Horiba Ltd (JP:6856)
:6856
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Horiba
(6856)
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Rating:79Outperform
Price Target:
¥29,226.00
▲(40.00% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by strong financial fundamentals—healthy profitability, rising scale, and a low-leverage balance sheet—tempered by slower recent growth and inconsistent cash conversion. Technicals remain bullish but look overbought, while valuation appears reasonable with a modest dividend yield.
Positive Factors
Scale & Revenue Growth
Sustained revenue expansion to 333.1B over 2020–2025 demonstrates meaningful scale in instrumentation and systems. That scale supports durable advantages: broader product/service offerings, stronger aftermarket revenue potential, and better capacity to fund R&D and commercial investment over the medium term.
Negative Factors
Decelerating Revenue Growth
Growth slowing to ~2.9% in 2025 from stronger prior-year rates reduces the pace at which scale delivers further margin and profit expansion. Prolonged deceleration can limit operating-leverage benefits and heighten reliance on aftermarket and service revenue to sustain earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Revenue Growth
Sustained revenue expansion to 333.1B over 2020–2025 demonstrates meaningful scale in instrumentation and systems. That scale supports durable advantages: broader product/service offerings, stronger aftermarket revenue potential, and better capacity to fund R&D and commercial investment over the medium term.
Read all positive factors
Horiba (6856) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.10T
Dividend Yield0.65%
Average Volume (3M)206.28K
Price to Earnings (P/E)29.3
Beta (1Y)1.28
Revenue Growth8.38%
EPS Growth8.43%
CountryJP
Employees8,955
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
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
¥29,250.00Price Target Upside40.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1,093.19
Revenue Forecast (FY)¥364.25B
Horiba Business Overview & Revenue Model
Company Description
HORIBA, Ltd. manufactures and sells instruments and systems for various applications. It operates in five segments: Automotive, Process & Environmental, Medical-Diagnostic, Semiconductor, and Scientific. The Automotive segment offers automotive em...
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 | 64.63B | 66.80B | 61.40B | 59.90B | 57.19B | 42.49B |
| 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
Positive
20875.00
Price Trends
21633.00
Positive
20100.55
Positive
16471.52
Positive
Market Momentum
1314.55
Negative
71.91
Negative
63.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6856, the sentiment is Positive. The current price of 20875 is below the 20-day moving average (MA) of 24475.25, below the 50-day MA of 21633.00, and above the 200-day MA of 16471.52, indicating a bullish trend. The MACD of 1314.55 indicates Negative momentum. The RSI at 71.91 is Negative, neither overbought nor oversold. The STOCH value of 63.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | ¥19.43T | 43.64 | 12.80% | 0.78% | 10.40% | 11.67% | |
79 Outperform | ¥1.10T | 29.31 | 11.99% | 0.65% | 8.38% | 8.43% | |
76 Outperform | ¥362.88B | 16.36 | ― | 2.04% | -8.82% | 18.33% | |
72 Outperform | ¥884.79B | 62.33 | 4.03% | 2.25% | 5.36% | -24.06% | |
70 Outperform | ¥1.11T | 18.03 | 11.14% | 1.46% | 4.02% | 13.81% | |
68 Neutral | ¥468.06B | 36.83 | 5.63% | 2.35% | -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 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...
Horiba to Grant Treasury Shares to Executives Under RSU Incentive Plan
Apr 17, 2026
Horiba’s board has approved the disposal of 7,356 shares of treasury stock to executive officers of the company and its domestic subsidiaries as part of a post-vesting restricted stock unit plan. Priced at ¥21,380 per share for a total ...
Horiba Grants Restricted Treasury Shares to Align Executive Pay With Long-Term Value
Apr 17, 2026
Horiba’s board has approved the disposal of 8,434 shares of treasury stock as restricted stock, valued at about ¥180 million, to be granted to directors, executive officers, and executives of domestic subsidiaries. The move is part of a...
Horiba Weighs Possible Cut to Minimum Trading Unit to Boost Liquidity
Mar 27, 2026
Horiba, Ltd. has stated that it views a reduction in the minimum stock trading unit for its shares as an effective way to attract a broader base of investors and enhance liquidity in the market. The company acknowledges that lowering the trading u...
Horiba Delivers Higher 2025 Profit, Boosts Dividends and Targets Further Growth in 2026
Feb 17, 2026
Horiba reported consolidated net sales of ¥333.1 billion for 2025, up 5.0% year on year, with operating income rising 9.7% to ¥53.0 billion and net income attributable to shareholders increasing 10.4% to ¥37.1 billion, reflecting im...
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.