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Koito Manufacturing Co
(7276)
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Rating:71Outperform
Price Target:
¥2,974.00
▲(20.87% Upside)
Action:Reiterated
Date:07/30/26
The score is primarily supported by a very strong, low-leverage balance sheet and a constructive moving-average trend. The main drags are weakened TTM profitability/returns and a high P/E valuation, with the dividend yield providing only modest support.
Positive Factors
Very conservative balance sheet / low leverage
Near-zero leverage provides durable financial flexibility and downside protection. Over 2–6 months this supports steady operations through auto-cycle volatility, funds selective capex or R&D without refinancing risk, and preserves strategic optionality for partnerships or OEM program bids.
Negative Factors
Material margin compression and weak profitability
Substantially lower margins versus prior years indicate persistent cost pressures or pricing weakness. Reduced profitability diminishes earnings resilience, limits reinvestment capacity, and makes returns on a large capital base harder to achieve, increasing vulnerability across automotive cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Very conservative balance sheet / low leverage
Near-zero leverage provides durable financial flexibility and downside protection. Over 2–6 months this supports steady operations through auto-cycle volatility, funds selective capex or R&D without refinancing risk, and preserves strategic optionality for partnerships or OEM program bids.
Read all positive factors
Koito Manufacturing Co (7276) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥760.94B
Dividend Yield2.08%
Average Volume (3M)804.50K
Price to Earnings (P/E)33.4
Beta (1Y)0.88
Revenue Growth6.85%
EPS Growth-54.33%
CountryJP
Employees21,507
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)80.71
Shares Outstanding307,833,160
10 Day Avg. Volume729,430
30 Day Avg. Volume804,500
Financial Highlights & Ratios
PEG Ratio-0.66
Price to Book (P/B)1.09
Price to Sales (P/S)0.71
P/FCF Ratio14.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)174.23
Revenue Forecast (FY)¥958.24B
Koito Manufacturing Co Business Overview & Revenue Model
Company Description
Koito Manufacturing Co., Ltd. (7276) is a Japan-based automotive lighting manufacturer that designs, produces, and sells vehicle lighting equipment and related electrical components. The company supplies headlamps and other exterior and interior l...
How the Company Makes Money
Koito primarily makes money by manufacturing and selling automotive lighting products to vehicle manufacturers (OEMs). Its core revenue stream is the sale of lighting units—such as headlamps and other lamp assemblies—supplied as original equipment...
Koito Manufacturing Co Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
92
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 968.77B | 947.61B | 916.71B | 950.29B | 864.72B | 760.72B |
| Gross Profit | 115.45B | 111.48B | 96.67B | 106.67B | 95.83B | 96.05B |
| EBITDA | 86.52B | 83.11B | 108.89B | 104.04B | 91.32B | 97.76B |
| Net Income | 21.08B | 16.54B | 46.24B | 40.88B | 29.66B | 38.34B |
Balance Sheet | ||||||
| Total Assets | 915.16B | 906.20B | 889.95B | 965.60B | 905.91B | 855.24B |
| Cash, Cash Equivalents and Short-Term Investments | 289.60B | 274.52B | 276.15B | 302.87B | 315.04B | 323.94B |
| Total Debt | 9.63B | 1.92B | 10.38B | 18.77B | 27.46B | 25.22B |
| Total Liabilities | 233.35B | 230.11B | 210.08B | 246.32B | 235.40B | 227.92B |
| Stockholders Equity | 624.71B | 616.83B | 627.20B | 671.93B | 628.83B | 591.16B |
Cash Flow | ||||||
| Free Cash Flow | 45.53B | 45.36B | 39.16B | 59.05B | 19.93B | 36.77B |
| Operating Cash Flow | 95.70B | 99.91B | 88.36B | 96.37B | 59.76B | 65.71B |
| Investing Cash Flow | -66.93B | -10.84B | -40.99B | -50.16B | -71.54B | -52.15B |
| Financing Cash Flow | -67.30B | -71.43B | -78.35B | -59.68B | -13.28B | -8.49B |
Koito Manufacturing Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥650.92B | 10.26 | 10.96% | 2.75% | 12.73% | 81.53% | |
75 Outperform | ¥429.08B | 14.15 | 7.21% | 3.03% | 7.19% | 21.95% | |
75 Outperform | ¥51.04B | 7.94 | 8.50% | 2.64% | -3.94% | 36.68% | |
72 Outperform | ¥141.24B | 17.04 | ― | 2.93% | 3.63% | 35.37% | |
71 Outperform | ¥5.42T | 12.26 | 8.64% | 3.26% | 7.51% | 13.94% | |
71 Outperform | ¥760.94B | 33.41 | 2.64% | 2.28% | 6.85% | -54.33% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
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Koito Manufacturing Co Corporate Events
Koito Launches ¥13.5 Billion Share Buyback Under Larger Repurchase Program
Jul 30, 2026
Koito Manufacturing has completed a major share buyback, acquiring 5 million common shares for approximately 13.49 billion yen on July 30, 2026 via the Tokyo Stock Exchange’s off-auction own share repurchase trading system ToSTNeT-3. This tr...
Koito Launches 13.5 Billion Yen Share Buyback via ToSTNeT-3
Jul 29, 2026
Koito Manufacturing will repurchase up to 5,000,000 common shares for approximately 13.49 billion yen via the Tokyo Stock Exchange’s off-auction own share repurchase trading system ToSTNeT-3. The buyback, scheduled at the July 30, 2026 openi...
Koito Manufacturing Delivers Strong Q1 Profit Growth and Confirms Fiscal 2026 Outlook
Jul 29, 2026
Koito Manufacturing reported solid first-quarter fiscal 2026 results, with net sales rising 9.6% year on year to ¥240.9 billion and profit attributable to owners of parent jumping 44.8% to ¥14.7 billion. Profit margins improved, reflecte...
Koito Completes Restricted Stock Compensation Share Disposal
Jul 13, 2026
Koito Manufacturing has completed the payment procedures for the disposal of 119,600 shares of its common stock under a restricted stock compensation plan. The transaction, approved by the board in late June and executed on July 13, 2026, involved...
Koito Plans Large Buyback but Delays Initial Share Purchases
Jul 1, 2026
Koito Manufacturing has reported that, despite board approval for a substantial share buyback program, it did not repurchase any of its own shares during the period from June 1 to June 30, 2026. The company had previously authorized the acquisitio...
Koito to Grant Restricted Stock to Directors and Officers via Treasury Share Disposal
Jun 26, 2026
Koito Manufacturing will dispose of 119,600 treasury shares as part of a restricted stock remuneration plan for eight directors and 19 corporate officers. The shares, priced at ¥2,630 each for a total of about ¥314.5 million, are intende...
Koito to Switch Auditors to Deloitte Touche Tohmatsu After Long ARK Tenure
May 29, 2026
Koito Manufacturing has announced a planned change of its accounting auditor, with the Audit and Supervisory Board resolving to propose Deloitte Touche Tohmatsu LLC as the new auditor at the 126th Annual General Meeting of Shareholders scheduled f...
Koito Unveils Up to ¥50 Billion Share Buyback to Boost Shareholder Returns
May 29, 2026
Koito Manufacturing Co. has approved a new share buyback program as part of its capital allocation strategy under the first Medium-Term Management Plan, which targets shareholder returns of at least ¥200 billion between FY2024 and FY2026. The...
Koito Completes Nearly ¥50 Billion Share Buyback Program
May 28, 2026
Koito Manufacturing has completed a share buyback program authorized by its board in May 2025, acquiring 816,200 common shares between May 1 and May 27, 2026, via market purchases on the Tokyo Stock Exchange for a total of about ¥2.25 billion...
Koito Details Independent Stance Despite Significant Ties to Toyota
May 13, 2026
Koito Manufacturing disclosed that Toyota Motor Corporation is classified as an “other affiliated company,” holding 21.0% of Koito’s voting rights and accounting for 13.6% of its consolidated sales through purchases of automotive...
Koito Keeps Dividend Steady Despite Profit Drop and Impairment Charges
May 13, 2026
Koito Manufacturing’s board has approved a year-end dividend of ¥28 per share for the fiscal year ended March 31, 2026, matching both its prior forecast and the previous year’s payout. The total year-end dividend distribution will...
Koito Takes ¥20 Billion Impairment on LiDAR and China as Sales Beat Forecasts
May 13, 2026
Koito Manufacturing will book extraordinary impairment losses of ¥14.3 billion on its LiDAR business and ¥5.7 billion on China operations for the year ended March 31, 2026, after order cancellations in automotive LiDAR and a profitabilit...
Koito Lifts Profits but Books Sharp Earnings Drop, Targets Strong Rebound in FY2026
May 13, 2026
Koito Manufacturing reported fiscal 2025 consolidated net sales of ¥947.6 billion, up 3.4% year on year, with operating profit rising 14.6% to ¥51.4 billion and ordinary profit up 19.6% to ¥58.8 billion, while profit attributable to...
Koito Nears ¥50 Billion Buyback Limit Despite April Pause in Repurchases
May 7, 2026
Koito Manufacturing reported the latest status of its share buyback program authorized under Japan’s Companies Act, confirming that no shares were repurchased in the most recent period from April 1 to April 30, 2026, resulting in zero acquis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.