Horiba (6856) AI Stock Analysis

• Market Cap: $575.89B
• Dividend Yield: 0.76%
• Average Volume (3M): 206.28K
• Price to Earnings (P/E): 15.3
• Beta (1Y): 1.37
• Revenue Growth: 8.50%
• EPS Growth: 14.06%
• Country: JP
• Employees: 8,955
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 196.12
• Shares Outstanding: 42,233,253
• 10 Day Avg. Volume: 261,620
• 30 Day Avg. Volume: 206,283
• PEG Ratio: -0.71
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 1.21
• P/FCF Ratio: 17.34
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: 1.37
• Enterprise Value/Gross Profit: 3.13
• Enterprise Value/Ebitda: 6.67
• 1Y Price Target: $15,500.16
• Price Target Upside: 10.20% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 876.85
• Revenue Forecast (FY): $329.20B

• Rating: 77 Outperform
• Price Target: ¥16,627.00 ▲(18.22% Upside)

Horiba's strong financial performance and positive technical indicators are the primary drivers of its stock score. The company's solid revenue growth and profitability margins, coupled with bullish market momentum, position it well within its industry. However, valuation metrics suggest the stock is fairly priced, and the lack of earnings call data limits further insights.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong demand for Horiba's products and services, enhancing its market position and supporting long-term expansion.

Profitability Margins

Robust profitability margins reflect efficient operations and pricing power, contributing to sustainable earnings and competitive advantage.

Balance Sheet Health

A strong equity base and manageable debt levels provide financial stability, enabling Horiba to invest in growth opportunities and withstand economic fluctuations.

Negative Factors

Net Income Decline

A decline in net income may signal challenges in cost management or market conditions, potentially impacting future profitability if not addressed.

Capital Expenditure Fluctuations

Volatility in capital expenditures can lead to inconsistent cash flow, affecting financial planning and potentially limiting strategic investments.

High Total Liabilities

High liabilities can strain financial resources, necessitating careful management to maintain liquidity and avoid potential solvency issues.

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 emission analyzers, emission measurement systems, drive line test systems, engine test and fuel cell test systems, and battery test systems; test systems for engines, chassis, powertrains, brakes, and catalysts; and vehicle development engineering and testing engineering services, as well as leases and manages R&D facilities. The Process & Environmental segment provides stack gas analyzers, industrial water quality analyzers, water quality analysis and examination systems, air pollution analyzers, environmental radiation meters, and process measurement equipment. The Medical-Diagnostic segment offers hematology and CRP, immunology, clinical chemistry, and blood glucose analyzers. The Semiconductor Instruments & Systems segment provides mass flow controllers, chemical concentration monitors, reticle/mask particle detection systems, residual gas analyzers, and vaporizers. The Scientific segment offers Raman spectrometers, pH meters, particle-size distribution analyzers, X-Ray fluorescence analyzers, elemental analyzers, fluorescence spectroscopy/fluorescence lifetime spectroscopy, optical components, spectrometers and detectors, and gratings. The company was founded in 1945 and is headquartered in Kyoto, Japan.

How the Company Makes Money

Horiba generates revenue through multiple streams, primarily through the sale of its analytical and measuring instruments, which cater to various industries, including automotive, semiconductor, and healthcare. The company earns income from product sales, service contracts, and maintenance agreements, with a significant portion of its revenue stemming from ongoing support and calibration services. Additionally, Horiba benefits from strategic partnerships with other technology companies and research institutions that enhance its product offerings and market reach. The company's ability to provide integrated solutions, along with its focus on R&D, positions it favorably in competitive markets, thereby contributing to its overall earnings.

Horiba Financial Statement Overview

Summary

Horiba demonstrates strong financial performance with consistent revenue growth and robust profitability margins. The balance sheet is solid with a strong equity base and manageable debt levels. Cash flow generation is substantial, though recent fluctuations in capital expenditures and a slight decline in net income warrant caution.

Income Statement

Horiba demonstrates strong financial performance with a consistently increasing revenue trend, growing from ¥187.08 billion in 2020 to ¥317.37 billion in 2024. The gross profit margin maintains a robust level, averaging around 43%, while the net profit margin hovers at approximately 10.5% in the latest year. EBIT and EBITDA margins are also healthy, indicating efficient operational management. However, there was a slight decline in net income from 2023 to 2024, which slightly dampens the overall strong performance.

Balance Sheet

Horiba's balance sheet shows a strong equity base with an equity ratio of nearly 65.3% in 2024, indicating solid financial stability. The debt-to-equity ratio is manageable at 0.20, reflecting prudent financial leverage. Return on equity remains attractive, supporting profitability. The company has a growing asset base, enhancing its capacity for growth. However, the relatively high level of total liabilities requires ongoing monitoring to ensure it remains within a comfortable range.

Cash Flow

Horiba's cash flow statement highlights substantial free cash flow generation, although there was a slowdown in growth from 2023 to 2024. The operating cash flow to net income ratio is strong, indicating effective cash conversion from earnings. The free cash flow to net income ratio also supports the company's profitability profile. However, fluctuations in capital expenditure affect free cash flow growth rates, reflecting potential volatility in cash allocation strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	323.59B	317.37B	290.56B	270.13B	224.31B	187.08B
Gross Profit	141.50B	136.85B	127.38B	116.67B	93.22B	76.43B
EBITDA	66.41B	61.40B	67.03B	57.19B	41.16B	29.04B
Net Income	36.30B	33.59B	40.30B	34.07B	21.31B	13.19B
Balance Sheet
Total Assets	478.91B	481.62B	449.03B	416.74B	371.58B	328.07B
Cash, Cash Equivalents and Short-Term Investments	153.20B	146.33B	134.78B	141.35B	137.03B	116.50B
Total Debt	64.05B	64.40B	60.39B	67.20B	80.18B	77.07B
Total Liabilities	165.00B	166.91B	165.30B	175.89B	167.09B	149.40B
Stockholders Equity	313.89B	314.69B	283.71B	240.83B	204.48B	178.66B
Cash Flow
Free Cash Flow	0.00	22.18B	7.48B	21.88B	22.70B	17.21B
Operating Cash Flow	0.00	40.34B	16.65B	33.97B	35.27B	32.25B
Investing Cash Flow	0.00	-17.56B	-7.32B	-10.74B	-14.66B	-14.02B
Financing Cash Flow	0.00	-15.93B	-20.96B	-22.45B	-4.04B	843.00M

Horiba Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14065.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 14065 is above the 20-day moving average (MA) of 13869.00, above the 50-day MA of 13205.70, and above the 200-day MA of 11015.46, indicating a bullish trend. The MACD of 230.10 indicates Positive momentum. The RSI at 55.01 is Neutral, neither overbought nor oversold. The STOCH value of 53.72 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6856	77 Outperform	$575.89B	15.27	11.99%	0.76%	8.50%	14.06%
6965	74 Outperform	$553.22B	37.95	4.19%	2.49%	3.97%	-41.79%
6806	72 Outperform	$698.52B	23.17	8.09%	2.37%	11.18%	-0.75%
4186	70 Outperform	$720.96B	25.82	14.01%	1.16%	19.45%	41.03%
6951	65 Neutral	¥266.99B	13.75	―	1.96%	-0.69%	-29.88%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6645	61 Neutral	¥742.05B	25.92	3.60%	2.45%	3.51%	―

Horiba Corporate Events

HORIBA Reports Strong Financial Growth and Strategic Adjustments

HORIBA, Ltd. reported a 6.7% increase in net sales to 230,245 million yen for the nine months ending September 30, 2025, with a notable 21% rise in net income attributable to shareholders. The company also announced a forecasted increase in dividends per share for the year, reflecting its strong financial performance and commitment to shareholder returns. The inclusion and exclusion of EtaMax Co., Ltd. in the scope of consolidation indicates strategic adjustments in its operations.

The most recent analyst rating on (JP:6856) stock is a Buy with a Yen14687.00 price target. To see the full list of analyst forecasts on Horiba stock, see the JP:6856 Stock Forecast page.

HORIBA Reports Strong Growth in Latest Earnings

HORIBA, Ltd. is a Japanese company specializing in the production of precision instruments and systems for a variety of industries, including automotive, environmental, medical, and semiconductor sectors. Known for its innovative solutions, HORIBA operates on a global scale, providing essential tools for scientific research and industrial applications.

HORIBA Reports Strong Financial Growth and Dividend Increase

HORIBA, Ltd. reported a 6.7% increase in net sales and a 21% rise in net income attributable to shareholders for the nine months ending September 30, 2025. The company also announced a forecasted increase in dividends per share for the full year, indicating strong financial performance and positive outlook for stakeholders.

The most recent analyst rating on (JP:6856) stock is a Buy with a Yen14687.00 price target. To see the full list of analyst forecasts on Horiba stock, see the JP:6856 Stock Forecast page.