Financials DENSO Corporation OTC Markets

Stocks

DNZOY

US24872B1008

Auto, Truck & Motorcycle Parts

Market Closed - OTC Markets 15:58:37 2026-09-18 EDT			5-day change	1st Jan Change
12.15 ^USD	-2.33%		-3.03%	-10.92%

08-27	Nippon Seiki Co., Ltd. agreed to acquire head-up display business of DENSO CORPORATION.	CI
08-07	Subros Limited Executes Technical Assistance Agreement with DENSO Corporation, Japan and Toyota Industries Corporation, Japan	CI

Projected Income Statement: DENSO Corporation

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	5,515,512	6,401,320	7,144,733	7,161,777	7,539,975	7,806,982	8,105,356	8,393,879
Change	-	16.06%	11.61%	0.24%	5.28%	3.54%	3.82%	3.56%
EBITDA ¹	687,705	790,734	754,868	895,546	930,612	892,699	1,018,177	1,056,562
Change	-	14.98%	-4.54%	18.64%	3.92%	-4.07%	14.06%	3.77%
EBIT ¹	341,179	426,099	380,599	518,953	552,538	528,165	596,829	643,517
Change	-	24.89%	-10.68%	36.35%	6.47%	-4.41%	13%	7.82%
Interest Paid ¹	-8,403	-13,666	-22,246	-25,810	-31,731	-22,527	-20,176	-19,633
Earnings before Tax (EBT) ¹	384,808	456,870	436,237	578,005	617,291	587,739	657,895	708,787
Change	-	18.73%	-4.52%	32.5%	6.8%	-4.79%	11.94%	7.74%
Net income ¹	263,901	314,633	312,791	419,081	443,755	404,599	453,038	491,116
Change	-	19.22%	-0.59%	33.98%	5.89%	-8.82%	11.97%	8.41%
Announcement Date	4/28/22	4/27/23	4/26/24	4/25/25	4/28/26	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	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
Net sales ¹	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	1,905,061	2,044,447	1,913,868	1,903,414	1,930,540	2,020,304
Change	-	-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%	3.74%	7.32%	-6.39%	-0.55%	1.43%	4.65%
EBITDA ¹	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	260,379	273,319	180,103	202,347	260,136	255,726
Change	-	-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%	31.82%	4.97%	-34.11%	12.35%	28.56%	-1.7%
EBIT ¹	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	164,462	176,659	84,178	102,224	156,493	173,319
Change	-	-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%	57.81%	7.42%	-52.35%	21.44%	53.09%	10.75%
Charge d'intérêts	-1,490	-	-2,196	-2,647	-2,794	-	-4,797	-	-5,516	-	-8,533	-	-7,832	-9,210	-1,237	-	-4,996	-	-6,952	-	-8,280	-	-	-
Earnings before Tax (EBT) ¹	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	193,341	179,508	112,634	113,586	185,350	184,348
Change	-	-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%	85.52%	-7.15%	-37.25%	0.84%	63.18%	-0.54%
Net income ¹	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	142,317	170,081	67,875	80,231	133,062	131,234
Change	-	-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%	173.22%	19.51%	-60.09%	18.2%	65.85%	-1.37%
Announcement Date	7/30/21	10/29/21	2/2/22	4/28/22	7/29/22	10/28/22	2/3/23	4/27/23	7/28/23	10/31/23	2/2/24	4/26/24	7/31/24	10/31/24	1/31/25	4/25/25	7/31/25	10/31/25	2/3/26	4/28/26	7/31/26	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2
Net sales ¹	2,932,572	3,020,114	3,381,206	3,513,498	3,631,235	3,474,852	3,686,925	3,590,467	3,949,508	3,827,000	3,986,000
Change	-	2.99%	11.96%	3.91%	3.35%	-4.31%	6.1%	-2.62%	10%	-3.1%	4.15%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	181,860	155,413	270,686	211,820	168,779	251,227	267,726	211,417	341,121	186,500	346,000
Change	-	-14.54%	74.17%	-21.75%	-20.32%	48.85%	6.57%	-21.03%	61.35%	-45.33%	85.52%
Charge d'intérêts	-	-5,043	-	-11,550	-	-17,042	-	-14,117	-	-	-
Earnings before Tax (EBT) ¹	201,953	170,644	286,226	247,663	188,574	281,734	296,271	244,442	372,849	219,450	374,000
Change	-	-15.5%	67.73%	-13.47%	-23.86%	49.4%	5.16%	-17.49%	52.53%	-41.14%	70.43%
Net income ¹	151,175	105,798	208,835	168,923	143,868	190,837	228,244	131,357	312,398	143,950	274,000
Change	-	-30.02%	97.39%	-19.11%	-14.83%	32.65%	19.6%	-42.45%	137.82%	-53.92%	90.34%
Announcement Date	4/28/22	10/28/22	4/27/23	10/31/23	4/26/24	10/31/24	4/25/25	10/31/25	4/28/26	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: DENSO Corporation

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	105,897	209,791	61,331	-287,147	-377,844	-269,897	-336,637	-396,632
Change	-	98.11%	-70.77%	-568.19%	-31.59%	28.57%	-24.73%	-17.82%
Announcement Date	4/28/22	4/27/23	4/26/24	4/25/25	4/28/26	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: DENSO Corporation

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	415,080	433,704	485,547	380,071	514,374	404,255	419,959	444,197
Change	-	4.49%	11.95%	-21.72%	35.34%	-21.41%	3.88%	5.77%
Free Cash Flow (FCF) ¹	94,058	239,044	476,279	636,844	494,139	437,932	462,687	481,238
Change	-	154.15%	99.24%	33.71%	-22.41%	-11.37%	5.65%	4.01%
Announcement Date	4/28/22	4/27/23	4/26/24	4/25/25	4/28/26	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: DENSO Corporation

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	12.47%	12.35%	10.57%	12.5%	12.34%	11.43%	12.56%	12.59%
EBIT Margin (%)	6.19%	6.66%	5.33%	7.25%	7.33%	6.77%	7.36%	7.67%
EBT Margin (%)	6.98%	7.14%	6.11%	8.07%	8.19%	7.53%	8.12%	8.44%
Net margin (%)	4.78%	4.92%	4.38%	5.85%	5.89%	5.18%	5.59%	5.85%
FCF margin (%)	1.71%	3.73%	6.67%	8.89%	6.55%	5.61%	5.71%	5.73%
FCF / Net Income (%)	35.64%	75.98%	152.27%	151.96%	111.35%	108.24%	102.13%	97.99%
Profitability
ROA	5.42%	6.16%	5.29%	4.87%	7.32%	5.39%	5.84%	6.28%
ROE	6.4%	7.3%	6.3%	7.97%	8.5%	7.34%	8.08%	8.54%
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 (%)	7.53%	6.78%	6.8%	5.31%	6.82%	5.18%	5.18%	5.29%
CAPEX / EBITDA (%)	60.36%	54.85%	64.32%	42.44%	55.27%	45.28%	41.25%	42.04%
CAPEX / FCF (%)	441.3%	181.43%	101.95%	59.68%	104.1%	92.31%	90.77%	92.3%
Items per share
Cash flow per share ¹	198.2	224.5	230.6	278.1	301.8	305.2	353.7	363.6
Change	-	13.28%	2.69%	20.59%	8.54%	1.13%	15.87%	2.82%
Dividend per Share ¹	41.25	46.25	55	64	67	73.44	78.81	85.1
Change	-	12.12%	18.92%	16.36%	4.69%	9.62%	7.31%	7.98%
Book Value Per Share ¹	1,408	1,461	1,902	1,767	2,040	2,143	2,259	2,382
Change	-	3.78%	30.13%	-7.08%	15.47%	5.04%	5.39%	5.46%
EPS ¹	85.69	104	105	145	163	157.2	181.4	204.1
Change	-	21.37%	0.93%	38.15%	12.37%	-3.53%	15.37%	12.51%
Nbr of stocks (in thousands)	3,053,316	2,995,290	2,952,896	2,830,635	2,691,947	2,507,038	2,507,038	2,507,038
Announcement Date	4/28/22	4/27/23	4/26/24	4/25/25	4/28/26	-	-	-