{"slug":"nidec","name":"Nidec","name_en":"Nidec","ticker":"6594.T","updated_at":"2026-07-12T05:28:39.505+00:00","canonical":"https://valuechain.wiki/nidec","same_as":["https://finance.yahoo.com/quote/6594.T"],"citable":"밸류체인 그래프 기준 Nidec의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nidec is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 3 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 정밀 모터 · 휴머노이드 액추에이터","kicker_en":"Nikkei 225 · Precision motors · Humanoid actuators","lead":"세계 최대 정밀 모터 기업으로, 휴머노이드·로봇 부품 체인에서 '모터+감속기=액추에이터' 축을 쥐고 있다. 모터에 FLEXWAVE 스트레인 웨이브 기어헤드를 결합한 고토크·소형 액추에이터로 로봇 모션 제어를 겨냥하는데, 테슬라 Optimus·UBTech 등 초기 휴머노이드 OEM 공급이 신성장 옵션이다. 다만 현재 실적의 본체는 EV 구동모터·가전·데이터센터 냉각팬이라, 휴머노이드 양산 시점까지는 EV·가전 수요 사이클이 밸류에이션을 좌우한다. 단, FY2026(2026년 3월기) 연간 결산은 회계 부정 조사(2025년 9월 제3자위원회)로 지연되고 FY2022까지 다년 정정이 진행 중이라(순자산 영향 약 1,607억엔), 본 노드 수치는 정정된 FY2025 확정치 기준이며 재무 신뢰성 회복이 선결 리스크다.","lead_en":"The world's largest precision-motor maker, holding the 'motor + reducer = actuator' axis of the humanoid/robot component chain. It targets robot motion control with high-torque, compact actuators that pair motors with FLEXWAVE strain-wave gearheads, and early humanoid-OEM supply to Tesla Optimus and UBTech is its new growth option. But the body of current earnings is EV traction motors, appliances and datacenter cooling fans — so until humanoids reach volume production, the EV/appliance demand cycle drives the valuation. That said, its FY ended March 2026 annual results are delayed by an accounting-misconduct probe (a third-party committee formed September 2025) with multi-year restatements back to FY2022 (~JPY 160.7bn net-asset impact), so figures here are on the corrected FY2025 finals and restoring financial-reporting credibility is a prerequisite risk.","segments":{"fy":2025,"parts":[{"desc":"매출 ¥1,052.7억엔·영업익 ¥118.3억엔(부문 최대) — 가전·상업·산업용 모터에 데이터센터 비상발전기·BESS 에너지 사업이 성장. 실적의 본체.","name":"家電·商업·산업용 (家電·商業·産業用)"},{"desc":"매출 ¥664.6억엔 — EV 구동모터(E-Axle)·자동차부품. 불채산 기종 정리로 수익성 재편 중(영업익 ¥25.8억엔).","name":"차량 (車載, EV 트랙션)"},{"desc":"매출 ¥487.9억엔·영업익 ¥58.4억엔 — HDD용·팬·브러시리스 모터. 니어라인 HDD 회복과 AI 데이터센터 수냉모듈 신수요.","name":"정밀소형모터 (精密小型)"},{"desc":"매출 ¥314.6억엔 — 산업로봇·공작기계·검사장치·변減速機. **휴머노이드 액추에이터의 감속기(FLEXWAVE)가 이 부문**, M&A 롤업으로 성장.","name":"기기장치 (機器装置)"},{"desc":"매출 ¥84.4억엔 — 스위치·센서·렌즈유닛·카메라셔터 등 소형 부품.","name":"전자·광학부품 (電子·光學)"}],"total":"FY2025(2025년 3월기, IFRS) 매출 ¥2조6,078억엔(+11.1%, 사상 최대)·영업이익 ¥2,381억엔(+47.1%)","source":"Nidec FY2025 결산단신(정정, 2025-09-26)","fy_note":"FY2026(2026년 3월기) 연간 결산은 회계조사로 지연 — 본 수치는 정정된 FY2025 확정치","concentration":"정밀모터+감속기=액추에이터 축(휴머노이드 신성장). 실적 본체는 가전산업·EV·정밀모터."},"segments_en":{"fy":2025,"parts":[{"desc":"Revenue ¥1,052.7bn, OP ¥118.3bn (largest) — appliance/commercial/industrial motors plus growth in datacenter backup generators and BESS energy. The body of earnings.","name":"Appliance, Commercial & Industrial"},{"desc":"Revenue ¥664.6bn — EV traction motors (E-Axle) and auto parts; restructuring toward profitability by pruning unprofitable models (OP ¥25.8bn).","name":"Automotive (EV traction)"},{"desc":"Revenue ¥487.9bn, OP ¥58.4bn — HDD, fan and brushless motors. Nearline-HDD recovery and new AI-datacenter water-cooling-module demand.","name":"Small Precision Motors"},{"desc":"Revenue ¥314.6bn — industrial robots, machine tools, inspection gear and reducers. The humanoid-actuator reducer (FLEXWAVE) sits here; grown via M&A roll-up.","name":"Machinery"},{"desc":"Revenue ¥84.4bn — switches, sensors, lens units, camera shutters and other small components.","name":"Electronic & Optical Components"}],"total":"FY2025 (ended Mar 2025, IFRS) revenue ¥2,607.8bn (+11.1%, record) and operating profit ¥238.1bn (+47.1%)","source":"Nidec FY2025 corrected results (Sep 26, 2025)","fy_note":"FY2026 (ended Mar 2026) annual results delayed by an accounting investigation; these are the corrected FY2025 finals","concentration":"Precision motor + reducer = actuator axis (humanoid growth option); the body of earnings is Appliance/Industrial, EV and precision motors."},"returns_yearly":{"2021":-26.8,"2022":-28.4,"2023":-21.9,"2024":-1.7,"2025":-17.4,"2026":20.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":2,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":1,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":1,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}}],"benefiting":[],"analysis":"휴머노이드 부품 체인에서 모터 축을 쥔 세계 1위 정밀모터 기업으로, 모터+FLEXWAVE 감속기를 묶은 액추에이터가 성장 서사의 핵심이다. 다만 현재 매출의 본체는 EV 구동모터·가전·데이터센터 냉각팬이라, 휴머노이드는 테슬라 Optimus·UBTech 램프에 달린 옵션 성격이 강하다. 리스크는 EV 모터의 가격경쟁과 수요단(로봇 OEM) 약세이며, 자석·구리·제조를 수직통합해 원가를 방어하는 구조다. 그래프상 하류는 테슬라·UBTech 등 휴머노이드 OEM으로, 이들의 양산 로드맵이 이 노드로 수요를 전파하는 트리거다. 하방 리스크의 최상단은 회계 문제다 — FY2026 연간 결산이 회계 부정 조사로 지연되고 FY2022까지 정정이 진행돼(정정 FY2025 기준 수치), 재무제표 신뢰 회복과 감사 의견 정상화가 성장 서사보다 먼저 풀려야 할 과제다.","analysis_en":"The world's No.1 precision-motor maker holding the motor axis of the humanoid component chain, with the actuator that bundles a motor and a FLEXWAVE reducer at the heart of its growth story. But the body of current revenue is EV traction motors, appliances and datacenter cooling fans, so humanoids remain an option riding on the Tesla Optimus and UBTech ramps. Risks are price competition in EV motors and weakness on the demand side (robot OEMs), while vertical integration of magnets, copper and manufacturing defends costs. Downstream on the graph sit humanoid OEMs like Tesla and UBTech, whose volume-production roadmaps are the trigger that propagates demand into this node. The top downside risk is accounting: the FY2026 annual results are delayed by a misconduct probe with restatements back to FY2022 (figures here are on the corrected FY2025), so restoring financial-statement credibility and a clean audit opinion must be resolved before the growth narrative.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"휴머노이드·로봇 OEM (모터·액추에이터)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"휴머노이드·로봇 OEM에 모터·액추에이터·FLEXWAVE 기어헤드 공급.","note_en":"Motors, actuators and FLEXWAVE gearheads to humanoid and robot OEMs.","sources":[{"stance":"confirms","publisher":"Robot Report","publisher_en":"Robot Report","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.therobotreport.com/nidec-returns-to-robobusiness-to-demo-advanced-robotics-gears/","title":"Nidec, 휴머노이드용 FLEXWAVE 기어헤드","title_en":"Nidec FLEXWAVE gearheads for humanoids","excerpt":"FLEXWAVE 스트레인 웨이브 기어헤드로 휴머노이드 모션 제어.","excerpt_en":"FLEXWAVE strain-wave gearheads for humanoid motion control."},{"stance":"confirms","publisher":"Nidec/TSE","publisher_en":"Nidec/TSE","kind":"filing","lang":"ja","published_at":"2025-04-25","url":"https://www.nidec.com/en/ir/","title":"Nidec 회사·IR(도쿄거래소 6594)","title_en":"Nidec company/IR (TSE 6594)","excerpt":"FLEXWAVE 스트레인 웨이브 기어헤드.","excerpt_en":"FLEXWAVE strain-wave gearheads."}]},{"direction":"investment","counterparty":"성장투자 (EV E-Axle 캐파·기기장치 M&A 포트폴리오 전환)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"JPY_bn","as_of":"2025-03","basis":"機器装置(공작기계·로봇 M&A 롤업) 부문 매출","value":314.6,"period":"FY2025","basis_en":"Machinery segment revenue (M&A-built machine tools/robots)"},"note":"니덱의 자본배치 핵심은 M&A와 EV 구동모터 캐파다 — 車載는 EV 트랙션모터(E-Axle) 시스템에 투자하되 불채산 기종은 정리하는 포트폴리오 전환을, 機器装置는 공작기계·산업로봇을 인수(롤업)로 키운 부문이다. FY2025 자회사 통합·수익성 재편을 진행하며 고수익 사업으로의 전환을 가속한다. ※지분·자산의 개별 상대는 다수·비공개라 바스켓으로 표기.","note_en":"Nidec's capital allocation centers on M&A and EV-traction capacity — Automotive invests in EV traction-motor (E-Axle) systems while pruning unprofitable models in a portfolio transformation, and Machinery is a segment built up through acquisitions of machine-tool and industrial-robot businesses. In FY2025 it consolidated subsidiaries and restructured toward higher-margin businesses. (Recorded as a basket since the individual targets are multiple/undisclosed.)","sources":[{"stance":"mentions","publisher":"Investing.com","publisher_en":"Investing.com","kind":"news","lang":"en","published_at":"2026-04-27","url":"https://www.investing.com/news/stock-market-news/nidec-delays-q3-results-amid-accounting-irregularity-probe-93CH-4469763","title":"니덱, 회계 이상 조사로 결산 지연·다년 정정","title_en":"Nidec delays results amid accounting-irregularity probe; multi-year restatements","excerpt":"Nidec postponed its FY ended March 2026 results; a third-party committee (Sept 3, 2025) is probing accounting misconduct, with restatements back to FY2022 (~JPY 160.7bn net-asset impact) and a filing-deadline extension sought to Sept 30, 2026.","excerpt_en":"Nidec postponed its FY ended March 2026 results; a third-party committee (Sept 3, 2025) is probing accounting misconduct, with restatements back to FY2022 (~JPY 160.7bn net-asset impact) and a filing-deadline extension sought to Sept 30, 2026."},{"stance":"confirms","publisher":"Nidec (TDnet 決算短信 訂正)","publisher_en":"Nidec (TDnet corrected results)","kind":"filing","lang":"ja","published_at":"2025-09-26","url":"https://japanir.jp/wp-content/uploads/2025/09/6594-20250926-01.pdf","title":"니덱 2025년 3월기 결산단신〔IFRS〕(정정)","title_en":"Nidec FY ended Mar 2025 results (IFRS, corrected)","excerpt":"収益性の高い事業ポートフォリオへの転換を加速; 車載はEVトラクションモータ、不採算機種の受注制限; 機器装置は産業用ロボット・工作機械等; 子会社統合(2025-04-01).","excerpt_en":"Accelerating shift to a higher-margin portfolio; Automotive = EV traction motors with pruning of unprofitable models; Machinery = industrial robots and machine tools; subsidiary consolidation (Apr 1, 2025)."}]},{"direction":"revenue","counterparty":"Tesla","counterparty_slug":"tesla","confidence":"mid","metric":null,"note":"테슬라 Optimus 휴머노이드에 모터·액추에이터 공급 — Optimus 양산 로드맵이 신수요의 핵심 트리거.","note_en":"Supplies motors and actuators to Tesla's Optimus humanoid — the Optimus volume roadmap is the key trigger for new demand.","sources":[{"stance":"confirms","publisher":"eWeek","publisher_en":"eWeek","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.eweek.com/robotics/tesla-optimus-robot-launch-timeline/","title":"Tesla Optimus 100만대·Gen3 로드맵","title_en":"Tesla Optimus 1M-unit, Gen 3 roadmap","excerpt":"테슬라 Optimus에 모터·액추에이터 공급.","excerpt_en":"Supplies motors and actuators to Tesla Optimus."}]},{"direction":"revenue","counterparty":"EV·가전·데이터센터 (모터)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"EV 구동모터·가전·데이터센터 냉각팬.","note_en":"EV traction motors, appliances and datacenter cooling fans.","sources":[{"stance":"confirms","publisher":"Nidec/TSE","publisher_en":"Nidec/TSE","kind":"filing","lang":"ja","published_at":"2025-04-25","url":"https://www.nidec.com/en/ir/","title":"Nidec 회사·IR(도쿄거래소 6594)","title_en":"Nidec company/IR (TSE 6594)","excerpt":"세계 최대 정밀 모터.","excerpt_en":"World largest precision-motor maker."}]},{"direction":"revenue","counterparty":"UBTech","counterparty_slug":"ubtech","confidence":"mid","metric":null,"note":"UBTech 휴머노이드에 모터·액추에이터 공급(모건스탠리 가치사슬 지도) — 휴머노이드 OEM 다변화의 두 번째 축.","note_en":"Supplies motors/actuators to UBTech humanoids (per Morgan Stanley's value-chain map) — the second axis of humanoid-OEM diversification.","sources":[{"stance":"confirms","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf","title":"휴머노이드 가치사슬 지도(서보·감속기)","title_en":"Mapping the humanoid robot value chain","excerpt":"UBTech 휴머노이드에 모터·액추에이터 공급.","excerpt_en":"Supplies motors/actuators to UBTech humanoids."}]},{"direction":"cost","counterparty":"감속기·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"액추에이터용 감속기·부품·제조.","note_en":"Reducers and parts for actuators.","sources":[{"stance":"confirms","publisher":"Robot Report","publisher_en":"Robot Report","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.therobotreport.com/nidec-returns-to-robobusiness-to-demo-advanced-robotics-gears/","title":"Nidec, 휴머노이드용 FLEXWAVE 기어헤드","title_en":"Nidec FLEXWAVE gearheads for humanoids","excerpt":"모터+감속기 액추에이터.","excerpt_en":"Motor-plus-reducer actuators."}]},{"direction":"cost","counterparty":"자석·소재·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"영구자석·구리·소재·제조.","note_en":"Permanent magnets, copper, materials and manufacturing.","sources":[{"stance":"confirms","publisher":"Nidec/TSE","publisher_en":"Nidec/TSE","kind":"filing","lang":"ja","published_at":"2025-04-25","url":"https://www.nidec.com/en/ir/","title":"Nidec 회사·IR(도쿄거래소 6594)","title_en":"Nidec company/IR (TSE 6594)","excerpt":"모터 수직통합.","excerpt_en":"Vertically integrated motors."}]}]}