No.1 in industrial robots & CNC
FANUC
The world No.1 in industrial robots and CNC (big four). In 2025 it signed humanoid-ready workcells (reducer-equipped actuators) with an automaker, expanding into humanoids. A demand apex for reducers, adopting Nabtesco and Harmonic Drive gears at scale in articulated-robot joints.
6954.T Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, FANUC is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ¥797.1bn (FYE Mar 2025, +0.2%)
- Customer concentration · No.1 in robots/CNC; reducer adoption; humanoid expansion. Mass reducer adoption; humanoid workcells.
- Segments · Industrial robots · CNC/machine tools · Robomachines
Revenue from
- Shanghai Electric (Shanghai-Fanuc JV) High confidence· related party sales ¥87,454 · FY2023
China sales via 50:50 JV Shanghai-Fanuc Robotics: FANUC sold JPY 87.45bn of products to the JV in FY2023 (securities-report related-party disclosure); in 2024 Shanghai Electric agreed to buy the group's 50% for CNY 3.08bn.Confirms JA FANUC Corporation (EDINET) Published Jun 26, 2025: FANUC Annual Securities Report FY56 (Apr 2024-Mar 2025)Confirms EN Yicai Global Published Oct 21, 2024: Shanghai Electric Hits Limit-Up on Plan to Take Over Shanghai Fanuc - Foxconn (Hon Hai Precision) High confidence· equipment orders 800 units/월 · 2014
Sells Robodrill CNCs for iPhone frame cutting: Foxconn bought ~800/month at ~$62k each (2014), ~100k units cumulatively on Apple/Foxconn lines; ~80% share in smartphone-frame cutting machines.Confirms KO The Asia Business Daily Published Oct 8, 2020: Japan's secret weapon: world No.1 robot maker FANUC - Automotive · electronics manufacturing (industrial robots · CNC) High confidence
Industrial robots and CNC to auto and electronics makers. - Tesla Medium confidence· installed base 600대 · 2016
Supplies robots for Tesla's Fremont lines: ~600 FANUC robots before the Model 3 ramp (confirmed by FANUC America), deployed alongside KUKA on ~1,000-robot lines (values undisclosed).Confirms EN Electrek Published Sep 1, 2016: Tesla Model 3: robot supplier vows on-time line bring-up - Machine tools · robomachines (industrial) Medium confidence
Machine tools and robomachines.
Pays to
- Nabtesco High confidence
Adopts Nabtesco RV reducers at scale in articulated-robot joints — the volume of robot leader FANUC is the apex of reducer demand, so robot ramp-up is reducer demand.Mentions KO E-Today Published Mar 30, 2026: The global actuator race: precision reducers to modular jointsConfirms EN Intel Market Research Published Jan 1, 2026: Industrial-robot reducer market (FANUC, Nabtesco, Harmonic)Confirms EN Bloomberg (Japan gov sponsored) Published Mar 28, 2021: Japan Leads the Market in Industrial Robots - Harmonic Drive Systems Medium confidence
Adopts Harmonic Drive reducers in cobots and small robots — with Nabtesco (RV), one of the two sourcing pillars for robot-joint reducers.Confirms EN Intel Market Research Published Jan 1, 2026: Industrial-robot reducer market (FANUC, Nabtesco, Harmonic) - Components · motors · manufacturing (undisclosed) Low confidence
Servo motors, parts and manufacturing.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Foxconn (Hon Hai) | lead1 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| FANUC | node | -16.5 | +4.4 | -8.1 | +15.6 | +37.7 | +15.3 |
| Harmonic Drive Systems | benef1 | -42.7 | -2.5 | -16.1 | +24.9 | -23.8 | +132.3 |
| Nabtesco | benef1 | -22.8 | +9 | -22.3 | +0.4 | +54.1 | +30.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
The world No.1 in industrial robots and CNC (big four), tied directly to the automation-capex cycle of auto and electronics makers. The thesis is humanoids — extending its long practice of adopting Nabtesco and Harmonic Drive reducers at scale in articulated-robot joints into humanoid workcells, while its Robodrill holds ~80% share in smartphone-frame cutting. Risks are automation-cycle volatility and China demand (its Shanghai JV), and in graph terms it is a hub creating reducer demand above (Nabtesco, Harmonic) and selling robots below into auto, electronics, Foxconn and Tesla lines.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target ¥7,767 · Price ¥7,156 (07-10) · Upside +9%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley MUFG Securities | Equal-weight | ¥7,500 | Jul 6, 2026 | Report ↗ |
| SMBC Nikko Securities | 2 (Neutral) | ¥7,300 | May 22, 2026 | Report ↗ |
| Nomura Securities | Buy | ¥8,500 | May 14, 2026 | Report ↗ |
Nomura and SBI stay bullish at ¥8,500 targets on the robot and machine-tool order recovery, while Morgan Stanley MUFG downgraded to Equal-weight in early July on near-term overheating.