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Maker of medical devices: catheters, blood-management systems and infusion/hospital products.
Maker of medical devices: catheters, blood-management systems and infusion/hospital products.
Sells single-use devices that hospitals and blood centers reorder, so revenue is repeat purchasing rather than one-off equipment. Overseas markets account for most of sales. It bought the US blood-technology business now called Terumo BCT in 2011, which gave it a large presence in blood processing.
In one line: Japan's Becton Dickinson/Boston Scientific.
Moat: narrow (IP / patents, regulatory licence, installed base). Long-standing regulatory approvals and hospital-purchasing relationships across catheter/blood-device lines.
Headquarters: Tokyo, Japan · Founded: 1921 · Employees: 31,185
Size Terumo (4543.T) is a Japan Health Care company (Medical Specialties) with a market value of $23.4B, the 72nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,500 on 6 Nov 2026.
Performance Over six months the shares gained 25.2%, against +30.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +6.4%); the operating margin is 16.9% (peer median 19.1%).
Valuation It trades at 24.6× forward earnings against a peer median of 27.0× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (7.0% WACC).
Credit Terumo has 1 bond outstanding ($500M), rated A- by the agencies and trading like BBB+ at a weighted spread of 77 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.18T | ¥1.13T | ¥1.04T | ¥922B | ¥820B |
| Revenue growth | — | +9% | +12% | +12% | — |
| Gross profit | ¥628B | ¥566B | ¥533B | ¥454B | ¥394B |
| EBITDA | ¥301B | ¥280B | ¥264B | ¥211B | ¥188B |
| Net income | ¥164B | ¥136B | ¥117B | ¥106B | ¥89.3B |
| Free cash flow | ¥192B | ¥146B | ¥142B | ¥85.6B | ¥64.8B |
| Capital expenditure | ¥101B | ¥102B | ¥82.4B | ¥78.8B | ¥72.2B |
| Total debt | ¥389B | ¥427B | ¥214B | ¥269B | ¥267B |
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 |
|---|---|---|---|---|---|---|
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
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 | 4543.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | +12.6% | 7th lowest of 21 |
| 6-month return | +25.2% | +30.4% | 8th lowest of 21 |
| Distance from 52-week high | -7.0% | -9.2% | 9th highest of 21 |
| Revenue growth (TTM) | +14.1% | +6.4% | 4th highest of 21 |
| Operating margin | 16.9% | 19.1% | 9th lowest of 21 |
| Forward P/E | 24.6× | 27.0× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 14.5% | 7th least demanding of 19 |
| Growth delivered (Del g) | +13.0% | +7.9% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -4.3 pp | +4.6 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +1.0 pp | +3.3 pp | 8th lowest of 21 |
| EV / EBITDA | 12.5× | 19.5× | 5th cheapest of 18 |
| Net debt / EBITDA | 0.2× | 1.6× | 5th least indebted of 18 |
| Bond spread | 77 bp | 88 bp | 3rd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
Terumo has 1 bond outstanding with $500M face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.40%, a spread of 77 bp over government bonds.