Overview
Machinery

Harmonic Drive Systems Inc.

Harmonic Drive Systems is a leading manufacturer of precision reduction gears, primarily the proprietary strain wave gear technology branded as HarmonicDrive®, as well as precision planetary reduction gears. The company develops, manufactures, and sells mechatronics products including AC servo actuators (integrating reduction gears with motors and sensors) and control systems, targeting industrial automation (FA), robotics, and semiconductor equipment markets. Its competitive strengths lie in the high-precision, compact, and zero-backlash characteristics of its proprietary gear technology, supported by a global production and sales network across Japan, North America, Europe, and China.

Market Cap
¥462B
US$2.94B
EV
¥455B
US$2.90B
Stock¥4,875▼-9.55%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
45.9
x
LTM EV/EBIT
177.4
x
LTM PER
287.0
x
LTM PBR
5.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+40.1%pt
100123
Oct 23, 25 – Oct 22, 26StockTOPIX
1Dec 4, 25Rise on strong Q3 results
2Feb 20, 26Full-year guidance upward revision announcement
3Aug 10, 26Stock offering announcement raises supply-demand concerns, shares plunge
MC → EV Bridge
462BUS$2.94BMarket Cap16.9BUS$108M+ Debt22.1BUS$141M− Cash0.94BUS$6.00M− Inv. Sec.455BUS$2.90BEV
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Performance & Balance
Revenue 5Y (¥B)
57.1US$363M'22/371.5US$455M'23/355.8US$355M'24/355.6US$354M'25/359.6US$379M'26/3
EBITDA 5Y (¥B)
16.0US$102M'22/318.7US$119M'23/39.31US$59.3M'24/38.03US$51.1M'25/39.93US$63.2M'26/3
Net Income 5Y (¥B)
6.64US$42.3M'22/37.60US$48.4M'23/3-24.8-US$158M'24/33.47US$22.1M'25/31.61US$10.2M'26/3
Capital Structure
83%
EquityD/E 0.21xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
31.0US$198M20.9US$133M'22/331.8US$203M27.4US$174M'23/329.1US$185M23.8US$152M'24/325.3US$161M20.7US$132M'25/322.0US$140M18.1US$115M'26/3
Shareholders
Top 10 hold 57.8%
1
KODEN Holdings Co., Ltd.
35.37%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.08%
3
Norimitsu ITO
3.21%
4
JPMorgan Securities Japan Co., Ltd.
2.40%
5
Managed Trust (A030), Trustee: SMBC Trust Bank Ltd.
2.29%
6
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
2.19%
7
The Master Trust Bank of Japan, Ltd. (Trust Account)
2.10%
8
HSBC HONG KONG-TREASURYSERVICES A/C ASIAN EQUITIES DERIVATIVES (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.62%
9
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.30%
10
BNYM AS AGT/CLTS NON TREATY JASDEC (Standing Proxy: MUFG Bank, Ltd.)
1.23%
Management
14 officers
Kei NAGAI
Director, Chairman of the Board; Chairman Executive Officer, Group Management
Apr 1972 Joined Mitsui & Co., Ltd. Apr 2002 Joined Harmonic Drive Systems Apr 2002 General Manager, Overseas Division Jun 2002 Chairman, HD Systems, Inc. Jun 2003 Executive Officer, Marketing & Sales; General Manager, Overseas Division; General Manager, Business Planning & IT Office Dec 2005 President, HD Systems, Inc. (current) Jun 2007 Managing Executive Officer, Administration; in charge of Business Planning & IT Apr 2009 Managing Executive Officer, Business Planning & Finance Jan 2011 Supervisor, Harmonic Drive (Shanghai) Trading Co., Ltd. Jun 2013 Representative Director, President and President Executive Officer May 2015 Director, Harmonic AD Co., Ltd. Jun 2016 Representative Director, President and President Executive Officer, in charge of Marketing & Sales Dec 2016 Executive Member, H.D. Management LLC Mar 2017 Chairman of the Supervisory Board, Harmonic Drive AG Jun 2017 Representative Director, President and President Executive Officer, in charge of Marketing & Sales and Quality Jun 2019 Representative Director, President and President Executive Officer, in charge of Quality Jan 2020 Vice Chairman of the Supervisory Board, Harmonic Drive SE (current) Jun 2020 Representative Director, President and President Executive Officer, Head of Operations Jun 2024 Director, Chairman of the Board and Chairman Executive Officer, Group Management (current) (Representative status at other entities) President, HD Systems, Inc.
1948-03-26
Akira MARUYAMA
Director, President; Representative Director; President Executive Officer, Chief Executive Officer
Apr 1985 Joined Harmonic Drive Systems Apr 2007 General Manager, Marketing & Sales Apr 2009 General Manager, Marketing & Sales; General Manager, Sales Planning Sep 2009 General Manager, Technology, Precision Equipment Division Sep 2012 General Manager, Technology Division Jun 2014 Executive Officer, Technology May 2015 Director, HD Logistics Co., Ltd. Jun 2016 Director and Executive Officer, Development & Technology Jun 2018 Director and Executive Officer, Business Planning & IT Jun 2019 Statutory Auditor, Winbel Co., Ltd. (now Harmonic Winbel Co., Ltd.) Jun 2019 Director and Executive Officer, General Manager, Business Planning Division Jun 2021 Director and Executive Officer, General Manager, Business Planning Division; General Manager, ICT Promotion Office Jun 2022 Representative Director and Senior Managing Executive Officer, General Manager, Business Planning Division; General Manager, ICT Promotion Office May 2023 Director, Harmonic Winbel Co., Ltd. Jun 2024 Representative Director, President and President Executive Officer, Head of Operations Jun 2025 Representative Director, President and President Executive Officer, Chief Executive Officer (current)
1962-01-08
Kazutoshi KAMIJO
Director; Representative Director and Senior Managing Executive Officer, in charge of Management Accounting, Finance and Tax
Apr 1992 Joined Harmonic Drive Systems Jul 2003 Manager, Business Planning & IT Office, Business Planning and Administration Jul 2007 General Manager, Business Planning Department and Administration Department, Business Planning & IT Office May 2012 Statutory Auditor, Ome Casting Co., Ltd. May 2013 Supervisor, Harmonic Drive (Shanghai) Trading Co., Ltd. Jun 2014 Executive Officer, Business Planning & Finance Jun 2016 Executive Officer, Business Planning, Finance & Accounting Mar 2017 Executive Member, H.D. Management LLC Jun 2019 Executive Officer, General Manager, Management Accounting, Finance & Tax Division Jun 2020 Director and Executive Officer, General Manager, Management Accounting, Finance & Tax Division Jul 2021 Statutory Auditor, Harmonic Drive SE (current) Jun 2022 Director and Executive Officer, in charge of Management Accounting, Finance, Tax, Human Resources & General Affairs; General Manager, Management Accounting, Finance & Tax Division Jun 2023 Director and Executive Officer, General Manager, Management Accounting, Finance & Tax Division Jun 2024 Representative Director and Senior Managing Executive Officer, General Manager, Management Accounting, Finance & Tax Division Jun 2025 Director, Harmonic Precision Co., Ltd. (current) Jun 2025 Representative Director and Senior Managing Executive Officer, in charge of Management Accounting, Finance & Tax (current)
1968-06-09
Naomi SHIRASAWA
Director; Executive Officer, in charge of Marketing & Sales; General Manager, Domestic Sales Division
Apr 1983 Joined Harmonic Drive Systems Apr 1996 Manager, Technology Department, Precision Equipment Division Sep 1998 General Manager, Precision Equipment, Marketing Department, Marketing & Sales Division Jul 2001 General Manager, Marketing Department, AccuDrive Division Mar 2003 Managing Director, Harmonic AD Co., Ltd. May 2007 President, Harmonic AD Co., Ltd. Jun 2010 Executive Officer, General Manager, AD Business Promotion Office May 2011 Senior Managing Director, Harmonic AD Co., Ltd. Jun 2013 General Manager, Sales Division, Harmonic Drive (Shanghai) Trading Co., Ltd. Jul 2016 Director, Harmonic Drive (Shanghai) Trading Co., Ltd. Jun 2018 General Manager, Overseas Sales Division Jun 2019 Managing Officer, General Manager, Domestic Sales Division Jun 2021 Executive Officer, General Manager, Domestic Sales Division Jun 2023 Executive Officer, in charge of Marketing & Sales; General Manager, Domestic Sales Division Jun 2024 Director and Executive Officer, in charge of Marketing & Sales; General Manager, Domestic Sales Division (current) Oct 2024 Chairman, Harmonic Drive (Shanghai) Trading Co., Ltd. (current) (Representative status at other entities) Chairman, Harmonic Drive (Shanghai) Trading Co., Ltd.
1960-11-02
Shizuka YADA
Director; Executive Officer, General Manager, Research & Development Division
Jul 2014 Joined Harmonic Drive Systems Apr 2017 Manager, Harmonic Drive Research Institute Oct 2018 General Manager, Harmonic Drive Research Institute Jun 2021 Head, Harmonic Drive Research Institute Jun 2023 Executive Officer, Head, Harmonic Drive Research Institute Apr 2026 Executive Officer, General Manager, Research & Development Division Jun 2026 Director, Harmonic Winbel Co., Ltd. (current) Jun 2026 Director and Executive Officer, General Manager, Research & Development Division (current)
1973-06-24
Haruhiko YOSHIDA
Director
Apr 1966 Joined Mitsui & Co., Ltd. Feb 1996 Vice President, Mitsui & Co. (U.S.A.), Inc. Apr 1998 General Manager, Telecommunications, Transportation & Industrial Projects Division, Mitsui & Co., Ltd. Jun 1998 Director, General Manager, Telecommunications, Transportation & Industrial Projects Division, Mitsui & Co., Ltd. Jun 2001 Representative Director, Senior Managing Director, General Manager, Telecommunications, Transportation & Industrial Projects Division, Mitsui & Co., Ltd. Apr 2002 Managing Executive Officer, General Manager, Telecommunications, Transportation & Industrial Projects Division, Mitsui & Co., Ltd. Jul 2002 Managing Executive Officer, Machinery & Information Group President's Office, Mitsui & Co., Ltd. Jun 2003 Outside Director, Nagano Keiki Co., Ltd. Jun 2003 Outside Director, Harmonic Drive Systems Inc. (current) Jun 2006 Statutory Auditor, Hakudo Co., Ltd. Jun 2007 Outside Director, Hakudo Co., Ltd.
1943-09-02
Yoshio FUKUDA
Director
Apr 1976 Joined Teijin Limited Jul 2006 Group Executive Officer and Director, Teijin Fibers Limited; General Manager, Raw Material Polymerization Business Division May 2007 President, P.T. Teijin Indonesia Fiber Corporation Tbk Jun 2010 Director, Executive Officer, General Manager, Corporate Planning Division, Teijin Limited Jun 2012 Managing Director and Executive Officer, Group Head, Electronic Materials & Chemicals Business; General Manager, Resin Business Division; President, Teijin Chemicals Ltd.; Chairman, Global Policy Board, Teijin DuPont Films Global Joint Venture Jun 2013 Senior Managing Director and Executive Officer, Group Head, Electronic Materials & Chemicals Business; Chairman, Global Policy Board, Teijin DuPont Films Global Joint Venture Apr 2015 Director, Advisor, Teijin Limited Jun 2015 Advisor, Teijin Limited Jun 2016 Outside Director, Toyo Construction Co., Ltd. Jun 2017 Outside Statutory Auditor, Harmonic Drive Systems Inc. Jun 2017 Auditor, Japan-Indonesia Association (general incorporated foundation) (current) Jun 2020 Outside Director, Harmonic Drive Systems Inc. (current) Jun 2020 Director, Harmonic AD Co., Ltd. Mar 2021 Auditor, Japan-Sri Lanka Association (general incorporated association) (current)
1953-03-01
Kazuhiko HAYASHI
Director
Apr 1978 Joined Toyota Motor Corporation Jan 2001 Chief Staff, Advanced Vehicle Development Planning Office Jan 2004 General Manager, Second Electronics Engineering Department Jan 2005 General Manager, First Electronics Engineering Department Apr 2007 General Manager, BR Control Software Development Office Jan 2010 Managing Executive Officer, Sumitomo Wiring Systems, Ltd. Jan 2012 Executive Officer, Sumitomo Electric Industries, Ltd.; Managing Executive Officer, Sumitomo Wiring Systems, Ltd.; Director, AutoNetworks Technologies, Ltd. Jun 2015 Senior Managing Executive Officer, Sumitomo Wiring Systems, Ltd.; Executive Officer, Sumitomo Electric Industries, Ltd.; Director, AutoNetworks Technologies, Ltd. Jul 2019 Visiting Professor, Nagasaki Institute of Applied Science Jun 2022 Outside Director, Harmonic Drive Systems Inc. (current)
1954-04-25
Minoru ASANO
Full-time Statutory Auditor
May 1989 Joined Harmonic Drive Systems Jul 2003 Purchasing Manager, Materials Purchasing Department, Materials Division May 2008 General Manager, Materials Department May 2009 Director, HD Logistics Co., Ltd. May 2010 Director, Harmonic Precision Co., Ltd. Jan 2015 General Manager, Production Technology & Supply Chain Division; General Manager, Materials & Development Purchasing Department Jun 2018 Executive Officer, in charge of Production, Production Technology & Supply Chain; General Manager, Production Division and Supply Chain Division Jun 2019 Managing Executive Officer, in charge of Production, Production Technology & Supply Chain; General Manager, First Production Division and Supply Chain Division Jun 2022 Managing Executive Officer, General Manager, Supply Chain Division Jun 2023 Director, HD Logistics Co., Ltd. Oct 2024 Executive Member, Hata-Ken LLC (current) Apr 2026 Managing Executive Officer, Assistant to the President Jun 2026 Full-time Statutory Auditor (current)
1962-11-30
Kanako KITAMOTO
Director
Apr 1988 Joined Sapporo Breweries Ltd. Oct 1993 Joined Ota Showa & Co. (now EY ShinNihon LLC) Jul 2009 Partner, EY ShinNihon LLC Sep 2018 Member, Electricity and Gas Market Surveillance Commission, Ministry of Economy, Trade and Industry Jul 2019 Executive Board Member, EY ShinNihon LLC Jul 2023 Outside Director, Harmonic Drive Systems Inc. (current) Jul 2023 Outside Statutory Auditor, Daikin Industries, Ltd. (current) Mar 2025 Outside Director, Ebara Corporation (current)
1965-04-15
Masao YOSHIKAWA
Director
Apr 1981 Joined The Nippon Kogyo Bank, Ltd. Apr 2007 General Manager, Portfolio Management Department, Mizuho Trust & Banking Co., Ltd. Apr 2010 Executive Officer, General Manager, Investment Operations Department, Mizuho Trust & Banking Co., Ltd. Apr 2014 Representative Director and Senior Managing Executive Officer, Mizuho Trust & Banking Co., Ltd. Apr 2016 Managing Executive Officer, in charge of Architecture Sales, Taisei Corporation Apr 2023 Senior Managing Executive Officer, in charge of Architecture Sales, Taisei Corporation Jun 2024 Outside Statutory Auditor, Japan Atomic Power Company (current) Jun 2026 Outside Director, Harmonic Drive Systems Inc. (current)
1957-07-01
Yoshitsugu YOKOKOSHI
Full-time Statutory Auditor
Apr 1977 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 1995 Branch Manager, Yoyogi Branch, Sanwa Bank May 2005 Executive Officer, General Manager, Public Relations Department, UFJ Bank Ltd. May 2007 Managing Executive Officer, Deputy General Manager, Retail Division, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jan 2009 Representative Director and Vice President, Mitsubishi UFJ Investment Trust Co., Ltd. Jun 2014 Representative Director and President, Midorikai Co., Ltd. Jun 2017 Full-time Statutory Auditor, Cosmo Oil Co., Ltd. Jun 2020 Full-time Outside Statutory Auditor, Harmonic Drive Systems Inc. (current)
1953-11-16
Eisaku IMAZATO
Statutory Auditor
Apr 1979 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Mar 2002 General Manager, Second Corporate Business Department, Nikko Cordial Securities Inc. Mar 2003 Executive Officer, Head of Tokyo Second Corporate Business Division, Nikko Cordial Securities Inc. Dec 2004 Director, in charge of Business Planning and Corporate Business, Nikko Cordial Securities Inc. Feb 2005 Managing Director, in charge of Planning and Wholesale Business Promotion, Nikko Cordial Securities Inc. Feb 2007 Senior Managing Director, in charge of Overall Supervision of First Wholesale Sales Division, Nikko Cordial Securities Inc. Aug 2008 Senior Managing Executive Officer, Head of Corporate Division, Nikko Citigroup Securities Ltd. Feb 2009 Managing Executive Officer, Head of Joint Corporate Division, Mitsubishi UFJ Securities Co., Ltd. May 2010 Managing Executive Officer, Head of Corporate Division; Group Head, Corporate Business; Joint Head of Regional Executives, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.; Managing Executive Officer, Corporate Consolidation, Mitsubishi UFJ Securities Holdings Co., Ltd.; Executive Officer, Mitsubishi UFJ Financial Group, Inc. Jun 2012 Senior Managing Executive Officer, Head of Corporate Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Jun 2016 Outside Director and Chairman of the Board, Marusan Securities Co., Ltd. Mar 2020 Outside Director, Marusan Securities Co., Ltd. Jun 2020 Outside Statutory Auditor, Harmonic Drive Systems Inc. (current)
1956-03-02
Nobuyuki AZUMA
Statutory Auditor
Apr 1987 Joined Nomura Research Institute, Ltd. Apr 1998 Joined Nomura Securities Co., Ltd. Jul 2000 Seconded to Nomura Principal Finance Co., Ltd. Apr 2012 Managing Director, Investment Business Group, Innovation Network Corporation of Japan (now INCJ, Ltd.) Apr 2017 Outside Director, JOLED Inc. Apr 2017 Outside Statutory Auditor, Harmonic Drive AG (now Harmonic Drive SE) Jun 2017 Outside Director, Japan Display Inc. (resigned Jun 2018) Sep 2018 Executive Officer, Managing Director, Investment Business Group, INCJ, Ltd. Mar 2020 Outside Director, Japan Display Inc. Jun 2021 Managing Executive Officer, Managing Director, Investment Business Group, INCJ, Ltd. Jun 2024 Statutory Auditor, Harmonic Drive Systems Inc. (current) Jun 2025 Outside Director, Reskill Inc. (current)
1964-03-31
Large Shareholding Reports
トライヴィスタ・キャピタル株式会社
2026-10-22
5.29%
KODEN Holdings Co., Ltd.
2025-07-29
34.77%→34.77%
Annual report (as of 2026-03-31): 35.37%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-16
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2025-11-12
Amended Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-07-29
Large Shareholding Report
EDINETAmended
2025-07-18
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-18
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-24
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-22
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-05-12
Amended Annual Securities Report
Period: Apr 2021 – Mar 2022
EDINETAmended
2023-05-12
Amended Quarterly Securities Report
Period: Jul 2022 – Sep 2022
EDINETAmended
2023-05-12
Amended Annual Securities Report
Period: Apr 2019 – Mar 2020
EDINETAmended
2023-05-12
Amended Annual Securities Report
Period: Apr 2020 – Mar 2021
EDINETAmended
2023-05-12
Amended Annual Securities Report
Period: Apr 2018 – Mar 2019
EDINETAmended
2023-05-12
Amended Annual Securities Report
Period: Apr 2017 – Mar 2018
EDINETAmended
2023-05-12
Amended Quarterly Securities Report
Period: Jul 2021 – Sep 2021
EDINET
2023-02-09
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-09
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
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