NGK Insulators Ltd (NGKIF) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of NGK Insulators Ltd stock $28.14, price $30.75, that is 8.5% below the price, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range $10.22 – $48.45 · fair‑value band $20.87 – $35.17 · the $30.75 price screens above the $28.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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NGK Corporation, together with its subsidiaries, manufactures and sells electric power related equipment in Japan, rest of Asia, North America, Europe, and internationally. It operates through three segments: Environment Business, Digital Society Business, and Energy & Industry Business.
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The company offers suspension, long rod, station post, hollow, pin post, and RTV silicone rubber insulators; hardware for insulator and assemblies; bushing; energy plant equipment; special metals and mold products, such as beryllium copper, copper-nickel-tin, beryllium, and mold products.
It also provides ceramic heaters, electrostatic chucks, and components; C1 Home-Use water purifier; HONEYCERAM, a ceramic structure that carries a catalyst that neutralizes the harmful substances found in vehicle exhaust; Diesel Particulate Filters which eliminate particulate in the exhaust gas emitted from diesel automobiles; and Nox sensors for engine exhaust gas.
In addition, the company offers wafer, piezoceramic actuators, translucent alumina ceramics, zirconia, Micro-Lens for UV-LED, HTCC, AMB substrate for power modules, and general pressed products, as well as EnerCera, a Li-ion rechargeable battery; industrial heating, kiln furniture and refractories, ceramic membranes and separators, glass-lining products, high-temperature dust collector, ceramic and vacuum pump, gas analyzer, and organic compound crystal search services.
Its products are used for mobility, electronics, social infrastructure, environment, industrial equipment, medical and healthcare, daily living, aircraft, ship, and space-related applications.
NGK Corporation was formerly known as NGK Insulators, Ltd. and changed its name to NGK Corporation in April 2026. The company was incorporated in 1919 and is headquartered in Nagoya, Japan.
Stock analysis
NGK Insulators Ltd (NGKIF) currently trades at $30.75, while our model-based Fair Value estimate is $28.14, so the stock looks roughly fairly valued today (gap 9.3%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $33.26 per share, and 9 of the 26 models we run sit above the $30.75 price.
Bear case: the Asset-Based group reads lowest at $6.63, and 17 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $20.87 (bear) to $35.17 (bull), the price of $30.75 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
NGK Insulators Ltd reported revenue of ¥674B in FY2026 versus ¥510B in FY2022, a compound +7.2%/yr. Reported net income was ¥60.3B in FY2026, compounding −3.9%/yr from FY2022.
Key figures
Market cap $8.7B Mid · P/E ratio 22.4 · P/S ratio 2.01 · EPS (TTM) $1.37 · Dividend yield 1.6% · Net margin 8.9% · Return on equity 9.2% · Return on assets (EBIT) 7.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 67% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −48% fair-value upside, at −9%, NGKIF screens cheaper than that median.
Fair Value models
Bear$20.87Fair Value $28.14Bull$35.17
Price $30.75 · Downside -8.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.5428 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Start year 2021 (pandemic). Over 10 years: +4.5% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.6%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.3% vs 5.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 14%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −0.4% a year for the price and +3.6% for the forecasts.
AI conclusion: Decades of ceramic expertise enable real-world use in direct air capture, yet low returns on equity signal limited pricing strength and only modest evidence of advantage.
Main risk: Kyocera and expanding Chinese manufacturers could take share in high-performance ceramics for semiconductors and force lower prices or margins on NGK products.
Bull case: NGK could leverage its ceramic expertise and AI-assisted development to outpace rivals in next-generation semiconductor components and expand its direct air capture applications.
Bear case: If rivals capture share and legal costs mount, NGK's shift to semiconductors and environmental uses might stall, leaving core segments with slower demand and thinner margins.
NGK has deployed its honeycomb ceramics for direct air capture into active operation at Avnos' Project Brighton facility, moving the technology from lab validation to real-world use for pulling CO2 from the air. This draws on decades of ceramic know-how even as the company exits its NAS battery business and shifts capital toward semiconductors and electronics. Will these newer environmental applications add meaningful scale to the existing industrial base, or will they remain niche experiments while core segments face steadier but slower demand?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 840 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−8.5% · Above median
Profitability
Return on equity (12 months)9.2% · Above median
Return on assets4.8% · Above median
Net margin (12 months)10.4% · Above median
Operating margin (12 months)17.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)10.6% · Above median
Dividend yield (12 months)1.6% · Above median
Balance sheet
Debt / equity0.25× · Above median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (12 months)22.4× · Cheaper than median
P/B1.70× · Cheaper than median
P/S (12 months)2.01× · Cheaper than median
Price / free cash flow (fiscal year)16.2× · Cheaper than median
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Is NGK Insulators Ltd (NGKIF) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of $28.14 versus a price of $30.75, about 9% lower (fairly valued).
What is the fair value of NGKIF?
Our model-based fair value for NGK Insulators Ltd is $28.14 (as of Nov 13, 2026), built from audited fundamentals. The current price: $30.75.
What is the quality score of NGKIF?
NGK Insulators Ltd has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NGK Insulators Ltd (NGKIF)?
Our model-based price target is the fair value of $28.14 (as of Nov 13, 2026) from 26 valuation models. Cautious scenario $20.87, optimistic scenario $35.17. It is a calculation from audited fundamentals, not an analyst target.
What is the NGK Insulators Ltd stock forecast for 2026?
Our models put fair value at $28.14, about 9% lower versus a price of $30.75 (fairly valued). Cautious scenario $20.87, optimistic scenario $35.17. The calculation is refreshed regularly with new filings.
What is the revenue of NGK Insulators Ltd (NGKIF)?
NGK Insulators Ltd reported trailing-twelve-month revenue of about ¥688B (latest available figure, as of Nov 13, 2026).
Does NGK Insulators Ltd pay a dividend?
NGK Insulators Ltd currently shows a dividend yield of 1.63% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of NGK Insulators Ltd (NGKIF) and when is the ex-dividend date?
NGK Insulators Ltd pays a dividend of $0.5 per share a year, a dividend yield of 1.6%. The next ex-dividend date is Mar 30, 2027. A dividend has been paid every year since at least 2003. The payout ratio is 37.3% of earnings. Free cash flow covers the dividend 3.79 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into NGK Insulators Ltd (NGKIF)?
For today's price to be fair in a discounted-cash-flow model, NGK Insulators Ltd would have to grow free cash flow by +1.7 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.3 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of NGKIF use?
Our models discount NGK Insulators Ltd at 8.3 %: a base by market capitalisation (large), damped by beta 0.61, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NGK Insulators Ltd that is +1.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has NGK Insulators Ltd (NGKIF) delivered so far?
Over the past 5 years revenue at NGK Insulators Ltd grew +8.3 % a year. The price currently implies free-cash-flow growth of +1.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NGK Insulators Ltd (NGKIF) growing?
The median revenue growth in the sector is +7.9 % a year. That is the yardstick for the growth priced into NGK Insulators Ltd (+1.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NGK Insulators Ltd (NGKIF)?
The free-cash-flow yield on the price is 5.97 %: that much free cash flow NGK Insulators Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NGK Insulators Ltd (NGKIF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NGK Insulators Ltd it is $28.14 per share (as of Nov 13, 2026), against a price of $30.75. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is NGK Insulators Ltd stock overvalued or undervalued in 2026?
As of Nov 13, 2026, NGKIF trades above its calculated fair value: price $30.75, fair value $28.14, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NGKIF?
No. The price is what the market pays today ($30.75); the fair value is what the company's own numbers justify ($28.14). For NGK Insulators Ltd the two are $2.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is NGK Insulators Ltd worth?
The market values NGK Insulators Ltd at about $8.7B (market capitalisation, as of Nov 13, 2026). Per share that is $30.75; our models calculate a fair value of $28.14 per share.
What do the bullish and bearish scenarios say about NGKIF?
Our models span a range for NGK Insulators Ltd: cautious scenario $20.87, base $28.14, optimistic $35.17 per share (as of Nov 13, 2026, price $30.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NGKIF?
NGK Insulators Ltd trades at a price-to-earnings ratio of 22.4 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $28.14 is built from several models across several years. Other multiples: P/B 1.7, P/S 2.0, EV/EBITDA 8.6.
How solid is the balance sheet of NGK Insulators Ltd (NGKIF)?
Balance-sheet figures for NGK Insulators Ltd (as of Nov 13, 2026): return on equity 9.2%, debt of 0.25 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is NGKIF from its 52-week high?
NGK Insulators Ltd trades at $30.75, about 37% below its 52-week high of $48.45 and 67% above the low of $18.39 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of $28.14 is for.
Which stocks are comparable to NGK Insulators Ltd?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NGK Insulators Ltd stock attractive at the current price?
The data as of Nov 13, 2026: price $30.75, calculated fair value $28.14 (−9%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NGKIF calculated?
We run NGK Insulators Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $28.14 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. NGK Insulators Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NGK Insulators Ltd (NGKIF)?
The closing price on Nov 13, 2026 was $30.75. Our model-based fair value is $28.14, about 9% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NGK Insulators Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of NGK Insulators Ltd (NGKIF) come from?
Earnings per share at NGK Insulators Ltd grew +3.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +6.0 %, EBIT margin −2.9 %, tax rate +0.3 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of NGK Insulators Ltd
How large is the market capitalisation of NGK Insulators Ltd (NGKIF)?
The market capitalisation of NGK Insulators Ltd is $8.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NGK Insulators Ltd (NGKIF)?
The price-to-sales ratio of NGK Insulators Ltd is 2.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NGK Insulators Ltd (NGKIF)?
Earnings per share at NGK Insulators Ltd are $1.37 (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NGK Insulators Ltd (NGKIF)?
The dividend yield of NGK Insulators Ltd is 1.6% (payout 36.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NGK Insulators Ltd (NGKIF)?
The net margin of NGK Insulators Ltd is 8.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NGK Insulators Ltd (NGKIF)?
The return on equity (ROE) of NGK Insulators Ltd is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NGK Insulators Ltd (NGKIF)?
On an EBIT basis the return on assets of NGK Insulators Ltd is 7.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NGK Insulators Ltd (NGKIF)?
The operating margin of NGK Insulators Ltd is 17.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NGK Insulators Ltd (NGKIF)?
Revenue at NGK Insulators Ltd is growing +10.6% versus a year earlier (3y avg +6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NGK Insulators Ltd (NGKIF)?
Earnings per share at NGK Insulators Ltd are growing +69.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NGK Insulators Ltd (NGKIF) carry?
The net debt of NGK Insulators Ltd is ¥46.8B (fiscal year 2026, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 13, 2026