# Fuji Electric (6504.JP)

Canonical: https://gigainvestors.com/s/6504.JP

Analysis as of: 2026-10-15T07:10:59.630Z. Financial observations: FY2018–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 13,935.00 per share; close as of 2026-10-15.

Estimated value: low JPY 4,514.18 per share, central JPY 5,093.20 per share, high JPY 5,863.99 per share. Buy at or below the central value JPY 5,093.20 per share. Valuation as of 2026-10-15T07:10:59.630Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.10×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 27.4%

- Recent gross margin (lower of latest and 3-year median): 28.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 9.8%

- FY2019: 9.9%

- FY2020: 6.8%

- FY2021: 7.1%

- FY2022: 10.5%

- FY2023: 11.8%

- FY2024: 11.9%

- FY2025: 11.7%

- FY2026: 12.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 264B

- Net income, five-year total: JPY 386B

- Return on incremental invested capital: 41.5%

- Working capital / revenue, annual change: -0.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.77×

- FY2023: 0.62×

- FY2024: 0.68×

- FY2025: 0.52×

- FY2026: 0.84×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 11.9%

- Per-share earnings: 264.34 to 642.69 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: JPY 1.04T

- Cumulative retained earnings: JPY 370B

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.0%

- Per-share value change: JPY 378.35

- Per-share value, starting three-year median: JPY 264.34

- Per-share value, ending three-year median: JPY 642.69

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 0.0%

- Buyback history: 9 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: JPY 264.34

- FY2019: JPY 281.89

- FY2020: JPY 201.57

- FY2021: JPY 293.52

- FY2022: JPY 410.68

- FY2023: JPY 429.50

- FY2024: JPY 527.57

- FY2025: JPY 642.69

- FY2026: JPY 665.18

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1.7%

- FY2019: -1.5%

- FY2020: -1.7%

- FY2021: 1.4%

- FY2022: -1.6%

- FY2023: -4.6%

- FY2024: -0.7%

- FY2025: -4.0%

- FY2026: -1.8%

## Holders

## Price story

Price needs cash profits to grow 14.1% a year for ten years · sales +9.3%

Story as of 2026-10-16T10:00:14.472Z; price observation 2026-10-15.

Price needs cash profits to grow 14.1% a year for ten years

### Sales · FY2025–2026

sales +9.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf; observed 2026-06-19.

- FY2018: JPY 893B 

- FY2019: JPY 915B 

- FY2020: JPY 901B 

- FY2021: JPY 876B 

- FY2022: JPY 910B 

- FY2023: JPY 1.01T 

- FY2024: JPY 1.10T 

- FY2025: JPY 1.12T 

- FY2026: JPY 1.23T 

### Gross margin · FY2026

gross margin 28%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf; observed 2026-06-19.

- FY2018: 25.9% 

- FY2019: 25.7% 

- FY2020: 24.5% 

- FY2021: 25.3% 

- FY2022: 27.7% 

- FY2023: 27.4% 

- FY2024: 27.5% 

- FY2025: 28.3% 

- FY2026: 28.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 1.2 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf (filed 2026-06-19); FY2026: revenue 1227595000000; grossProfit 344001000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 27.5% to 28.3% during 2024–26; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 28.3%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 28%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 9-year return on capital observations [[2018,0.09774175821769603],[2019,0.09873332018416887],[2020,0.06770499045094683],[2021,0.07141591254602497],[2022,0.10494776403833302],[2023,0.11849579881135486],[2024,0.11875091311663746],[2025,0.11725369808277626],[2026,0.12196152917792838]]; median 0.10494776403833302. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 26.9% of cash earnings on expansion; earns 41.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 0; upkeep 12279000000; owner earnings 42850000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 0; upkeep 15932000000; owner earnings 42135000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 22699000000; owner earnings 23788000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 20578000000; owner earnings 39660000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 33047000000; owner earnings 45031000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 15142000000; upkeep 45938000000; owner earnings 37768000000. Growth capex / owner earnings = 0.4009214149544588.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 22328000000; upkeep 51875000000; owner earnings 50885000000. Growth capex / owner earnings = 0.4387933575709934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: growth capex 5527677456.982742; upkeep 81226322543.01726; owner earnings 47678677456.98274. Growth capex / owner earnings = 0.1159360483933304.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf (filed 2026-06-19); FY2026: growth capex 22248000000; upkeep 61778000000; owner earnings 82625000000. Growth capex / owner earnings = 0.26926475037821485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Incremental return on capital 0.4147909938604207, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2018,8571000000],[2019,11428000000],[2020,11427000000],[2021,11427000000],[2022,12855000000],[2023,15711000000],[2024,17139000000],[2025,21424000000],[2026,25980000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf (filed 2026-06-19); FY2026: cash repurchases 33000000 JPY.

### What the price says

The price assumes cash profits grow 14.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.19130192582378258. Price 13935; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 2,810.00 per share

- 2016-12: JPY 3,030.00 per share

- 2017-01: JPY 3,345.00 per share

- 2017-02: JPY 3,105.00 per share

- 2017-03: JPY 3,305.00 per share

- 2017-04: JPY 3,055.00 per share

- 2017-05: JPY 2,965.00 per share

- 2017-06: JPY 2,960.00 per share

- 2017-07: JPY 3,040.00 per share

- 2017-08: JPY 3,030.00 per share

- 2017-09: JPY 3,120.00 per share

- 2017-10: JPY 4,085.00 per share

- 2017-11: JPY 3,960.00 per share

- 2017-12: JPY 4,245.00 per share

- 2018-01: JPY 4,490.00 per share

- 2018-02: JPY 4,090.00 per share

- 2018-03: JPY 3,620.00 per share

- 2018-04: JPY 3,920.00 per share

- 2018-05: JPY 3,885.00 per share

- 2018-06: JPY 4,220.00 per share

- 2018-07: JPY 4,110.00 per share

- 2018-08: JPY 4,475.00 per share

- 2018-09: JPY 4,550.00 per share

- 2018-10: JPY 3,460.00 per share

- 2018-11: JPY 3,565.00 per share

- 2018-12: JPY 3,245.00 per share

- 2019-01: JPY 3,350.00 per share

- 2019-02: JPY 3,500.00 per share

- 2019-03: JPY 3,140.00 per share

- 2019-04: JPY 3,925.00 per share

- 2019-05: JPY 3,630.00 per share

- 2019-06: JPY 3,715.00 per share

- 2019-07: JPY 3,365.00 per share

- 2019-08: JPY 3,030.00 per share

- 2019-09: JPY 3,305.00 per share

- 2019-10: JPY 3,470.00 per share

- 2019-11: JPY 3,370.00 per share

- 2019-12: JPY 3,345.00 per share

- 2020-01: JPY 3,290.00 per share

- 2020-02: JPY 2,963.00 per share

- 2020-03: JPY 2,449.00 per share

- 2020-04: JPY 2,594.00 per share

- 2020-05: JPY 2,879.00 per share

- 2020-06: JPY 2,944.00 per share

- 2020-07: JPY 2,870.00 per share

- 2020-08: JPY 3,315.00 per share

- 2020-09: JPY 3,310.00 per share

- 2020-10: JPY 3,150.00 per share

- 2020-11: JPY 3,710.00 per share

- 2020-12: JPY 3,715.00 per share

- 2021-01: JPY 4,165.00 per share

- 2021-02: JPY 4,420.00 per share

- 2021-03: JPY 4,610.00 per share

- 2021-04: JPY 4,975.00 per share

- 2021-05: JPY 5,130.00 per share

- 2021-06: JPY 5,190.00 per share

- 2021-07: JPY 4,760.00 per share

- 2021-08: JPY 4,765.00 per share

- 2021-09: JPY 5,110.00 per share

- 2021-10: JPY 5,550.00 per share

- 2021-11: JPY 5,940.00 per share

- 2021-12: JPY 6,280.00 per share

- 2022-01: JPY 6,090.00 per share

- 2022-02: JPY 5,860.00 per share

- 2022-03: JPY 6,160.00 per share

- 2022-04: JPY 5,750.00 per share

- 2022-05: JPY 6,090.00 per share

- 2022-06: JPY 5,620.00 per share

- 2022-07: JPY 5,970.00 per share

- 2022-08: JPY 6,070.00 per share

- 2022-09: JPY 5,290.00 per share

- 2022-10: JPY 5,760.00 per share

- 2022-11: JPY 5,620.00 per share

- 2022-12: JPY 5,030.00 per share

- 2023-01: JPY 5,220.00 per share

- 2023-02: JPY 5,260.00 per share

- 2023-03: JPY 5,200.00 per share

- 2023-04: JPY 5,450.00 per share

- 2023-05: JPY 5,870.00 per share

- 2023-06: JPY 6,290.00 per share

- 2023-07: JPY 6,418.00 per share

- 2023-08: JPY 6,875.00 per share

- 2023-09: JPY 6,746.00 per share

- 2023-10: JPY 5,678.00 per share

- 2023-11: JPY 6,201.00 per share

- 2023-12: JPY 6,069.00 per share

- 2024-01: JPY 7,459.00 per share

- 2024-02: JPY 9,100.00 per share

- 2024-03: JPY 10,250.00 per share

- 2024-04: JPY 9,872.00 per share

- 2024-05: JPY 9,346.00 per share

- 2024-06: JPY 9,152.00 per share

- 2024-07: JPY 8,532.00 per share

- 2024-08: JPY 8,716.00 per share

- 2024-09: JPY 8,620.00 per share

- 2024-10: JPY 7,950.00 per share

- 2024-11: JPY 8,423.00 per share

- 2024-12: JPY 8,558.00 per share

- 2025-01: JPY 7,435.00 per share

- 2025-02: JPY 6,600.00 per share

- 2025-03: JPY 6,296.00 per share

- 2025-04: JPY 6,323.00 per share

- 2025-05: JPY 6,429.00 per share

- 2025-06: JPY 6,654.00 per share

- 2025-07: JPY 7,577.00 per share

- 2025-08: JPY 9,445.00 per share

- 2025-09: JPY 9,944.00 per share

- 2025-10: JPY 11,060.00 per share

- 2025-11: JPY 10,880.00 per share

- 2025-12: JPY 11,850.00 per share

- 2026-01: JPY 10,990.00 per share

- 2026-02: JPY 13,910.00 per share

- 2026-03: JPY 10,580.00 per share

- 2026-04: JPY 13,085.00 per share

- 2026-05: JPY 15,440.00 per share

- 2026-06: JPY 13,515.00 per share

- 2026-07: JPY 14,285.00 per share

- 2026-08: JPY 13,850.00 per share

- 2026-09: JPY 13,960.00 per share

- 2026-10: JPY 14,910.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 3,731.18 per share, central JPY 4,173.46 per share, high JPY 4,762.23 per share

- FY2023: low JPY 3,949.17 per share, central JPY 4,431.40 per share, high JPY 5,073.36 per share

- FY2024: low JPY 4,131.47 per share, central JPY 4,658.52 per share, high JPY 5,360.13 per share

- FY2025: low JPY 4,160.00 per share, central JPY 4,694.12 per share, high JPY 5,405.14 per share

- FY2026: low JPY 4,514.18 per share, central JPY 5,093.20 per share, high JPY 5,863.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEB.pdf); period 2026-03-31, filed 2026-06-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.