Nikkei · Servo & robots · No.1 servo (Motoman)
Yaskawa Electric
The world leader in high-end servo motors and a big-four industrial-robot (Motoman) maker. It has shipped 18M servos, 30M inverters and 540k robots. It makes servos in-house as robot joints while combining harmonic and RV reducers in articulated robots. The servo axis of humanoid motion control.
6506.T Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Yaskawa Electric is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 (ended Feb 2026) revenue JPY 542.1bn (+0.8%), Robotics JPY 119.2bn (+6.4%); 18M servos installed
- Customer concentration · No.1 high-end servo; combines reducers.
- Segments · Servo motors/motion · Robots (Motoman) · Inverters/drives
Revenue from
- Industrial · automation (robots · servos) High confidence
Supplies Motoman robots and servos across industrial automation (world No.1 high-end servo); the installed base generates recurring parts/service revenue.Confirms EN YASKAWA Electric Published Apr 10, 2026: Yaskawa FY2025 (ended Feb 2026) results — revenue JPY 542.1bn, Robotics JPY 119.2bn - EV · semiconductors (servos · inverters) High confidence
Supplies servos and inverters into EV and semiconductor-equipment automation — a growth channel tied to EV/fab capex.Confirms EN YASKAWA Electric Published Apr 10, 2026: Yaskawa FY2025 (ended Feb 2026) results — revenue JPY 542.1bn, Robotics JPY 119.2bn
Pays to
- Magnets · components · manufacturing (undisclosed) Medium confidence
Permanent magnets, parts and manufacturing. - Harmonic Drive Systems Medium confidence
Combines Harmonic Drive precision reducers in articulated-robot joints (servos in-house) — robot volume propagates into Harmonic demand downstream. - Nabtesco Medium confidence
Combines Nabtesco RV reducers in larger, high-payload robots — dual-sourcing reducers alongside Harmonic Drive.
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 |
|---|---|---|---|---|---|---|---|
| Yaskawa Electric | node | -10.7 | +7.2 | +13.2 | -18.3 | +10.4 | +42.7 |
| 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 thesis is a vertical position as world No.1 in high-end servo motors — the core part of robots and automation — while also being a big-four industrial-robot maker. Making servos in-house as robot joints gives it an edge in motion-control precision, and an installed base of 18M servos and 540k robots generates recurring parts and service demand. Automation investment in EV and semiconductor equipment plus humanoid motion control are new axes of servo/inverter demand, and it combines Harmonic and Nabtesco reducers in articulated robots, sharing the chain with parts makers — so rising robot demand propagates downstream into reducers (harmonic, RV). Risks are the cyclicality of industrial-automation capex and the input prices of key parts like reducers and permanent magnets.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target ¥7,100 · Price ¥6,972 (07-10) · Upside +2%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley MUFG Securities | 強気 (Overweight) | ¥7,500 | Jul 3, 2026 | Report ↗ |
| Major U.S. brokerage (undisclosed) | 中立 (Neutral) | ¥7,300 | Jul 1, 2026 | Report ↗ |
| Major U.S. brokerage (undisclosed) | 中立 (Neutral) | ¥6,500 | Jun 16, 2026 | Report ↗ |
Target-price hikes clustered in June-July 2026 on AI/robotics demand recovery; consensus is Buy (average target ~JPY 6,859) with Morgan Stanley MUFG lifting its target to JPY 7,500.