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Horiba
(6856)
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Rating:72Outperform
Price Target:
¥28,499.00
▲(15.38% Upside)
Action:Reiterated
Date:08/01/26
The score is primarily driven by strong underlying financial quality—healthy margins and a low-leverage, strengthening balance sheet—tempered by inconsistent cash conversion and slowing growth. Technicals are mixed (near-term weakness vs. longer-term uptrend), while valuation is a headwind given the relatively high P/E despite a modest dividend yield.
Positive Factors
Strong profitability and margins
HORIBA’s high and stable margins across gross, EBIT and net lines indicate durable pricing power and product mix advantages in capital-equipment and services. Sustained margins support reinvestment in R&D, fund lifecycle services, and provide a cushion through cyclical downturns, underpinning long-term cash generation and profitability.
Negative Factors
Decelerating revenue growth
Revenue growth has slowed meaningfully, reducing the company’s ability to leverage fixed costs and expand margins organically. If demand for capital equipment softens in core end-markets, top-line stagnation could pressure reinvestment capacity and slow improvement in returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
HORIBA’s high and stable margins across gross, EBIT and net lines indicate durable pricing power and product mix advantages in capital-equipment and services. Sustained margins support reinvestment in R&D, fund lifecycle services, and provide a cushion through cyclical downturns, underpinning long-term cash generation and profitability.
Read all positive factors
Horiba (6856) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.08T
Dividend Yield2.03%
Average Volume (3M)206.28K
Price to Earnings (P/E)28.6
Beta (1Y)1.27
Revenue Growth8.38%
EPS Growth8.43%
CountryJP
Employees9,101
SectorTechnology
Sector Strength88
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)865.19
Shares Outstanding42,233,253
10 Day Avg. Volume261,620
30 Day Avg. Volume206,283
Financial Highlights & Ratios
PEG Ratio1.72
Price to Book (P/B)1.92
Price to Sales (P/S)2.01
P/FCF Ratio23.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥31,812.50Price Target Upside28.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1,183.8
Revenue Forecast (FY)¥378.34B
Horiba Business Overview & Revenue Model
Company Description
HORIBA, Ltd. is a company that designs, produces, and supplies a diverse array of instruments and systems for various sectors. Its operations are structured across five key segments: Automotive, Process & Environmental, Medical-Diagnostic, Semicon...
How the Company Makes Money
HORIBA primarily makes money by selling measurement/analysis instruments, integrated testing systems, and related software across its major segments (automotive test systems; semiconductor/advanced materials metrology; process/environmental monito...
Horiba Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 323.59B | 333.08B | 317.37B | 290.56B | 270.13B | 224.31B |
| Gross Profit | 141.50B | 146.31B | 136.85B | 127.38B | 116.67B | 93.22B |
| EBITDA | 65.98B | 65.74B | 62.81B | 67.03B | 59.28B | 41.16B |
| Net Income | 36.30B | 37.09B | 33.59B | 40.30B | 34.07B | 21.31B |
Balance Sheet | ||||||
| Total Assets | 478.91B | 518.28B | 481.62B | 449.03B | 416.74B | 371.58B |
| Cash, Cash Equivalents and Short-Term Investments | 153.20B | 164.57B | 146.33B | 134.78B | 141.35B | 137.03B |
| Total Debt | 64.05B | 66.48B | 69.47B | 63.12B | 69.92B | 83.72B |
| Total Liabilities | 165.00B | 169.64B | 166.91B | 165.29B | 175.89B | 167.09B |
| Stockholders Equity | 313.89B | 348.60B | 314.69B | 283.71B | 240.84B | 204.48B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 29.11B | 22.18B | 7.80B | 22.33B | 23.07B |
| Operating Cash Flow | 0.00 | 54.38B | 40.34B | 16.65B | 33.97B | 35.27B |
| Investing Cash Flow | 0.00 | -24.92B | -17.56B | -7.32B | -10.74B | -14.66B |
| Financing Cash Flow | 0.00 | -11.99B | -15.93B | -20.96B | -22.45B | -4.04B |
Horiba Technical Analysis
Neutral
24700.00
Price Trends
26667.07
Negative
24018.40
Positive
20098.18
Positive
Market Momentum
-118.72
Negative
46.78
Neutral
73.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6856, the sentiment is Neutral. The current price of 24700 is below the 20-day moving average (MA) of 26534.75, below the 50-day MA of 26667.07, and above the 200-day MA of 20098.18, indicating a neutral trend. The MACD of -118.72 indicates Negative momentum. The RSI at 46.78 is Neutral, neither overbought nor oversold. The STOCH value of 73.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:6856.
Horiba Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥19.68T | 39.99 | 13.44% | 0.77% | 16.95% | 23.91% | |
72 Outperform | ¥1.08T | 28.65 | 11.31% | 2.11% | 8.38% | 8.43% | |
72 Outperform | ¥717.91B | 50.95 | 4.24% | 1.61% | 5.36% | -24.06% | |
72 Outperform | ¥419.45B | 19.01 | ― | 1.61% | -8.82% | 18.33% | |
70 Outperform | ¥1.21T | 19.55 | 11.50% | 1.61% | 4.02% | 13.81% | |
68 Neutral | ¥425.91B | 33.54 | 5.66% | 1.58% | -3.24% | -36.64% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Horiba Corporate Events
Horiba Completes Treasury Stock Disposal for Executive RSU Grants
Jun 15, 2026
Horiba, Ltd. has completed the payment process for the disposal of a portion of its treasury stock used to settle a post-vesting restricted stock unit (RSU) grant system for management. The transaction, approved by the board in April, involved 7,3...
Horiba lifts 2026 outlook on strong Q1 results and global expansion
May 18, 2026
Horiba reported strong first-quarter 2026 results, with consolidated net sales rising 17.6% year-on-year to ¥84.5 billion and operating income increasing 6.2%, supported by higher ordinary income and a modest gain in net income attributable t...
Horiba Completes Restricted Stock Treasury Share Disposal for Management Incentives
May 15, 2026
Horiba, Ltd. has completed the payment process for the disposal of treasury stock under a restricted stock scheme that was approved by its board of directors in April 2026. The transaction involves 8,434 shares of common stock disposed of at 21,38...
Horiba Lifts 2026 Outlook on Strong Q1 and Global Expansion
May 14, 2026
Horiba reported strong results for the quarter ended March 31, 2026, with net sales rising 17.6% year-on-year to ¥84.5 billion and net income attributable to shareholders increasing 6.7% to ¥8.7 billion, while maintaining a solid equity ...
Horiba Lifts FY2026 Outlook on Strong Q1 and Global Expansion
May 14, 2026
Horiba reported strong first-quarter 2026 results, with consolidated net sales rising 17.6% year on year to ¥84.5 billion and net income attributable to shareholders up 6.7% to ¥8.7 billion, alongside higher earnings per share. The compa...
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.