DMG MORI CO., LTD.
6141・Prime Market・Machinery
Business
DMG Mori Co., Ltd. is one of the world's leading manufacturers that produces and sells machine tools such as 5-axis machining centers / multi-tasking machines, machining centers, and turning centers. The group comprises 127 consolidated subsidiaries and 8 equity-method affiliates, operating a global manufacturing and sales network across Japan, Europe, the Americas, and Asia. Its main customers span industries such as aerospace and defense, medical, power and energy, and data processing/semiconductor/telecommunications, and the company provides total solutions extending beyond machine tools themselves to include software, Measuring Instruments (Magnescale, etc.), MRO (Maintenance, Repair, Overhaul), spare parts, and engineering. Revenue for FY2025 was ¥514,976 million.
Business Model
The Machine Tools segment (revenue ¥343,277 million) handles the manufacturing and sale of machine tools, while the Industrial Service segment (revenue ¥171,652 million, segment profit margin 9.9%) secures stable earnings through after-sales services such as MRO, Spare Parts Sales, and Engineering Service. The structure is such that expanding the customer base through machine sales, together with an increasing number of machines in operation, continuously drives service demand. The promotion of automation and process consolidation under the MX (Machining Transformation) strategy is contributing to higher value-added machines and a rise in order unit price (¥79.6 million).
Company Strengths
The machine order backlog at the end of December 2025 stood at ¥240,533 million (up 10.3% year on year). Orders received also showed a recovery trend at ¥523,370 million (up 5.5% year on year), with fourth-quarter orders accelerating to a 24% year-on-year increase. This order backlog is functioning as a leading indicator that raises confidence in revenue growth for FY2026 (ending March 2026).
Orders for MRO (Maintenance, Repair, Overhaul), Spare Parts Sales, and Engineering Service in the Industrial Service segment remained stable at ¥125,900 million, accounting for 24% of the company's total order composition. As stock-type revenue less susceptible to fluctuations in machine sales driven by economic cycles, this contributes to the earnings stability of the group as a whole.
In "CDP2025" conducted by the international environmental non-profit organization CDP, the company was certified as an "A List company," the highest rating, for the second consecutive year in the climate change category and also in the water security category. At the Iga Plant, one of Japan's largest self-consumption solar power generation systems has been in operation since February 2025, covering approximately 30% of annual electricity demand and achieving a reduction of approximately 6,000 tons of CO2 per year.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥548,529 million in FY2023 before declining to ¥527,196 million in FY2025, but Q1 FY2026 showed a clear recovery at ¥135,531 million (up 18.9% year on year). Operating profit also improved substantially to ¥3,417 million (up 88.0% year on year), with the operating margin rising to 2.5% (versus 1.6% in the same period of the previous year). External tailwinds include resilient capital expenditure demand from the aerospace, defense, space, energy, and AI data center sectors, as well as yen depreciation against the euro. The full-year forecast has already been revised upward to revenue of ¥565,000 million (up 9.7% year on year) and operating profit of ¥28,000 million (up 47.6% year on year). However, the full-year forecast for profit attributable to owners of parent of ¥15,000 million is expected to fall significantly below the previous year's ¥24,033 million, and improving the quality of earnings remains an ongoing challenge.
Growth Strategy
Aiming for sustainable growth through the MX strategy's promotion of high value-added products and automation, combined with customer development in growth industries
Promoting expanded sales of MX machines centered on 5-axis machining centers / multi-tasking machines, raising the order unit price per machine to ¥84.2 million (compared to the previous fiscal year average of ¥79.6 million). Strengthening competitiveness through the introduction of new models such as the NMV 3000/5000 DCG 2nd Generation and the expansion of the technology cycle for the multi-tasking machine NTX series.
Orders for BX machines, for which sales promotion was resumed from the previous fiscal year, have progressed favorably, achieving a balanced order intake alongside MX machines. Consolidated order value in the first quarter of FY2026 (ending March 2026) reached the highest level on a quarterly basis, with the diversification of the model portfolio contributing to order expansion.
MRO, Spare Parts, and Engineering Service orders performed well, reaching ¥35,700 million (up 18.3% year on year) in the first quarter of FY2026 (ending March 2026). With the accumulation of the installed machine base and the conversion of the order backlog of ¥266,000 million into sales, the number of machines covered by service is expected to expand, and sustained growth in high-margin after-sales service revenue is anticipated.
In February 2026, a training center covering approximately 4,500 square meters with capacity for up to 150 trainees was opened at the Pfronten plant in Germany. In April 2026, the MX Center was jointly established within the Graduate School of Engineering at the University of Tokyo, promoting technology development that leads next-generation manufacturing and the cultivation of highly specialized talent.
Against a backdrop of expanding defense budgets by governments worldwide, abundant order backlogs at major aircraft manufacturers, AI data center investment, and increasing medical demand due to an aging society, orders for these growth industries have progressed favorably. By region, both EMEA and the Americas recorded substantial increases of approximately 30% year on year, demonstrating the strength of the global customer base.
Last updated: July 17, 2026