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6367

Daikin's official stock-information page identifies Daikin Industries, Ltd., securities code 6367, and a Tokyo Stock Exchange listing.

Daikin Industries, Ltd.

Daikin is a global HVAC manufacturer with direct lower-GWP conversion capability and a vertically integrated refrigerant lifecycle. Official disclosures show broad use of R-32 equipment, a licensed fluorocarbon reclamation facility in Japan, a nationwide recovery-and-reclamation network, and reclamation operations in Europe. Fiscal 2025 group sales were ¥5,015.0 billion and operating profit was ¥415.0 billion. The evidence does not isolate reclamation revenue, profit, pricing or facility utilization, so reclamation-specific financial materiality remains unproven.

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Reviewed company research · researched 2026-07-29 · not an individual investment recommendation
Listing
public
Ticker
6367
Exchange
Tokyo Stock Exchange
HQ
Japan
Currency
JPY
SEC CIK
Non-SEC filer
Investment case

How this company captures the theme economics

Competitive position

Daikin combines HVAC equipment, refrigerant technology, service locations and reclamation infrastructure. Its fiscal 2025 results presentation says European commercial sales using R-32 increased significantly, while its sustainability report documents recovery and reclamation activity in Japan, Europe and the United States.

Scarce assets

Issuer-disclosed assets include HVAC and refrigerant engineering, a licensed Class 1 fluorocarbon reclamation facility at the Yodogawa Plant, 60 Japanese service stations in a nationwide recovery system, and a reclamation plant operated by Daikin Refrigerants Frankfurt.

Products, segments, and customers

Daikin sells residential, commercial and industrial HVAC equipment and refrigerant-related products and services globally. Fiscal 2025 overseas sales represented 84% of group sales.

Theme capture

Daikin captures the cooling-conversion cycle through R-32 equipment and captures part of the refrigerant lifecycle through recovery and reclamation infrastructure. Fiscal 2024 reclamation at the Yodogawa facility was 31 tons, but issuer materials do not disclose associated revenue or profit.

Conditions

What must be true

  1. Daikin must continue converting its installed and sold equipment base toward lower-GWP refrigerants while maintaining service and recovery reach.
  2. Reclamation throughput and economics must become measurable before the reclamation exposure can be treated as financially material.

Identifiable catalysts

  • Expansion of Daikin's recovery-and-reclamation network and reported throughput
  • Further R-32 adoption in commercial and residential equipment
  • Future issuer disclosure that separates refrigerant-lifecycle revenue, profit or utilization
Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Global HVAC OEM and refrigerant producer with disclosed recovery and reclamation infrastructure.

Refrigerant reclamation and cooling conversion

Direct capability is supported. Daikin reports R-32 equipment growth, a licensed Japanese reclamation facility, a 60-service-station recovery system, a Frankfurt reclamation plant and U.S. recovery bases. The issuer does not isolate reclamation economics.

Evidence
Daikin's fiscal 2025 financial data and results presentation establish current group scale and R-32 adoption. Its 2025 sustainability report documents 31 tons reclaimed at Yodogawa in fiscal 2024 and multi-region recovery and reclamation activity.
Materiality
not assessed — Official sources establish operating capability and throughput, but do not disclose reclamation-specific revenue, profit, pricing, capacity utilization or capital returns.
Financial evidence

Official public disclosures

Reference period: FY2025.

  • Net sales¥5,015.0 billion
    FY2025[2]
  • Operating profit¥415.0 billion
    FY2025[2]
  • Profit attributable to owners of parent¥275.2 billion
    FY2025[2]
  • Earnings per share¥939.92
    FY2025[2]
  • Free cash flow¥139.6 billion
    FY2025[2]
  • Overseas business ratio84%
    FY2025[2]
  • Refrigerant reclaimed at Yodogawa31 tons
    FY2024[4]

Limitation: Issuer evidence establishes group scale, R-32 adoption and actual reclamation activity. It does not separate reclamation revenue, profit, pricing, facility capacity or utilization, and licensed current valuation remains unavailable.

Risks

Material risks and break conditions

Material risks

  • Lower-GWP conversion may increase product complexity and input costs without producing differentiated margins.
  • Reclamation activity may remain operationally real but financially immaterial inside a very large global HVAC group.
  • Regulatory timing and refrigerant standards can change across Daikin's many markets.

Thesis-break conditions

  • Daikin stops expanding lower-GWP equipment or recovery infrastructure, or disclosed R-32 adoption reverses.
  • Future disclosure shows reclamation throughput, economics or utilization are immaterial or deteriorating.
Investability conclusion

Where the evidence lands

Official evidence establishes Daikin's identity, group financial scale, lower-GWP equipment conversion and actual refrigerant reclamation capability. It does not establish reclamation-specific financial materiality or a licensed current valuation, so the subject remains NOT_READY pending human review.

Next diligence

  1. Obtain reclamation revenue, profit, pricing, capacity and utilization by region.
  2. Separate R-32 equipment conversion economics from broader HVAC growth and currency effects.
  3. Complete licensed valuation and human subject-level acceptance.
Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

  1. Stock InformationDaikin Industries, Ltd. · primary · published 2026-03-31 · accessed 2026-07-29
  2. Financial DataDaikin Industries, Ltd. · primary · published 2026-05-12 · accessed 2026-07-29
  3. Fiscal 2025 Financial Results PresentationDaikin Industries, Ltd. · primary · published 2026-05-12 · accessed 2026-07-29
  4. Sustainability Report 2025Daikin Industries, Ltd. · primary · published 2025-12-01 · accessed 2026-07-29