Who are Nabtesco's customers? Who does Nabtesco earn revenue from?

Revenue comes from counterparties including Robot OEMs · humanoids (RV reducers), FANUC, Tesla. Full sourced list: valuechain.wiki/nabtesco/customers.md

Who does Nabtesco pay? Who are its key suppliers?

Costs flow to materials, processing & capacity (undisclosed), Bearings · motors · capacity expansion (undisclosed) among others. Full sourced list: valuechain.wiki/nabtesco/suppliers.md

How does the street rate Nabtesco? What are the price targets?

Broker consensus on file: Buy 3 / Hold 0. Details: valuechain.wiki/nabtesco/consensus.md

RV precision reducers

Nabtesco

The Japanese leader in RV (precision) reducers, having led for ~30 years. ~35% global share in articulated-robot RV units and 28% (2024) in miniature RV for humanoids. FY2026 revenue ¥327B (+6.2%), doubling RV capacity by 2026. With Harmonic Drive, one of the two pillars of robot reducers.

Business categories Motion Control & Precision Drives · Industrial Automation & Robotics · primary

6268.T Updated Jul 12, 2026 6 AI consumers· 4 recurring

Per the valuechain.wiki graph, Nabtesco is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 6 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21-22.8%'22+9%'23-22.3%'24+0.4%'25+54.1%YTD+7.5%

Money in ▸Robot OEMs · humanoids (RV reducers)●Market share ~35%FANUC●Tesla◐Hydraulics · aviation · rail (industrial)◐Yaskawa Electric◐

NabtescoFY2026 revenue ¥327B

▸ Money outmaterials, processing & capacity (undisclosed)○Bearings · motors · capacity expansion (undisclosed)○

Financials & Segments

Total revenue · FY2026 revenue ¥327B (+6.2%)
Customer concentration · ~35% articulated RV; 28% humanoid mini-RV.
Segments · RV precision reducers · Hydraulics/aero/rail

Revenue from

Robot OEMs · humanoids (RV reducers) High confidence· Market share ~35% · 2024 · articulated-robot RV share
RV precision reducers to articulated-robot and humanoid OEMs.
Confirms JA Nabtesco/TSE Published Feb 12, 2026: Nabtesco company/IR (TSE 6268)
Confirms EN Intel Market Research Published Jan 1, 2026: Nabtesco 28% share in miniature humanoid RV
FANUC High confidence
Supplies RV reducers to robot leader FANUC — where robot ramp-up is reducer demand, one of Nabtesco's largest demand points.
Confirms EN Intel Market Research Published Jan 1, 2026: Industrial-robot reducer market (FANUC, Nabtesco, Harmonic)
Tesla Medium confidence
Supplies RV reducers for Tesla Optimus joints — an option that lifts reducer demand to a new level if humanoid mass production materializes.
Confirms EN eWeek Published Jan 1, 2026: Tesla Optimus 1M-unit, Gen 3 roadmap
Hydraulics · aviation · rail (industrial) Medium confidence
Hydraulics, aerospace and rail components.
Confirms JA Nabtesco/TSE Published Feb 12, 2026: Nabtesco company/IR (TSE 6268)
Yaskawa Electric Medium confidence
Supplies RV reducers to large-robot leader Yaskawa — a core demand point for the robot-joint bottleneck component.
Confirms EN Intel Market Research Published Jan 1, 2026: Nabtesco 28% share in miniature humanoid RV

Pays to

materials, processing & capacity (undisclosed) Low confidence
Precision-gear materials and machining (doubling RV capacity).
Confirms EN Intel Market Research Published Jan 1, 2026: Nabtesco 28% share in miniature humanoid RV
Bearings · motors · capacity expansion (undisclosed) Low confidence
Bearings, motors and doubling production capacity.
Confirms EN Intel Market Research Published Jan 1, 2026: Nabtesco 28% share in miniature humanoid RV

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
Foxconn (Hon Hai)	lead2	-5.1	+2.8	+7.8	+80.1	+26.9	+16.3
Edison International	lead2	+13.6	-2.6	+17.4	+15.2	-20.4	-1.7
PG&E Corporation	lead2	-2.6	+33.9	+10.9	+12.3	-19.7	-17.5
Yaskawa Electric	lead1	-10.7	+7.2	+13.2	-18.3	+10.4	-1.3
FANUC	lead1	-16.5	+4.4	-8.1	+15.6	+37.7	-4.5
Tesla	lead1	+49.8	-65	+101.7	+62.5	+11.4	-14.9
Nabtesco	node	-22.8	+9	-22.3	+0.4	+54.1	+7.5

YTD as of 2026-09-04 · source: Yahoo Finance

Nabtesco operates across RV precision reducers. It is +7.5% in 2026. The stock (+7.5%) and its demand side (avg -10.5%) are moving in step. Among connected nodes the furthest ahead is FANUC (-4.5%) and the furthest behind is Tesla (-21.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. With Harmonic Drive, one of the two pillars of robot reducers.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥6,050 · Price ¥4,457 (09-04) · Upside +36%

Broker	Rating	Target	Published
Major U.S. brokerage (undisclosed)	強気(1・買い)	¥5,900	Jul 1, 2026	Report ↗
Major U.S. brokerage (undisclosed)	強気(買い)	¥6,100	Jun 16, 2026	Report ↗
Tokai Tokyo Intelligence Laboratory	アウトパフォーム	¥6,150	May 7, 2026	Report ↗

Key Q&A

Who are Nabtesco's customers? Who does Nabtesco earn revenue from?: Revenue comes from counterparties including Robot OEMs · humanoids (RV reducers), FANUC, Tesla. Full sourced list: valuechain.wiki/nabtesco/customers.md
Who does Nabtesco pay? Who are its key suppliers?: Costs flow to materials, processing & capacity (undisclosed), Bearings · motors · capacity expansion (undisclosed) among others. Full sourced list: valuechain.wiki/nabtesco/suppliers.md
If Nabtesco moves, who benefits? How far does the value-chain ripple reach?: Per the valuechain.wiki graph, Nabtesco is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 6 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
How does the street rate Nabtesco? What are the price targets?: Broker consensus on file: Buy 3 / Hold 0. Details: valuechain.wiki/nabtesco/consensus.md

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