# Who are Keyence's customers? Who does Keyence earn revenue from?
Canonical: https://valuechain.wiki/keyence · Facet: customers · Updated: 2026-07-12T03:30:01.004+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Keyence discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).

### 해외 제조업 (아시아·미주 성장 엔진) (high)
- note: Growth's center of gravity has left Japan: FY2026 overseas sales are 65.7% of the total, with Asia (41.2%) and the Americas (36.1%) the twin pillars. Overseas grew +14% while Japan (34.3%) stayed mature, so the Americas/Asia capex cycle — led by new products like PLCs, 3D printers and smart valves — carries results.
- [mentions] Automation News (Japan) (JA, news, published 2026-05-01) https://www.automation-news.jp/2026/05/104013/: "Firm Americas/Asia capex; new-product contribution."
- [confirms] Keyence (EN, filing, published 2026-04-24) https://www.keyence.co.jp/pdf/FinancialResults_202604_en.pdf: "Overseas 65.7% of sales (Asia 41.2%, Americas 36.1%, Europe 22.7%); overseas +14%."

### 글로벌 제조업 (FA 센서·비전 직판) (high)
- note: Keyence's real product is its selling model: no distributors — salespeople consult on-site and sell direct, extracting premium prices that yield an 83.5% gross margin and a 51.0% operating margin (FY2026 revenue ¥1,169.3B). Spread across 350k+ applications in 110 countries, it has no single-customer or single-industry dependence — the source of this cash flow's stability.
- [mentions] Nomura (EN, research, published 2026-05-08) https://www.streetinsider.com/Analyst+Comments/Keyence+Corp.+(6861:JP)+(KYCCF)+PT+Lowered+to+JPY71,000+at+NomuraInstinet/20563815.html: "Nomura keeps Buy, target ¥71,000; consensus Buy (16 analysts, avg ¥84,319)."
- [confirms] Automation News (Japan) (JA, news, published 2026-05-01) https://www.automation-news.jp/2026/05/104013/: "Sales ¥1,169.2B, operating income ¥595.7B."
- [confirms] Keyence (EN, filing, published 2026-04-24) https://www.keyence.co.jp/pdf/FinancialResults_202604_en.pdf: "Revenue ¥1,169.3B (+10.4%), gross margin 83.5%, operating margin 51.0%."
- [confirms] Business Report (Korea) (KO, news, published 2025-11-01) http://www.businessreport.kr/news/articleView.html?idxno=48173: "Distributor-free direct consultative sales drive 50%+ operating margin."
- [confirms] Keyence (EN, ir, published 2025-10-30) https://www.keyence.co.jp/pdf/FinancialResults_202510_en.pdf: "FY2025 sales ¥1,169.3bn; ~52% operating margin."
- [mentions] 90 Percent (EN, analysis, published 2025-06-01) https://www.get90percent.com/p/keyence: "350k+ applications in 110 countries; fabless model."

Reverse side: https://valuechain.wiki/keyence/suppliers.md · Ripple: https://valuechain.wiki/keyence/ripple.md

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