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Japanese maker of X-ray analysis and diffraction instruments used in materials research and semiconductor labs.
Japanese maker of X-ray analysis and diffraction instruments used in materials research and semiconductor labs.
Sells costly analytical instruments to labs and factories, and earns repeat income from consumables, service and software on the installed base. Chipmakers' metrology needs and research budgets drive orders. It listed in 2024 after a period of private-equity ownership.
In one line: A niche scientific-instruments maker like a smaller Bruker.
Moat: narrow (process know-how, brand). Specialized X-ray analysis expertise and instrument brand recognition among materials scientists.
Headquarters: Tokyo, Japan · Founded: 1951 · Employees: 1,971
Size Rigaku (268A.T) is a Japan Health Care company (Medical Specialties) with a market value of $1.66B, the 538th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,155 on 6 Nov 2026.
Performance Over six months the shares fell 57.2%, against +2.4% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +12.1%); the operating margin is 15.3% (peer median 9.7%).
Valuation It trades at 20.4× forward earnings against a peer median of 25.2× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +4 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 1.1 points below its cost of capital (8.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥93.0B | ¥94.2B | ¥90.7B | ¥79.9B | ¥62.7B |
| Revenue growth | — | +4% | +13% | +27% | — |
| Gross profit | ¥51.8B | ¥48.9B | ¥51.3B | ¥43.1B | ¥34.4B |
| EBITDA | ¥19.7B | ¥22.4B | ¥23.4B | ¥19.8B | ¥15.2B |
| Net income | ¥9.25B | ¥11.4B | ¥13.6B | ¥10.9B | ¥911M |
| Free cash flow | ¥640M | ¥3.56B | ¥8.74B | ¥8.94B | ¥4.67B |
| Capital expenditure | ¥5.59B | ¥6.65B | ¥6.36B | ¥2.83B | ¥2.72B |
| Total debt | ¥66.9B | ¥62.2B | ¥61.6B | ¥62.1B | ¥63.3B |
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 |
|---|---|---|---|---|---|---|
| Rigaku 268A.T | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% |
| JEOL 6951.T | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% |
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 | 268A.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.0% | +2.5% | lowest of 21 |
| 6-month return | -57.2% | +2.4% | lowest of 20 |
| Distance from 52-week high | -66.0% | -21.1% | lowest of 21 |
| Revenue growth (TTM) | +4.9% | +12.1% | 8th lowest of 21 |
| Operating margin | 15.3% | 9.7% | 8th highest of 21 |
| Forward P/E | 20.4× | 25.2× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 18.8% | 11.7% | 4th most demanding of 13 |
| Growth delivered (Del g) | +14.5% | +11.3% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +4.2 pp | -3.8 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -1.1 pp | -0.0 pp | 11th highest of 21 |
| EV / EBITDA | 15.3× | 22.7× | 5th cheapest of 12 |
| Net debt / EBITDA | 2.0× | 0.9× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Enovis ENOV | United States | $1.57B | +2% | +5% | 3% | 7.7× | 22.3% | -6.0% |
| NIPRO 8086.T | Japan | $1.55B | -9% | +3% | 6% | 14.9× | n/a | n/a |
| NovoCure NVCR | United States | $1.55B | -26% | +13% | -17% | n/a | n/a | n/a |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| CONMED CNMD | United States | $1.53B | +40% | +2% | 2% | 11.1× | 32.4% | +9.8% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |