Fujikura

5803.T

Electrical Equipment & Parts · Industrials

Price

¥5280.00

-61.00 (-1.14%)

Market Cap

¥8.74T

Exchange

Tokyo Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Fujikura Ltd. is a Japanese industrial company that makes cables, wiring, and fiber optic products used in telecommunications networks, automobiles, and power infrastructure. Its core products include optical fiber cables, automotive wiring harnesses, and electronic components, sold to telecom carriers, automakers, and electric utilities. The company is one of Japan's leading manufacturers of fiber optic cables and has a long history dating back to 1885.

Fujikura earns revenue by selling physical products — cables, connectors, and related hardware — rather than through subscriptions or software. It operates globally, with major manufacturing and sales operations across Asia, the Americas, and Europe, and generates roughly ¥900 billion in annual revenue. The company's deep engineering expertise and long-standing customer relationships in telecom and automotive supply chains provide a degree of competitive stability. The key growth driver is rising global demand for fiber optic infrastructure as countries expand broadband networks, though the company faces risk from slowing automotive production and raw material cost fluctuations.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+41.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

¥16.8B/ year

↓ Declining (-9% vs prior year)

1.4% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥229.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Fujikura is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.65B (2022) → 1.66B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.1%

Modest — 37.1% gross margin

Profit after running costs

Operating Margin

26.1%

Excellent — 26.1% operating margin

Return on the money invested

ROCE

34.8%

Exceptional — 34.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+27.9%

Fast-growing sales (+27.9% YoY)

Profit growth

EPS YoY

+99.6%

Earnings growing fast (+99.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 3% of profit becomes cash

Spare cash per sale

FCF Margin

-0.2%

Burning cash (-0.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

138.63x

Comfortably covers interest (138.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

42.4x

Pricey — P/E 42.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+18.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.4 → 23.6)

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Dividends

Dividend

Dividend Yield

0.70%

Small dividend — 0.70% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+69.7%

Dividend growing fast (69.7% YoY)

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