Fuji (6134) AI Stock Analysis

• Market Cap: ¥580.70B
• Dividend Yield: 2.22%
• Average Volume (3M): 246.13K
• Price to Earnings (P/E): 29.0
• Beta (1Y): 1.30
• Revenue Growth: 12.95%
• EPS Growth: 46.98%
• Country: JP
• Employees: 2,911
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 80.53
• Shares Outstanding: 97,823,746
• 10 Day Avg. Volume: 287,850
• 30 Day Avg. Volume: 246,133
• PEG Ratio: 2.14
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 1.50
• P/FCF Ratio: 21.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥6,436.67
• Price Target Upside: 7.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 253.7
• Revenue Forecast (FY): ¥174.44B

• Rating: 68 Neutral
• Price Target: ¥6,064.00 ▲(1.32% Upside)
• Action: Downgraded Date: 02/14/26
• Date: Action: Downgraded 02/14/26

The score is driven primarily by strong financial stability (debt-free balance sheet) offset by compressed profitability and only modest growth, with technicals showing a strong uptrend but extreme overbought conditions. Valuation is moderately expensive with a relatively low dividend yield.

Positive Factors

Debt-free balance sheet

Essentially zero debt materially reduces financial risk and gives management durable flexibility to fund R&D, service expansion, and capex through cycles. This resilience supports long-term customer commitments and preserves options for opportunistic investment or buybacks.

Aftermarket & software recurring revenue

Recurring service, parts, consumables and software create higher-margin annuity-style revenue tied to installed equipment. That lifecycle revenue cushions capital-cycle volatility, improves lifetime customer value, and supports steady margin and cash generation over the medium term.

Operating cash flow strength

Operating cash conversion above net income and a 2025 FCF rebound indicate solid cash generation capacity. Reliable cash flow funds maintenance of installed base, selective capex and working capital needs without reliance on external debt, aiding strategic execution.

Negative Factors

Margin erosion

Multi-year margin compression reduces profit per unit and lowers return on capital. Persistently weaker margins constrain reinvestment and limit the firm's ability to expand R&D or service capabilities, making long-term margin recovery critical for sustainable returns.

Choppy top-line growth

Cyclicality and volatile revenue tied to electronics capex make forecasting and capacity planning difficult. Modest growth after a sharp decline indicates limited secular momentum, which can cap scale economies and slow expansion of the installed base that drives aftermarket sales.

Volatile FCF conversion

Inconsistent FCF conversion weakens predictability of internally available funds for strategic investments or payouts. Volatility raises the risk that management must delay projects or seek external financing during down cycles, reducing execution certainty over the medium term.

Fuji Business Overview & Revenue Model

Company Description

Fuji Corporation manufactures and sells machines and machine tools in Japan. The company operates through Robotic Solutions and Machine Tools segment. It offers SMT equipment, including mounters, printers, inserters, automatic warehouses, software, and automatic maintenance units. In addition, the company provides machine tools comprising of LAPSYS, GYROFLEX, and DLFn, modular production equipment. Further, the company offers multijoint robot, such as robot cell series, SCARA, and articulated robot. Additionally, the company provides mobility support robot, atmospheric pressure plasma unit, and public stocker system. The company was formerly known as Fuji Machine Mfg. Co., Ltd. and changed its name to Fuji Corporation in April 2018. Fuji Corporation was founded in 1959 and is headquartered in Chiryu, Japan.

How the Company Makes Money

Fuji makes money through the sale of its electronic assembly equipment and machine tools, which are used in various industries such as electronics manufacturing and automotive production. The company's revenue streams include the sales of these machines, after-sales services, and maintenance contracts. Significant partnerships with manufacturers and technology companies also play a role in its earnings, as these collaborations often lead to the integration of Fuji's equipment in large-scale production lines, thereby increasing sales volume. Additionally, Fuji's focus on R&D and innovation helps maintain its competitive edge in the market, attracting more clients and expanding its customer base.

Fuji Financial Statement Overview

Summary

Strong financial stability with essentially no debt supports resilience, but operating performance has softened versus prior peaks: margins have compressed and revenue growth has been modest. Cash flow improved recently, though free cash flow has been volatile and conversion is only moderate.

Income Statement

Revenue has been choppy, with a sharp drop in 2023 followed by stabilization in 2024 and modest growth in 2025. Profitability remains solid but has clearly compressed versus earlier years: net margin is down to ~8.6% in 2025 (from ~13–14% in 2021–2022), and operating profitability has also stepped down from prior peaks. The positive is consistent profitability and decent operating margins, but the negative is the multi-year margin erosion and lack of strong top-line momentum.

Balance Sheet

The balance sheet is very strong with essentially no debt in recent years (debt-to-equity at 0.0), which materially reduces financial risk and adds resilience through cycles. Equity remains large relative to assets, supporting stability. The main drawback is returns on equity are modest (~5.0% in 2025), indicating the company is currently generating relatively low profit on its capital base compared with prior years (~9–10% in 2021–2022).

Cash Flow

Cash generation is positive, with operating cash flow exceeding net income in 2024–2025 (a supportive quality signal), and free cash flow rebounded strongly in 2025. However, free cash flow conversion is moderate in 2025 (free cash flow is ~38% of net income) and has been volatile across years, including a notably weak 2023. Overall, cash flow is healthy but not consistently strong enough to score at the top tier.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	137.86B	127.39B	127.06B	153.33B	148.13B	136.16B
Gross Profit	49.05B	46.64B	46.24B	60.65B	58.49B	50.70B
EBITDA	20.94B	26.57B	24.65B	39.11B	37.57B	32.29B
Net Income	13.95B	10.91B	10.44B	20.45B	21.19B	17.17B
Balance Sheet
Total Assets	245.67B	244.29B	250.94B	254.17B	243.31B	224.67B
Cash, Cash Equivalents and Short-Term Investments	59.55B	59.18B	64.65B	64.12B	67.06B	62.03B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	29.02B	25.61B	22.66B	29.06B	34.53B	30.12B
Stockholders Equity	216.52B	218.56B	228.16B	224.99B	208.66B	194.25B
Cash Flow
Free Cash Flow	0.00	8.89B	15.54B	2.20B	5.53B	22.94B
Operating Cash Flow	0.00	23.41B	30.19B	12.99B	15.72B	30.87B
Investing Cash Flow	0.00	-11.42B	-12.37B	-5.78B	-11.60B	-10.47B
Financing Cash Flow	0.00	-16.20B	-17.15B	-7.95B	-6.51B	-4.58B

Fuji Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5985.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6134, the sentiment is Positive. The current price of 5985 is above the 20-day moving average (MA) of 4938.50, above the 50-day MA of 4247.86, and above the 200-day MA of 3137.88, indicating a bullish trend. The MACD of 549.61 indicates Negative momentum. The RSI at 78.72 is Negative, neither overbought nor oversold. The STOCH value of 87.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6134.

Fuji Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6407	75 Outperform	¥375.21B	28.83	―	2.50%	6.16%	17.11%
6268	71 Outperform	¥591.54B	38.64	5.25%	2.13%	-2.23%	130.96%
6134	68 Neutral	¥580.70B	28.98	6.46%	2.22%	12.95%	46.98%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
6135	61 Neutral	¥281.81B	15.21	6.63%	0.91%	9.03%	10.76%
6324	58 Neutral	¥450.99B	94.05	5.62%	0.56%	6.22%	―
6481	55 Neutral	¥624.74B	97.83	1.88%	6.16%	1.98%	-48.28%

Fuji Corporate Events

Fuji Corporation Lifts Full-Year Forecast on Robust Asian Server Demand

Fuji Corporation sharply raised its full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, citing stronger-than-expected demand in its Robotic Solutions business. The company now projects net sales of ¥183 billion and profit attributable to owners of parent of ¥24.4 billion, up 10.9% and 38.6% respectively from its previous guidance and well above last year’s results, underscoring robust capital investment demand in Asia, especially for servers, and signaling a stronger earnings trajectory for stakeholders.

The most recent analyst rating on (JP:6134) stock is a Hold with a Yen4440.00 price target. To see the full list of analyst forecasts on Fuji stock, see the JP:6134 Stock Forecast page.

Fuji Corporation Doubles Profit and Lifts Full-Year Outlook

Fuji Corporation reported a sharp rebound in earnings for the nine months to 31 December 2025, with net sales up 36% year on year to ¥127.3 billion and profit attributable to owners of parent nearly doubling to ¥16.1 billion, lifting earnings per share to ¥182.59. The stronger results improved comprehensive income more than threefold and supported a maintained dividend policy of ¥80 per share for the full fiscal year, while management raised its full-year forecast, projecting double-digit growth in sales and profits that signals a firmer operating environment and potentially stronger returns for shareholders.

The balance sheet also expanded, with total assets rising to ¥267.9 billion and net assets to ¥230.2 billion, though the equity ratio eased slightly to 85.9% amid an increase in treasury shares. The upgraded earnings outlook, announced alongside the quarterly figures, underscores Fuji’s confidence in sustained demand for its equipment and indicates improving industry positioning as it targets full-year net sales of ¥183 billion and profit attributable to owners of parent of ¥24.4 billion.

The most recent analyst rating on (JP:6134) stock is a Hold with a Yen4440.00 price target. To see the full list of analyst forecasts on Fuji stock, see the JP:6134 Stock Forecast page.