Cash flow DENSO Corporation

Equities

6902

JP3551500006

Auto, Truck & Motorcycle Parts

Delayed Japan Exchange Other stock markets 06:30:00 10/02/2026 GMT			5-day change	1st Jan Change
2,148.00 ^JPY	+0.49%		-0.23%	-0.46%

02-08	Japan Monozukuri Mirai Investment Limited Partnership, a fund managed by SPARX Group Co., Ltd. completed the acquisition of 56.65% stake in Sawafuji Electric Co.,Ltd. from Honda Motor Co., Ltd., DENSO Corporation and others for ¥3.2 billion.	CI
02-04	TSMC to mass-produce 3-nanometre chips at Japan's Kumamoto plant, invest about $17 billion, Yomiuri reports	RE

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Published financial data: DENSO CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	4,937B	5,516B	6,401B	7,145B	7,162B
Total Revenues	4,937B	5,516B	6,401B	7,145B	7,162B
Cost of Goods Sold, Total	4,275B	4,714B	5,490B	6,055B	6,059B
Gross Profit	661B	801B	911B	1,090B	1,103B
Selling General & Admin Expenses, Total	392B	417B	454B	475B	509B
Depreciation & Amortization - (IS)	35.3B	36.3B	35.09B	35.35B	35.85B
Other Operating Expenses	75.34B	-6.98B	-3.95B	198B	64.03B
Other Operating Expenses, Total	503B	447B	485B	708B	609B
Operating Income	159B	355B	426B	382B	494B
Interest Expense, Total	-4.51B	-4.7B	-9.35B	-14.28B	-12.52B
Interest And Investment Income	39.26B	40.11B	50.2B	76.45B	84.99B
Net Interest Expenses	34.75B	35.41B	40.86B	62.17B	72.46B
Income (Loss) On Equity Invest.	1.8B	5.76B	-2.93B	16.87B	9B
Currency Exchange Gains (Loss)	1.46B	4.02B	-4.12B	-17.69B	-10.5B
Other Non Operating Income (Expenses)	3.3B	894M	-459M	-3.04B	-2.16B
EBT, Excl. Unusual Items	200B	401B	459B	440B	563B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-6.48B	-6.32B	2.76B	-2.57B	22.65B
Asset Writedown	-35M	-9.93B	-1.24B	-	-7.33B
Legal Settlements	-	-	-3.8B	-1.28B	-
EBT, Incl. Unusual Items	194B	385B	457B	436B	578B
Income Tax Expense	45.66B	96.05B	109B	80.66B	113B
Earnings From Continuing Operations	148B	289B	348B	356B	465B
Net Income to Company	148B	289B	348B	356B	465B
Minority Interest	-23.04B	-24.85B	-33.23B	-42.78B	-46.18B
Net Income - (IS)	125B	264B	315B	313B	419B
Net Income to Common Incl Extra Items	125B	264B	315B	313B	419B
Net Income to Common Excl. Extra Items	125B	264B	315B	313B	419B
Per Share Items
Net EPS - Basic	40.35	85.69	104	104.97	145.02
Basic EPS - Continuing Operations	40.35	85.69	104	104.97	145.02
Basic Weighted Average Shares Outstanding	3.1B	3.08B	3.03B	2.98B	2.89B
Net EPS - Diluted	40.35	85.69	104	104.97	145.02
Diluted EPS - Continuing Operations	40.35	85.69	104	104.97	145.02
Diluted Weighted Average Shares Outstanding	3.1B	3.08B	3.03B	2.98B	2.89B
Normalized Basic EPS	32.95	73.32	83.87	77.95	105.71
Normalized Diluted EPS	32.95	73.32	83.87	77.95	105.71
Dividend Per Share	35	41.25	46.25	55	64
Payout Ratio	86.75	43.9	42.2	46.69	43.07
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	495B	702B	790B	756B	870B
EBITA	159B	355B	426B	382B	494B
EBIT	159B	355B	426B	382B	494B
Effective Tax Rate - (Ratio)	23.56	24.96	23.86	18.49	19.51
Normalized Net Income	102B	226B	254B	232B	306B
Non-Cash Pension Expense	13.13B	8.5B	10.55B	18.02B	18.66B
Supplemental Operating Expense Items
Selling and Marketing Expenses	42.58B	50.97B	48B	45.82B	46.97B
Research And Development Expense From Footnotes	492B	498B	522B	551B	619B

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	897B	868B	734B	789B	987B
Total Cash And Short Term Investments	897B	868B	734B	789B	987B
Accounts Receivable, Total	1,029B	1,121B	1,264B	1,281B	1,243B
Total Receivables	1,029B	1,121B	1,264B	1,281B	1,243B
Inventory	726B	1,032B	1,120B	1,172B	1,203B
Other Current Assets, Total	137B	148B	160B	622B	477B
Total Current Assets	2,790B	3,169B	3,278B	3,865B	3,910B
Net Property Plant And Equipment	1,924B	1,958B	1,999B	2,090B	2,063B
Long-term Investments	1,873B	2,113B	1,919B	2,882B	1,847B
Goodwill	21.14B	24.04B	23.18B	28.79B	29.56B
Other Intangibles, Total	123B	132B	147B	171B	200B
Deferred Tax Assets Long-Term	36.95B	36.87B	42.97B	56.06B	75.95B
Total Assets	6,768B	7,432B	7,409B	9,093B	8,125B
Liabilities
Accounts Payable, Total	1,014B	1,131B	1,219B	1,232B	1,275B
Short-term Borrowings	51.07B	174B	156B	179B	107B
Current Portion of Long-Term Debt	47.28B	88.61B	148B	154B	145B
Current Portion of Leases	20.72B	22.59B	24.09B	18.79B	12.7B
Current Income Taxes Payable	15.41B	37B	42.63B	61.77B	118B
Other Current Liabilities	350B	248B	207B	408B	401B
Total Current Liabilities	1,499B	1,702B	1,797B	2,054B	2,059B
Long-Term Debt	756B	729B	586B	518B	447B
Long-Term Leases	35.71B	33.33B	30.28B	28.83B	26.5B
Pension & Other Post Retirement Benefits	282B	265B	249B	238B	222B
Deferred Tax Liability Non Current	102B	197B	152B	383B	116B
Other Non Current Liabilities	16.3B	16.42B	15.35B	125B	65.37B
Total Liabilities	2,691B	2,943B	2,829B	3,347B	2,936B
Common Stock, Total	187B	187B	187B	187B	187B
Additional Paid In Capital	273B	274B	274B	273B	276B
Retained Earnings	2,796B	3,018B	3,212B	3,452B	3,393B
Treasury Stock	-56.83B	-152B	-252B	-452B	-189B
Comprehensive Income and Other	691B	973B	956B	2,074B	1,311B
Total Common Equity	3,891B	4,299B	4,377B	5,535B	4,978B
Minority Interest	186B	190B	203B	212B	211B
Total Equity	4,077B	4,490B	4,580B	5,747B	5,189B
Total Liabilities And Equity	6,768B	7,432B	7,409B	9,093B	8,125B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.1B	3.05B	3B	2.91B	2.77B
ECS Total Common Shares Outstanding	3.1B	3.05B	3B	2.91B	2.82B
Book Value / Share	1.26K	1.41K	1.46K	1.9K	1.77K
Tangible Book Value	3,747B	4,144B	4,207B	5,335B	4,749B
Tangible Book Value Per Share	1.21K	1.36K	1.4K	1.83K	1.69K
Total Debt	911B	1,047B	944B	898B	739B
Net Debt	13.26B	180B	210B	109B	-248B
Debt Equivalent of Unfunded Proj. Benefit Obligation	219B	154B	120B	51.43B	26.6B
Minority Interest, Total (Incl. Fin. Div)	186B	190B	203B	212B	211B
Equity Method Investments, Total	107B	114B	110B	124B	124B
Inventories - Raw Materials, Total	195B	313B	345B	335B	314B
Inventories - Work In Process, Total	306B	406B	438B	535B	612B
Inventories - Finished Goods, Total	226B	314B	337B	302B	277B
Full Time Employees	168K	168K	165K	162K	158K
Accumulated Allowance for Doubtful Accounts (Supple)	3.9B	4.17B	4.55B	4.58B	5.89B

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	194B	385B	457B	436B	578B
Depreciation & Amortization - CF	336B	347B	365B	374B	377B
Depreciation & Amortization, Total	336B	347B	365B	374B	377B
(Gain) Loss From Sale Of Asset	6.52B	16.26B	2.14B	9.29B	-22.65B
(Income) Loss On Equity Investments - (CF)	-1.8B	-5.76B	2.93B	-16.87B	-9B
Other Operating Activities, Total	-62.14B	-43.58B	-99.89B	-160B	-178B
Change In Accounts Receivable	-104B	8.49B	-75.34B	140B	-21.42B
Change In Inventories	-45.32B	-240B	-46.34B	19.67B	-46.32B
Change In Accounts Payable	71.88B	8.28B	14.14B	-73.96B	30.74B
Change in Other Net Operating Assets	43.17B	-79.42B	-16.43B	233B	51.17B
Cash from Operations	437B	396B	603B	962B	759B
Capital Expenditure	-396B	-336B	-361B	-392B	-380B
Sale of Property, Plant, and Equipment	13.58B	20.65B	18.43B	17.74B	56.2B
Cash Acquisitions	-106B	-4B	-	-11.11B	-
Divestitures	-	-	17.98B	5.1B	5.23B
Sale (Purchase) of Intangible assets	-39.13B	-35.73B	-53.74B	-54.76B	-65.35B
Investment in Marketable and Equity Securities, Total	127B	54.91B	12.08B	-28.73B	498B
Other Investing Activities, Total	4.14B	-990M	2.15B	3.92B	7.77B
Cash from Investing	-396B	-302B	-364B	-459B	122B
Short Term Debt Issued, Total	-	104B	-	11.3B	-
Long-Term Debt Issued, Total	958B	81.36B	69.3B	84.38B	73.03B
Total Debt Issued	958B	185B	69.3B	95.68B	73.03B
Short Term Debt Repaid, Total	-10.69B	-	-35.77B	-	-71.55B
Long-Term Debt Repaid, Total	-561B	-68.23B	-153B	-162B	-155B
Total Debt Repaid	-572B	-68.23B	-188B	-162B	-227B
Repurchase of Common Stock	-15M	-97.54B	-100B	-200B	-197B
Common Dividends Paid	-108B	-116B	-133B	-146B	-180B
Common & Preferred Stock Dividends Paid	-108B	-116B	-133B	-146B	-180B
Other Financing Activities, Total	-39.52B	-62.95B	-48.32B	-84.66B	-147B
Cash from Financing	239B	-160B	-400B	-497B	-677B
Foreign Exchange Rate Adjustments	19.59B	35.89B	27.1B	49.86B	-6.07B
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	300B	-29.59B	-134B	55.54B	197B
Supplemental Items
Cash Interest Paid	4.78B	4.65B	9.08B	14.53B	12.45B
Cash Income Tax Paid (Refund)	62.2B	46.19B	107B	163B	182B
Levered Free Cash Flow	-54.39B	-178B	20.4B	-142B	476B
Unlevered Free Cash Flow	-51.57B	-175B	26.24B	-133B	484B
Change In Net Working Capital	51.82B	372B	190B	299B	-244B
Net Debt Issued / Repaid	387B	117B	-119B	-65.94B	-154B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.6	3.12	3.59	2.89	3.59
Return on Total Capital	2.19	4.22	4.81	3.92	4.91
Return On Equity %	3.88	6.74	7.67	6.89	8.51
Return on Common Equity	3.43	6.44	7.25	6.31	7.97
Margin Analysis
Gross Profit Margin %	13.4	14.53	14.23	15.26	15.4
SG&A Margin	7.94	7.56	7.1	6.64	7.11
EBITDA Margin %	10.02	12.72	12.35	10.58	12.15
EBITA Margin %	3.22	6.44	6.65	5.34	6.9
EBIT Margin %	3.22	6.44	6.65	5.34	6.9
Income From Continuing Operations Margin %	3	5.24	5.43	4.98	6.5
Net Income Margin %	2.53	4.78	4.92	4.38	5.85
Net Avail. For Common Margin %	2.53	4.78	4.92	4.38	5.85
Normalized Net Income Margin	2.07	4.09	3.96	3.25	4.27
Levered Free Cash Flow Margin	-1.1	-3.23	0.32	-1.98	6.65
Unlevered Free Cash Flow Margin	-1.04	-3.18	0.41	-1.86	6.76
Asset Turnover
Asset Turnover	0.79	0.78	0.86	0.87	0.83
Fixed Assets Turnover	2.65	2.84	3.24	3.49	3.45
Receivables Turnover (Average Receivables)	5.16	5.13	5.37	5.61	5.67
Inventory Turnover (Average Inventory)	6.21	5.36	5.1	5.28	5.1
Short Term Liquidity
Current Ratio	1.86	1.86	1.82	1.88	1.9
Quick Ratio	1.29	1.17	1.11	1.01	1.08
Operating Cash Flow to Current Liabilities	0.29	0.23	0.34	0.47	0.37
Days Sales Outstanding (Average Receivables)	70.77	71.13	67.98	65.19	64.32
Days Outstanding Inventory (Average Inventory)	58.82	68.07	71.53	69.27	71.55
Average Days Payable Outstanding	79.98	78.01	76.91	73.47	75.14
Cash Conversion Cycle (Average Days)	49.6	61.19	62.6	61	60.73
Long Term Solvency
Total Debt/Equity	22.34	23.33	20.6	15.63	14.23
Total Debt / Total Capital	18.26	18.92	17.08	13.52	12.46
LT Debt/Equity	19.42	16.97	13.45	9.52	9.13
Long-Term Debt / Total Capital	15.87	13.76	11.15	8.23	7.99
Total Liabilities / Total Assets	39.76	39.59	38.18	36.81	36.14
EBIT / Interest Expense	35.25	75.54	45.56	26.74	39.43
EBITDA / Interest Expense	109.65	149.29	84.57	52.95	69.5
(EBITDA - Capex) / Interest Expense	21.95	77.7	45.99	25.52	39.15
Total Debt / EBITDA	1.84	1.49	1.19	1.19	0.85
Net Debt / EBITDA	0.03	0.26	0.27	0.14	-0.28
Total Debt / (EBITDA - Capex)	9.2	2.87	2.2	2.47	1.51
Net Debt / (EBITDA - Capex)	0.13	0.49	0.49	0.3	-0.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-4.21	11.72	16.06	11.61	0.24
Gross Profit, 1 Yr. Growth %	-9.34	21.16	13.68	19.62	1.18
EBITDA, 1 Yr. Growth %	30.85	41.85	12.68	-4.35	15.14
EBITA, 1 Yr. Growth %	144.3	123.31	19.95	-10.34	29.36
EBIT, 1 Yr. Growth %	144.3	123.31	19.95	-10.34	29.36
Earnings From Cont. Operations, 1 Yr. Growth %	75.01	94.98	20.47	2.22	30.85
Net Income, 1 Yr. Growth %	83.64	111.03	19.22	-0.59	33.98
Normalized Net Income, 1 Yr. Growth %	134.55	121.11	12.37	-8.46	31.53
Diluted EPS Before Extra, 1 Yr. Growth %	83.64	112.39	21.37	0.93	38.15
Accounts Receivable, 1 Yr. Growth %	16.19	8.94	12.76	1.39	-2.99
Inventory, 1 Yr. Growth %	11.43	42.14	8.49	4.69	2.63
Net Property, Plant and Equip., 1 Yr. Growth %	6.54	1.79	2.09	4.56	-1.31
Total Assets, 1 Yr. Growth %	19.74	9.82	-0.32	22.74	-10.65
Tangible Book Value, 1 Yr. Growth %	13.52	10.59	1.52	26.83	-10.99
Common Equity, 1 Yr. Growth %	14.54	10.49	1.8	26.46	-10.06
Cash From Operations, 1 Yr. Growth %	-26.55	-9.51	52.34	59.58	-21.11
Capital Expenditures, 1 Yr. Growth %	-6.82	-14.95	7.18	8.62	-2.95
Levered Free Cash Flow, 1 Yr. Growth %	-131.59	227.81	-111.44	-793.93	-436.53
Unlevered Free Cash Flow, 1 Yr. Growth %	-129.18	240.04	-114.97	-605.46	-465.08
Dividend Per Share, 1 Yr. Growth %	0	17.86	12.12	18.92	16.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.05	3.45	13.87	13.82	5.77
Gross Profit, 2 Yr. CAGR %	-10.78	4.81	17.36	16.62	10.02
EBITDA, 2 Yr. CAGR %	-10.13	36.24	26.42	3.81	4.94
EBITA, 2 Yr. CAGR %	-30.06	133.57	63.66	3.71	7.7
EBIT, 2 Yr. CAGR %	-30.06	133.57	63.66	3.71	7.7
Earnings From Cont. Operations, 2 Yr. CAGR %	-27.22	84.72	53.26	10.97	15.65
Net Income, 2 Yr. CAGR %	-29.91	96.86	58.62	8.87	15.41
Normalized Net Income, 2 Yr. CAGR %	-29.32	127.73	57.62	1.42	9.73
Diluted EPS Before Extra, 2 Yr. CAGR %	-29.69	97.49	60.55	10.68	18.08
Accounts Receivable, 2 Yr. CAGR %	0.97	12.51	10.83	6.92	-0.83
Inventory, 2 Yr. CAGR %	8.88	25.85	24.18	6.57	3.65
Net Property, Plant and Equip., 2 Yr. CAGR %	6.69	4.14	1.94	3.31	1.58
Total Assets, 2 Yr. CAGR %	8.09	14.67	4.63	10.61	4.72
Tangible Book Value, 2 Yr. CAGR %	3.33	12.04	5.96	13.47	6.25
Common Equity, 2 Yr. CAGR %	4.03	12.5	6.06	13.46	6.65
Cash From Operations, 2 Yr. CAGR %	-9.47	-18.48	17.41	55.92	12.2
Capital Expenditures, 2 Yr. CAGR %	-1.81	-10.98	-4.52	7.9	2.67
Levered Free Cash Flow, 2 Yr. CAGR %	0.88	1.76	-38.75	-10.89	383.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	4	-0.4	-28.66	-13.03	329.57
Dividend Per Share, 2 Yr. CAGR %	0	8.56	14.95	15.47	17.63
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.13	0.94	7.5	13.11	9.1
Gross Profit, 3 Yr. CAGR %	-8.15	-1.19	7.69	18.11	11.23
EBITDA, 3 Yr. CAGR %	-9.75	4.64	27.88	15.2	7.46
EBITA, 3 Yr. CAGR %	-26.73	2.99	87.04	33.92	11.64
EBIT, 3 Yr. CAGR %	-26.73	2.99	87.04	33.92	11.64
Earnings From Cont. Operations, 3 Yr. CAGR %	-24.45	1.08	60.19	33.9	17.23
Net Income, 3 Yr. CAGR %	-26.93	1.21	66.55	35.74	16.67
Normalized Net Income, 3 Yr. CAGR %	-26.23	3.37	79.95	31.51	10.6
Diluted EPS Before Extra, 3 Yr. CAGR %	-26.74	1.64	67.9	37.54	19.17
Accounts Receivable, 3 Yr. CAGR %	1.17	3.56	12.59	7.59	3.51
Inventory, 3 Yr. CAGR %	9.68	19	19.78	17.31	5.24
Net Property, Plant and Equip., 3 Yr. CAGR %	6.53	5.03	3.45	2.8	1.75
Total Assets, 3 Yr. CAGR %	5.49	8.66	9.44	10.35	3.02
Tangible Book Value, 3 Yr. CAGR %	2.09	5.7	8.42	12.5	4.65
Common Equity, 3 Yr. CAGR %	2.64	6.14	8.81	12.47	5.01
Cash From Operations, 3 Yr. CAGR %	-7.81	-9.48	0.41	30.06	24.24
Capital Expenditures, 3 Yr. CAGR %	4.36	-6.4	-5.3	-0.33	4.15
Levered Free Cash Flow, 3 Yr. CAGR %	93.99	49.42	-50.88	37.56	38.77
Unlevered Free Cash Flow, 3 Yr. CAGR %	63.26	54.36	-47.05	37.01	40.3
Dividend Per Share, 3 Yr. CAGR %	2.5	5.63	9.74	16.26	15.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.76	4.03	4.62	5.91	6.8
Gross Profit, 5 Yr. CAGR %	-3.17	1.13	1.31	5.58	8.61
EBITDA, 5 Yr. CAGR %	-2.32	4.1	3.28	4.31	18.16
EBITA, 5 Yr. CAGR %	-13.01	1.31	1.05	3.27	49.99
EBIT, 5 Yr. CAGR %	-13.01	1.31	1.05	3.27	49.99
Earnings From Cont. Operations, 5 Yr. CAGR %	-10.68	1.06	0.26	4.92	40.62
Net Income, 5 Yr. CAGR %	-12.53	0.48	-0.37	4.21	43.82
Normalized Net Income, 5 Yr. CAGR %	-12.96	1.26	-0.05	2.59	47.65
Diluted EPS Before Extra, 5 Yr. CAGR %	-12.08	0.99	0.27	5.16	45.85
Accounts Receivable, 5 Yr. CAGR %	4.47	5.04	4.93	4.89	7.02
Inventory, 5 Yr. CAGR %	8.79	16.26	15.27	13.86	13.05
Net Property, Plant and Equip., 5 Yr. CAGR %	6.18	5.61	4.67	4.34	2.7
Total Assets, 5 Yr. CAGR %	6.06	7.61	5.15	9.44	7.53
Tangible Book Value, 5 Yr. CAGR %	3.85	4.72	3.62	8.74	7.55
Common Equity, 5 Yr. CAGR %	4.49	5.35	4	9.01	7.94
Cash From Operations, 5 Yr. CAGR %	-4.58	-3.29	1.55	12.51	4.97
Capital Expenditures, 5 Yr. CAGR %	3.39	0.09	0.71	-0.92	-2.19
Levered Free Cash Flow, 5 Yr. CAGR %	11.47	-10.51	22.32	21.51	22.58
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.53	-11.06	17.23	22.71	22.33
Dividend Per Share, 5 Yr. CAGR %	3.13	6.58	7.31	9.46	12.83