Sysmex Corporation (JP:6869)
:6869
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Sysmex
(6869)
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Rating:57Neutral
Price Target:
¥1,390.00
▼(-3.27% Downside)
Action:Downgraded
Date:05/15/26
The score is held up by generally solid fundamentals and a conservative capital base, but it is weighed down by the 2026 slowdown in revenue/profits and inconsistent free-cash-flow momentum. Technically, the stock is in a downtrend with weak momentum, and valuation is a major headwind due to the very high P/E despite a moderate dividend yield.
Positive Factors
Recurring consumables and service revenue
Sysmex’s core model—capital instrument placements followed by recurring reagent/consumable sales and service contracts—creates durable annuity-like revenue and high switch costs. Installed base growth lifts predictable consumable demand and supports long-term margin stability.
Negative Factors
2026 revenue and profit deterioration
A material step‑down in 2026 revenue and operating profit interrupts a multi‑year growth trajectory, reducing near‑term instrument placements and downstream reagent pull‑through. If persistent, this can slow installed‑base expansion and weaken long‑term organic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables and service revenue
Sysmex’s core model—capital instrument placements followed by recurring reagent/consumable sales and service contracts—creates durable annuity-like revenue and high switch costs. Installed base growth lifts predictable consumable demand and supports long-term margin stability.
Read all positive factors
Sysmex (6869) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥832.52B
Dividend Yield1.88%
Average Volume (3M)2.38M
Price to Earnings (P/E)120.3
Beta (1Y)0.29
Revenue Growth-1.70%
EPS Growth-33.90%
CountryJP
Employees10,042
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)56.89
Shares Outstanding629,480,100
10 Day Avg. Volume2,693,210
30 Day Avg. Volume2,377,620
Financial Highlights & Ratios
PEG Ratio-0.71
Price to Book (P/B)1.69
Price to Sales (P/S)1.71
P/FCF Ratio20.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,500.00Price Target Upside4.38% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)71.86
Revenue Forecast (FY)¥533.40B
Sysmex Business Overview & Revenue Model
Company Description
Sysmex Corporation engages in the development, manufacture, and sale of diagnostic instruments, reagents, and related software in Japan. The company offers three-part and five-part white blood cell differentiation instruments for use in hematology...
How the Company Makes Money
Sysmex makes money primarily by selling (1) diagnostic instruments (capital equipment) and (2) recurring consumables tied to those instruments, alongside (3) service and support revenue.
1) Instruments (one-time or periodic capital sales): Sysmex...
Sysmex Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Negative
The earnings call presented several notable challenges, including a significant revenue decline due to a system transition in Japan and the impact of China's medical cost control policies. However, there were positive developments such as the launch of new products and progress in Alzheimer's testing. Despite these positive aspects, the lowlights indicating declines in revenue and profit suggest a cautious outlook.Positive Updates
Strong Revenue Growth in Japan for Coagulation Segment
Revenue increased by JPY1.79 billion, or 112.3% YoY, indicating strong double-digit growth in Japan for the Coagulation segment.
Negative Updates
Significant Revenue Decline Due to Core System Transition
A transition to a new core system in Japan led to a JPY3.3 billion decrease in revenue and a JPY3 billion decrease in operating profit.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth in Japan for Coagulation Segment
Revenue increased by JPY1.79 billion, or 112.3% YoY, indicating strong double-digit growth in Japan for the Coagulation segment.
Read all positive updates
Company Guidance
In the recent call, Sysmex provided guidance on their Q1 FY2026 financial results, highlighting a significant decline in revenue and operating profit year-over-year due to special one-time factors. Revenue fell by JPY3.3 billion, and operating profit dropped by JPY4.8 billion, primarily due to the transition to a new core system, which led to restricted order intake and a JPY1.7 billion cost of sales adjustment from overseas inventory valuation. While Japan's revenue decreased by approximately 80% YoY due to this transition, other regions like the Americas, EMEA, and AP showed local currency revenue growth. The stronger yen further impacted the results. Notably, Hematology revenue saw a slight decline YoY, while Japan experienced a significant increase of 118.9% when excluding currency effects. Despite these challenges, the company remains optimistic about recovery in H2, driven by its new product launches in the U.S., expansion in its medical robotics business, and growth in the IVD domain. The company also adjusted its H1 forecast, expecting a revenue decrease of JPY12.5 billion to JPY240 billion and an operating profit decrease of JPY8.5 billion to JPY36 billion. They are committed to achieving their full-year targets through strategic initiatives and portfolio expansion.Sysmex Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
60
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 500.01B | 508.64B | 461.51B | 410.50B | 363.78B |
| Gross Profit | 255.68B | 271.98B | 242.50B | 216.08B | 190.59B |
| EBITDA | 108.61B | 128.71B | 113.19B | 104.46B | 97.00B |
| Net Income | 35.46B | 53.67B | 49.64B | 45.78B | 44.09B |
Balance Sheet | |||||
| Total Assets | 707.53B | 665.27B | 618.92B | 531.07B | 483.71B |
| Cash, Cash Equivalents and Short-Term Investments | 84.12B | 90.11B | 76.61B | 70.28B | 74.89B |
| Total Debt | 70.48B | 64.73B | 55.34B | 22.59B | 22.28B |
| Total Liabilities | 201.85B | 200.73B | 186.02B | 142.72B | 134.65B |
| Stockholders Equity | 505.00B | 463.78B | 432.05B | 387.67B | 348.30B |
Cash Flow | |||||
| Free Cash Flow | 40.94B | 59.02B | 38.30B | 51.35B | 45.97B |
| Operating Cash Flow | 73.85B | 88.25B | 63.91B | 68.83B | 58.74B |
| Investing Cash Flow | -51.47B | -52.49B | -54.97B | -51.75B | -35.05B |
| Financing Cash Flow | -37.66B | -24.32B | -9.01B | -24.23B | -20.54B |
Sysmex Technical Analysis
Positive
1437.00
Price Trends
1401.64
Positive
1452.21
Negative
1723.89
Negative
Market Momentum
6.10
Negative
55.25
Neutral
69.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6869, the sentiment is Positive. The current price of 1437 is above the 20-day moving average (MA) of 1394.41, above the 50-day MA of 1401.64, and below the 200-day MA of 1723.89, indicating a neutral trend. The MACD of 6.10 indicates Negative momentum. The RSI at 55.25 is Neutral, neither overbought nor oversold. The STOCH value of 69.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6869.
Sysmex Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ¥9.36T | 41.21 | 25.14% | 1.01% | 9.44% | 28.08% | |
68 Neutral | ¥2.84T | 22.88 | 8.98% | 1.22% | 9.24% | 16.68% | |
65 Neutral | ¥1.89T | 24.28 | 11.34% | 1.01% | 1.34% | -40.50% | |
57 Neutral | ¥832.52B | 120.28 | 9.38% | 1.88% | -1.70% | -33.90% | |
54 Neutral | ¥264.46B | 18.74 | 4.38% | 2.03% | 2.47% | 164.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | ¥10.51B | -13.29 | ― | 3.85% | -5.60% | -981.24% |
* Healthcare Sector Average
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Sysmex Corporate Events
Sysmex Boosts Annual Dividend to Mark 30th Listing Anniversary
May 14, 2026
Sysmex Corporation has resolved to pay a year-end dividend of ¥19 per share for the fiscal year ended March 31, 2026, matching its prior forecast and up from ¥17 a year earlier. The move reflects the company’s ongoing policy of pro...
Sysmex Profit Slides Despite Stable Sales, But Dividend and 2027 Outlook Signal Cautious Optimism
May 14, 2026
Sysmex reported a 1.7% decline in net sales to ¥500.0 billion for the year ended March 31, 2026, with operating profit dropping 40.8% and profit attributable to owners falling 33.9%, reflecting margin pressure and weaker profitability despite...
Sysmex Lifts Annual Dividend to ¥38 Per Share with 30th-Anniversary Payout
May 14, 2026
Sysmex Corporation has resolved to pay a year-end dividend of ¥19 per share for the fiscal year ended March 31, 2026, matching its earlier forecast and up from ¥17 a year earlier. The payout, sourced from retained earnings and pending sh...
Sysmex Profit Slumps but Payouts Rise as Balance Sheet Strengthens
May 14, 2026
Sysmex reported a 1.7% decline in net sales to ¥500.0 billion for the fiscal year ended March 31, 2026, while operating profit fell sharply by 40.8% and profit attributable to owners of the parent dropped 33.9%, reflecting margin pressure and...
Sysmex Advances ¥30 Billion Share Buyback, Repurchases 7.87 Million Shares
May 8, 2026
Sysmex has disclosed the latest status of its ongoing share buyback program, reporting the acquisition of 6,177,600 shares of common stock for about ¥8.72 billion through market purchases on the Tokyo Stock Exchange between April 1 and April ...
Sysmex Books ¥11.6 Billion Impairment and Cuts Profit Outlook for FY 2026
Apr 28, 2026
Sysmex will book an impairment loss of ¥11,557 million in the fourth quarter of the fiscal year ending March 31, 2026, mainly tied to goodwill at subsidiaries Sysmex Partec, Oxford Gene Technology IP, and Sysmex Astrego. The write-down follow...
Sysmex Details Progress on ¥30 Billion Share Buyback Program
Apr 2, 2026
Sysmex Corporation has disclosed the progress of its ongoing share buyback program, conducted under Japan’s Companies Act, as it continues to repurchase its own common stock on the Tokyo Stock Exchange. The initiative is part of a previously...
Sysmex Launches ¥30 Billion Share Buyback and Plans Full Cancellation of Repurchased Stock
Mar 5, 2026
Sysmex Corporation’s board has approved a share repurchase program and subsequent cancellation of the repurchased stock as part of its mid-term management plan through March 2029. The initiative is aimed at improving capital efficiency, enha...
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.