THK Co Ltd THKLY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsJapan

Last close 17.90 USD on Nov 1, 2026, +42.9% year to date

Quant rating

Quant rating A+ Rank 4 of 418 in Industrials

Growth B 202 of 418
Valuation A 23 of 418
Quality B 151 of 418
Revisions A 20 of 418
Momentum B 141 of 418

Wall Street consensus Buy (2.08)Average target 53.00 USD +196.1%

Historical valuation

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

Key data

Market cap: 4.3B
Enterprise value: 4.5B
52-week range: 11.93 – 25.70
3-year range: 7.78 – 25.70
Dividend yield: 3.91%
Beta (5 years): 1.27
Shares outstanding: 119M
Next earnings: Nov 13, 2026

About the company

THK Co Ltd is a Japan-based company mainly engaged in the manufacture and sale of linear motion (LM) guides and ball screws, as well as transportation equipment components such as link balls and suspension ball joints. The Company operates in five segments including Japan, Americas, Europe, China, and Others. The industrial equipment business primarily manufactures and sells mechanical components, mainly linear motion systems, and industrial machinery. The transportation equipment business primarily develops, designs, manufactures, and sells steering parts, suspension parts, and brake parts for transportation equipment such as automobiles and motorcycles. Linear motion systems are mechanical components used in linear motion of machinery. It directly sells to manufacturers and distributors of industrial machinery, including machine tools, industrial robots, and semiconductor manufacturing equipment, while other companies sell to other manufacturers and distributors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,535	2,244	2,495	3,003	2,765	–
Revenue growth	−31.6%	−10.0%	−16.9%	8.6%	30.3%	−6.3%
EPS (basic, normalized)	0.59	0.55	1.00	1.30	1.58	–
EPS growth	6.7%	−44.7%	−23.6%	−17.2%	–	–
Gross margin	29.3%	23.2%	23.2%	26.7%	25.1%	25.5%
Net margin	4.2%	3.0%	5.2%	5.4%	7.2%	5.0%
ROE	3.1%	2.8%	5.3%	6.7%	8.1%	5.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	735
Current ratio	2.61x
Long-term debt (mil)	491
Net debt (mil)	125
Total equity (mil)	1,698
Net debt / equity	0.07x
Net debt / EBITDA	0.47x

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
2025 actual	1,535	−31.6%	2.9x	264	+0.4%	16.9x	0.59	+6.7%	30.4x
2026	2,072	+35.0%	2.2x	445	+68.6%	10.0x	2.74	+365.5%	6.5x
2027	2,254	+8.8%	2.0x	529	+18.7%	8.4x	2.50	−8.8%	7.2x
2028	2,312	+2.6%	1.9x	578	+9.3%	7.7x	2.85	+14.0%	6.3x

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
2026	2,072	+1.2%	+8.0%	+17.2%	2.74	+6.8%	+76.3%	+116.6%
2027	2,254	+1.5%	+8.6%	+19.0%	2.50	+1.9%	+27.3%	+59.0%
2028	2,312	+2.6%	+12.1%	+22.7%	2.85	+2.0%	+30.2%	+52.3%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	85,127	94,724	85,279	87,629	84,946	91,300	91,981	98,034	69,043	82,024
Sales mean (mil)	82,150	84,450	89,000	87,415	86,888	89,761	92,888	89,991	63,246	73,992
Surprise	+3.6%	+12.2%	−4.2%	+0.2%	−2.2%	+1.7%	−1.0%	+8.9%	+9.2%	+10.9%
EPS reported	15.99	42.84	16.13	10.21	2.75	29.97	13.63	43.47	40.09	261.04
EPS mean	–	–	36.70	38.35	23.67	40.87	41.45	48.02	44.85	85.22
Surprise	–	–	−56.0%	−73.4%	−88.4%	−26.7%	−67.1%	−9.5%	−10.6%	+206.3%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
THKLY THK Co Ltd	4.3B	0.47x	4.2%	2.33x	6.5x	7.2x	10.0x	8.4x
XE X-Energy Inc	4.4B	–	−357.3%	2.45x	−18.7x	−24.1x	−21.7x	−22.0x
ESAB ESAB Corp	4.3B	4.44x	8.8%	1.71x	13.0x	10.9x	11.0x	9.4x
ALH Alliance Laundry Holdings Inc.	4.3B	3.95x	6.0%	8.69x	16.3x	14.7x	12.6x	11.8x
BMI Badger Meter, Inc.	4.2B	−0.31x	15.5%	6.51x	33.2x	29.8x	19.9x	18.3x
FELE Franklin Electric Co., Inc.	4.2B	1.22x	6.9%	2.91x	20.1x	17.9x	12.1x	10.7x
Mean		1.95x	−52.7%	4.10x	11.7x	9.4x	7.3x	6.1x
Median		1.22x	6.4%	2.68x	14.6x	12.8x	11.5x	10.1x

Technical analysis

1M−13.1%
3M−6.2%
1Y+35.4%
3Y+121.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, THK Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,535	2,244	2,495	3,003	2,765	2,121
Cost of revenue	1,085	1,724	1,916	2,200	2,072	1,672
Gross profit	450	520	579	803	693	450
Selling, general & administrative expenses	290	341	348	375	367	347
Research & development	36.8	41.3	40.3	44.9	44.6	48.2
Depreciation/amortization	19.6	28.5	29.2	30.2	31.6	38.6
Interest expense (income), operating	10.1	−0.3	−0.3	−4.3	−3.1	−1.5
Unusual expense (income)	3.8	7.0	−1.9	104	1.1	106
Other operating expenses	−3.0	−8.0	−5.2	−9.3	−11.0	−6.5
Operating income	92.2	110	168	263	263	−82.3
Net interest income (expense)	14.7	7.7	13.8	−7.3	−15.7	−0.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−6.4	1.5	−2.6	16.0	13.3	−11.4
Net income before taxes	101	119	179	271	261	−94.2
Provision for taxes	33.1	51.7	46.4	113	59.3	20.7
Minority interest	−2.6	−1.4	−2.4	2.9	−1.4	18.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	64.8	66.4	130	162	200	−96.8
Extraordinary items	−511	–	–	–	–	–
Net income	−446	66.4	130	162	200	−96.8
EBIT, normalized	106	117	166	362	261	21.9
EBITDA, normalized	261	270	321	521	425	203
Basic EPS, normalized	0.59	0.55	1.00	1.30	1.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, THK Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	715	893	1,113	1,261	1,316	1,539
Receivables	406	518	557	737	750	576
Total inventory	416	583	585	592	559	458
Prepaid expenses	–	–	–	–	–	–
Other current assets	279	85.1	109	102	103	86.2
Total current assets	1,815	2,079	2,364	2,692	2,728	2,659
Property, plant & equipment	1,040	1,296	1,323	1,314	1,374	1,413
Goodwill	0.6	19.4	18.5	18.5	61.6	62.0
Intangibles	19.8	39.2	48.8	52.6	101	120
Long-term investments	104	114	125	133	143	152
Note receivable	–	–	–	–	–	–
Other long-term assets	40.2	62.1	64.9	63.4	76.9	51.1
Total assets	3,019	3,610	3,944	4,274	4,485	4,457
Liabilities
Accounts payable	119	217	290	394	434	390
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	128	1.4	2.1	2.5	2.1	1.7
Current portion of long-term debt	97.4	162	107	188	34.7	36.0
Other current liabilities	297	135	123	203	212	139
Total current liabilities	641	515	522	787	683	567
Long-term debt	612	509	731	809	939	1,061
Minority interest	28.2	39.1	39.9	41.1	84.6	83.9
Other liabilities	70.1	107	118	105	131	165
Total liabilities	1,351	1,169	1,411	1,742	1,838	1,876
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	221	220	245	264	301	335
Additional paid-in capital	253	255	284	306	351	391
Retained earnings (accumulated deficit)	912	1,658	1,797	1,876	2,030	2,128
Treasury stock	−143	−134	−121	−131	−97.6	−136
Other equity	426	441	328	217	62.3	−138
Total equity	1,668	2,441	2,533	2,531	2,646	2,581
Total liabilities & shareholders' equity	3,019	3,610	3,944	4,274	4,485	4,457

Cash flow statement in millions of USD, fiscal years

Cash flow statement, THK Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	101	119	179	271	261	−94.2
Depreciation, depletion & amortization	155	153	155	159	163	181
Deferred taxes	–	–	–	–	–	–
Non-cash items	17.4	−20.8	−9.3	79.4	−6.3	80.1
Changes in working capital	−0.2	−70.5	−45.8	−223	−281	79.3
Cash from operations	273	181	279	286	136	246
Investing activities
Capital expenditures	−121	−188	−192	−224	−167	−174
Other investing cash flows	−5.8	−29.6	−0.3	−5.1	1.1	−3.8
Cash from investing	−126	−218	−192	−229	−166	−178
Financing activities
Financing cash flow items	−11.8	−1.2	−2.5	−30.6	−0.9	−2.3
Cash dividends paid	−187	−26.5	−69.4	−73.1	−31.0	−19.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−69.2	−116	−100	75.8	−78.7	60.1
Cash from financing	−268	−144	−172	−27.8	−111	38.5
Foreign exchange effects	8.6	65.3	33.2	65.4	76.5	−11.8
Net change in cash	−113	−116	−52.1	94.6	−64.4	94.4
Free cash flow	152	−7.3	87.1	62.2	−31.3	71.6

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.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

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