Industry map/Consumer & Public Services
Defense industry map
Who earns the money in Defense, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 19 companies · ¥4.24T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.24T
- Companies
- 19
- Avg. salary（parent only）
- ¥7.8M
- Industry weather
- Sunny
YoY +20.1%
Avg. age 42.9
Operating income +21.0%
Mitsubishi Heavy Industries[7011]
Aircraft, Defense and Space
- Revenue
- ¥1.39T▲35.3%
- Operating income
- —
Whole company: Revenue ¥4.97T · Net income ¥332.1B
Avg. salary ¥10.7M · 42.3（parent only）
NEC[6701]
Social Infrastructure
- Revenue
- ¥935.3B▲12.4%
- Operating income
- ¥74.3B▲22.9%
Margin 7.9%
Whole company: Revenue ¥3.58T · Net income ¥270.2B
Avg. salary ¥9.9M · 43.1（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）
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）
Oki Electric Industry[6703]
Public Solutions
- Revenue
- ¥139.7B▲7.1%
- Operating income
- ¥18.1B▲28.7%
Margin 13.0%
Whole company: Revenue ¥421.6B · Net income ¥21.5B
Avg. salary ¥7.8M · 43.6（parent only）
Daikin Industries[6367]
Other
- Revenue
- ¥112.4B▲7.3%
- Operating income
- ¥4.92B▲8.4%
Margin 4.4%
Whole company: Revenue ¥5.02T · Net income ¥275.2B
Avg. salary ¥9M · 41.2（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）
Tokyo Keiki[7721]
Defense Systems And Information And Communications
- Revenue
- ¥26B▲6.6%
- Operating income
- ¥2.34B▲43.4%
Margin 9.0%
Whole company: Revenue ¥61.2B · Net income ¥4B
Avg. salary ¥6.9M · 43.0（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 · Ishikawa Seisakusho · Howa Machinery · Asahi-Seiki Manufacturing · KYB · Toyo · Hosoya Pyro-Engineering
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 IndustriesAircraft, Defense and Space | ¥1.39T | 32.8% | — | +23.2% | ¥761.6B |
| 2 | NECSocial Infrastructure | ¥935.3B | 22.0% | 8.0% | — | ¥346.9B |
| 3▲1 | IHIAero Engine, Space and Defense | ¥648.1B | 15.3% | 17.3% | +25.4% | — |
| 4▼1 | Kawasaki Heavy IndustriesAerospace Systems | ¥613.7B | 14.5% | — | +19.8% | ¥22.3B |
| 5▲1 | SubaruAerospace | ¥141.7B | 3.3% | 2.5% | +22.8% | ¥123.9B |
| 6▼1 | Oki Electric IndustryPublic Solutions | ¥139.7B | 3.3% | 13.0% | — | ¥6.1B |
| 7 | Daikin IndustriesOther | ¥112.4B | 2.6% | 4.4% | +13.3% | ¥256.8B |
| 8 | NOFExplosive and propulsion | ¥61.7B | 1.5% | 12.9% | +19.7% | ¥21.5B |
| 9 | ShimadzuAircraft equipment | ¥43.4B | 1.0% | 18.9% | +18.1% | ¥39.7B |
| 10 | ShinMaywa IndustriesAircraft | ¥41.6B | 1.0% | 6.2% | +21.4% | ¥14.1B |
| 11 | Tokyo KeikiDefense Systems And Information And Communications | ¥26B | 0.6% | 9.0% | +17.0% | -¥4.81B |
| 12▲1 | Nippon AvionicsGovernment Systems | ¥23.9B | 0.6% | 21.4% | +20.8% | -¥4.48B |
| 13▼1 | Japan Aviation Electronics IndustryAerospace | ¥20.5B | 0.5% | 10.7% | +7.6% | -¥6.76B |
| 14 | Ishikawa SeisakushoDefense equipment | ¥14.2B | 0.3% | 14.8% | +12.8% | -¥4.14B |
| 15▲1 | Howa MachineryFirearms | ¥8.96B | 0.2% | 14.0% | +31.0% | ¥4.52B |
| 16▼1 | Asahi-Seiki ManufacturingPrecision processing operation division | ¥8.77B | 0.2% | 9.2% | +5.3% | -¥1.18B |
| 17 | KYBAircraft Components | ¥6.72B | 0.2% | 6.6% | +16.4% | -¥2.81B |
| 18 | ToyoOcean/defense and security | ¥2.71B | 0.1% | 9.3% | — | ¥1.32B |
| 19 | Hosoya Pyro-EngineeringPyrotechnic products | ¥1.96B | 0.0% | 11.2% | +4.8% | ¥257.5M |
* 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
- SG&A
- Other
- Operating profit
- Nippon Avionics671419
- NOF661618
- Hosoya Pyro-Engineering691714
- Shimadzu553213
- NEC672310
- IHI771510
- Mitsubishi Heavy Industries78139
- Tokyo Keiki72199
- Daikin Industries66268
- Ishikawa Seisakusho83107
- KYB80147
- Kawasaki Heavy Industries8014
- ShinMaywa Industries8311
- Toyo5638
- Howa Machinery8213
- Oki Electric Industry7521
- Japan Aviation Electronics Industry8412
- Subaru858
- Asahi-Seiki Manufacturing8613
Ownership links
From the major-shareholder section of annual securities reports.
- 京セラ株式会社Outside
- AffiliateJapan Aviation Electronics Industry33.0%
- トヨタ自動車株式会社Outside
- レンゴー株式会社Outside
- AffiliateIshikawa Seisakusho20.0%
- 古河電気工業株式会社Outside
- StakeAsahi-Seiki Manufacturing18.5%
- 岡谷鋼機株式会社Outside
- StakeAsahi-Seiki Manufacturing7.2%
- 旭化成株式会社Outside
- StakeAsahi-Seiki Manufacturing6.5%
- オークマ株式会社Outside
- StakeAsahi-Seiki Manufacturing5.2%
- NTT株式会社Outside
- StakeNEC4.9%
- 日立建機株式会社Outside
- StakeKYB4.1%
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 Defense (by revenue)
All 19 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¥1.39T
- NEC¥935.3B · 8.0%
- IHI¥648.1B · 17.3%
- Kawasaki Heavy Industries¥613.7B
- Subaru¥141.7B · 2.5%
- Oki Electric Industry¥139.7B · 13.0%
- Daikin Industries¥112.4B · 4.4%
- NOF¥61.7B · 12.9%
- Shimadzu¥43.4B · 18.9%
- ShinMaywa Industries¥41.6B · 6.2%
- Tokyo Keiki¥26B · 9.0%
- Nippon Avionics¥23.9B · 21.4%
- Japan Aviation Electronics Industry¥20.5B · 10.7%
- Ishikawa Seisakusho¥14.2B · 14.8%
- Howa Machinery¥8.96B · 14.0%
- Asahi-Seiki Manufacturing¥8.77B · 9.2%
- KYB¥6.72B · 6.6%
- Toyo¥2.71B · 9.3%
- Hosoya Pyro-Engineering¥1.96B · 11.2%
Revenue · Op. margin
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