Mining & construction equipment · World No.1 in autonomous haulage
Komatsu
Komatsu is the world's No.2 in excavators and mining gear, but its real moat is autonomous ultra-class haulage, where it has led since commercializing in 2008 — an 18-year head start now at 1,016 cumulative trucks. The year ended March 2026 was about defense, not growth: with volumes falling, price increases held revenue at +0.7% but operating income still dropped 13.7%, and resource-cycle strength in Latin America (+13.7%) and Oceania barely offset the collapse in Asian general construction. The question for this node now is how much FY2027 U.S. tariffs (guidance: OP -10.5%) erode that pricing power, and how much the mining-automation and aftermarket moat cushions the downside.
Business categories Heavy Vehicles & Off-Highway Equipment · Automotive & Mobility · primary Heavy Machinery & Industrial Equipment · Industrial Infrastructure & Heavy Industry
6301.T Updated Sep 23, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Komatsu is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 7 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-09-23).
Financials & Segments
- Total revenue · ¥4,132.8B (year ended March 2026, +0.7%)
- Segments · Construction, Mining & Utility Equipment · Industrial Machinery & Others · Retail Finance
Revenue from
- Barrick (네바다 골드마인스) High confidence
AHS customer where Komatsu's 1,000th ultra-class autonomous truck (930E-5AT, 290t) was commissioned (Apr 2026).Confirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP)Confirms KO Vehiclenews Published Apr 21, 2026: Komatsu commissions 1,000th ultra-class autonomous haul truck — an industry firstConfirms EN Komatsu Published Apr 21, 2026: Komatsu first OEM to commission 1,000 ultra-class autonomous haul trucks - Rio Tinto High confidence
FrontRunner AHS and 830E/930E truck customer at Pilbara iron mines (Brockman 4, West Angelas).Confirms EN Mining Technology Published Jan 1, 2023: Autonomous haulage systems: leading manufacturers - Vale High confidence
830E/930E truck customer at Carajas; 2024 Dual Fuel (up to 70% ethanol) retrofit program with Cummins. - North America, Latin America & Oceania resource markets (construction & mining equipment) High confidence
In construction & mining — 92% of sales — the resource cycle is what is holding the company up: copper, iron-ore and gold prices lifted Latin American (+13.7%) and Oceania mining demand, offsetting the collapse in Asian (-33%) and Japanese (-4.6%) general construction as infrastructure softened. The segment's +0.2% came from price increases, not volume, so segment profit still fell 18% on cost and volume — a classic late-cycle signature. What threatens that pricing power is the FY2027 U.S. tariff hit (guidance: operating profit -10.5%).Mentions EN Citi / analyst consensus Published May 10, 2026: Komatsu (6301) analysts — Citi target ¥4,500 (Neutral); consensus NeutralConfirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP) - Anglo American Medium confidence
AHS customer at Los Bronces copper mine, Chile (~62 930E trucks planned). - Martin Marietta Materials, Inc. Medium confidence
Komatsu is an aggregates-business partner providing Martin Marietta with mobile quarry equipment and lower-carbon technology, and Martin Marietta directly confirms the partnership but does not disclose spending.Confirms EN Martin Marietta Materials Published May 16, 2026: Martin Marietta 2025 Sustainability Report - Vulcan Materials Company Medium confidence
Komatsu supplies a WA485-11 wheel loader used for aggregate handling at Vulcan's Palmdale, California, operation, where a Vulcan operator describes its on-site use and efficiency benefits, while the purchase amount remains undisclosed.Confirms EN Komatsu North America Published Apr 14, 2025: WA485-11 wheel loader in action: power, comfort and efficiency at Vulcan Materials
Pays to
- Ouster High confidence
Procures lidar for autonomous mining equipment from Ouster (multimillion-dollar agreement, REV7).Confirms EN Business Wire Published May 8, 2025: Ouster to Supply Lidar Sensors for Komatsu's Autonomous OfferingsConfirms EN Mining.com Published May 8, 2025: Ouster to supply lidar sensors for Komatsu's autonomous offerings - Cummins High confidence
Primary engine supplier for ultra-class mining trucks (830E/930E); 2024 three-way ethanol-diesel Dual Fuel retrofit program with Vale.
Investments
- M&A (Malwa Forest, SRC reman, Joy Global) High confidence
Komatsu's M&A deliberately builds a mining-and-aftermarket moat that is less exposed to the new-equipment volume cycle: the 2017 ~$3.7B Joy Global deal internalized underground and ultra-class equipment, and 2026 bolt-ons — SRC of Lexington's remanufacturing assets and forestry maker Malwa Forest — extend into circular-economy and parts-reman revenue. The weaker new-machine sales get, the more reman, parts and service defend the margin.Confirms EN Komatsu Published Apr 28, 2026: Komatsu Consolidated Business Results for the Fiscal Year Ended March 31, 2026 (U.S. GAAP)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Union Pacific Corporation | lead2 | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +22.1 |
| Vulcan Materials Company | lead1 | +41.1 | -14.9 | +30.8 | +14.1 | +11.7 | -7.4 |
| Martin Marietta Materials, Inc. | lead1 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
| Komatsu | node | +0.5 | +17.4 | +40.1 | +16.4 | +30.5 | +28.3 |
| Ouster | benef1 | -61.5 | -83.4 | -11.1 | +59.3 | +77.1 | +68.3 |
| Cummins | benef1 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Rentals | benef2 | +43.3 | +7 | +63.6 | +24 | +15.9 | +31.3 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
Komatsu operates across Nikkei 225, Mining & construction equipment, No.1 in autonomous trucks. It stayed steadily positive in recent years and is +28.3% in 2026. The stock (+28.3%) and its supply side (avg +39.7%) are moving in step. Among connected nodes the furthest ahead is Ouster (+68.3%) and the furthest behind is Cummins (+11%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. tariffs (guidance: OP -10.5%) erode that pricing power, and how much the mining-automation and aftermarket moat cushions the downside.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple