems, and sensing systems. Non-automotive business includes AUTO-ID-related products, and factory automation (FA)-related products. The Company also operates business activities through local subsidiaries in South America and other regions.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	47,508	47,761	47,219	48,206	45,335	–
Revenue growth	−0.5%	1.1%	−2.0%	6.3%	1.7%	1.3%
EPS (basic, normalized)	0.35	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	15.5%	15.4%	15.3%	14.2%	14.5%	15.0%
Net margin	5.9%	5.9%	4.4%	4.9%	4.8%	5.2%
ROE	8.5%	8.0%	6.3%	7.3%	6.4%	7.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,035
Current ratio	2.25x
Long-term debt (mil)	6,773
Net debt (mil)	742
Total equity (mil)	32,689
Net debt / equity	0.02x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	47,508	−0.5%	0.7x	–	–	–	0.35	–	32.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Jun 2011	Sep 2011	Dec 2011	Mar 2012	Jun 2012	Sep 2012
Sales reported (mil)	–	–	–	–	7,732	10,024	10,409	11,850	11,020	10,825
Sales mean (mil)	–	–	–	–	–	–	–	11,270	11,052	11,167
Surprise	–	–	–	–	–	–	–	+5.1%	−0.3%	−3.1%
EPS reported	–	–	–	–	0.01	0.09	0.05	0.20	0.19	0.12
EPS mean	–	–	–	–	–	–	–	0.17	0.17	0.16
Surprise	–	–	–	–	–	–	–	+17.1%	+8.6%	−28.1%

Peer comparison Automobiles & Auto Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DNZOY DENSO CORPORATION	34.4B	–	5.9%	0.91x	–	–	–	–
ASEKY AISIN CORPORATION	9.6B	–	–	–	–	–	–	–
GTX Garrett Motion Inc.	3.9B	1.82x	8.6%	−6.27x	10.7x	9.5x	7.2x	6.9x
GNTX Gentex Corporation	4.2B	–	15.0%	1.69x	9.9x	9.3x	6.7x	6.5x
DORM Dorman Products, Inc.	4.0B	0.63x	9.6%	2.57x	15.7x	15.0x	10.2x	11.1x
QS QuantumScape Corporation	2.5B	3.13x	–	2.54x	−6.3x	−6.2x	−6.7x	−7.3x
Mean		1.86x	9.8%	0.29x	7.5x	6.9x	4.4x	4.3x
Median		1.82x	9.1%	1.69x	10.3x	9.4x	6.9x	6.7x

Technical analysis

1M−4.2%
3M−8.0%
1Y−21.3%
3Y−15.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, DENSO CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	47,508	47,761	47,219	48,206	45,335	44,596
Cost of revenue	40,138	40,406	40,016	41,345	38,748	38,620
Gross profit	7,369	7,355	7,203	6,862	6,588	5,975
Selling, general & administrative expenses	3,536	3,793	4,493	3,429	3,486	4,329
Research & development	–	–	–	–	–	–
Depreciation/amortization	235	239	234	264	298	319
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	63.2	−101	16.1	17.1	65.7	−20.3
Other operating expenses	39.9	12.6	−44.9	−57.9	−66.8	−76.3
Operating income	3,495	3,411	2,506	3,209	2,804	1,424
Net interest income (expense)	441	475	415	255	371	320
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−46.3	−30.5	−37.7	−22.9	−12.8	5.8
Net income before taxes	3,889	3,855	2,883	3,441	3,163	1,750
Provision for taxes	818	752	533	821	790	412
Minority interest	−276	−308	−283	−250	−204	−208
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,796	2,795	2,067	2,369	2,169	1,130
Extraordinary items	–	–	–	–	–	–
Net income	2,796	2,795	2,067	2,369	2,169	1,130
EBIT, normalized	3,558	3,310	2,522	3,226	2,870	1,404
EBITDA, normalized	6,228	6,035	5,251	6,262	5,990	4,691
Basic EPS, normalized	0.35	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, DENSO CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	7,705	7,331	5,537	5,780	7,279	8,247
Receivables	8,898	8,289	8,468	9,517	9,212	9,294
Total inventory	8,423	8,023	7,747	8,433	8,484	6,560
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,077	2,431	3,794	952	1,071	1,101
Total current assets	26,103	26,074	25,546	24,682	26,046	25,201
Property, plant & equipment	13,345	13,755	13,812	15,053	16,094	17,377
Goodwill	430	197	190	175	198	191
Intangibles	1,566	1,332	1,130	1,107	1,081	1,109
Long-term investments	12,201	11,644	18,170	13,626	16,233	16,155
Note receivable	–	–	–	–	–	–
Other long-term assets	1,366	1,183	1,249	1,149	1,438	1,103
Total assets	55,011	54,185	60,098	55,792	61,091	61,135
Liabilities
Accounts payable	5,183	5,627	5,378	6,141	6,194	6,053
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	293	716	1,180	1,171	1,432	461
Current portion of long-term debt	1,283	1,052	1,142	1,296	914	614
Other current liabilities	5,744	6,672	6,609	4,923	5,454	6,410
Total current liabilities	12,502	14,067	14,308	13,531	13,994	13,538
Long-term debt	3,801	3,158	3,615	4,639	6,263	7,151
Minority interest	1,406	1,405	1,398	1,527	1,563	1,678
Other liabilities	2,694	2,356	4,196	3,134	3,931	3,620
Total liabilities	20,403	20,985	23,517	22,831	25,751	25,986
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,181	1,250	1,239	1,412	1,541	1,693
Additional paid-in capital	1,712	1,839	1,807	2,061	2,251	2,462
Retained earnings (accumulated deficit)	24,714	22,628	22,812	24,190	24,804	25,262
Treasury stock	−2,755	−1,263	−2,988	−1,900	−1,252	−513
Other equity	9,756	8,745	13,710	7,198	7,996	6,246
Total equity	34,608	33,200	36,580	32,961	35,339	35,149
Total liabilities & shareholders' equity	55,011	54,185	60,098	55,792	61,091	61,135

Cash flow statement in millions of USD, fiscal years

Cash flow statement, DENSO CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	3,889	3,855	2,883	3,441	3,163	1,750
Depreciation, depletion & amortization	2,382	2,511	2,474	2,746	2,848	3,031
Deferred taxes	–	–	–	–	–	–
Non-cash items	−747	−741	712	−658	−1,143	−556
Changes in working capital	−2,305	−565	288	−989	−1,616	−276
Cash from operations	3,220	5,060	6,357	4,539	3,252	3,950
Investing activities
Capital expenditures	−2,736	−2,970	−2,950	−3,120	−3,059	−3,927
Other investing cash flows	2,629	3,783	−86.5	381	580	350
Cash from investing	−106	813	−3,037	−2,739	−2,479	−3,576
Financing activities
Financing cash flow items	144	−766	−309	−137	−297	−77.7
Cash dividends paid	−1,113	−1,204	−965	−1,000	−952	−980
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,268	−2,548	−2,009	−1,876	−61.6	3,214
Cash from financing	−2,237	−4,518	−3,282	−3,013	−1,311	2,156
Foreign exchange effects	400	−40.5	330	204	295	177
Net change in cash	1,277	1,315	367	−1,009	−243	2,706
Free cash flow	484	2,090	3,406	1,419	193	23.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.