Harmonic Drive Systems Inc

6324: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Harmonic Drive Systems Margin Recovery Hinges on Utilization Gains Relying on China Growth

Kangyuxiao Li

Feb 11, 2026

Business Strategy and Outlook

Harmonic Drive Systems has been able to capitalize on demand growth with industrial robots and semiconductor production equipment; its compact strain wave reduction gears (also known as speed reducers) serve as critical components of both. The company seeks to refine its product quality toward existing applications as well as find new applications that can serve as new long-term growth drivers. We think small industrial robots and semiconductor equipment will continue to serve as key target markets.

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Harmonic Drive Systems Inc

Harmonic Drive Systems Margin Recovery Hinges on Utilization Gains Relying on China Growth

Business Strategy and Outlook

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