Yokogawa Electric Corporation YOKEY

Information TechnologyMachinery, Tools, Heavy Vehicles, Trains & ShipsJapan

Last close 58.50 USD on Nov 1, 2026, −8.8% year to date

Quant rating

Quant rating B Rank 46 of 200 in Information Technology

Growth B 41 of 200
Valuation B 66 of 200
Quality B 32 of 200
Revisions B 70 of 200
Momentum C 109 of 200

Wall Street consensus Buy (2.38)Average target 37.74 USD −35.5%

Historical valuation

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

Key data

Market cap: 7.5B
Enterprise value: 6.4B
52-week range: 52.87 – 79.89
3-year range: 35.70 – 79.89
Dividend yield: 1.32%
Beta (5 years): 1.01
Shares outstanding: 257M
Next earnings: Nov 4, 2026

About the company

Yokogawa Electric Corp is a Japan-based company mainly engaged in the manufacture and sale of control equipment. The Company operates in three segments. The Control segment provides comprehensive solutions ranging from on-site sensors such as flow meters, differential pressure/pressure transmitters, and process analyzers to production control systems, programmable controllers, industrial recorders, and various software to improve productivity and services to minimize plant life cycle costs. The Measuring Instruments segment provides waveform measuring instruments, optical communication-related measuring instruments, signal generators, and power, temperature, and pressure measuring instruments. The New Business and Others segment provides services utilizing the Internet of Things (IoT) and artificial intelligence (AI), manufacture and sales of biomass materials, and research, development, and contract manufacturing of bulk pharmaceuticals and other products.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,811	3,751	3,570	3,438	3,205	–
Revenue growth	1.6%	5.1%	3.8%	7.3%	−5.2%	2.4%
EPS (basic, normalized)	1.45	1.39	1.52	1.08	0.61	–
EPS growth	4.1%	−8.2%	40.8%	76.4%	–	–
Gross margin	45.7%	47.6%	47.2%	44.8%	44.3%	45.9%
Net margin	9.6%	9.3%	11.4%	8.5%	5.5%	8.9%
ROE	11.8%	11.5%	15.1%	10.9%	6.6%	11.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,204
Current ratio	2.27x
Long-term debt (mil)	0.1
Net debt (mil)	−989
Total equity (mil)	3,113
Net debt / equity	−0.32x
Net debt / EBITDA	−1.44x

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	3,811	+1.6%	1.7x	686	−6.2%	9.4x	1.45	+4.1%	40.3x
2027	3,990	+4.7%	1.6x	737	+7.4%	8.7x	1.58	+9.1%	36.9x
2028	4,287	+7.5%	1.5x	838	+13.8%	7.7x	1.85	+16.9%	31.6x
2029	4,464	+4.1%	1.4x	944	+12.6%	6.8x	2.03	+9.7%	28.8x

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	3,990	0.0%	+0.5%	−0.3%	1.58	+0.5%	+0.6%	−3.1%
2028	4,287	0.0%	+0.8%	+2.4%	1.85	0.0%	+1.6%	+2.7%
2029	4,464	0.0%	+0.8%	–	2.03	0.0%	+2.9%	+19.5%

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)	147,063	128,924	137,656	142,307	153,517	130,211	151,785	152,319	170,514	141,348
Sales mean (mil)	138,504	127,900	140,670	139,896	158,138	136,150	143,697	147,685	163,709	135,975
Surprise	+6.2%	+0.8%	−2.1%	+1.7%	−2.9%	−4.4%	+5.6%	+3.1%	+4.2%	+4.0%
EPS reported	36.76	38.65	55.80	54.29	51.67	59.08	55.78	60.72	52.12	48.27
EPS mean	–	41.20	48.70	53.08	52.65	40.64	50.18	64.27	65.15	50.23
Surprise	–	−6.2%	+14.6%	+2.3%	−1.9%	+45.4%	+11.2%	−5.5%	−20.0%	−3.9%

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
YOKEY Yokogawa Electric Corporation	7.5B	−1.44x	9.6%	2.26x	36.9x	31.6x	8.7x	7.7x
SUZRY Sulzer AG	7.6B	–	8.2%	4.69x	1.1x	1.0x	11.2x	10.4x
RAL Ralliant Corporation	7.4B	2.07x	−59.1%	4.85x	23.4x	19.9x	17.6x	15.4x
SPXSY Spirax Group PLC	7.4B	–	9.6%	4.41x	11.8x	10.5x	14.5x	13.3x
ESE ESCO Technologies Inc.	7.4B	0.11x	10.6%	3.81x	28.4x	26.0x	22.4x	15.5x
ACLLY Accelleron Industries AG	7.3B	–	18.4%	16.98x	24.1x	21.4x	17.4x	15.6x
Mean		0.24x	−0.4%	6.17x	21.0x	18.4x	15.3x	13.0x
Median		0.11x	9.6%	4.55x	23.8x	20.7x	16.0x	14.4x

Technical analysis

1M+10.6%
3M−21.3%
1Y−0.8%
3Y+49.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Yokogawa Electric Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,811	3,751	3,570	3,438	3,205	3,380
Cost of revenue	2,069	1,967	1,885	1,898	1,784	1,897
Gross profit	1,741	1,784	1,685	1,540	1,420	1,483
Selling, general & administrative expenses	1,014	1,013	950	978	936	953
Research & development	207	213	214	227	233	244
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	37.6	61.0	86.6	1.2	46.0	25.2
Other operating expenses	0	0	0	0	0	0
Operating income	483	496	434	333	206	260
Net interest income (expense)	19.9	22.2	149	38.7	51.3	25.7
Gain (loss) on sale of assets	0.7	11.2	0.2	3.9	−0.9	0.5
Other non-operating income (expense)	−5.8	−5.7	−3.8	−0.8	−9.1	−1.7
Net income before taxes	497	524	580	375	247	285
Provision for taxes	113	156	144	59.2	52.9	92.3
Minority interest	−18.0	−20.6	−28.5	−22.7	−19.7	−18.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	366	348	408	293	175	174
Extraordinary items	–	–	–	–	–	–
Net income	366	348	408	293	175	174
EBIT, normalized	520	557	521	334	252	285
EBITDA, normalized	678	709	670	483	400	444
Basic EPS, normalized	1.45	1.39	1.52	1.08	0.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Yokogawa Electric Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,371	1,259	924	915	967	930
Receivables	1,601	1,558	1,563	1,530	1,488	1,660
Total inventory	332	340	362	365	353	323
Prepaid expenses	–	–	–	–	–	–
Other current assets	172	153	160	183	185	207
Total current assets	3,475	3,310	3,008	2,992	2,994	3,119
Property, plant & equipment	580	585	602	659	715	764
Goodwill	81.8	43.8	39.5	110	98.6	38.4
Intangibles	321	310	250	255	218	199
Long-term investments	446	429	434	533	438	460
Note receivable	–	–	–	–	–	–
Other long-term assets	109	113	114	109	108	108
Total assets	5,013	4,790	4,447	4,659	4,570	4,689
Liabilities
Accounts payable	298	282	274	311	302	314
Payable/accrued	–	–	–	–	–	–
Accrued expenses	150	150	156	156	141	147
Short-term debt	1.3	2.1	1.9	192	177	206
Current portion of long-term debt	168	17.4	18.4	167	22.8	56.6
Other current liabilities	903	868	783	778	814	803
Total current liabilities	1,521	1,319	1,233	1,605	1,456	1,527
Long-term debt	46.2	208	197	70.6	244	231
Minority interest	62.2	52.5	53.7	54.2	55.6	58.2
Other liabilities	107	91.0	77.7	70.3	71.7	88.3
Total liabilities	1,737	1,670	1,561	1,800	1,828	1,904
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	273	289	287	327	357	392
Additional paid-in capital	229	364	360	410	447	491
Retained earnings (accumulated deficit)	2,355	2,285	2,009	1,892	1,820	1,890
Treasury stock	−42.0	−155	−128	−10.6	−11.6	−12.7
Other equity	462	337	358	241	129	24.3
Total equity	3,277	3,120	2,886	2,859	2,742	2,785
Total liabilities & shareholders' equity	5,013	4,790	4,447	4,659	4,570	4,689

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Yokogawa Electric Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	497	524	580	375	247	285
Depreciation, depletion & amortization	158	152	149	148	147	159
Deferred taxes	–	–	–	–	–	–
Non-cash items	29.7	−1.3	−53.6	−28.6	−10.7	−35.2
Changes in working capital	−143	−14.5	−254	−190	40.3	−112
Cash from operations	542	660	422	304	424	297
Investing activities
Capital expenditures	−174	−179	−159	−157	−149	−149
Other investing cash flows	−34.3	−11.5	177	−91.1	−83.9	−19.0
Cash from investing	−209	−191	17.5	−248	−233	−168
Financing activities
Financing cash flow items	−21.0	−32.2	−17.7	−17.2	−20.6	−13.3
Cash dividends paid	−98.6	−90.2	−59.4	−68.4	−74.6	−82.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−102	−52.6	−303	3.2	−37.7	−59.3
Cash from financing	−222	−175	−380	−82.3	−133	−155
Foreign exchange effects	73.3	4.5	59.9	32.3	59.1	40.0
Net change in cash	185	299	119	6.3	118	14.0
Free cash flow	367	481	262	147	276	147

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.