FANUCFANUC 6954 ↗

Caveat

For the fiscal year ended March 31, 2026 (FANUC's own numbering: FY2025), reported 2026-04-24, consolidated net sales were JPY 857,831m (+7.6% year over year), operating income JPY 183,763m (+15.7%, margin 21.4%) and net income attributable to owners of parent JPY 166,543m (+12.9%). By product line: ROBOT division sales were JPY 378,610m (44.1% of total, +14.9%), FA (CNC and servo) JPY 208,478m (24.3%, +7.0%), Service JPY 141,143m (16.5%, +4.4%) and ROBOMACHINE (CNC-based machine tools) JPY 129,600m (15.1%, -5.8%).

Q1 FY2026 (April-June 2026), reported 2026-07-31, showed sales accelerating to JPY 231.0bn (+17.7% YoY), operating income JPY 53.5bn (margin 23.2%, +1.6pt) and net income JPY 51.0bn (+34.7%); orders surged 36.9% YoY to JPY 281.9bn, led by FA (+63.8%) and Robomachine (+98.3%), though management flagged that lengthening lead times may be pulling forward advance ordering, leaving the sustainability of the order pace uncertain. Full-year FY2026 guidance was raised the same day to a new record: sales JPY 948.1bn (+10.5%), operating income JPY 218.0bn (+18.6%), net income JPY 198.0bn (+18.9%).

The company's own earnings commentary attributes the growth to machine-tool demand in Japan/China/India, EV and general-industry capex in China, and semiconductor-equipment demand -- not humanoid demand; FANUC states it runs a single automation business ('FA, ROBOT and ROBOMACHINE... united with SERVICE') and discloses no humanoid order book. Separately, FANUC's Q1 FY2026 Open House trade-show materials (not part of the earnings release) showcased 'Physical AI' robot demonstrations built with NVIDIA and Google -- T-shirt folding via imitation learning, an AI-agent kitting system -- but these are R&D/marketing showcases, not disclosed revenue.

The stock trades around JPY 6,060 (market cap ~JPY 5.6tn) against a 52-week range of JPY 4,056-8,880, up roughly 39% over the trailing year; trailing P/E is approximately 31x on TTM net income of roughly JPY 179.7bn (~20% net margin) -- rich but grounded in real, broad-based order and margin acceleration, not a disclosed humanoid book.

风险提示

截至2026年3月的财年（FANUC自身编号为FY2025），2026-04-24公布：合并净销售额8578.31亿日元（同比+7.6%），营业利润1837.63亿日元（+15.7%，利润率21.4%），归属母公司净利润1665.43亿日元（+12.9%）。分产品线看：ROBOT（机器人）事业部销售额3786.10亿日元（占总额44.1%，+14.9%）；FA（CNC与伺服）事业部2084.78亿日元（24.3%，+7.0%）；Service（服务）事业部1411.43亿日元（16.5%，+4.4%）；ROBOMACHINE（基于CNC的机床）事业部1296.00亿日元（15.1%，-5.8%）。

FY2026第一季度（2026年4-6月，2026-07-31公布）显示增长提速：销售额2310.00亿日元（同比+17.7%），营业利润535.00亿日元（利润率23.2%，+1.6个百分点），净利润510.00亿日元（+34.7%）；订单额同比激增36.9%至2819.00亿日元，FA（+63.8%）与Robomachine（+98.3%）领涨，但管理层同时提示，交货周期延长可能导致客户提前下单，订单节奏的可持续性尚不确定。同日全年指引上调至历史新高：销售额9481.00亿日元（+10.5%），营业利润2180.00亿日元（+18.6%），净利润1980.00亿日元（+18.9%）。

公司自身的业绩说明将增长归因于日本/中国/印度的机床需求、中国电动车与一般工业资本开支，以及半导体设备需求——并未提及人形机器人需求；FANUC表示其作为单一自动化业务管理（"FA、ROBOT与ROBOMACHINE...与SERVICE统一为一体"），未披露任何人形订单数据。另外，FANUC FY2026第一季度的Open House展会材料（非财报内容）展示了与NVIDIA、Google合作的"Physical AI"机器人演示——包括模仿学习叠T恤、AI智能体分拣系统——但这些属于研发/营销展示，并非已披露的营收。

股价约6,060日元（市值约5.6兆日元），52周区间4,056-8,880日元，过去一年上涨约39%；基于TTM净利润约1797亿日元（净利率约20%）的市盈率约31倍——估值偏高但建立在真实、广泛的订单与利润率加速之上，而非任何已披露的人形订单。