Industry map/Automotive & Machinery
Aerospace industry map
Who earns the money in Aerospace, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 25 companies · ¥5.8T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥5.8T
- Companies
- 25
- Avg. salary（parent only）
- ¥7.6M
- Industry weather
- Sunny
YoY +17.4%
Avg. age 42.4
Operating income +22.3%
Mitsubishi Heavy Industries[7011]
Energy Systems + 1 more
- Revenue
- ¥3.45T▲21.7%
- Operating income
- —
Whole company: Revenue ¥4.97T · Net income ¥332.1B
Avg. salary ¥10.7M · 42.3（parent only）
IHI[7013]
Aero Engine, Space and Defense
- Revenue
- ¥648.1B▲17.3%
- Operating income
- ¥112.4B▼8.4%
Margin 17.3%
Whole company: Revenue ¥1.64T · Net income ¥161B
Avg. salary ¥10M · 42.4（parent only）
Kawasaki Heavy Industries[7012]
Aerospace Systems
- Revenue
- ¥613.7B▲8.1%
- Operating income
- —
Whole company: Revenue ¥2.31T · Net income ¥108.2B
Avg. salary ¥9.1M · 41.7（parent only）
Honda Motor[7267]
Power product and other businesses
- Revenue
- ¥384.9B▼0.1%
- Operating income
- -¥10.7B
Margin -2.8%
Whole company: Revenue ¥21.8T · Net income -¥423.9B
Avg. salary ¥9.3M · 43.9（parent only）
Subaru[7270]
Aerospace
- Revenue
- ¥141.7B▲27.0%
- Operating income
- ¥3.5BBack to profit
Margin 2.5%
Whole company: Revenue ¥4.78T · Net income ¥90.8B
Avg. salary ¥7.6M · 40.0（parent only）
Nikkiso[6376]
Industrial segment
- Revenue
- ¥136.8B▲5.1%
- Operating income
- ¥13.5B▲84.8%
Margin 9.9%
Whole company: Revenue ¥215.6B · Net income ¥13.7B
Avg. salary ¥6.8M · 43.2（parent only）
Nabtesco[6268]
Transport Solutions
- Revenue
- ¥100.5B▲13.2%
- Operating income
- ¥13.6B▲8.7%
Margin 13.5%
Whole company: Revenue ¥307.9B · Net income ¥15.7B
Avg. salary ¥7.2M · 42.6（parent only）
SKY Perfect JSAT[9412]
Space Business
- Revenue
- ¥66B▲9.0%
- Operating income
- ¥24.1B▲9.9%
Margin 36.6%
Whole company: Revenue ¥127.6B · Net income ¥23.3B
Avg. salary ¥12.1M · 45.0（parent only）
NOF[4403]
Explosive and propulsion
- Revenue
- ¥61.7B▲59.1%
- Operating income
- ¥7.98B▲154.9%
Margin 12.9%
Whole company: Revenue ¥258B · Net income ¥40.5B
Avg. salary ¥8.4M · 42.9（parent only）
Shimadzu[7701]
Aircraft equipment
- Revenue
- ¥43.4B▲12.2%
- Operating income
- ¥8.22B▲35.5%
Margin 19.0%
Whole company: Revenue ¥560.7B · Net income ¥60.5B
Avg. salary ¥9.2M · 43.9（parent only）
ShinMaywa Industries[7224]
Aircraft
- Revenue
- ¥41.6B▲23.3%
- Operating income
- ¥2.59B▲31.6%
Margin 6.2%
Whole company: Revenue ¥285B · Net income ¥11.5B
Avg. salary ¥7.8M · 44.0（parent only）
Nippon Avionics[6946]
Government Systems
- Revenue
- ¥23.9B▲48.8%
- Operating income
- ¥5.1B▲67.3%
Margin 21.4%
Whole company: Revenue ¥29.2B · Net income ¥3.82B
Avg. salary ¥7.1M · 47.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Japan Aviation Electronics Industry · Arisawa Mfg. · Hoden Seimitsu Kako Kenkyusho · Eagle Industry · Shikibo · KYB · Sakura Rubber · Terra Drone · AeroEdge · ispace · Acsl · Synspective · Axelspace Holdings
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Mitsubishi Heavy IndustriesEnergy Systems + 1 more | ¥3.45T | 59.4% | — | +11.3% | ¥761.6B |
| 2▲1 | IHIAero Engine, Space and Defense | ¥648.1B | 11.2% | 17.3% | +25.4% | — |
| 3▼1 | Kawasaki Heavy IndustriesAerospace Systems | ¥613.7B | 10.6% | — | +19.8% | ¥22.3B |
| 4 | Honda MotorPower product and other businesses | ¥384.9B | 6.6% | -2.8% | -0.9% | ¥523.2B |
| 5▲1 | SubaruAerospace | ¥141.7B | 2.4% | 2.5% | +22.8% | ¥123.9B |
| 6▼1 | NikkisoIndustrial segment | ¥136.8B | 2.4% | 9.9% | +9.6% | ¥10.5B |
| 7 | NabtescoTransport Solutions | ¥100.5B | 1.7% | 13.5% | +10.4% | ¥16.8B |
| 8 | SKY Perfect JSATSpace Business | ¥66B | 1.1% | 36.6% | +6.0% | ¥3.56B |
| 9 | NOFExplosive and propulsion | ¥61.7B | 1.1% | 12.9% | +19.7% | ¥21.5B |
| 10 | ShimadzuAircraft equipment | ¥43.4B | 0.7% | 18.9% | +18.1% | ¥39.7B |
| 11 | ShinMaywa IndustriesAircraft | ¥41.6B | 0.7% | 6.2% | +21.4% | ¥14.1B |
| 12▲1 | Nippon AvionicsGovernment Systems | ¥23.9B | 0.4% | 21.4% | +20.8% | -¥4.48B |
| 13▼1 | Japan Aviation Electronics IndustryAerospace | ¥20.5B | 0.4% | 10.7% | +7.6% | -¥6.76B |
| 14 | Arisawa Mfg.Industrial application structural materials | ¥13.7B | 0.2% | 21.1% | +18.1% | -¥3.77B |
| 15▲1 | Hoden Seimitsu Kako KenkyushoElectrical discharge and surface treatment | ¥9.91B | 0.2% | 20.4% | +9.8% | ¥1.46B |
| 16▼1 | Eagle Industryaerospace industry | ¥8.76B | 0.2% | 8.0% | +7.9% | ¥13.3B |
| 17 | ShikiboFunctional materials | ¥6.89B | 0.1% | -2.2% | — | -¥616M |
| 18▲3 | KYBAircraft Components | ¥6.72B | 0.1% | 6.6% | +16.4% | -¥2.81B |
| 19▼1 | Sakura RubberAircraft, aerospace, and industrial products | ¥5.73B | 0.1% | 19.2% | +18.1% | -¥1.16B |
| 20 | Terra DroneDrone Solutions Segment | ¥4.16B | 0.1% | -10.4% | +26.2% | -¥1.72B |
| 21▲1 | AeroEdge | ¥3.6B | 0.1% | 18.2% | +22.4% | -¥618.9M |
| 22▼3 | ispace | ¥3.31B | 0.1% | -350.2% | +48.8% | -¥15.6B |
| 23▲1 | Acsl | ¥2.6B | 0.0% | -70.8% | +50.9% | -¥1.25B |
| 24▲1 | Synspective | ¥2.38B | 0.0% | -174.1% | +30.9% | -¥9.96B |
| 25▲1 | Axelspace HoldingsAxelLinerBusinessReportableSegmentsMember + 1 more | ¥1.59B | 0.0% | -51.8% | -24.8% | -¥4.43B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Other
- Operating profit
- SKY Perfect JSAT7228
- Nippon Avionics671419
- NOF661618
- AeroEdge532918
- Shimadzu553213
- IHI771510
- Arisawa Mfg.761410
- Mitsubishi Heavy Industries78139
- Hoden Seimitsu Kako Kenkyusho75178
- Eagle Industry74188
- Sakura Rubber77158
- Nikkiso70237
- Nabtesco70237
- KYB80147
- Kawasaki Heavy Industries8014
- ShinMaywa Industries8311
- Japan Aviation Electronics Industry8412
- Shikibo8315
- Subaru858
- Honda Motor84117loss ¥2
- Terra Drone5272loss ¥24
- Acsl8190loss ¥71
- Axelspace Holdings93164loss ¥157
- Synspective100174loss ¥174
- ispace186264loss ¥350
Ownership links
From the major-shareholder section of annual securities reports.
- Mitsubishi Heavy IndustriesIn industry
- AffiliateHoden Seimitsu Kako Kenkyusho35.1%
- 京セラ株式会社Outside
- AffiliateJapan Aviation Electronics Industry33.0%
- ＮＯＫ株式会社Outside
- AffiliateEagle Industry32.0%
- トヨタ自動車株式会社Outside
- SKY Perfect JSATIn industry
- StakeQPS Holdings13.2%
- ヒューリック株式会社Outside
- StakeSynspective12.2%
- 豊田通商株式会社Outside
- StakeAeroEdge12.0%
- DMG森精機株式会社Outside
- StakeAeroEdge10.4%
- 三菱電機株式会社Outside
- StakeSynspective9.5%
- ㈱TBSホールディングスOutside
- StakeSKY Perfect JSAT6.5%
- 清水建設株式会社Outside
- StakeSynspective5.3%
- 高砂熱学工業株式会社Outside
- Stakeispace4.8%
- 東海旅客鉄道株式会社Outside
- StakeNabtesco4.4%
- 日立建機株式会社Outside
- StakeKYB4.1%
- ファナック株式会社Outside
- StakeNabtesco3.2%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Aerospace (by revenue)
All 27 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Mitsubishi Heavy Industries¥3.45T
- IHI¥648.1B · 17.3%
- Kawasaki Heavy Industries¥613.7B
- Honda Motor¥384.9B · -2.8%
- Subaru¥141.7B · 2.5%
- Nikkiso¥136.8B · 9.9%
- Nabtesco¥100.5B · 13.5%
- SKY Perfect JSAT¥66B · 36.6%
- NOF¥61.7B · 12.9%
- Shimadzu¥43.4B · 18.9%
- ShinMaywa Industries¥41.6B · 6.2%
- Nippon Avionics¥23.9B · 21.4%
- Japan Aviation Electronics Industry¥20.5B · 10.7%
- Arisawa Mfg.¥13.7B · 21.1%
- Hoden Seimitsu Kako Kenkyusho¥9.91B · 20.4%
- Eagle Industry¥8.76B · 8.0%
- Shikibo¥6.89B · -2.2%
- KYB¥6.72B · 6.6%
- Sakura Rubber¥5.73B · 19.2%
- Terra Drone¥4.16B · -10.4%
- QPS Holdings¥3.8B · -21.9%
- AeroEdge¥3.6B · 18.2%
- ispace¥3.31B · -350.2%
- Astroscale Holdings¥2.85B
- Acsl¥2.6B · -70.8%
- Axelspace Holdings¥2.51B · -74.7%
- Synspective¥2.38B · -174.1%
Revenue · Op. margin
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