DENSO market cap is ¥5.8 t, and annual revenue was ¥4.94 t in FY 2021

DENSO Gross profit (Q3, 2022)321.3 B

DENSO Net income (Q3, 2022)88 B

DENSO EBITDA (Q3, 2022)184.9 B

DENSO EBIT (Q3, 2022)98.5 B

DENSO Cash, 31-Dec-2021782.5 B

DENSO EV5.9 T

DENSO revenue breakdown by business segment: 100.0% from AUTOMOTIVE

JPY | FY, 2018 | FY, 2019 | FY, 2020 | FY, 2021 |
---|---|---|---|---|

## Revenue | 5.1t | 5.4t | 5.2t | 4.9t |

## Cost of goods sold | (4.0t) | (4.3t) | (4.1t) | (4.0t) |

## Gross profit | 1.1t | 1.1t | 1.0t | 986.8b |

## R&D expense | (447.4b) | (497.4b) | (507.8b) | (492.0b) |

## Operating expense total | (447.7b) | (485.2b) | (649.1b) | (524.9b) |

## Depreciation and amortization | (268.6b) | (294.0b) | (313.1b) | (335.6b) |

## EBITDA | 681.1b | 612.5b | 385.9b | 463.7b |

## EBIT | 384.2b | 322.5b | 65.7b | 153.4b |

## Interest expense | (8.8b) | (10.7b) | (8.8b) | (7.3b) |

## Interest income | 10.1b | 14.1b | 12.3b | 6.7b |

## Pre tax profit | 449.9b | 356.0b | 89.6b | 193.8b |

## Income tax expense | (106.5b) | (76.4b) | (5.0b) | (45.7b) |

## Net Income | 343.4b | 279.6b | 84.6b | 148.1b |

JPY | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 | Q1, 2021 | Q2, 2021 | Q3, 2021 | Q1, 2022 | Q2, 2022 | Q3, 2022 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.3t | 1.3t | 1.4t | 1.3t | 1.3t | 1.3t | 765.1b | 1.3t | 1.4t | 1.4t | 1.2t | 1.4t |

## Cost of goods sold | (1.1t) | (1.0t) | (1.1t) | (1.1t) | (1.0t) | (1.0t) | (695.9b) | (1.1t) | (1.1t) | (1.1t) | (981.2b) | (1.1t) |

## Gross profit | 280.6b | 261.7b | 288.5b | 252.0b | 266.1b | 267.1b | 76.0b | 269.4b | 335.5b | 300.9b | 253.2b | 321.3b |

## R&D expense | (368.4b) | (104.2b) | (148.3b) | (124.1b) | (122.6b) | (121.2b) | (119.0b) | (120.2b) | (120.7b) | (123.4b) | ||

## Operating expense total | (119.0b) | (129.0b) | (127.2b) | (105.8b) | (125.1b) | (159.5b) | (101.3b) | (148.4b) | (112.5b) | (107.3b) | (115.8b) | (138.0b) |

## Depreciation and amortization | (70.2b) | (71.7b) | (72.1b) | (76.6b) | (76.6b) | (78.9b) | (81.4b) | (84.1b) | (84.1b) | (86.8b) | (84.9b) | (86.4b) |

## EBITDA | 167.1b | 132.5b | 163.1b | 147.7b | 141.9b | 109.1b | (26.7b) | 121.1b | 224.8b | 196.8b | 137.6b | 184.9b |

## EBIT | 93.1b | 57.2b | 88.6b | 68.5b | 68.0b | 30.3b | (108.1b) | 37.0b | 138.0b | 110.4b | 52.3b | 98.5b |

## Interest expense | (2.5b) | (2.6b) | (2.6b) | (2.6b) | (2.3b) | (2.1b) | (2.0b) | (1.7b) | (1.9b) | (1.5b) | (2.1b) | (2.2b) |

## Interest income | 3.3b | 3.7b | 3.3b | 4.0b | 22.0b | 18.1b | 20.0b | (16.4b) | 1.8b | 1.2b | 1.2b | 36.9b |

## Pre tax profit | 109.1b | 61.2b | 106.0b | 85.8b | 65.4b | 46.4b | (92.2b) | 36.8b | 154.5b | 131.6b | 51.2b | 113.7b |

## Income tax expense | (25.9b) | (18.9b) | (22.6b) | (24.8b) | (14.8b) | (9.6b) | (1.8b) | (11.2b) | (30.8b) | (35.3b) | (23.9b) | (25.6b) |

## Net Income | 83.1b | 42.2b | 83.3b | 61.1b | 50.6b | 36.8b | (94.1b) | 25.7b | 123.7b | 96.3b | 27.3b | 88.0b |

JPY | FY, 2018 | FY, 2019 | FY, 2020 | FY, 2021 |
---|---|---|---|---|

## Cash | 754.3b | 679.3b | 576.1b | 897.4b |

## Accounts Receivable | 820.8b | 820.1b | 706.3b | 839.8b |

## Inventories | 550.3b | 612.5b | 651.7b | 726.2b |

## Current Assets | 2.6t | 2.6t | 2.3t | 2.8t |

## PP&E | 1.6t | 1.7t | 1.8t | 1.9t |

## Goodwill | 11.2b | 14.2b | 13.8b | 21.1b |

## Total Assets | 5.8t | 5.8t | 5.7t | 6.8t |

## Accounts Payable | 584.2b | 594.1b | 560.6b | 670.0b |

## Short-term debt | 170.0b | 144.0b | 112.4b | 98.3b |

## Current Liabilities | 1.3t | 1.3t | 1.4t | 1.5t |

## Long-term debt | 303.8b | 406.2b | 353.0b | 755.9b |

## Non-Current Liabilities | 699.8b | 728.1b | 669.9b | 1.2t |

## Total Debt | 473.9b | 550.2b | 465.4b | 854.2b |

## Total Liabilities | 2.0t | 2.0t | 2.1t | 2.7t |

## Common Stock | 187.5b | 589.0b | 414.1b | 878.9b |

## Additional Paid-in Capital | 266.0b | 268.8b | 272.4b | 272.5b |

## Retained Earnings | 2.7t | 2.8t | 2.8t | 2.8t |

## Total Equity | 3.8t | 3.8t | 3.6t | 4.1t |

JPY | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 | Q1, 2021 | Q2, 2021 | Q3, 2021 | Q1, 2022 | Q2, 2022 | Q3, 2022 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 792.8b | 687.9b | 743.0b | 716.1b | 717.0b | 716.4b | 955.7b | 992.5b | 1.3t | 950.5b | 858.5b | 782.5b |

## Accounts Receivable | 956.1b | 943.7b | 927.7b | 935.1b | 911.4b | 886.3b | 685.6b | 951.3b | 920.6b | 966.3b | 844.9b | 1.0t |

## Inventories | 571.3b | 609.6b | 616.6b | 602.8b | 620.9b | 628.8b | 709.5b | 666.9b | 664.1b | 783.3b | 898.9b | 948.4b |

## Current Assets | 2.7t | 2.6t | 2.5t | 2.5t | 2.4t | 2.3t | 2.6t | 2.8t | 3.1t | 2.8t | 2.7t | 2.9t |

## PP&E | 1.6t | 1.6t | 1.7t | 1.7t | 1.7t | 1.7t | 1.8t | 1.8t | 1.8t | 1.9t | 1.9t | 1.9t |

## Goodwill | 47.7b | 47.3b | 50.4b | 49.2b | 47.4b | 47.6b | 46.0b | 45.0b | ||||

## Total Assets | 5.9t | 5.9t | 5.6t | 5.8t | 5.8t | 5.8t | 6.1t | 6.4t | 6.8t | 6.9t | 6.9t | 7.1t |

## Accounts Payable | 936.0b | 904.0b | 842.6b | 941.0b | 902.0b | 838.4b | 812.8b | 906.2b | 916.4b | 1.0t | 954.4b | 995.1b |

## Short-term debt | 173.9b | 155.8b | 172.2b | 102.4b | 111.0b | 129.3b | 710.9b | 641.1b | 610.6b | 160.5b | 138.1b | 212.1b |

## Current Liabilities | 1.3t | 1.3t | 1.2t | 1.3t | 1.2t | 1.2t | 1.9t | 2.0t | 1.9t | 1.6t | 1.4t | 1.6t |

## Long-term debt | 423.4b | 408.1b | 406.7b | 403.3b | 357.2b | 353.2b | 352.5b | 545.9b | 755.6b | 720.6b | 753.6b | 754.9b |

## Non-Current Liabilities | 815.5b | 798.0b | 733.7b | 757.6b | 733.4b | 733.7b | 676.6b | 871.2b | 1.1t | 1.2t | 1.2t | 1.2t |

## Total Debt | 597.3b | 563.8b | 578.9b | 505.6b | 468.3b | 482.6b | 1.1t | 1.2t | 1.4t | 881.1b | 891.7b | 966.9b |

## Total Liabilities | 2.1t | 2.1t | 1.9t | 2.0t | 1.9t | 1.9t | 2.6t | 2.8t | 3.0t | 2.8t | 2.7t | 2.8t |

## Common Stock | 722.0b | 746.7b | 566.0b | 571.2b | 603.6b | 685.7b | 491.8b | 540.1b | 685.1b | 972.7b | 988.4b | 1.1t |

## Additional Paid-in Capital | 273.4b | 273.1b | 268.9b | 268.8b | 268.8b | 268.8b | 272.4b | 272.4b | 272.3b | 273.8b | 273.8b | 273.8b |

## Retained Earnings | 2.7t | 2.7t | 2.7t | 2.8t | 2.8t | 2.8t | 2.6t | 2.6t | 2.7t | 2.8t | 2.9t | 2.9t |

## Total Equity | 3.8t | 3.9t | 3.7t | 3.8t | 3.8t | 3.9t | 3.5t | 3.6t | 3.8t | 4.2t | 4.2t | 4.3t |

JPY | FY, 2018 | FY, 2019 | FY, 2020 | FY, 2021 |
---|---|---|---|---|

## Net Income | 449.9b | 356.0b | 89.6b | 193.8b |

## Depreciation and Amortization | 268.6b | 287.3b | 312.9b | 335.6b |

## Accounts Receivable | (4.2b) | (14.7b) | 100.0b | (104.4b) |

## Inventories | (31.3b) | (47.4b) | (57.3b) | (45.3b) |

## Accounts Payable | (80.4b) | 14.5b | (17.2b) | 71.9b |

## Cash From Operating Activities | 558.0b | 533.5b | 595.3b | 437.2b |

## Cash From Investing Activities | (529.1b) | (514.7b) | (447.4b) | (395.9b) |

## Short-term Borrowings | (998.0m) | 3.1b | 18.1b | (10.7b) |

## Long-term Borrowings | 98.9b | 58.7b | (139.5b) | 366.4b |

## Dividends Paid | (109.4b) | (120.5b) | (124.1b) | (118.7b) |

## Cash From Financing Activities | (40.3b) | (92.2b) | (240.9b) | 238.7b |

## Net Change in Cash | (10.2b) | (71.7b) | (113.8b) | 299.6b |

JPY | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 | Q1, 2021 | Q2, 2021 | Q3, 2021 | Q1, 2022 | Q2, 2022 | Q3, 2022 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 109.1b | 170.2b | 276.2b | 85.8b | 151.2b | 197.6b | (92.2b) | (55.4b) | 99.1b | 131.6b | 182.9b | 296.5b |

## Depreciation and Amortization | 70.2b | 141.9b | 214.0b | 76.6b | 153.1b | 232.0b | 81.4b | 165.4b | 249.5b | 86.8b | 171.7b | 258.1b |

## Accounts Receivable | 30.3b | 55.8b | 54.8b | 61.6b | 73.6b | 108.6b | 174.8b | (73.3b) | (42.6b) | 69.0b | 192.8b | 34.9b |

## Inventories | (9.0b) | (38.0b) | (51.9b) | (117.0m) | (21.1b) | (19.8b) | (49.1b) | (9.6b) | (3.2b) | (51.8b) | (165.4b) | (197.4b) |

## Accounts Payable | (8.3b) | (17.5b) | (21.2b) | (24.1b) | (16.6b) | (49.4b) | (98.0b) | 8.8b | 67.9b | (15.5b) | (66.9b) | (23.4b) |

## Cash From Operating Activities | 205.5b | 270.2b | 366.0b | 232.7b | 322.4b | 423.9b | 32.1b | 73.8b | 323.1b | 190.0b | 247.0b | 247.1b |

## Cash From Investing Activities | (246.5b) | (378.4b) | (350.9b) | (103.5b) | (147.5b) | (211.5b) | (209.5b) | (318.7b) | (404.4b) | (68.0b) | (142.5b) | (205.0b) |

## Short-term Borrowings | 3.5b | 7.9b | 20.3b | 17.5b | 21.7b | 36.2b | 105.2b | 25.8b | 4.1b | 29.7b | 24.7b | 97.1b |

## Long-term Borrowings | 114.6b | 70.7b | 68.3b | (65.3b) | (112.4b) | (120.0b) | 486.2b | 675.7b | 872.5b | (5.6b) | (801.0m) | (5.1b) |

## Dividends Paid | (57.8b) | (65.7b) | (120.3b) | (63.0b) | (68.3b) | (123.8b) | (58.5b) | (62.6b) | (118.3b) | (87.7b) | (91.2b) | (155.0b) |

## Cash From Financing Activities | 57.1b | 9.4b | (52.4b) | (109.0b) | (156.0b) | (202.8b) | 534.7b | 640.5b | 760.1b | (64.2b) | (137.5b) | (163.2b) |

## Net Change in Cash | 9.5b | (95.5b) | (40.3b) | 4.4b | 5.3b | 4.7b | 357.8b | 394.6b | 679.8b | 53.1b | (38.9b) | (114.9b) |

JPY | FY, 2018 |
---|---|

## EV/EBITDA | -0.3 x |

## EV/EBIT | -0.6 x |

## EV/CFO | -0.4 x |