Loading…
Chinese maker of electronic test and measurement instruments, including oscilloscopes and signal generators, rivaling Keysight/Tektronix.
Chinese maker of electronic test and measurement instruments, including oscilloscopes and signal generators, rivaling Keysight/Tektronix.
Earns from selling instruments, with oscilloscopes at the centre, mostly through distributors, at lower prices than the US leaders, and overseas markets are a large part of sales alongside mainland China. This is the Hong Kong listing of the same company that trades in Shanghai.
In one line: China's Tektronix/Keysight for lab test equipment.
Moat: narrow (brand, IP / patents, distribution). Strong value-for-money brand recognition among engineers, though trails Keysight/Tektronix at the high end.
Headquarters: Suzhou, China · Founded: 1998 · Employees: 699
Size Rigol Technologies (0537.HK) is a Hong Kong Information Technology company (Electronic Equipment/Instruments) with a market value of $989M, the 598th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$16.11 on 6 Nov 2026.
Growth Revenue grew 33.1% over the last twelve months (peer median +9.2%); the operating margin is 8.9% (peer median 4.8%).
Valuation It trades at 21.2× forward earnings against a peer median of 29.1× (6th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.9 points below its cost of capital (20.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.21B | HK$970M | HK$838M | HK$739M | HK$731M |
| Revenue growth | — | +16% | +13% | +1% | — |
| Gross profit | HK$665M | HK$462M | HK$434M | HK$383M | HK$363M |
| EBITDA | n/a | HK$126M | HK$99.7M | HK$96.8M | HK$67.1M |
| Net income | HK$117M | HK$93.4M | HK$100M | HK$119M | HK$108M |
| Free cash flow | HK$171M | HK$101M | -HK$22.4M | -HK$180M | -HK$150M |
| Capital expenditure | HK$35.6M | HK$66.2M | HK$157M | HK$176M | HK$307M |
| Total debt | HK$44.0M | HK$119M | HK$432M | HK$121M | HK$4.31M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Rigol Technologies 0537.HK | $989M | n/a | +33% | 9% | 21.2× | 35.8% |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Fortive FTV | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% |
| Siglent Technologies 688112.SS | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0537.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.6% | -9.3% | 2nd lowest of 21 |
| Distance from 52-week high | -57.6% | -44.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +33.1% | +9.2% | 3rd highest of 21 |
| Operating margin | 8.9% | 4.8% | 9th highest of 21 |
| Forward P/E | 21.2× | 29.1× | 6th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 35.8% | 5.0% | most demanding of 7 |
| Growth delivered (Del g) | +19.6% | +11.8% | highest of 7 |
| Hurdle (Req g minus delivered) | +16.2 pp | -5.6 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | -11.9 pp | -1.0 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rigol Technologies 0537.HK | Hong Kong | $989M | n/a | +33% | 9% | 21.2× | 35.8% | +19.6% |
| Camelot Electronics Technology 301282.SZ | China | $992M | +12% | +58% | 7% | n/a | n/a | n/a |
| Wuxi Xinje Electric 603416.SS | China | $984M | -22% | +26% | 9% | 21.1× | 19.8% | +12.2% |
| Park Systems 140860.KS | South Korea | $965M | -35% | -6% | 12% | 30.3× | n/a | n/a |
| Suzhou Sushi Testing 300416.SZ | China | $957M | -26% | +8% | 15% | 23.0× | 2.6% | +13.7% |
| Transcat TRNS | United States | $955M | +33% | +20% | 5% | 45.0× | 30.3% | +13.9% |
| Asia Optical 3019.TW | Taiwan | $1.04B | -14% | +13% | 10% | 16.2× | 0.1% | +10.9% |
| Henan Yicheng New Energy 300080.SZ | China | $1.05B | -17% | -13% | -21% | n/a | n/a | n/a |
| Riken Keiki 7734.T | Japan | $930M | -7% | +11% | 22% | 13.8× | 2.6% | +11.4% |
| Sidea Semiconductor Equipment (Shenzhen) 301629.SZ | China | $924M | -39% | -27% | 0% | 147.2× | n/a | n/a |
| Jiangsu Wuyang Automation Control Technology 300420.SZ | China | $921M | +51% | -10% | 5% | n/a | n/a | n/a |
| Toshiba Tec 6588.T | Japan | $918M | -2% | +7% | 3% | 11.3× | n/a | n/a |
| RoboSense Technology Company 2498.HK | Hong Kong | $914M | -55% | +32% | -22% | n/a | n/a | n/a |
| Uni-Trend Technology (China) 688628.SS | China | $1.07B | -34% | +33% | 15% | 29.1× | n/a | n/a |
| Feitian Technologies 300386.SZ | China | $909M | -17% | -20% | -20% | n/a | n/a | n/a |
| Shenzhen Clou Electronics 002121.SZ | China | $1.11B | -36% | +40% | -5% | 29.5× | n/a | n/a |
| Fujian Acetron New Materials 300706.SZ | China | $873M | -11% | +19% | 3% | n/a | n/a | n/a |
| Ventec International 6672.TW | Taiwan | $1.15B | +110% | +20% | 13% | 30.6× | n/a | n/a |
| Xi'an Manareco New Materials 688550.SS | China | $850M | -19% | -2% | 13% | 15.6× | 7.4% | +9.8% |
| Kinpo Electronics 2312.TW | Taiwan | $1.16B | -8% | -7% | 3% | n/a | n/a | n/a |
| Shanghai Ruking Technologies 301525.SZ | China | $838M | -13% | -2% | 1% | 43.8× | n/a | n/a |