Sysmex Corporation (JP:6869)
:6869
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Sysmex
(6869)
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Rating:71Outperform
Price Target:
¥1,485.00
▲(9.51% Upside)
Action:UpgradedDate:03/07/26
The score is driven primarily by strong financial quality (healthy margins, steady growth, and low leverage), partially offset by weaker technical positioning (negative MACD and price still well below the 200DMA). Valuation is reasonable with a moderate P/E and a ~1.93% dividend yield.
Positive Factors
Recurring consumables and installed-base model
Sysmex's business is anchored by instrument placements that create steady, recurring consumable and service demand. That installed-base model produces predictable multi-year revenue streams, supports customer stickiness, and provides durable cash flow visibility for reinvestment and margin leverage.
Negative Factors
Net margin compression
A sustained decline in net margin narrows the company's profit buffer and reduces free cash flow potential. If driven by structural cost increases, mix shifts or FX, the compression can limit investment capacity and shareholder returns over several quarters until cost or pricing offsets are realized.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables and installed-base model
Sysmex's business is anchored by instrument placements that create steady, recurring consumable and service demand. That installed-base model produces predictable multi-year revenue streams, supports customer stickiness, and provides durable cash flow visibility for reinvestment and margin leverage.
Read all positive factors
Sysmex (6869) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥841.87B
Dividend Yield1.88%
Average Volume (3M)2.38M
Price to Earnings (P/E)16.4
Beta (1Y)0.40
Revenue Growth1.51%
EPS Growth-12.59%
CountryJP
Employees10,042
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)23.55
Shares Outstanding629,480,100
10 Day Avg. Volume2,693,210
30 Day Avg. Volume2,377,620
Financial Highlights & Ratios
PEG Ratio3.84
Price to Book (P/B)3.81
Price to Sales (P/S)3.48
P/FCF Ratio29.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,748.76Price Target Upside28.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)68.26
Revenue Forecast (FY)¥499.65B
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 primarily makes money by selling diagnostic instruments (analyzers and related laboratory equipment) and then generating recurring revenue from the consumables required to run those instruments. A key part of its model is the installed base...
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
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 502.94B | 508.64B | 461.51B | 410.50B | 363.78B | 305.07B |
| Gross Profit | 260.80B | 271.98B | 242.50B | 216.08B | 190.59B | 154.30B |
| EBITDA | 115.51B | 128.71B | 113.19B | 104.46B | 97.00B | 74.58B |
| Net Income | 44.75B | 53.67B | 49.64B | 45.78B | 44.09B | 31.90B |
Balance Sheet | ||||||
| Total Assets | 698.25B | 665.27B | 618.92B | 531.07B | 483.71B | 424.89B |
| Cash, Cash Equivalents and Short-Term Investments | 75.76B | 90.11B | 76.61B | 70.28B | 74.89B | 67.56B |
| Total Debt | 71.03B | 64.73B | 55.34B | 22.59B | 22.28B | 21.96B |
| Total Liabilities | 196.82B | 200.73B | 186.02B | 142.72B | 134.65B | 118.80B |
| Stockholders Equity | 500.84B | 463.78B | 432.05B | 387.67B | 348.30B | 305.32B |
Cash Flow | ||||||
| Free Cash Flow | 45.65B | 59.02B | 38.30B | 51.35B | 45.97B | 46.94B |
| Operating Cash Flow | 79.37B | 88.25B | 63.91B | 68.83B | 58.74B | 56.87B |
| Investing Cash Flow | -55.90B | -52.49B | -54.97B | -51.75B | -35.05B | -29.19B |
| Financing Cash Flow | -34.51B | -24.32B | -9.01B | -24.23B | -20.54B | -20.25B |
Sysmex Technical Analysis
Negative
1356.00
Price Trends
1452.52
Negative
1500.61
Negative
1809.28
Negative
Market Momentum
-21.91
Positive
41.33
Neutral
10.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6869, the sentiment is Negative. The current price of 1356 is below the 20-day moving average (MA) of 1427.10, below the 50-day MA of 1452.52, and below the 200-day MA of 1809.28, indicating a bearish trend. The MACD of -21.91 indicates Positive momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 10.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥9.60T | 21.89 | 25.14% | 1.01% | 8.83% | 8.63% | |
73 Outperform | ¥3.09T | 25.64 | 8.98% | 1.22% | 7.68% | 10.08% | |
71 Outperform | ¥841.87B | 16.38 | 9.38% | 1.88% | 1.51% | -12.59% | |
59 Neutral | ¥1.58T | 38.56 | 11.34% | 1.01% | 0.42% | 34.76% | |
54 Neutral | ¥250.19B | 5.59 | 4.38% | 2.03% | 6.04% | 733.13% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | ¥10.70B | 31.52 | ― | 3.85% | 0.38% | ― |
* Healthcare Sector Average
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Sysmex Corporate Events
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...
Sysmex Names Veteran Executive Iwane Matsui as New President to Bolster Management
Feb 12, 2026
Sysmex has announced a leadership change aimed at reinforcing its management structure and enhancing corporate value, appointing long-serving executive Iwane Matsui as president and representative director. Matsui, who has extensive experience in ...
Sysmex Cuts Full-Year Forecast on Weaker China Demand and FX Shift
Feb 12, 2026
Sysmex Corporation has lowered its full-year consolidated forecast for the fiscal year ending March 31, 2026, citing weaker-than-expected sales in China and updated foreign exchange assumptions. The company now projects net sales of ¥500 bill...
Sysmex Cuts Full-Year Forecast as Nine-Month Profit Falls but Confirms Higher Dividend
Feb 12, 2026
Sysmex reported a 1.6% decline in net sales to ¥361.2 billion for the nine months ended December 31, 2025, with operating profit down 27.7% and profit attributable to owners of the parent falling 20.9%. Despite weaker earnings and lower basic...
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.