Rigaku Holdings Corporation (JP:268A)
:268A
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Rigaku Holdings Corporation
(268A)
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Rating:60Neutral
Price Target:
¥2,510.00
▲(172.53% Upside)
Action:Reiterated
Date:06/09/26
The score is driven primarily by solid underlying fundamentals (growth, profitability, and improving leverage), tempered by weakening 2025 earnings and especially deteriorating free cash flow. Technicals are neutral-to-soft in the near term, and valuation is a notable headwind due to the high P/E and low dividend yield.
Positive Factors
High gross margins & revenue expansion
Sustained high gross margins combined with historical revenue expansion indicate durable product-level profitability and pricing power in core instrument lines. This supports reinvestment in R&D and long-term operating leverage, helping protect margins through cycles and enabling steady margin-driven earnings potential.
Negative Factors
Deteriorating free cash flow
A sharp decline in free cash flow reduces internal funding for capex, R&D and shareholder returns, increasing reliance on external financing or curtailing investments. Persistent weaker FCF can constrain strategic flexibility, slow product development, and raise risk around meeting long-term growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins & revenue expansion
Sustained high gross margins combined with historical revenue expansion indicate durable product-level profitability and pricing power in core instrument lines. This supports reinvestment in R&D and long-term operating leverage, helping protect margins through cycles and enabling steady margin-driven earnings potential.
Read all positive factors
Rigaku Holdings Corporation (268A) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥574.42B
Dividend YieldN/A
Average Volume (3M)1.48M
Price to Earnings (P/E)1473.6
Beta (1Y)1.13
Revenue Growth-0.24%
EPS Growth-27.10%
CountryJP
Employees1,971
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.72
Shares Outstanding226,506,100
10 Day Avg. Volume1,503,800
30 Day Avg. Volume1,475,820
Financial Highlights & Ratios
PEG Ratio-1.44
Price to Book (P/B)494.16
Price to Sales (P/S)2.96
P/FCF Ratio101.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,200.00Price Target Upside247.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)61.55
Revenue Forecast (FY)¥102.23B
Rigaku Holdings Corporation Business Overview & Revenue Model
Company Description
Rigaku Holdings Corporation engages in the manufacture and sale of scientific equipment in Japan, the United States, Europe, and Asia. The company offers multipurpose analytical instruments, such as X-ray diffraction equipment, X-ray fluorescence,...
How the Company Makes Money
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Rigaku Holdings Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.42B | 94.19B | 90.65B | 79.89B | 62.70B |
| Gross Profit | 10.03B | 52.88B | 55.30B | 46.68B | 37.81B |
| EBITDA | 2.15B | 22.24B | 23.60B | 19.88B | 10.28B |
| Net Income | 390.63M | 11.40B | 13.62B | 10.90B | 911.00M |
Balance Sheet | |||||
| Total Assets | 182.47B | 1.18B | 1.13B | 1.17B | 1.15B |
| Cash, Cash Equivalents and Short-Term Investments | 25.69B | 154.90M | 178.03M | 146.69M | 111.25M |
| Total Debt | 64.34B | 396.68M | 391.78M | 443.73M | 487.90M |
| Total Liabilities | 95.04B | 617.76M | 609.15M | 698.90M | 736.05M |
| Stockholders Equity | 87.43B | 564.05M | 520.05M | 467.13M | 408.97M |
Cash Flow | |||||
| Free Cash Flow | 3.70B | 2.73B | 8.24B | 8.90B | 4.64B |
| Operating Cash Flow | 8.10B | 9.39B | 14.60B | 11.72B | 7.36B |
| Investing Cash Flow | -4.50B | -6.63B | -6.05B | -2.36B | -2.60B |
| Financing Cash Flow | 2.54B | -6.59B | -2.44B | -4.02B | -3.63B |
Rigaku Holdings Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ¥173.04B | 28.87 | ― | 3.23% | 5.32% | -3.12% | |
80 Outperform | ¥97.76B | 16.16 | ― | 3.12% | 4.08% | -1.67% | |
76 Outperform | ¥374.57B | 16.97 | ― | 2.04% | -8.82% | 18.33% | |
72 Outperform | ¥78.93B | 13.32 | ― | 2.31% | 3.34% | -8.25% | |
64 Neutral | ¥582.27B | 47.97 | 7.44% | 1.76% | 3.97% | 29.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ¥574.42B | 1,473.56 | ― | ― | -0.24% | -27.10% |
* Technology Sector Average
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Rigaku Holdings Corporation Corporate Events
Rigaku Sets Terms for ¥93 Billion Secondary Share Offering
Jun 1, 2026
Rigaku Holdings Corporation has set the terms for a large secondary offering of its common stock, totaling 29,580,300 shares split between a Japanese tranche and an international tranche, both underwritten and priced at 2,738 yen per share. The su...
Rigaku Launches Major Secondary Share Offering Ahead of Shareholder Shift
May 22, 2026
Rigaku Holdings Corporation has approved a large secondary offering of 29,580,300 existing common shares, all to be sold by shareholder Atom Investment, L.P., through simultaneous Japanese and international offerings to institutional and other inv...
Rigaku Holdings Q1 Profit Slumps but Full‑Year Outlook and Dividend Plan Held
May 13, 2026
Rigaku Holdings reported a sharp downturn in results for the quarter ended March 31, 2026, with revenue falling 13.0% year on year to ¥17.9 billion and operating profit plunging 77.8% to ¥630 million. Profit attributable to owners of the...
Rigaku Outlines FY26 1Q Metrics and Risk Caveats in Earnings Presentation
May 13, 2026
Rigaku Holdings Corporation released its FY26 first-quarter earnings presentation, emphasizing that the disclosed financial and operating data are primarily for informational purposes and are subject to change. The company highlighted that it has ...
Rigaku Forms Capital and Business Alliance with Onto Innovation in Semiconductor Metrology
Apr 20, 2026
Rigaku Holdings Corporation has entered into a capital and business alliance with U.S.-based Onto Innovation Inc., tied to Onto Innovation’s planned acquisition of a 27.0% stake in Rigaku from Atom Investment, L.P. The deal is expected to ch...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.