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Japanese maker of blood glucose monitors and diagnostics, spun off from Panasonic's healthcare division.
Japanese maker of blood glucose monitors and diagnostics, spun off from Panasonic's healthcare division.
Gets much of its income from Ascensia, the diabetes-care business bought from Bayer in 2016, whose meters feed recurring test-strip sales, while laboratory instruments and hospital systems add a steadier second line. Originally Panasonic's healthcare arm, it passed to the private-equity investor KKR in 2014 and listed in 2021.
In one line: Japan's version of a smaller Abbott (diabetes care/diagnostics).
Moat: narrow (installed base, brand, regulatory licence). Installed meter base creates recurring test-strip sales; regulatory approvals are a barrier to entry.
Headquarters: Tokyo, Japan · Founded: 2014 · Employees: 8,647
Size PHC (6523.T) is a Japan Health Care company (Medical Specialties) with a market value of $1.09B, the 699th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,347 on 6 Nov 2026.
Performance Over six months the shares gained 35.5%, against -13.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +13.7%); the operating margin is 7.2% (peer median 7.2%).
Valuation It trades at 7.9× forward earnings against a peer median of 33.7× (2nd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (5.4% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥371B | ¥364B | ¥362B | ¥354B | ¥356B |
| Revenue growth | — | +1% | +2% | -1% | — |
| Gross profit | ¥170B | ¥148B | ¥148B | ¥140B | ¥150B |
| EBITDA | ¥53.7B | ¥47.7B | ¥49.8B | ¥36.2B | ¥57.5B |
| Net income | ¥9.17B | ¥492M | ¥10.5B | -¥12.9B | -¥3.22B |
| Free cash flow | ¥41.8B | ¥33.4B | ¥30.3B | ¥26.7B | ¥9.86B |
| Capital expenditure | ¥9.58B | ¥9.09B | ¥11.6B | ¥14.6B | ¥11.5B |
| Total debt | ¥229B | ¥251B | ¥269B | ¥300B | ¥307B |
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.
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 | 6523.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.8% | +1.2% | 5th lowest of 21 |
| 6-month return | +35.5% | -13.9% | 3rd highest of 20 |
| Distance from 52-week high | -20.5% | -38.2% | 5th highest of 21 |
| Revenue growth (TTM) | +3.0% | +13.7% | 5th lowest of 20 |
| Operating margin | 7.2% | 7.2% | 10th lowest of 20 |
| Forward P/E | 7.9× | 33.7× | 2nd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | 10.0% | least demanding of 10 |
| Growth delivered (Del g) | +3.6% | +9.9% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -5.9 pp | +1.3 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | -0.2 pp | -5.8 pp | 7th highest of 20 |
| EV / EBITDA | 6.7× | 29.1× | cheapest of 6 |
| Net debt / EBITDA | 3.5× | 4.9× | 3rd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PHC 6523.T | Japan | $1.09B | +36% | +3% | 7% | 7.9× | -2.3% | +3.6% |
| Tinavi Medical Technologies 688277.SS | China | $1.08B | -30% | -2% | -59% | n/a | n/a | n/a |
| SI-BONE SIBN | United States | $1.09B | +98% | +14% | -8% | n/a | n/a | n/a |
| Freenome FRNM | United States | $1.09B | n/a | n/a | n/a | n/a | n/a | n/a |
| INKON Life Technology 300143.SZ | China | $1.08B | -14% | +22% | 12% | 55.2× | 12.4% | +12.9% |
| Amoy Diagnostics 300685.SZ | China | $1.10B | -14% | +7% | 34% | 20.9× | 6.5% | +10.3% |
| IRadimed IRMD | United States | $1.10B | 0% | +11% | 32% | 36.0× | 19.1% | +21.5% |
| L&C BIO 290650.KS | South Korea | $1.07B | -17% | +53% | 17% | 213.2× | n/a | n/a |
| Beijing Wandong Medical Technology 600055.SS | China | $1.11B | -27% | -11% | -33% | n/a | n/a | n/a |
| Beijing Strong Biotechnologies 300406.SZ | China | $1.13B | +1% | -4% | 36% | 18.2× | 1.5% | +9.9% |
| Edan Instruments 300206.SZ | China | $1.05B | -19% | +14% | 17% | 18.8× | 7.7% | -2.9% |
| Integra LifeSciences IART | United States | $1.04B | -4% | +1% | 12% | 5.8× | 5.2% | +3.6% |
| Mingyue Optical Lens 301101.SZ | China | $1.14B | +6% | +14% | 25% | 33.7× | 10.0% | +8.8% |
| Ceribell CBLL | United States | $1.03B | +32% | +31% | -70% | n/a | n/a | n/a |
| Alphatec ATEC | United States | $1.15B | -1% | +15% | -3% | 15.0× | n/a | n/a |
| Inno Laser Technology 301021.SZ | China | $1.16B | -18% | +17% | 9% | n/a | 53.9% | +8.6% |
| Tandem Diabetes Care TNDM | United States | $1.18B | +9% | +4% | -4% | n/a | n/a | n/a |
| PROCEPT BioRobotics PRCT | United States | $1.18B | -19% | +23% | -34% | n/a | n/a | n/a |
| Castle Biosciences CSTL | United States | $993M | +64% | +3% | -9% | n/a | n/a | n/a |
| Artivion AORT | United States | $985M | -20% | +16% | 7% | 3,912.9× | n/a | n/a |
| HOB Biotech 688656.SS | China | $972M | -22% | +6% | 7% | 188.9× | 40.1% | +12.4% |