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FANUC CORPORATION 6954

TokyoMachineryFinancials to Jun 30, 2026 · Updated Oct 8, 2026

On Stock Analysis · affiliate link
6954 financials
Moat score
71
ROIC
12.5%
Fiscal 2026
P/E
31.3
EV/EBIT
25.0
FCF yield
4.1%
12 months to Mar 31, 2026
Dividend yield
1.7%
12 months to Mar 31, 2026
Market cap
¥5.62T

Moat ranks

Score rankTied #238 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

3/31/26
¥BMar '25Mar '26
Cash502.1615.1
Securities104.4138.8
Debt0.00.0
Net cash606.5753.9
Equity1,724.51,864.9
Leverage
Debt / EBITDA
0.00×
Debt / equity
0.00×
Leases (3/31/26)
¥7.6B
Capital
Diluted shares
933M
Book value / share
¥1,998.45
Price / book
3.0×
Net cash / share
¥807.87
Market cap
¥5.62T
Enterprise value
¥4.86T

Per-share record

Fiscal years and TTM
Scale
¥0¥250¥500¥750¥1,000'17'18'19'20'21'22'23'24'25919.28'26956.43TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q1 '27
IndicatorLatestVs year agoLast 8 quarters
Revenue growth17.7%+17.0 pts
Operating margin23.2%+1.5 pts
FCF margin–––
Capex / revenue–––
FA sales¥57.4B+15%
Robot sales¥96.1B+19%
Service sales¥35.9B+13%
Consolidated orders~¥281.9B+37%
FA orders~¥90.2B+64%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About 6954

FANUC supplies CNC controls and servos, industrial robots, compact machine tools, injection molding machines and maintenance. In the March 2026 year, robots contributed 44.1% of sales, FA 24.3%, service 16.5% and ROBOMACHINE 15.1%.

Revenue mix
Industrial Robots (ROBOT) - robot systems and controllers 44.1%Factory Automation (FA) - CNC, servos, lasers 24.3%Service - parts, maintenance, and customer support 16.5%ROBOMACHINE - ROBODRILL, ROBOSHOT, ROBOCUT 15.1%
  • De Facto Standard

    FANUC reached five million cumulative CNC units in 2022.

  • Service Field Network

    More than 280 service locations and 2,300 service and support staff cover over 100 countries.

  • Capacity Moat

    FANUC has multiple robot assembly sites and is adding production-ready U.S. space.

  • Service Field Network

    A million-unit robot installed base is supported through more than 280 global service locations.

Timeline
  1. Sep 30, 2026

    FANUC and Hitachi entered a physical-AI partnership that will validate robots at Hitachi factories and target customer deployment from fiscal 2027; commercial revenue and deployment performance remain unproven.

  2. Sep 17, 2026

    FANUC completed its JPY50bn repurchase program with 8,268,900 shares acquired, returning surplus capital and reducing shares outstanding.

  3. Sep 11, 2026

    FANUC launched an AI Welding Agent that reads drawings and generates welding programs, expanding the tasks its robots can address without a disclosed order or revenue contribution.

  4. Sep 11, 2026

    FANUC launched a portable collaborative robot for construction-site automation, extending its application range beyond fixed factory cells without disclosing orders or sales.

  5. Sep 11, 2026

    FANUC announced a collaborative CRX pipe laser-welding system with simpler programming and low-distortion welding for varied, small-batch work, extending possible applications without a disclosed sales contribution.

Ownership

CEO
Kenji Yamaguchi
Since 2019 · 7 yrs
Professional CEOSingle share class

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Financial record

Fiscal year2017201820192020202120222023202420252026TTMTrendChange 2017–26
Per share (¥)
Revenue553.88749.66655.79529.09574.79764.28891.74837.49849.79919.28956.43+5.8%/yr
Cash flow125.55181.58183.39150.81123.03130.94104.15180.88272.14268.87–+8.8%/yr
Earnings131.73187.73159.0776.3898.02161.90178.55140.23157.31178.47192.55+3.4%/yr
Free cash flow35.2875.2954.0872.29100.3395.1154.89124.14228.64246.17–+24.1%/yr
Capex90.27106.29129.3178.5222.7035.8349.2656.7443.5022.70–-14.2%/yr
Dividends78.9294.92179.09106.7552.6490.50100.9994.8888.63101.23–+2.8%/yr
Book value1,406.171,507.981,483.511,410.651,486.261,601.321,690.801,796.101,838.481,998.462,028.06+4.0%/yr
Diluted shares (M)969969969961959959955950938933933-0.4%/yr
Totals (¥B)
Revenue536.9726.6635.6508.3551.3733.0852.0795.3797.1857.8892.5+5.3%/yr
Operating income153.2229.6163.388.4112.5183.2191.4141.9158.8183.8194.8+2.0%/yr
Net income127.7182.0154.273.494.0155.3170.6133.2147.6166.5179.7+3.0%/yr
Free cash flow34.273.052.469.496.291.252.4117.9214.5229.7–+23.6%/yr
Buybacks13.50.40.236.90.30.224.428.449.60.6–-29.9%/yr
Dividends76.592.0173.6102.550.586.896.590.183.194.5–+2.4%/yr
Net cash774.8747.3622.2532.6586.8601.2529.2539.1606.5753.9–−¥20.9B
Margins & returns (%)
Gross margin43.545.241.835.836.640.338.234.737.038.338.4-5.2 pts
Operating margin28.531.625.717.420.425.022.517.819.921.421.8-7.1 pts
Net margin23.825.024.314.417.121.220.016.718.519.420.1-4.4 pts
FCF margin6.410.08.213.717.512.46.214.826.926.8–+20.4 pts
ROIC19.724.415.28.110.214.913.49.210.812.5–-7.2 pts
Return on equity9.412.410.75.46.610.110.67.88.68.99.5-0.4 pts
R&D % of revenue7.97.38.810.18.56.86.16.35.95.25.0-2.6 pts
Capex % of revenue16.314.219.714.83.94.75.56.85.12.5–-13.8 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 24.2% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score71
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
narrowing
Pricing power
moderate
Segments
  • Factory Automation (FA) - CNC, servos, lasers24.3%
    2 claims
  • Industrial Robots (ROBOT) - robot systems and controllers44.1%
    2 claims
  • ROBOMACHINE - ROBODRILL, ROBOSHOT, ROBOCUT15.1%
    No moat
  • Service - parts, maintenance, and customer support16.5%
    1 claim

Moat claims

Applies to
Factory Automation (FA) - CNC, servos, lasers
Confidence
Durability
durable
Trajectory
narrowingas of Oct 7, 2026
Why it holds

FANUC reached five million cumulative CNC units in 2022. OEM qualification and operator familiarity support repeat designs, but management confirmed in July 2026 that some Chinese customers switched to rivals when deliveries slowed. No current numerical share or switching rate establishes an unqualified dominant standard.

Why narrowing

June 2026 FA sales reached JPY57.352bn, but management says longer delivery times caused some Chinese customers to adopt rival products; this weakens design-in continuity without proving a fall in total share.

Indicators
  • FA sales¥208.5B+7%
  • FA sales¥57.4B+15%
  • Cumulative CNC production5,000,000
  • Consolidated orders~¥281.9B+37%
  • FA orders~¥90.2B+64%
Risks
  • Shift toward PC-based/open CNC architectures reducing vendor lock-in
  • Competitors bundling controls into broader automation suites
  • Quality improvement and price pressure from domestic Chinese control suppliers

Profile change log

  1. Oct 8, 2026 · analyst revision

    Removed unsupported worldwide leader rankings for mixed machine tools and aftermarket services. Supplier examples remain in sourced market facts. Verified the ten-year income and cash-flow history and retained the unresolved annual-versus-half-year buyback difference; no moat score or evidence status changed.

  2. Oct 8, 2026 · business change

    FANUC announced a collaborative CRX pipe laser-welding system with simpler programming and low-distortion welding for varied, small-batch work, extending possible applications without a disclosed sales contribution.

  3. Oct 8, 2026 · business change

    FANUC transferred 25,220 treasury shares worth JPY173.337m to three directors and eleven managing officers as restricted-stock remuneration. The award ties part of pay to shares; its transaction value is not a reported annual group compensation expense.

  4. Oct 7, 2026 · business change

    FANUC launched a portable collaborative robot for construction-site automation, extending its application range beyond fixed factory cells without disclosing orders or sales.

  5. Oct 7, 2026 · analyst revision

    Added named machine-tool, molding and aftermarket suppliers and direct evidence of ABB’s competing service network. Moat strengths, directions, portfolio revenue weights and ROBOMACHINE’s verified-no-moat status are unchanged.

  6. Oct 7, 2026 · analyst revision

    Corrected financial-release source dates to publication dates printed on the PDFs. Replaced an estimated treasury-share roll-forward with the latest fully reported outstanding share count for market value, and separated the JPY3.212bn past-period tax charge and JPY1.224bn extraordinary impairment from recurring results.

  7. Oct 7, 2026 · business change

    FANUC and Hitachi entered a physical-AI partnership that will validate robots at Hitachi factories and target customer deployment from fiscal 2027; commercial revenue and deployment performance remain unproven.

  8. Oct 7, 2026 · business change

    FANUC completed its JPY50bn repurchase program with 8,268,900 shares acquired, returning surplus capital and reducing shares outstanding.

  9. Oct 7, 2026 · business change

    FANUC launched an AI Welding Agent that reads drawings and generates welding programs, expanding the tasks its robots can address without a disclosed order or revenue contribution.

  10. Oct 7, 2026 · business change

    FANUC launched the 5-Axis Integrated Technology Initiative to coordinate machine builders, toolmakers and CAD/CAM partners, helping customers adopt complex machining without a disclosed commercial scale.

  11. Oct 7, 2026 · business change

    FANUC confirmed that component shortages extended deliveries and moved some Chinese CNC customers to rivals, weakening design-in continuity. FANUC raised its March 2027 sales forecast from JPY909.6bn to JPY948.1bn and operating-income forecast from JPY212.2bn to JPY218.0bn as demand and factory operation improved.

  12. Oct 7, 2026 · business change

    FANUC announced USD90m for a US factory and distribution center with production-ready robot capacity, improving regional delivery options while adding fixed assets before demand is certain.

  13. Oct 7, 2026 · business change

    FANUC established an independent Quality Management Division following the ROBOCUT investigation, strengthening test oversight and authority to halt non-compliant shipments.

  14. Oct 7, 2026 · business change

    FANUC disclosed possible non-compliant EMC testing of European ROBOCUT machines and opened an independent investigation, exposing a weakness in quality oversight that can delay shipments and damage trust.

  15. Oct 7, 2026 · analyst revision

    Replaced single-quarter revenue weights with March 2026 full-year division sales; added evidence dates, four stable trajectories and a narrowing CNC trajectory, management, business debate and end-market profiles. Reclassified the general automation-service market as competitive because third-party repair and customer maintenance contest OEM service; kept all existing moat claims and ROBOMACHINE evidence status.

  16. Oct 7, 2026 · business change

    FANUC transferred the government-substitution portion of its employee pension obligations, creating a JPY25.081bn non-operating gain in the December 2018 quarter that does not represent factory earnings.

  17. Oct 7, 2026 · business change

    FANUC America and Palladyne AI agreed to develop adaptive robot motion, teleoperation and simpler deployment for manufacturing and logistics. The partnership expands possible uses but discloses no orders, revenue or exclusive hardware advantage.

  18. Oct 7, 2026 · analyst revision

    Filled quarterly research-spending gaps from reported reference slides and added twelve-quarter order histories to test hardware demand and service continuity. Corrected the JPY3.212bn transfer-pricing tax charge from an annual-only item to the December 2023 quarter; left the smaller Moscow property impairment in raw earnings. Completed all ten current point forecasts, including first-half results and per-share earnings.

  19. Oct 7, 2026 · business change

    FANUC said it disputed a transfer-pricing tax assessment that had caused a JPY3.212bn prior-period tax charge in the December 2023 quarter, and planned to seek relief from double taxation.

  20. Oct 7, 2026 · business change

    FANUC India completed a 5,000-square-meter service building in Bangalore with a call center, parts warehouse and service offices, supporting its growing Indian equipment base.

  21. Oct 7, 2026 · business change

    FANUC reached five million cumulative CNC units produced, expanding the historical equipment base that can require parts and maintenance; this is not a count of machines still operating.

  22. Oct 7, 2026 · analyst revision

    Corrected the five-million CNC milestone from an unsupported December 2022 bucket to the February 2022 month reported by FANUC. Added India service-network and installed-unit observations; these regional counts do not increase the separately reported global totals.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry median6954ROKSUTER

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global industrial robots and systems

As of Oct 9, 2026
OligopolyHigh cyclicality

Industrial robot arms, controllers, application cells and integration, with spare parts and lifecycle support. Includes collaborative and semiconductor-handling robots; excludes medical surgical robots, consumer robots and mobile service-robot fleets.

  1. FANUC
  2. Yaskawa
  3. ABB
  4. KUKA
2026 leaders, no comparable shares · SCSP 2026 Robotics Net Assessment
StocksMoatGross m.Op. m.
69547138.4%21.8%
Industry median207040.3%17.4%
Sector median887637.0%17.5%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Labor shortages and high wages make repeatable handling, welding and inspection tasks easier to justify economically.
  • AI, semiconductor and data-center investment support specialized handling and electronics applications; traditional automotive spending remains a major demand source.
  • Supply-chain relocation creates new plants that need automation, while the installed fleet creates recurring parts and repair demand.
  • Improved sensing, machine vision and simpler programming reduce deployment work and open applications beyond large car factories.
Risks
  • Factory capital spending is strongly cyclical; higher interest rates and uncertain returns delay robot-system purchases.
  • Chinese robot suppliers and established global OEMs constrain bid prices and compete for service and integration work.
  • Automotive model and battery-plant investment can be postponed, leaving suppliers with excess system-production capacity.
  • Delivery failures, installation errors and safety incidents damage customer trust and can move the next fleet order to a rival.
  • Currency translation is material for Japanese and European exporters; tariffs, export restrictions and local rules change sourcing and landed costs.
  • Large robot OEMs can qualify alternative reducer suppliers or integrate component production. Humanoid and mobile-robot interest does not ensure demand for the same medium- and large-joint reducer architecture.

Bulls & bears

Key question · as of Oct 7, 2026

Can FANUC turn the robot and CNC recovery into durable cash earnings while defending its installed-base service business against lower-priced competitors?

Arguments

3 forFaded: weakening or settled3 against

What to watch

  1. 1FA and robot orders and sales versus the regional machine-tool and robot cycle
  2. 2Service revenue through a hardware downturn and disclosed service coverage
  3. 3Operating profit, inventory cash release and cash asset purchases

Next check: The first-half results for September 30, 2026, expected in late October, should test demand, factory utilization, currency effects and whether the raised March 2027 forecast holds. Exact release date was not verified.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 8, 2026. Not investment advice.

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Moat Score 71/100 by <a href="https://www.findmymoat.com/stocks/XTKS:6954">Find My Moat</a> (as of September 2026)

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