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Hamamatsu Photonics KK
(6965)
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Rating:72Outperform
Price Target:
¥2,673.00
▲(13.26% 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 and strong capital structure
A low debt-to-equity ratio and healthy equity ratio provide durable financial resilience, lowering default risk and preserving capacity to fund R&D, capex, or opportunistic M&A. This structural strength supports long-term stability across industry cycles and preserves liquidity optionality.
Negative Factors
Declining net and operating margins
Falling net and operating margins signal rising cost pressures or diminishing pricing leverage in core products. Sustained margin erosion undermines free cash generation and reinvestment capacity, increasing the risk that profitability weakness persists absent structural cost or pricing fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong capital structure
A low debt-to-equity ratio and healthy equity ratio provide durable financial resilience, lowering default risk and preserving capacity to fund R&D, capex, or opportunistic M&A. This structural strength supports long-term stability across industry cycles and preserves liquidity optionality.
Read all positive factors
Hamamatsu Photonics KK (6965) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥717.91B
Dividend Yield1.64%
Average Volume (3M)2.44M
Price to Earnings (P/E)51.0
Beta (1Y)1.01
Revenue Growth5.36%
EPS Growth-24.06%
CountryJP
Employees6,601
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)45.59
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
¥2,800.00Price Target Upside18.64% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)57.49
Revenue Forecast (FY)¥231.44B
Hamamatsu Photonics KK Business Overview & Revenue Model
Company Description
Hamamatsu Photonics K.K., a Japanese enterprise operating globally, specializes in the production and distribution of a wide array of light-detection and light-generation components and systems. Its offerings include photomultiplier tubes, advance...
How the Company Makes Money
Hamamatsu Photonics makes money primarily by designing, manufacturing, and selling photonics components and finished photonics systems to industrial, medical, and research customers globally. Its revenue model is largely product-sales driven: (1) ...
Hamamatsu Photonics KK Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.80B | 212.05B | 203.96B | 221.44B | 208.80B | 169.03B |
| Gross Profit | 103.06B | 101.38B | 103.88B | 120.01B | 112.38B | 83.39B |
| EBITDA | 42.83B | 43.88B | 53.37B | 73.16B | 72.26B | 48.36B |
| Net Income | 13.49B | 14.20B | 25.14B | 42.83B | 41.30B | 25.05B |
Balance Sheet | ||||||
| Total Assets | 486.22B | 456.42B | 435.86B | 404.22B | 367.52B | 302.40B |
| Cash, Cash Equivalents and Short-Term Investments | 108.16B | 97.07B | 99.88B | 121.52B | 128.31B | 99.76B |
| Total Debt | 96.38B | 72.30B | 41.94B | 14.83B | 12.46B | 10.68B |
| Total Liabilities | 163.30B | 132.96B | 102.85B | 84.16B | 85.61B | 64.83B |
| Stockholders Equity | 321.35B | 321.52B | 331.31B | 318.65B | 280.56B | 236.52B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.88B | 9.81B | 4.70B | 28.01B | 22.10B |
| 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 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥19.68T | 39.99 | 13.44% | 0.77% | 16.95% | 23.91% | |
72 Outperform | ¥717.91B | 50.95 | 4.24% | 1.61% | 5.36% | -24.06% | |
72 Outperform | ¥1.08T | 28.65 | 11.31% | 2.11% | 8.38% | 8.43% | |
72 Outperform | ¥419.45B | 19.01 | ― | 1.61% | -8.82% | 18.33% | |
70 Outperform | ¥1.21T | 19.55 | 11.50% | 1.61% | 4.02% | 13.81% | |
69 Neutral | ¥203.22B | 26.51 | 31.69% | 1.27% | 31.13% | 51.29% | |
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 Nears 20 Billion Yen Cap in Completed Share Buyback
Aug 3, 2026
Hamamatsu Photonics K.K. has completed a share repurchase program authorized by its board in November 2025, aimed at acquiring up to 15 million common shares for a total of up to 20 billion yen through market purchases on the Tokyo Stock Exchange....
Hamamatsu Photonics Reports Progress on Large-Scale Share Buyback Program
Jul 1, 2026
Hamamatsu Photonics has disclosed the latest status of its ongoing share repurchase program, reporting the acquisition of 639,900 common shares for a total of about 1.72 billion yen between June 1 and June 30, 2026. This buyback forms part of a br...
Hamamatsu Photonics Advances Large-Scale Share Buyback Program
Jun 1, 2026
Hamamatsu Photonics has reported the latest progress on its ongoing share repurchase program, buying back 403,200 common shares for a total of about 1.12 billion yen between May 1 and May 31, 2026. This activity forms part of a broader board-appro...
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%...
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.