Market cap ¥4.64TNext earnings 2026-10-29Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionDENSO Corporation (6902.T)
Fair value
Not available
ACCE price target
¥1931
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥1849 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
52
out of 100
P/E
11.8x
forward 9.6x
1-year return
-17.8%
Dividend yield
3.99%
DENSO Corporation in four questions
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Overview
ACCE thesis
DENSO makes the thermal management, powertrain electronics, ADAS sensors and semiconductors that sit inside most of the world's major car platforms, and it is one of the few Japanese suppliers with a meaningful position in both hybrid and battery-electric content. Its moat rests on long-running supply contracts with Toyota and other OEMs, plus the engineering depth to be specified early in new platforms, which makes share hard for rivals to take once a program is awarded. Revenue growth of 9.1% is running ahead of the thin margins typical of auto parts, but operating margin of 4.4% leaves little room for error if volumes or input costs turn. The stock trades at 11.9x trailing and 9.6x forward earnings, a discount that deserves a look if the forward estimates hold and the margin trend improves from here. The ROE of 9.2% is adequate rather than strong, so the case depends on operating leverage rather than capital efficiency, and that is the question to test before going further.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Earnings declining despite revenue growth
Revenue rose 9.1% year on year while earnings fell 10.5%, and Q2 2026 EPS missed by 18.8%. Operating margin of 4.4% leaves little cushion if the decline continues.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of JPY 2092.78 sits 12.9% above the current share price.
Free cash flow over the last twelve months reached JPY 127.8B, and debt is light at 0.25 times equity.
The stock trades at 9.6x forward earnings, and the dividend yield is 4.2%.
Why it could disappoint
Latest quarterly earnings per share missed expectations by 18.8%, coming in at 25.51 against 31.40.
Net margin of 5.6% and return on equity of 9.2% leave little profit for each yen of sales or equity.
Revenue grew only 9.1% year over year, well below the 32.8% average annual growth over five years.
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