Financials DENSO Corporation

Equities

6902

JP3551500006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 06:30:00 16/01/2026 GMT			5-day change	1st Jan Change
2,276.50 ^JPY	+0.09%		+5.44%	+5.49%

01-15	Denso Corp announces $69 mln investment to construct an advanced logistics center in Tennessee	RE
01-15	DENSO Invests $69 Million to Build New Facility in Lebanon, Tennessee	CI

Projected Income Statement: DENSO Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,936,725	5,515,512	6,401,320	7,144,733	7,161,777	7,243,360	7,436,771	7,668,778
Change	-	11.72%	16.06%	11.61%	0.24%	1.14%	2.67%	3.12%
EBITDA ¹	490,685	687,705	790,734	754,868	895,546	997,488	1,092,186	1,163,858
Change	-	40.15%	14.98%	-4.54%	18.64%	11.38%	9.49%	6.56%
EBIT ¹	155,107	341,179	426,099	380,599	518,953	616,351	691,918	745,371
Change	-	119.96%	24.89%	-10.68%	36.35%	18.77%	12.26%	7.73%
Interest Paid ¹	-7,330	-8,403	-13,666	-22,246	-25,810	-9,132	-19,137	-19,456
Earnings before Tax (EBT) ¹	193,753	384,808	456,870	436,237	578,005	680,935	752,405	802,012
Change	-	98.61%	18.73%	-4.52%	32.5%	17.81%	10.5%	6.59%
Net income ¹	125,055	263,901	314,633	312,791	419,081	468,718	525,010	562,559
Change	-	111.03%	19.22%	-0.59%	33.98%	11.84%	12.01%	7.15%
Announcement Date	28/04/21	28/04/22	27/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	1,433,873	1,428,130	1,356,866	1,226,074	1,426,108	1,506,464	1,415,009	1,605,105	1,615,568	1,765,638	1,712,860	1,800,638	1,841,391	1,789,844	1,753,841	1,721,011	1,813,596	1,873,329	1,754,137	1,836,330	1,842,017	1,840,720	1,810,908	1,799,227	1,870,588	1,870,135	1,896,365	1,886,423
Change	-	-0.4%	-4.99%	-9.64%	16.32%	5.63%	-6.07%	13.43%	0.65%	9.29%	-2.99%	5.12%	2.26%	-2.8%	-2.01%	-1.87%	5.38%	3.29%	-6.36%	4.69%	0.31%	-0.07%	-1.62%	-0.65%	3.97%	-0.02%	1.4%	-0.52%
EBITDA ¹	289,954	174,546	193,978	137,075	183,348	173,304	153,584	183,722	203,695	249,733	186,890	211,920	119,987	236,071	215,524	224,362	244,153	211,507	199,387	197,527	240,353	367,228	223,072	247,204	262,299	370,152	244,543	261,270
Change	-	-39.8%	11.13%	-29.33%	33.76%	-5.48%	-11.38%	19.62%	10.87%	22.6%	-25.16%	13.39%	-43.38%	96.75%	-8.7%	4.1%	8.82%	-13.37%	-5.73%	-0.93%	21.68%	52.79%	-39.26%	10.82%	6.11%	41.12%	-33.93%	6.84%
EBIT ¹	136,252	88,482	107,181	52,138	96,955	84,905	63,643	91,770	112,535	158,151	94,378	117,442	26,756	142,023	120,568	130,659	150,333	117,393	107,205	104,212	160,259	245,341	125,564	154,561	177,590	247,650	137,653	161,548
Change	-	-35.06%	21.13%	-51.36%	85.96%	-12.43%	-25.04%	44.19%	22.63%	40.53%	-40.32%	24.44%	-77.22%	430.81%	-15.11%	8.37%	15.06%	-21.91%	-8.68%	-2.79%	53.78%	53.09%	-48.82%	23.09%	14.9%	39.45%	-44.42%	17.36%
Charge d'intérêts	-1,897	-	-1,490	-	-2,196	-2,647	-2,794	-	-4,797	-	-5,516	-	-8,533	-	-7,832	-9,210	-1,237	-	-4,996	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	154,538	94,648	131,608	51,247	113,686	88,267	82,564	88,080	127,511	158,715	129,270	118,393	41,052	147,522	137,718	144,016	166,154	130,117	140,227	104,215	185,976	249,489	147,958	165,955	199,984	259,094	154,941	178,837
Change	-	-38.75%	39.05%	-61.06%	121.84%	-22.36%	-6.46%	6.68%	44.77%	24.47%	-18.55%	-8.41%	-65.33%	259.35%	-6.65%	4.57%	15.37%	-21.69%	7.77%	-25.68%	78.45%	34.15%	-40.7%	12.16%	20.51%	29.56%	-40.2%	15.42%
Net income ¹	114,200	81,979	89,345	23,381	80,638	70,537	51,875	53,923	92,003	116,832	85,460	83,463	6,699	137,169	94,459	96,378	121,911	106,333	79,268	52,089	135,853	169,786	102,364	115,691	139,974	179,810	107,739	125,795
Change	-	-28.21%	8.99%	-73.83%	244.89%	-12.53%	-26.46%	3.95%	70.62%	26.99%	-26.85%	-2.34%	-91.97%	1,947.6%	-31.14%	2.03%	26.49%	-12.78%	-25.45%	-34.29%	160.81%	24.98%	-39.71%	13.02%	20.99%	28.46%	-40.08%	16.76%
Announcement Date	02/02/21	28/04/21	30/07/21	29/10/21	02/02/22	28/04/22	29/07/22	28/10/22	03/02/23	27/04/23	28/07/23	31/10/23	02/02/24	26/04/24	31/07/24	31/10/24	31/01/25	25/04/25	31/07/25	31/10/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	2,582,940	2,932,572	3,020,114	3,381,206	3,513,498	3,631,235	3,474,852	3,686,925	3,590,467	3,746,616
Change	-	13.54%	2.99%	11.96%	3.91%	3.35%	-4.31%	6.1%	-2.62%	4.35%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	159,319	181,860	155,413	270,686	211,820	168,779	251,227	267,726	211,417	409,000
Change	-	14.15%	-14.54%	74.17%	-21.75%	-20.32%	48.85%	6.57%	-21.03%	93.46%
Charge d'intérêts	-3,560	-	-5,043	-	-11,550	-	-17,042	-	-14,117	-
Earnings before Tax (EBT) ¹	182,855	201,953	170,644	286,226	247,663	188,574	281,734	296,271	244,442	446,000
Change	-	10.44%	-15.5%	67.73%	-13.47%	-23.86%	49.4%	5.16%	-17.49%	82.46%
Net income ¹	112,726	151,175	105,798	208,835	168,923	143,868	190,837	228,244	131,357	344,000
Change	-	34.11%	-30.02%	97.39%	-19.11%	-14.83%	32.65%	19.6%	-42.45%	161.88%
Announcement Date	29/10/21	28/04/22	28/10/22	27/04/23	31/10/23	26/04/24	31/10/24	25/04/25	31/10/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: DENSO Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-58,700	105,897	209,791	61,331	-287,147	-244,667	-265,655	-297,364
Change	-	280.4%	98.11%	-70.77%	-568.19%	14.79%	-8.58%	-11.94%
Announcement Date	28/04/21	28/04/22	27/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: DENSO Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	515,008	415,080	433,704	485,547	380,071	381,131	377,165	389,962
Change	-	-19.4%	4.49%	11.95%	-21.72%	0.28%	-1.04%	3.39%
Free Cash Flow (FCF) ¹	-77,773	94,058	239,044	476,279	636,844	496,890	456,221	535,902
Change	-	220.94%	154.15%	99.24%	33.71%	-21.98%	-8.18%	17.47%
Announcement Date	28/04/21	28/04/22	27/04/23	26/04/24	25/04/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: DENSO Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	9.94%	12.47%	12.35%	10.57%	12.5%	13.77%	14.69%	15.18%
EBIT Margin (%)	3.14%	6.19%	6.66%	5.33%	7.25%	8.51%	9.3%	9.72%
EBT Margin (%)	3.92%	6.98%	7.14%	6.11%	8.07%	9.4%	10.12%	10.46%
Net margin (%)	2.53%	4.78%	4.92%	4.38%	5.85%	6.47%	7.06%	7.34%
FCF margin (%)	-1.58%	1.71%	3.73%	6.67%	8.89%	6.86%	6.13%	6.99%
FCF / Net Income (%)	-62.19%	35.64%	75.98%	152.27%	151.96%	106.01%	86.9%	95.26%
Profitability
ROA	3.12%	5.42%	6.16%	5.29%	4.87%	6.44%	7.26%	7.58%
ROE	3.4%	6.4%	7.3%	6.3%	7.97%	9.3%	10.52%	10.95%
Financial Health
Leverage (Debt/EBITDA)	-	0.15x	0.27x	0.08x	-	-	-	-
Debt / Free cash flow	-	1.13x	0.88x	0.13x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	10.43%	7.53%	6.78%	6.8%	5.31%	5.26%	5.07%	5.09%
CAPEX / EBITDA (%)	104.96%	60.36%	54.85%	64.32%	42.44%	38.21%	34.53%	33.51%
CAPEX / FCF (%)	-662.19%	441.3%	181.43%	101.95%	59.68%	76.7%	82.67%	72.77%
Items per share
Cash flow per share ¹	148.6	198.2	224.5	230.6	278.1	328.1	346.6	386.7
Change	-	33.37%	13.28%	2.69%	20.59%	18.02%	5.63%	11.57%
Dividend per Share ¹	35	41.25	46.25	55	64	65.38	70.36	74.88
Change	-	17.86%	12.12%	18.92%	16.36%	2.16%	7.63%	6.42%
Book Value Per Share ¹	1,255	1,408	1,461	1,902	1,767	1,869	1,966	2,080
Change	-	12.16%	3.78%	30.13%	-7.08%	5.75%	5.22%	5.77%
EPS ¹	40.35	85.69	104	105	145	171.7	202	220.3
Change	-	112.39%	21.37%	0.93%	38.15%	18.4%	17.64%	9.06%
Nbr of stocks (in thousands)	3,099,474	3,053,316	2,995,290	2,952,896	2,830,635	2,689,424	2,689,424	2,689,424
Announcement Date	28/04/21	28/04/22	27/04/23	26/04/24	25/04/25	-	-	-