Hamamatsu Photonics KK (6965) AI Stock Analysis

• Market Cap: ¥517.07B
• Dividend Yield: 2.25%
• Average Volume (3M): 2.44M
• Price to Earnings (P/E): 35.4
• Beta (1Y): 0.90
• Revenue Growth: 3.97%
• EPS Growth: -41.76%
• Country: JP
• Employees: 6,395
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 15.36
• Shares Outstanding: 319,191,100
• 10 Day Avg. Volume: 3,408,640
• 30 Day Avg. Volume: 2,437,200
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ¥2,034.00 ▲(21.54% Upside)

Hamamatsu Photonics KK's overall stock score is driven by strong technical momentum and a stable financial position. However, the high P/E ratio raises valuation concerns, and cash flow challenges could impact future growth. Investors should monitor profitability and liquidity closely.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong demand for the company's products and services, supporting long-term business sustainability.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial stability and provides flexibility for future investments.

Gross Profit Margin

Sustained gross profit margins reflect effective cost control and pricing power, supporting long-term profitability.

Negative Factors

Declining Free Cash Flow

Reduced free cash flow growth may limit the company's ability to invest in growth opportunities or manage debt effectively.

Decreased Net Profit Margin

A declining net profit margin can indicate increased operational costs, potentially affecting long-term profitability.

Declining Returns on Equity

Lower returns on equity may signal inefficiencies in generating profits from shareholders' investments, impacting investor confidence.

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, Opto-Semiconductor, and Imaging and Measurement Instruments. The Electron Tube segment provides photomultiplier tubes, electron multipliers, microchannel plates, image intensifiers, X-ray products, and various light sources for use in medical, chemical analysis, measurement, industrial testing, and academic research applications. The Opto-Semiconductor segment offers silicon photodiodes, photo IC components, position sensitive and infrared detectors, image sensors for low-light-level imaging and X-ray imaging, mini-spectrometers, and light emitting devices for applications in medical imaging, high-energy physics, and scientific measurement. The Imaging and Measurement Instruments segment provides a range of cameras for scientific and industrial applications, as well as specialized instruments for use in the fields of pharmaceutical development, semiconductor manufacturing, X-ray nondestructive inspection, spectrophotometry, and optical communications. Hamamatsu Photonics K.K. is also involved in the semiconductor laser and hotel operation businesses. The company was formerly known as Hamamatsu TV Co., Ltd. Hamamatsu Photonics K.K. was founded in 1953 and is headquartered in Hamamatsu, Japan.

How the Company Makes Money

Hamamatsu Photonics generates revenue through the sale of its core products, which include photomultiplier tubes, CCD and CMOS image sensors, and laser systems. The company has a diversified revenue model that encompasses direct sales to customers, partnerships with equipment manufacturers, and collaborations with research institutions. Key revenue streams come from sectors such as medical imaging, industrial measurement, and scientific research, where high-performance photonics are essential. Significant partnerships with technology firms and educational institutions further enhance its market presence and contribute to its earnings, as they often involve long-term contracts and joint development projects that provide consistent revenue.

Hamamatsu Photonics KK Financial Statement Overview

Summary

Hamamatsu Photonics KK presents a strong financial position with high profitability and effective balance sheet management. The company demonstrates strong gross and net profit margins, and a low debt-to-equity ratio. However, negative revenue growth and lack of free cash flow growth are concerns.

Income Statement

The company demonstrates strong gross and net profit margins, reflecting effective cost management and profitability. However, recent revenue growth has been negative, signaling potential challenges in maintaining sales momentum. Despite this, EBIT and EBITDA margins are robust, indicating solid operational efficiency.

Balance Sheet

The balance sheet is strong, with a low debt-to-equity ratio indicating low financial leverage and a solid equity ratio showcasing stability. The company has maintained high equity levels, contributing to a robust return on equity, which reflects effective utilization of shareholder funds.

Cash Flow

Cash flow from operations is healthy, but there is a lack of free cash flow growth, which could impact future investments. The operating cash flow to net income ratio is not assessable for TTM due to zero values, but previous periods indicate strong cash generation relative to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	208.88B	212.05B	203.96B	221.44B	208.80B	169.03B
Gross Profit	102.52B	95.65B	103.88B	120.01B	112.38B	83.39B
EBITDA	40.24B	43.88B	53.37B	73.40B	72.41B	48.48B
Net Income	14.34B	14.20B	25.14B	42.83B	41.30B	25.05B
Balance Sheet
Total Assets	444.60B	455.01B	434.63B	402.92B	366.18B	301.68B
Cash, Cash Equivalents and Short-Term Investments	103.98B	97.07B	99.88B	121.52B	128.31B	99.76B
Total Debt	63.99B	66.06B	36.92B	12.48B	11.53B	9.79B
Total Liabilities	131.18B	131.55B	101.62B	82.86B	84.28B	64.11B
Stockholders Equity	311.57B	321.52B	331.31B	318.64B	280.56B	236.52B
Cash Flow
Free Cash Flow	0.00	1.88B	8.54B	3.83B	27.12B	21.22B
Operating Cash Flow	0.00	37.78B	38.05B	34.25B	45.13B	39.91B
Investing Cash Flow	0.00	-42.17B	-73.70B	-32.90B	-13.33B	-16.78B
Financing Cash Flow	0.00	-2.84B	12.56B	-11.91B	-7.76B	-4.47B

Hamamatsu Photonics KK Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1673.50
• 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:6965, the sentiment is Positive. The current price of 1673.5 is below the 20-day moving average (MA) of 1685.40, above the 50-day MA of 1658.67, and above the 200-day MA of 1585.32, indicating a neutral trend. The MACD of 8.06 indicates Positive momentum. The RSI at 49.27 is Neutral, neither overbought nor oversold. The STOCH value of 37.63 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6856	77 Outperform	¥690.06B	18.30	11.99%	0.65%	8.50%	14.06%
7701	75 Outperform	¥1.27T	22.26	10.84%	1.46%	3.92%	9.99%
6965	74 Outperform	¥517.07B	35.37	4.19%	2.25%	3.97%	-41.76%
4186	70 Outperform	$747.44B	24.90	14.01%	1.08%	19.45%	41.03%
6951	65 Neutral	¥262.65B	14.95	―	2.04%	-0.69%	-29.88%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6645	60 Neutral	¥789.88B	27.59	3.60%	2.62%	3.51%	―

Hamamatsu Photonics KK Corporate Events

Hamamatsu Photonics Issues Restricted Stock to Directors and Executives

Hamamatsu Photonics K.K. has approved the issuance of 66,251 new shares of common stock as restricted stock remuneration for six internal directors and 14 executive officers, with a payment date set for January 16, 2026. Priced at ¥1,645 per share for a total issuance amount of approximately ¥109 million, the move is designed to compensate and incentivize key management through equity-linked pay, aligning their interests more closely with shareholders and potentially strengthening the company’s governance and long-term value creation strategy.

The most recent analyst rating on (JP:6965) stock is a Buy with a Yen2034.00 price target. To see the full list of analyst forecasts on Hamamatsu Photonics KK stock, see the JP:6965 Stock Forecast page.

Hamamatsu Photonics Announces Progress in Share Repurchase Program

Hamamatsu Photonics K.K. has announced the status of its share repurchase program, revealing that it has acquired 2,658,800 of its common shares at a total cost of 4,198,919,400 yen. This move is part of a larger plan approved by the Board of Directors to repurchase up to 15 million shares, valued at up to 20 billion yen, by September 2026, which is aimed at enhancing shareholder value and optimizing capital structure.

The most recent analyst rating on (JP:6965) stock is a Buy with a Yen2034.00 price target. To see the full list of analyst forecasts on Hamamatsu Photonics KK stock, see the JP:6965 Stock Forecast page.

Hamamatsu Photonics Announces Strategic Share Buyback Program

Hamamatsu Photonics K.K. announced a share buyback program, aiming to repurchase up to 15 million of its common shares, representing 5.02% of the total issued shares, for a maximum of 20 billion yen. This strategic move is part of the company’s capital policy to adapt to business environment changes and enhance shareholder returns, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (JP:6965) stock is a Buy with a Yen2034.00 price target. To see the full list of analyst forecasts on Hamamatsu Photonics KK stock, see the JP:6965 Stock Forecast page.

Hamamatsu Photonics Reports Fiscal Year 2025 Financial Results

Hamamatsu Photonics reported a 4% increase in net sales for the fiscal year ending September 30, 2025, despite significant declines in operating and ordinary profits by 49.7% and 45.5% respectively. The company’s financial performance was impacted by a decrease in earnings per share and a lower return on equity, with a notable stock split conducted during the fiscal year. The company anticipates a modest recovery in profits for the next fiscal year, projecting a 4.7% increase in net sales and a 6.4% rise in operating profit.

The most recent analyst rating on (JP:6965) stock is a Buy with a Yen2034.00 price target. To see the full list of analyst forecasts on Hamamatsu Photonics KK stock, see the JP:6965 Stock Forecast page.