DENSO Corporation (DNZOF)
Juste valeurFondamental
69
Prix
$1829.50
Capitalisation boursière
$4.81T
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
DENSO makes the components that go inside cars rather than complete vehicles: air-conditioning and thermal-management systems, engine and powertrain parts, electronics, electrification hardware like inverters and motors, and semiconductors. It is headquartered in Japan and supplies carmakers worldwide, with Toyota — also its largest shareholder — as its single biggest customer by a wide margin.
Comment l'entreprise gagne de l'argent
DENSO sells parts as an original-equipment supplier under contracts tied to specific vehicle models, so revenue tracks how many cars carmakers actually build and how much content DENSO wins on each one. Prices are negotiated per component and typically decline over a model's life under automakers' cost-reduction pressure, so DENSO depends on new wins and efficiency gains to protect margins.
Ce qui stimule la demande
CycliqueDENSO's revenue follows global vehicle production, which rises and falls with consumer confidence, credit conditions and automakers' own inventory cycles. Because contracts are tied to specific models, a model's production cut or delay shows up directly in DENSO's results with little lag.
Principaux risques
- Dependence on Toyota group sales — DENSO discloses that fluctuations in Toyota group sales could materially affect its performance, even though it states it negotiates terms with Toyota group companies on the same basis as with other customers.
- Semiconductor and supply-chain fragility — Recent shortages of automotive semiconductors exposed how dependent DENSO's production is on a resilient global supply chain; a disruption at a chip or raw-material supplier can constrain output across several of its product lines at once.
- Competition in electrification components — As electrification becomes central to vehicle powertrains, DENSO faces rivals such as LG Magna e-Powertrain and CATL in inverters and battery-related systems, an area where it does not hold the same long incumbency it has in traditional components.
Concentration des clients
Les principaux clients représentent 48.6% du chiffre d'affaires
For the fiscal year ended March 2026, sales to the Toyota group accounted for 48.6% of DENSO's net sales, according to the company's own related-party disclosure. Toyota also holds roughly 22% of DENSO's voting rights.
Les arguments en faveur
Buyers argue that DENSO's decades-long relationships with Toyota and other carmakers give it a stable base of contracted volume, and that its shift toward electrification, safety and semiconductor content lets it grow revenue per vehicle even as overall car production stays flat.
Les arguments contre
Sellers fear that near-half dependence on a single customer group leaves DENSO exposed to Toyota's own production decisions, that new electrification rivals lack the cost-down pressure of legacy component businesses, and that a global auto downturn would hit DENSO with little room to diversify away from it.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Bosch is the world's largest auto-parts supplier and bids against DENSO for the same carmaker platforms in powertrain control, thermal systems, sensors and electrified drive units.
Aisin is the other large Toyota-group supplier, competing with DENSO for the same Japanese carmakers' business and, through electrified drive units and e-Axles, for the same electrification content per vehicle.
Valeo supplies the same product families as DENSO — thermal and HVAC systems, powertrain electrification, lighting and driver-assistance electronics — to European, Asian and North American automakers.
ZF is a German full-line supplier that competes head-on with DENSO for electric drive units, chassis electronics and ADAS sensor contracts at the same global carmakers.
Hyundai Mobis plays for Hyundai-Kia the role DENSO plays for Toyota, and increasingly bids outside its home group for the same electrification, braking and cockpit-electronics business.
Hanon is the specialist rival in automotive thermal management, competing directly with DENSO's HVAC, heat-pump and battery-cooling systems on electric-vehicle platforms.
Bilan & Liquidités
Chiffre d'affaires
$7.79T
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$432.47B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$76.84B
Capitaux propres totaux
$5.49T
Passif total
$3.02T
Ratio de liquidité général
2.09
Couverture des intérêts
17.41
Dette/EBITDA
1.32
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$1910.70
Prix actuel
$1829.50
Marge de sécurité
+4.2%
Fourchette de juste valeur
$1711.28 - $2110.11
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
11.39
ROE
8.1%
Ratio P/B
0.90
P/FCF
67.23
Marge brute
15.2%
ROIC
6.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
6.5%
WACC
7.4%
ROIC − WACC
-0.9 pp
Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.
Critères d'analyse fondamentale
Réussi (18)
- EPS shows upward trend
- EPS CAGR 16.15%
- ROIC 6.5%
- P/B Ratio 0.90
- Debt/Equity ratio
- Operating Margin 6.9%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- ROE 8.3%
- Revenue Growth 5Y 8.8%
- Analyst Consensus 50% Buy
- PEG Ratio 0.38
- Earnings Quality (OCF/NI) 1.15
- Net Margin Trend 5.9% vs 5.9%
- Piotroski F-Score 6/9
Échoué (7)
- Price CAGR 4.55%
- Gross Margin 15.2%
- P/FCF 67.23
- CapEx intensity
- DCF valuation (Fairly valued)
- Earnings Surprise avg -12.0%
- Share Dilution 36.9%
Indisponible (3)
- Dividend Payout NaN%
- Return on Tangible Assets
- Low reliance on intangibles
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Émission de nouvelles actions, diluant la participation
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Shinnosuke Hayashi | President, CEO & Director | 61 |
| Mr. Yasushi Matsui | CRO, CCO, Chief Safety & Environment Officer & Representative Director | 61 |
| Mr. Yasuhiko Yamazaki | EVP, Chief Strategy Officer, CHRO & Representative Director | 62 |
| Mr. Seiji Maeda | CFO & Head of Corporate Management Headquarters | - |
| Tadashi Arai | Accounting Manager | - |
| Masanori Sugiura | Operating Exec. Officer & Head of Corporate Legal, IP and Public Affairs Headquarters of Audit Dept. | - |
| Yasuhisa Sakurai | Senior Executive Officer, Head of Sales & Marketing Group of Corporate Strategy Headquarters | - |
| Chitaka Kambe | Senior Executive Officers & Head of General Administration and Human Resources Headquarters | - |
| Mr. Kenichiro Ito | CEO of EU Area & Senior Executive Officer | 63 |
| Mr. Jiro Ebihara | Sr Exec Off, Chief Monozukuri Officer & Head of Purchasing Group, Corp Strategy Headquarters | 61 |
Risque d'audit
1
Risque du conseil
6
Risque de rémunération
1
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for DNZOF, sourced from Markets Gazette.