Ushio Inc. (JP:6925)
:6925
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Ushio
(6925)
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Rating:72Outperform
Price Target:
¥4,195.00
▲(33.05% Upside)
Action:Upgraded
Date:05/15/26
The score is driven primarily by strong technical strength (clear uptrend and positive momentum). Financial performance is supportive but constrained by higher 2026 leverage and uneven free cash flow, while valuation appears reasonable with a moderate P/E and a modest dividend yield.
Positive Factors
Recurring consumables & design-in model
Ushio's 'design-in' model and replacement-lamp consumables create durable, repeatable revenue streams. Once products are specified into customer tools, ongoing lamp replacements and service needs generate recurring sales that support revenue visibility and customer stickiness over multiple quarters.
Negative Factors
Rising leverage
A meaningful jump in total debt raises structural financial risk, increasing interest expense exposure and reducing covenant and capital allocation flexibility. Higher leverage limits resilience to slower demand and constrains strategic options over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables & design-in model
Ushio's 'design-in' model and replacement-lamp consumables create durable, repeatable revenue streams. Once products are specified into customer tools, ongoing lamp replacements and service needs generate recurring sales that support revenue visibility and customer stickiness over multiple quarters.
Read all positive factors
Ushio (6925) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥346.72B
Dividend Yield2.81%
Average Volume (3M)275.19K
Price to Earnings (P/E)44.3
Beta (1Y)0.99
Revenue Growth0.90%
EPS Growth38.34%
CountryJP
Employees5,439
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)36.52
Shares Outstanding83,500,000
10 Day Avg. Volume251,540
30 Day Avg. Volume275,190
Financial Highlights & Ratios
PEG Ratio0.85
Price to Book (P/B)1.20
Price to Sales (P/S)1.32
P/FCF Ratio24.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,500.00Price Target Upside11.01% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)126.79
Revenue Forecast (FY)¥203.72B
Ushio Business Overview & Revenue Model
Company Description
Ushio Inc. produces and sells light application products, industrial equipment, and other products in Japan, rest of Asia, Europe, North America, and internationally. The company offers laser diodes, LED chips/packages, ultraviolet (UV) lamps, xen...
How the Company Makes Money
Ushio makes money primarily by designing, manufacturing, and selling light sources and optical/illumination-related products and systems to industrial and commercial customers.
Key revenue streams typically include:
- Industrial light sources (la...
Ushio Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 178.43B | 179.21B | 177.62B | 179.42B | 175.03B | 148.82B |
| Gross Profit | 62.26B | 65.52B | 62.22B | 64.92B | 63.22B | 54.03B |
| EBITDA | 17.63B | 20.72B | 16.82B | 21.42B | 23.65B | 20.17B |
| Net Income | 3.67B | 8.00B | 6.80B | 10.78B | 13.70B | 12.61B |
Balance Sheet | ||||||
| Total Assets | 286.94B | 331.08B | 297.30B | 337.55B | 323.62B | 321.10B |
| Cash, Cash Equivalents and Short-Term Investments | 56.34B | 77.98B | 63.55B | 69.77B | 66.81B | 93.62B |
| Total Debt | 41.17B | 74.61B | 41.40B | 32.85B | 8.32B | 18.66B |
| Total Liabilities | 96.04B | 132.74B | 96.79B | 100.57B | 79.51B | 85.89B |
| Stockholders Equity | 190.88B | 198.32B | 200.50B | 236.96B | 244.09B | 235.12B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 9.54B | 6.78B | 1.03B | -6.90B | 15.67B |
| Operating Cash Flow | 0.00 | 18.14B | 20.42B | 8.97B | 871.00M | 21.63B |
| Investing Cash Flow | 0.00 | -14.11B | 2.72B | 5.39B | -1.18B | -5.52B |
| Financing Cash Flow | 0.00 | 4.20B | -24.99B | -13.49B | -26.81B | -10.63B |
Ushio Technical Analysis
Positive
3153.00
Price Trends
3466.06
Positive
3152.10
Positive
2721.12
Positive
Market Momentum
228.17
Positive
65.51
Neutral
79.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6925, the sentiment is Positive. The current price of 3153 is below the 20-day moving average (MA) of 3987.35, below the 50-day MA of 3466.06, and above the 200-day MA of 2721.12, indicating a bullish trend. The MACD of 228.17 indicates Positive momentum. The RSI at 65.51 is Neutral, neither overbought nor oversold. The STOCH value of 79.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6925.
Ushio Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥184.99B | 18.98 | ― | 3.39% | 7.85% | 24.91% | |
76 Outperform | ¥429.65B | 18.86 | 14.28% | 2.40% | 8.33% | 27.80% | |
72 Outperform | ¥346.72B | 44.28 | 2.20% | 2.81% | 0.90% | 38.34% | |
70 Outperform | ¥169.10B | 73.67 | ― | 2.72% | 13.48% | -42.81% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | ¥354.39B | 27.29 | ― | 1.65% | 5.02% | 19.84% | |
55 Neutral | ¥665.18B | 417.21 | 5.94% | 0.56% | 7.03% | -53.53% |
* Industrials Sector Average
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Ushio Corporate Events
Ushio to Dispose of Treasury Stock for Employee Restricted Share Plan
May 14, 2026
Ushio Inc. has approved the disposal of up to 40,620 shares of treasury stock as restricted stock to its employee stockholding association, with pricing set at ¥3,439 per share or the highest qualifying market close later in May, via third-pa...
Ushio Lifts Profit in FY2026 and Eyes Double-Digit Growth for FY2027
May 14, 2026
Ushio reported fiscal year 2026 consolidated net sales of ¥179.2 billion, up 0.9% year on year, with operating profit surging 35.5% to ¥12.0 billion and profit attributable to owners of parent rising 17.6% to ¥8.0 billion, reflectin...
Ushio Completes Nearly ¥20 Billion Share Buyback Program
May 7, 2026
Ushio Inc. has completed a share repurchase program authorized by its board in August 2025, buying back 467,900 common shares on the Tokyo Stock Exchange between April 1 and April 28, 2026 for a total of ¥1,479,223,100. This latest tranche br...
Ushio to Spin Off and Sell Semiconductor Laser Business to Kyocera
Apr 14, 2026
Ushio Inc. will carve out its semiconductor laser device business into a newly formed wholly owned subsidiary and then transfer all shares in that entity to Kyocera Corporation under a share transfer agreement approved by its board. The move, exec...
Ushio Nears ¥20 Billion Ceiling on Aggressive Share Buyback Program
Apr 2, 2026
Ushio Inc. reported progress on its ongoing share repurchase program, disclosing that it bought 623,800 common shares on the Tokyo Stock Exchange between March 1 and March 31, 2026, for a total of ¥1,810,882,150. These purchases are part of a...
Ushio Books Security Sale Gain, Takes Impairment and Restructuring Charges
Mar 31, 2026
Ushio Inc. said it will book extraordinary income in the fourth quarter of the fiscal year ending March 2026 after selling part of its investment securities, generating a gain of ¥3,342 million. The move is framed as an asset streamlining mea...
Ushio Books $35 Million Internal Dividend With No Impact on Consolidated Earnings
Mar 25, 2026
Ushio Inc. has announced it will receive a dividend of 35 million U.S. dollars, approximately 5.55 billion yen, from its consolidated subsidiary Ushio International B.V. following a board resolution dated March 25, 2026. This transaction meets the...
Ushio Lifts Full-Year Profit Forecast on Cost Cuts, Chip Market Recovery and Weak Yen
Mar 19, 2026
Ushio has raised its consolidated forecast for the fiscal year ending March 2026, now projecting net sales of ¥175 billion, operating profit of ¥11.5 billion, ordinary profit of ¥12.5 billion, and profit attributable to owners of pa...
Ushio to Book ¥3.1 Billion Extraordinary Gain From Investment Securities Sale
Mar 6, 2026
Ushio Inc. said it will book extraordinary income in the fourth quarter of the fiscal year ending March 2026 after selling part of its investment securities as part of an asset-streamlining effort. The sale of one listed security between January 1...
Ushio to Cancel 9 Million Treasury Shares in Capital Efficiency Move
Mar 4, 2026
Ushio Inc. has approved the cancellation of 9,000,000 common treasury shares, representing 9.72% of its issued shares prior to the move, with the cancellation scheduled for March 25, 2026. The action aligns with Ushio’s policy of capping tre...
Ushio Advances Large-Scale Share Buyback, Spending ¥16.7 Billion to Date
Mar 3, 2026
Ushio Inc. has reported the latest progress of its ongoing share repurchase program, revealing that it bought 389,600 common shares on the Tokyo Stock Exchange in February 2026 for a total of ¥1.15 billion. These purchases form part of a broa...
Ushio Completes Acquisition of ams-OSRAM Industrial and Entertainment Lamps Unit
Mar 2, 2026
Ushio Inc. has completed the acquisition of all shares in OSRAM ENI GmbH, a newly established subsidiary of OSRAM GmbH in Berlin, along with assets related to the industrial and entertainment lamps business previously operated by the unit. The acq...
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.