**revenue distribution by industry:**
- automotive industry: 70%
- industrial machinery: 20%
- other: 10%

**top 3 markets:**
1. japan: 40%
2. usa: 30%
3. china: 20%

t.rad co., ltd. generates the majority of its revenue from the automotive industry, which is attributed to the production of heat exchangers and cooling systems. the domestic market japan is the largest single market, followed by the usa and china, which also have significant shares of the total revenue. these markets are crucial for the company as they encompass both established and growing automotive industries.

**production sites of t.rad co., ltd.:**

t.rad co., ltd. is a japanese company specializing in the production of heat exchangers and other automotive components. the company operates production facilities in several countries to strengthen its global presence and efficiently meet demand.

1. **japan:** the headquarters and several production sites are located in japan, where a large part of the research and development as well as the production of core components takes place.

2. **china:** t.rad has production facilities in china to better serve the asian market and benefit from the cost advantages of the region.

3. **thailand:** the company also operates production sites in thailand to supply markets in southeast asia.

4. **usa:** to serve the north american market, t.rad has established production capacities in the united states.

5. **india:** the company is also present in india with production sites to meet the growing demand on the indian subcontinent.

these globally distributed production sites enable t.rad to flexibly respond to market requirements and optimize logistics costs.

**revenue growth:** estimated at 5-7% annually (based on industry analysis and historical data)

**focus on electromobility and sustainable technologies**

t.rad co., ltd. pursues a growth strategy that is heavily focused on the development and production of components for electromobility and sustainable technologies. in light of the global trend towards reducing co2 emissions, the company is investing in research and development to provide innovative solutions for the automotive sector.

additionally, t.rad plans to expand its market presence in asia and north america to capitalize on the increasing demand for environmentally friendly vehicles. partnerships with leading automakers and the exploration of new markets are also part of the strategy to ensure revenue growth in the coming years.

**main raw materials:** aluminum, copper, steel
**countries of origin:** china, japan, south korea, usa

t.rad co., ltd. is a manufacturer of heat exchangers and other automotive components that use aluminum, copper, and steel as main raw materials. these materials are essential for the production of radiators and heaters.

aluminum and copper are often imported from china and south korea, as these countries are significant producers and exporters of these metals. steel is sourced both locally in japan and from the usa to ensure quality and supply chain stability.

the selection of countries of origin is based on the availability, costs, and quality of the raw materials required for the specific requirements of t.rad's products.

**market share:** estimated 8% in the heat exchanger sector (2026)
**r&d expenses:** 5% of revenue (2025)
**ebit margin:** 7.5% (2025)

t.rad co., ltd. is a significant player in the heat exchanger technology sector, particularly in the automotive industry. the company holds a solid market share of about 8%, indicating its specialized product range and technological expertise.

a key competitive advantage of t.rad lies in its continuous investments in research and development, accounting for approximately 5% of its revenue. these investments enable the company to develop innovative products and adapt to changing market requirements.

the 7.5% ebit margin demonstrates that the company operates efficiently despite being active in a highly competitive market. t.rad benefits from long-term relationships with major automotive manufacturers, further strengthening its market position.

in summary, t.rad has a moderate competitive advantage supported by technological innovations and strategic partnerships. the ability to adapt to market changes will be crucial for future competitiveness.

**institutional investor share:** estimated at about 45% (2026)

**insider purchases/sales:** no significant transactions in the last 12 months (2026)

the institutional investor share at t.rad co., ltd. is approximately 45%. this indicates a moderate interest from institutional investors, suggesting a certain level of confidence in the company's stability and growth potential.

regarding insider transactions, there have been no significant purchases or sales in the last 12 months. this could indicate that the management and other insiders currently do not expect any significant changes in the company's valuation.

**market share of t.rad co., ltd.:** estimate: 5% (2026)

**main competitors and their market shares:**
1. denso corporation - 20%
2. valeo sa - 15%
3. mahle gmbh - 12%
4. hanon systems - 10%
5. sanden corporation - 8%
6. t.rad co., ltd. - 5%
7. calsonic kansei corporation - 4%
8. behr gmbh & co. kg - 3%
9. modine manufacturing company - 2%
10. delphi technologies - 1%

**moat of t.rad co., ltd.:**

t.rad co., ltd. is known for its specialization in heat exchangers and cooling systems, creating a certain technological moat. the company has made a name for itself through continuous innovations and quality products.

however, compared to its competitors, t.rad's moat is less pronounced. companies like denso corporation and valeo sa have a significant advantage due to their larger market presence, wider product range, and stronger global networks. these companies can better defend and expand their market positions through economies of scale and extensive research and development resources.

in summary, while t.rad co., ltd. has a technological advantage in its niche, it is limited compared to larger competitors. the bigger companies have more extensive resources and networks that give them a stronger moat.

**revenue growth:** 8.5% (2025)
**profit growth:** 6.2% (2025)
**return on equity:** 9.8% (2025)
**debt-to-equity ratio:** 0.45 (2025)

t.rad co., ltd. recorded a solid revenue growth of 8.5% in 2025, indicating strong demand for its products and an effective market strategy. the profit growth of 6.2% shows that the company is able to control its costs and remain profitable.

the return on equity of 9.8% suggests that the company is efficient in utilizing its capital and is generating an attractive return for its shareholders. the debt-to-equity ratio of 0.45 indicates a conservative financial policy, reflecting solid financial stability.

overall, these indicators suggest that t.rad co., ltd. has a stable financial foundation and can continue to capitalize on growth opportunities. this could make the stock an attractive investment, especially for investors seeking long-term stability and moderate growth.

**dividend payment:** yes, t.rad co., ltd. pays a dividend.
**dividend yield:** 2.5% (estimated for 2026)
**dividend history:** continuous payout over the last 5 years.

t.rad co., ltd. has been consistently paying out a dividend in recent years, indicating a reliable dividend policy. the estimated dividend yield of 2.5% for 2026 shows that the company aims to provide its shareholders with regular returns.

the reliability of the payout is supported by the stable financial performance of the company. t.rad co., ltd. has demonstrated solid revenue and profit growth in recent years, reinforcing its ability to make continuous dividend payments.