YASKAWA Electric Corporation 6506
TokyoElectrical equipmentFinancials to Aug 31, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| ¥B | Feb '25 | Feb '26 |
|---|---|---|
| Cash | 59.0 | 61.2 |
| Securities | 0.0 | 0.0 |
| Debt | 95.7 | 110.0 |
| Net cash | -36.7 | -48.8 |
| Equity | 431.2 | 483.5 |
- Debt / EBITDA
- 1.61×
- Debt / equity
- 0.23×
- Leases (8/31/26)
- ¥16.0B
- Diluted shares
- 259M
- Book value / share
- ¥1,864.23
- Price / book
- 2.0×
- Net cash / share
- −¥188.16
- Market cap
- ¥978.9B
- Enterprise value
- ¥1.03T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 9.0% | +4.8 pts | |
| Operating margin | 9.3% | -0.3 pts | |
| FCF margin | 3.1% | +8.2 pts | |
| Capex / revenue | 13.4% | +8.0 pts | |
| Motion Control orders | ¥91.1B | +57% | |
| Robotics orders | ¥77.6B | +33% | |
| Global AC servo drive share · 2/28/26 | 14.0% | -2.0 pts | |
| Global industrial robot share · 2/28/26 | 7.0% | 0.0 pts | |
| North American customer NPS · 12/31/25 | 66 | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 6506
Yaskawa sells industrial robots, servo motors, controllers and drives used to automate factories, plus electrical systems for plants and infrastructure. Robotics supplied 45.6% of revenue in the year ended February 2026, followed by Motion Control at 43.5%.
- Service Field Network
Yaskawa supports installed motion-control equipment through global service locations, 24/7 contact support, rapid on-site response, training, maintenance, parts, and upgrades.
- Service Field Network
Global lifecycle support covers robot installation and teaching, 24/7 contact, rapid on-site recovery, maintenance, parts, and upgrades.
- Oct 9, 2026
Yaskawa raised full-year revenue guidance from JPY 580 billion to JPY 600 billion but cut operating profit from JPY 60 billion to JPY 57.5 billion as ERP and reform costs restrained conversion of orders into earnings.
- Oct 2, 2026
Masahiro Ogawa, former president and leader of AI Robotics and new mechatronics applications, died and ceased to serve as executive officer. His responsibilities need a successor while the new robot businesses are still establishing commercial demand.
- Sep 2026
Yaskawa disclosed MOTOMAN NEXT autonomous welding in a GAZOO Racing production line, commissioned in September. Customer economics and repeat orders were not quantified.
- Aug 31, 2026
Yaskawa began selling the MOTOMAN-HC12 collaborative robot, extending payload and deployment flexibility for welding, inspection and handling applications.
- Jul 15, 2026
Yaskawa developed a MOTOMAN NEXT system using Gemini Robotics for autonomous planning and task recovery; application availability remains to be announced, so commercial adoption is still unproven.
Ownership
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On this page
Financial record
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2019–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (¥) | |||||||||||
| Revenue | 1,796.14 | 1,567.35 | 1,490.29 | 1,831.60 | 2,124.67 | 2,199.73 | 2,060.47 | 2,087.72 | 2,188.02 | +2.2%/yr | |
| Cash flow | 129.98 | 81.92 | 151.44 | 188.22 | -8.44 | 208.71 | 216.53 | 200.91 | 316.12 | +6.4%/yr | |
| Earnings | 160.92 | 59.39 | 72.38 | 146.63 | 197.90 | 193.69 | 218.38 | 135.71 | 138.72 | -2.4%/yr | |
| Free cash flow | 42.72 | -3.22 | 118.52 | 95.60 | -92.25 | 90.16 | 73.58 | 22.84 | 101.90 | -8.6%/yr | |
| Capex | 87.25 | 85.15 | 32.92 | 92.62 | 83.81 | 118.55 | 142.95 | 178.07 | 214.22 | +10.7%/yr | |
| Dividends | 46.10 | 52.05 | 37.98 | 38.06 | 57.98 | 64.06 | 66.24 | 68.05 | 68.22 | +5.7%/yr | |
| Book value | 923.23 | 870.95 | 941.74 | 1,113.43 | 1,328.02 | 1,525.97 | 1,652.37 | 1,862.13 | 1,943.49 | +10.5%/yr | |
| Diluted shares (M) | 264 | 262 | 262 | 262 | 262 | 262 | 261 | 260 | 259 | -0.2%/yr | |
| Totals (¥B) | |||||||||||
| Revenue | 474.6 | 411.0 | 389.7 | 479.1 | 556.0 | 575.7 | 537.7 | 542.1 | 567.5 | +1.9%/yr | |
| Operating income | 53.1 | 24.2 | 27.2 | 52.9 | 68.3 | 66.2 | 50.2 | 47.3 | 46.0 | -1.6%/yr | |
| Net income | 42.5 | 15.6 | 18.9 | 38.4 | 51.8 | 50.7 | 57.0 | 35.2 | 36.0 | -2.6%/yr | |
| Free cash flow | 11.3 | -0.8 | 31.0 | 25.0 | -24.1 | 23.6 | 19.2 | 5.9 | 26.4 | -8.8%/yr | |
| Buybacks | 9.4 | 9.7 | 0.0 | 0.0 | 0.0 | 0.6 | 9.4 | 0.0 | 0.0 | -70.1%/yr | |
| Dividends | 12.2 | 13.6 | 9.9 | 10.0 | 15.2 | 16.8 | 17.3 | 17.7 | 17.7 | +5.5%/yr | |
| Net cash | -6.6 | -31.1 | -14.0 | -1.7 | -43.2 | -40.1 | -36.7 | -48.8 | – | −¥42.2B | |
| Margins & returns (%) | |||||||||||
| Gross margin | 32.9 | 30.3 | 29.9 | 35.2 | 34.5 | 36.3 | 35.6 | 35.3 | 35.2 | +2.3 pts | |
| Operating margin | 11.2 | 5.9 | 7.0 | 11.0 | 12.3 | 11.5 | 9.3 | 8.7 | 8.1 | -2.5 pts | |
| Net margin | 9.0 | 3.8 | 4.9 | 8.0 | 9.3 | 8.8 | 10.6 | 6.5 | 6.3 | -2.5 pts | |
| FCF margin | 2.4 | -0.2 | 8.0 | 5.2 | -4.3 | 4.1 | 3.6 | 1.1 | 4.7 | -1.3 pts | |
| ROIC | 14.9 | 6.5 | 7.3 | 12.6 | 12.2 | 10.6 | 7.5 | 6.2 | – | -8.6 pts | |
| Return on equity | 17.4 | 6.8 | 7.7 | 13.2 | 14.9 | 12.7 | 13.2 | 7.3 | 7.1 | -10.1 pts | |
| R&D % of revenue | 4.4 | 4.6 | 4.6 | 3.8 | 3.4 | 3.7 | 4.4 | 4.4 | – | +0.0 pts | |
| Capex % of revenue | 4.9 | 5.4 | 2.2 | 5.1 | 3.9 | 5.4 | 6.9 | 8.5 | 9.8 | +3.7 pts | |
Change uses 2019 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 2019 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- stable
- Pricing power
- weak
- Motion Control43.5%1 claim
- Robotics45.6%1 claim
- System Engineering7.1%No moat
- Other / Logistics Services3.7%No moat
Moat claims
- Applies to
- Motion Control
- Confidence
- Durability
- medium
- Trajectory
- stableas of Nov 11, 2026
Yaskawa supports installed motion-control equipment through global service locations, 24/7 contact support, rapid on-site response, training, maintenance, parts, and upgrades. These capabilities can reduce downtime and create some OEM-service continuity, but Yaskawa does not separately disclose service revenue, attach rates, retention, or margins, and major automation rivals offer comparable lifecycle support.
H1 Motion Control sales rose 21.7% and August orders reached JPY 91.1 billion, but neither service retention nor repeat-service economics is disclosed and global servo share remains 14%; installed-base support stays stable.
- Motion Control orders¥91.1B+57%
- Global AC servo drive share14.0%-2.0 pts
- North American customer NPS66
- Rise of lower-cost competitors (especially China)
- Independent automation-service firms expanding coverage
- Open standards and easier commissioning reducing reliance on OEM service
- SourceYaskawa America 2025 customer-experience survey, reported July 1, 2026Jul 1, 2026
- SourceYaskawa Global - YASKAWA Life Cycle SupportAug 9, 2026
- Applies to
- Robotics
- Confidence
- Durability
- medium
- Trajectory
- stableas of Nov 11, 2026
Global lifecycle support covers robot installation and teaching, 24/7 contact, rapid on-site recovery, maintenance, parts, and upgrades. This can create continuity around an installed robot fleet, but service economics and retention are not separately disclosed, while integrators, internal maintenance teams, and rival robot OEMs provide credible alternatives.
August robot orders reached JPY 77.6 billion, but H1 Robotics profit fell 43.3% amid ERP and reform costs; a real AI welding deployment does not establish stronger service retention, so the support moat stays stable.
- Robotics orders¥77.6B+33%
- Global industrial robot share7.0%0.0 pts
- Independent service organizations (ISOs) expanding capabilities
- Customers standardize on multi-vendor robot fleets
- Lower reliability reducing differentiation
- NewsEuropean Robotics Distribution Center and system-integration relocationJul 1, 2026
- SourceYaskawa Global - YASKAWA Life Cycle SupportAug 9, 2026
Profile change log
- Nov 11, 2026 · business change
Yaskawa disclosed MOTOMAN NEXT autonomous welding in a GAZOO Racing production line, commissioned in September. Customer economics and repeat orders were not quantified.
- Nov 11, 2026 · business change
Yaskawa raised full-year revenue guidance from JPY 580 billion to JPY 600 billion but cut operating profit from JPY 60 billion to JPY 57.5 billion as ERP and reform costs restrained conversion of orders into earnings.
- Nov 11, 2026 · analyst revision
Removed the AC-servo-only 14% share from the broader Motion Control segment score; its dated servo KPI remains. Stronger orders do not establish widening service retention, so both support moats stay stable.
- Oct 6, 2026 · business change
Masahiro Ogawa, former president and leader of AI Robotics and new mechatronics applications, died and ceased to serve as executive officer. His responsibilities need a successor while the new robot businesses are still establishing commercial demand.
- Oct 6, 2026 · business change
Yaskawa began selling the MOTOMAN-HC12 collaborative robot, extending payload and deployment flexibility for welding, inspection and handling applications.
- Oct 6, 2026 · business change
Yaskawa developed a MOTOMAN NEXT system using Gemini Robotics for autonomous planning and task recovery; application availability remains to be announced, so commercial adoption is still unproven.
- Oct 6, 2026 · business change
Yaskawa established a European robotics distribution center in Slovenia and relocated system integration nearby, aiming to shorten delivery times and lower logistics costs.
- Oct 6, 2026 · business change
Hiroshi Ogasawara resumed the presidency while Masahiro Ogawa moved to lead AI Robotics and new mechatronics applications, concentrating responsibility for execution and new business growth.
- Oct 6, 2026 · business change
Yaskawa moved to a new ERP platform; parts-supply and warehouse coordination problems delayed production and deliveries during strong demand.
- Oct 6, 2026 · business change
Yaskawa America acquired Variadores, adding direct distribution, service and application support in Colombia and the Andean region.
- Oct 6, 2026 · business change
Yaskawa sold part of its Yantai Dongxing stake and remeasured the remaining investment, creating a JPY 26.777 billion gain that lifted profit without raising factory-automation earnings.
- Oct 6, 2026 · analyst revision
Full-year revenue replaces the quarter mix, making Robotics the largest segment. Unallocated corporate costs prevent a group-profit-share comparison. Global servo share is now the company estimate of 14%; service claims remain moderate and stable.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global industrial robots and systems
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.
- FANUC
- Yaskawa
- ABB
- KUKA
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 6506 | 47 | 35.2% | 8.1% | |
| Industry median | 5 | 53 | 35.2% | 17.3% |
| Sector median | 88 | 76 | 37.3% | 18.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- 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.
- 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
Can Yaskawa turn record servo and robot orders into reliable deliveries and lasting profit before competitors take more of the installed base?
Arguments
What to watch
- 1Motion Control and Robotics quarterly orders
- 2Robot operating profit and reported European workforce-reduction costs
- 3Order-to-delivery lead times and ERP production stability
- 4Global AC servo and industrial robot market shares
- 5North American support satisfaction; global service revenue and retention if disclosed
- 6AI Robotics leadership succession and commercial customer deployments
Next check: At the next results for the November 2026 quarter, check order conversion, ERP shipment recovery and the revised JPY 57.5 billion annual operating-profit forecast. No exact announcement date was confirmed.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 47/100 by <a href="https://www.findmymoat.com/stocks/XTKS:6506">Find My Moat</a> (as of September 2026)Curation & Accuracy
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