Hamamatsu Photonics KK (JP:6965)
:6965
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Hamamatsu Photonics KK
(6965)
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Rating:72Outperform
Price Target:
¥3,301.00
▲(70.42% Upside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by solid financial strength (notably the low-leverage balance sheet) but is tempered by declining profitability and weakening free cash flow growth. Technicals are supportive due to strong trend and positive MACD, though overbought readings raise near-term risk. Valuation is moderate with a relatively low dividend yield.
Positive Factors
Low leverage / strong balance sheet
A low debt-to-equity profile and healthy equity ratio provide durable financial flexibility. This supports sustained R&D, capital expenditure, and buffer through industry cycles, reducing bankruptcy risk and enabling strategic investments over the next 2–6 months and beyond.
Negative Factors
Declining profit margins
Compression in net, EBIT and EBITDA margins suggests rising costs or pricing pressure. Over months this erodes the firm’s ability to self-fund growth, reduces incremental return on sales, and weakens resilience to demand slowdowns absent margin-restoring actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A low debt-to-equity profile and healthy equity ratio provide durable financial flexibility. This supports sustained R&D, capital expenditure, and buffer through industry cycles, reducing bankruptcy risk and enabling strategic investments over the next 2–6 months and beyond.
Read all positive factors
Hamamatsu Photonics KK (6965) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥884.79B
Dividend Yield2.25%
Average Volume (3M)2.44M
Price to Earnings (P/E)62.3
Beta (1Y)0.87
Revenue Growth5.36%
EPS Growth-24.06%
CountryJP
Employees6,395
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)47.28
Shares Outstanding319,257,350
10 Day Avg. Volume3,408,640
30 Day Avg. Volume2,437,200
Financial Highlights & Ratios
PEG Ratio-0.81
Price to Book (P/B)1.50
Price to Sales (P/S)2.27
P/FCF Ratio256.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,237.50Price Target Upside15.51% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)52.62
Revenue Forecast (FY)¥225.43B
Hamamatsu Photonics KK Business Overview & Revenue Model
Company Description
Hamamatsu Photonics K.K. manufactures and sells photomultiplier tubes, imaging devices, light sources, opto-semiconductors, and imaging and analyzing systems in Japan and internationally. The company operates through three segments: Electron Tube,...
How the Company Makes Money
Hamamatsu Photonics primarily makes money by selling photonics components and related systems to OEMs, research institutions, and industrial customers. Key revenue streams include: (1) Sale of photo-sensor devices and modules—such as photomultipli...
Hamamatsu Photonics KK Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
70
Positive
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 212.05B | 203.96B | 221.44B | 208.80B | 169.03B |
| Gross Profit | 101.38B | 103.88B | 120.01B | 112.38B | 83.39B |
| EBITDA | 43.88B | 53.37B | 73.16B | 72.26B | 48.36B |
| Net Income | 14.20B | 25.14B | 42.83B | 41.30B | 25.05B |
Balance Sheet | |||||
| Total Assets | 456.42B | 435.86B | 404.22B | 367.52B | 302.40B |
| Cash, Cash Equivalents and Short-Term Investments | 97.07B | 99.88B | 121.52B | 128.31B | 99.76B |
| Total Debt | 72.30B | 41.94B | 14.83B | 12.46B | 10.68B |
| Total Liabilities | 132.96B | 102.85B | 84.16B | 85.61B | 64.83B |
| Stockholders Equity | 321.52B | 331.31B | 318.65B | 280.56B | 236.52B |
Cash Flow | |||||
| Free Cash Flow | 1.88B | 9.81B | 4.70B | 28.01B | 22.10B |
| Operating Cash Flow | 37.78B | 38.05B | 34.25B | 45.13B | 39.91B |
| Investing Cash Flow | -42.17B | -73.70B | -32.90B | -13.33B | -16.78B |
| Financing Cash Flow | -2.84B | 12.56B | -11.91B | -7.76B | -4.47B |
Hamamatsu Photonics KK Technical Analysis
Positive
1937.00
Price Trends
2143.60
Positive
1970.89
Positive
1797.71
Positive
Market Momentum
230.22
Negative
66.17
Neutral
44.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6965, the sentiment is Positive. The current price of 1937 is below the 20-day moving average (MA) of 2487.12, below the 50-day MA of 2143.60, and above the 200-day MA of 1797.71, indicating a bullish trend. The MACD of 230.22 indicates Negative momentum. The RSI at 66.17 is Neutral, neither overbought nor oversold. The STOCH value of 44.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6965.
Hamamatsu Photonics KK Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | ¥293.78B | 38.31 | 25.32% | 2.30% | 31.13% | 51.29% | |
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% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Hamamatsu Photonics KK Corporate Events
Hamamatsu Photonics Delivers Modest H1 Growth and Lifts Full-Year Profit Outlook
May 14, 2026
Hamamatsu Photonics reported consolidated net sales of ¥112.5 billion for the six months ended March 31, 2026, up 5.4% year on year, while operating profit declined 7% to ¥10.0 billion and profit attributable to owners of parent fell 7.2...
Hamamatsu Photonics Lifts Sales but Sees Interim Profit Dip, Keeps Dividend and Raises Outlook
May 14, 2026
Hamamatsu Photonics reported consolidated net sales of ¥112.5 billion for the six months to March 31, 2026, up 5.4% year on year, while operating profit fell 7.0% to ¥10.0 billion and profit attributable to owners of parent declined 7.2%...
Hamamatsu Photonics Advances Share Buyback, Nears Monetary Limit of Program
May 1, 2026
Hamamatsu Photonics has reported progress on its ongoing share repurchase program, buying back 1,030,900 common shares for about 1.99 billion yen during April 2026 under an authorization granted by its board. The move is part of a broader capital ...
Hamamatsu Photonics Advances Share Buyback, Repurchasing 7.66 Million Shares
Apr 1, 2026
Hamamatsu Photonics K.K. has reported progress on its ongoing share repurchase program, confirming the acquisition of 755,100 common shares for approximately 1.51 billion yen during March 2026. The buyback is being conducted under a previously aut...
Hamamatsu Photonics Advances Share Buyback, Nears Majority of Authorized Amount
Mar 2, 2026
Hamamatsu Photonics K.K. disclosed that it repurchased 947,800 of its own common shares for about 1.70 billion yen between February 1 and February 28, 2026, as part of an ongoing share buyback program. This activity reflects the company’s co...
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.