Research

NADEX: Welding-control trader now leans on a U.S. EV-charging unit

NADEX CO., LTD. (7435) · Published 2026-10-24 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • NADEX describes itself as a trading company that also has manufacturing functions. It states that its resistance welding control equipment holds the top share in Japan's automotive industry, and it also sells laser processing, dissimilar-material joining and IT-based production solutions.
  • The group reports four business lines: Process Solutions (welding controls and joining technology), Factory Automation (distributor sales of robots and automation equipment, from single machines to full lines), System Integration (custom-built production systems), and Control Components (distribution of electronic and electrical control parts, plus board mounting and control panels). A fifth line, Smart Energy, appears in the revenue breakdown and sits entirely in North America.
  • Reportable segments are geographic: Japan, North America, China and Southeast Asia. The group has 14 subsidiaries and 3 affiliates, and 731 consolidated employees at April 30, 2026. No single customer accounts for a reportable share of sales (see Performance & Balance).
  • The fiscal year ends April 30. Uptime EV Charger, Inc. in Michigan became a consolidated subsidiary in June 2024 and Robofull Co., Ltd. in Japan was acquired in May 2026, so year-on-year comparisons include acquired revenue.

Investment case

  1. The annual securities report for the year to April 2026 shows operating profit and net income attributable to owners rising while sales were flat, which management attributes partly to the absence of a prior-year provision for loss on orders in Japan and to growth in North America and Southeast Asia (see Performance & Balance).
  2. North American order intake and order backlog both rose sharply in the year to April 2026, and the first-quarter earnings release for the year to April 2027 attributes North America's return to an operating profit to the expansion of EV charging station construction.
  3. The company kept its full-year forecast for the year to April 2027, first published on June 11, 2026, unchanged at the first quarter. The operating profit forecast equals the operating profit target in the medium-term plan ending April 2027, and the sales forecast exceeds the plan's sales target.
  4. Shareholder returns are increasing: the company bought back its own shares during the year to April 2026, the issued share count fell between April and July 2026, and the dividend forecast for the year to April 2027 is higher than the prior year's payout. The articles allow the board to approve buybacks without a shareholder vote.

Bear case

  1. The Japan segment, the largest by sales, reported lower sales in the year to April 2026 and an operating loss in the first quarter of the year to April 2027, with weaker sales of production equipment to automotive and electrical-equipment customers.
  2. Uptime EV Charger is only majority-owned, so a growing part of its profit goes to non-controlling shareholders; profit attributable to non-controlling interests rose in both the year to April 2026 and the first quarter of the following year.
  3. The balance sheet expanded in the first quarter of the year to April 2027: merchandise inventory, contract liabilities and short-term borrowings all rose and goodwill increased with the Robofull acquisition, while the equity ratio declined (see Performance & Balance).
  4. The company identified an indication of impairment for goodwill and customer-relationship assets tied to Tamari Kogyo; no loss was recognized because estimated undiscounted cash flows exceeded book value, but the company states an impairment loss could be recognized in the following year if forecasts change significantly.

Catalysts

  • Second-quarter results for the six months to October 31, 2026, measured against the unchanged half-year forecast; October 31 is also the record date for the interim dividend.
  • Full-year results for the year to April 2027, the final year of the current medium-term plan, which sets targets for sales, operating profit and return on equity, and the announcement of any successor plan.
  • Integration of Robofull, consolidated from the first quarter of the year to April 2027 within the Japan segment, and progress of the India subsidiary established in October 2025.

Key risks

  • Dependence on automotive customers: the company states that the industry's capital spending and production plans, amid electrification, can significantly affect results, and the first-quarter release notes cautious capital spending by these customers due to slowing EV demand and U.S. trade policy.
  • Procurement of semiconductors and other electronic components, where shortages or price increases could delay production, lose sales or raise costs.
  • Many of the group's sites are in the area designated for strengthened Tokai earthquake countermeasures, so a major earthquake could stop operations.
  • Foreign-exchange movements affect the yen value of subsidiaries in the United States, Mexico, China, Thailand and Indonesia and of foreign-currency sales by the parent; the company hedges with forward contracts, and derivative valuation losses appear in the first-quarter results.

Trading liquidity

Median daily trading value US$0.09mn
Average daily volume 26,342 shares

2025-10-06 to 2026-10-23 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • The first-quarter earnings release for the year to April 2027 was not reviewed by the auditor, and no quarterly cash-flow statement was prepared.
  • NADEX (THAILAND) CO.,LTD. is consolidated although the company holds less than half of its voting rights, and the employee share trust's holdings are treated as treasury shares, which affects per-share figures and the shareholder list (see Shareholders).
  • Qualitative statements are taken from the annual securities report for the year to April 2026 and the first-quarter earnings release for the year to April 2027.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Overview
Wholesale Trade

NADEX CO.,LTD.

NADEX is a total solution provider for manufacturing industries, offering four core business segments: Process Solutions (resistance spot welding control systems with top domestic share in Japan's automotive sector, laser processing, and next-generation joining technologies), Factory Automation (agency sales of robots and FA systems for labor-saving and automation), System Integration (custom-engineered production systems from concept to delivery), and Control Components (electronic/electrical control parts distribution and PCB design/assembly). The company also provides IT/IoT solutions for manufacturing DX and environmental solutions including solar power, battery storage, and EV charging systems. NADEX serves primarily the automotive industry in Japan and has expanded operations across North America, China, and Southeast Asia.

Market Cap
¥9.90B
US$63.1M
EV
¥2.70B
US$17.2M
Stock¥1,253▼-2.11%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
1.4
x
LTM EV/EBIT
1.7
x
LTM PER
12.4
x
LTM PBR
0.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+4.5%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jun 12, 26Full-year FY2026/04 earnings announced; Board approved share buyback and cancellation
MC → EV Bridge
9.90BUS$63.1MMarket Cap1.28BUS$8.15M+ Debt4.75BUS$30.3M− Cash4.24BUS$27.0M− Inv. Sec.0.51BUS$3.26M+ NCI2.70BUS$17.2MEV
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Performance & Balance
Revenue 5Y (¥B)
34.6US$221M'22/436.2US$231M'23/434.4US$219M'24/436.9US$235M'25/436.8US$235M'26/4
EBITDA 5Y (¥B)
1.83US$11.7M'22/42.50US$16.0M'23/41.53US$9.76M'24/41.31US$8.38M'25/41.67US$10.6M'26/4
Net Income 5Y (¥B)
1.01US$6.41M'22/41.33US$8.49M'23/40.81US$5.18M'24/40.25US$1.60M'25/40.66US$4.20M'26/4
Capital Structure
94%
EquityD/E 0.06xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
6.58US$42.0M1.27US$8.08M'22/46.95US$44.3M0.74US$4.70M'23/46.74US$43.0M1.53US$9.73M'24/45.96US$38.0M0.35US$2.25M'25/49.00US$57.4M0.10US$0.61M'26/4
Shareholders
Top 10 hold 48.9%
1
Art Gallery Fujimi Co., Ltd.
20.13%
2
BBH FOR FIDELITY LOW-PRICED STOCK FUND (Standing Proxy: MUFG Bank, Ltd.)
7.95%
3
Master Trust Bank of Japan, Ltd. (Stock Grant ESOP Trust Account No. 80022)
5.08%
4
NADEX CO.,LTD. Employee Stock Ownership Association
2.85%
5
Masataka FURUKAWA
2.78%
6
Yoshiaki FURUKAWA
2.65%
7
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.50%
8
Sumitomo Mitsui Banking Corporation
1.81%
9
Miwako NAKAYAMA (Domestic Contact)
1.72%
10
BBH FOR FIDELITY TRUST EMPLOYEE BENEFIT PLANS LOW PRICED STOCK POOL (Standing Proxy: MUFG Bank, Ltd.)
1.47%
Management
9 officers
Masataka FURUKAWA
Chairman and Director
Apr 1996 Joined Daishin Co., Ltd. Sep 2003 Joined Meiden Sangyo Co., Ltd. (now Na-Dex Products Co., Ltd.) Apr 2005 Joined the Company May 2011 General Manager, General Affairs Department, the Company Apr 2012 General Manager, Executive Office, the Company Jul 2013 Assumed office as Director of the Company Jul 2019 Assumed office as Managing Director of the Company Jul 2021 Assumed office as Chairman and Director of the Company (current)
1968-01-09
Daisuke SHINDO
Representative Director, President
Nov 2008 Joined the Company Oct 2009 General Manager, Corporate Planning Office, the Company Apr 2014 Executive Officer, Deputy General Manager of Administration Division, and General Manager, Management Administration and Legal Department, the Company Jul 2015 Assumed office as Director of the Company Jul 2021 Assumed office as Senior Managing Director of the Company Jul 2023 Assumed office as Representative Director, President of the Company (current)
1972-03-17
Katsunori YOKOCHI
Managing Director, General Manager, Corporate Planning Office
Mar 1993 Joined the Company Feb 2011 General Manager, Machinery Department, the Company Jul 2013 Executive Officer, Deputy General Manager of Sales Division, and General Manager, FA Systems Business Division, the Company Jul 2015 Assumed office as Director of the Company Jul 2021 Assumed office as Managing Director of the Company (current)
1970-03-30
Nobuyuki HONDA
Director, General Manager, Solutions Center
Apr 1981 Joined Kawasaki Steel Corporation (now JFE Steel Corporation) Sep 1987 Joined Kyushu Matsushita Electric Co., Ltd. (now Panasonic Connect Co., Ltd.) Jan 2013 Joined the Company as Deputy General Manager of Sales Division and General Manager, Overseas Business Division Apr 2015 Executive Officer, Deputy General Manager of Sales Division, General Manager, Global Business Division, and General Manager, Welding Solutions Business Division, the Company Jul 2015 Assumed office as Director of the Company (current)
1957-04-02
Yoko NOGUCHI
Director
Oct 2001 Registered as attorney-at-law, Daini Tokyo Bar Association Oct 2001 Joined Torikai Sogo Law Office Nov 2003 Admitted to Nagoya Bar Association (now Aichi Bar Association); joined Ishihara Sogo Law Office Oct 2006 Partner, Shunba & Noguchi Law Office (now and LEGAL Attorneys at Law Corporation, attorney) (current) Jul 2015 Assumed office as Director of the Company (current)
1974-11-19
Koji KATO
Director
Apr 1986 Joined Aiphone Co., Ltd. Apr 2015 Assumed office as President of AIPHONE COMMUNICATIONS (THAILAND) CO., LTD. Jun 2016 Assumed office as Director of Aiphone Co., Ltd. Apr 2019 Assumed office as Representative Director, President and Executive Officer of Aiphone Co., Ltd. Apr 2023 Assumed office as Advisor of Aiphone Co., Ltd. Jul 2025 Assumed office as Director of the Company (current)
1962-03-01
Osamu WATANABE
Standing Corporate Auditor (Full-time)
Apr 1980 Joined Yoshida Tax & Accounting Office (now Midland Tax Corporation, Nagoya Gokiso Office) Nov 1990 Joined the Company Apr 2007 General Manager, Accounting Department, the Company Jul 2009 Executive Officer, Deputy General Manager of Administration Division, and General Manager, Accounting Department, the Company Jul 2011 Assumed office as Director of the Company Jul 2013 Assumed office as Managing Director of the Company Jul 2017 Assumed office as Senior Managing Director of the Company Jul 2021 Assumed office as Standing Corporate Auditor (Full-time) of the Company (current)
1955-06-19
Masanori SENDA
Corporate Auditor
Apr 1979 Joined Aisan Industry Co., Ltd. Jun 2011 Assumed office as Director of Aisan Industry Co., Ltd. Jun 2012 Executive Officer of Aisan Industry Co., Ltd. Jun 2014 Assumed office as Full-time Corporate Auditor of Aisan Industry Co., Ltd. Jul 2019 Assumed office as Corporate Auditor of the Company (current)
1955-08-10
Yoko YOKOI
Corporate Auditor
Oct 1992 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Mar 1996 Registered as Certified Public Accountant Jul 2000 Assumed office as Head of Yoko Yokoi Certified Public Accountant Office (current) Jul 2004 Joined Sakae Audit Corporation May 2011 Assumed office as Representative Partner of Sakae Audit Corporation Apr 2022 Assumed office as Chief Representative Partner of Sakae Audit Corporation (current) Jul 2023 Assumed office as Corporate Auditor of the Company (current)
1970-09-06
Large Shareholding Reports
FMR LLC
2026-06-22
8.44%→9.58%
Fidelity Management & Research Company LLC
2026-06-22
8.62%→8.65%
Fidelity Management & Research Company LLC
2026-06-22
8.65%→8.65%
Fidelity Management & Research Company LLC
2026-06-22
8.44%→9.58%
Fidelity Management & Research Company LLC
2026-06-22
9.58%→8.62%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-09-08
Q1 Earnings Flash
FY ending Apr 2027
EDINET
2026-07-27
Annual Securities Report
Period: May 2025 – Apr 2026
TDnet
2026-07-06
株主総会招集通知
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
TDnet
2026-03-11
Q3 Earnings Flash
FY ending Apr 2026
EDINET
2025-12-12
Semi-Annual Securities Report
Period: May 2025 – Apr 2026
TDnet
2025-09-09
Q1 Earnings Flash
FY ending Apr 2026
EDINET
2025-07-28
Annual Securities Report
Period: May 2024 – Apr 2025
TDnet
2025-03-14
Q3 Earnings Flash
FY ending Apr 2025
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: Nov 2022 – Jan 2023
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: May 2022 – Jul 2022
EDINETAmended
2025-02-14
Amended Annual Securities Report
Period: May 2023 – Apr 2024
EDINETAmended
2025-02-14
Amended Annual Securities Report
Period: May 2022 – Apr 2023
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: Aug 2022 – Oct 2022
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINETAmended
2025-02-14
Amended Annual Securities Report
Period: May 2021 – Apr 2022
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: Nov 2021 – Jan 2022
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINETAmended
2025-02-14
Amended Quarterly Securities Report
Period: May 2023 – Jul 2023
EDINET
2025-02-14
Semi-Annual Securities Report
Period: May 2024 – Apr 2025
TDnetAmended
2025-02-14
Q1 Earnings Flash
FY ending Apr 2025
TDnet
2024-09-05
Q1 Earnings Flash
FY ending Apr 2025
EDINET
2024-07-24
Annual Securities Report
Period: May 2023 – Apr 2024
EDINET
2024-03-14
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2023-12-14
Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINET
2023-09-13
Quarterly Securities Report
Period: May 2023 – Jul 2023
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