Nidec CorporationNidec Corporation 6594 ↗

Caveat

The last fully confirmed annual results are FY2024 (year ended March 2025): consolidated net sales JPY 2,607.8bn (record), operating profit JPY 237.8bn (9.1% margin), net income JPY 164.2bn. Everything since has been compromised by an accounting and quality-misconduct crisis.

Q1 FY2025 (April-June 2025) preliminary results, presented 2025-07-24, showed net sales JPY 637.9bn (-1.6% YoY) and operating profit JPY 61.45bn (+2.3%), flagged explicitly as preliminary. An independent third-party committee was established 2025-09-03 to investigate suspected improper accounting, including arbitrarily timed write-downs of at-risk assets, alongside a separate probe into quality misconduct (ultimately over 1,000 cases, mainly in appliances) and a tariff/customs-duty underpayment issue.

Confirmed Q1 and H1 FY2025 results were finally disclosed together on 2025-11-14, more than 45 days late: H1 (April-September 2025) net sales were JPY 1,302.3bn, but operating profit collapsed 82.5% YoY to JPY 21.1bn (from JPY 120.5bn), with the company attributing the drop specifically to the Automotive Products segment, citing provisions for loss on onerous contracts, impairment losses, and settlement costs on supplier reimbursement claims; net income (attributable to owners) was JPY 31.2bn. Q3 FY2025 (nine months to December 2025) results were never disclosed on the original schedule either: the company announced 2026-01-28 that disclosure would exceed the 45-day deadline, received the third-party committee's final investigation report 2026-04-17, and on 2026-04-27 postponed the entire FY2025 (year ended March 2026) annual results, targeting a securities-report filing by 2026-09-30, with restatements reaching back to the fiscal year ended March 2022.

On 2026-08-05 Nidec further delayed release of Q1 FY2026 (April-June 2026) results, citing the same triple investigation (accounting, quality, tariff). As of this review (2026-08-26), neither the FY2025 annual results nor the Q1 FY2026 quarterly results have been disclosed: the most recent confirmed disclosure is the November 2025 H1 FY2025 report showing an 82.5% operating-profit collapse.

Separately, in a 2026-05-31 interview, CEO Mitsuya Kishida said Nidec will suspend M&A to focus on governance reconstruction (budgeting JPY 130bn over five years on anti-fraud measures) and that the company 'may put its efforts into data centers and humanoid robots' as future growth areas given expected AI-related demand, an explicit humanoid-robot mention, unlike Nabtesco or Harmonic Drive Systems, but framed as an aspirational future pivot rather than a disclosed current driver, from a company mid-scandal on its own reported numbers. Nidec's subsidiary Nidec Drive Technology separately markets FLEXWAVE strain-wave and KINEX cycloidal reducers for humanoid and cobot joints (e.g. the Smart-FLEXWAVE launch, 2023-11-16, and demonstrations at Automate 2026), product marketing, not a disclosed revenue line.

The stock traded around JPY 2,567 as of 2026-07-29 (52-week range JPY 1,797-3,296, reflecting the scandal-driven drawdown), for a market cap of roughly USD 18.7-18.9bn; a trailing P/E is not meaningfully calculable given the ongoing restatement and the absence of audited FY2025 results.

风险提示

最后一次完全确认的年度业绩为 FY2024（截至 2025 年 3 月的财年）：合并净销售额 2.6078 兆日元（创纪录），营业利润 2,378 亿日元（利润率 9.1%），净利润 1,642 亿日元。此后的一切都被会计与质量违规危机所拖累。

FY2025 第一季度（2025 年 4–6 月）初步业绩于 2025-07-24 公布：净销售额 6,379 亿日元（同比 -1.6%），营业利润 614.5 亿日元（+2.3%）——公司明确将其标注为初步数据。2025-09-03 公司成立独立第三方委员会，调查涉嫌不当会计处理（包括对存在减值风险的资产任意调整计提时点），同时另有一项质量违规调查（最终查实逾 1,000 起案例，主要集中在家电业务）以及关税/海关税款少缴问题。

确认后的第一、二季度（上半年）业绩最终于 2025-11-14 合并公布，较原定时间延迟超过 45 天：上半年（2025 年 4–9 月）净销售额 1.3023 兆日元，但营业利润同比暴跌 82.5% 至 211 亿日元（上年同期为 1,205 亿日元），公司将该降幅明确归因于汽车产品事业部——包括亏损合同准备金、减值损失，以及向供应商索赔的和解成本；归属于母公司股东的净利润为 312 亿日元。截至 2025 年 12 月的九个月业绩（第三季度）同样未按原计划披露：公司于 2026-01-28 宣布披露将超过 45 天期限，于 2026-04-17 收到第三方委员会最终调查报告，并于 2026-04-27 宣布推迟整个 FY2025（截至 2026 年 3 月的财年）年度业绩，目标是在 2026-09-30 前完成有价证券报告的提交，重述范围将追溯至截至 2022 年 3 月的财年。

2026-08-05，日本电产进一步推迟了 FY2026 第一季度（2026 年 4–6 月）业绩的发布，理由是同一项会计、质量、关税三重调查仍在进行。截至本次审阅（2026-08-26），FY2025 全年业绩与 FY2026 第一季度业绩均尚未披露——最近一次确认的披露是 2025 年 11 月公布的 FY2025 上半年报告，其中营业利润暴跌 82.5%。

此外，在 2026-05-31 的一次采访中，CEO 岸田光哉表示日本电产将暂停并购、专注于治理重建（未来五年将投入 1,300 亿日元用于防舞弊措施），并表示公司“未来可能会将资源投入数据中心与人形机器人”，理由是预期 AI 相关需求将大幅增长——这是一次明确的人形机器人表态，与纳博特斯克或哈默纳科不同，但其性质是愿景性的未来转向，而非已披露的当前业绩驱动因素，且出自一家自身数字仍深陷丑闻的公司管理层之口。日本电产子公司 Nidec Drive Technology 另行在产品营销中将 FLEXWAVE 谐波减速器与 KINEX 摆线减速器定位于人形与协作机器人关节（例如 2023-11-16 发布的 Smart-FLEXWAVE，以及 2026 年 Automate 展会上的演示）——这属于产品营销，并非已披露的收入项目。

截至 2026-07-29，股价约为 2,567 日元（52 周区间 1,797–3,296 日元，反映丑闻引发的股价下挫），市值约 187–189 亿美元；由于会计重述尚未完成、FY2025 经审计业绩尚未发布，市盈率目前无法有意义地计算。