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Maker of test-and-measurement instruments for telecom networks (5G) and food/pharma inspection equipment.
Maker of test-and-measurement instruments for telecom networks (5G) and food/pharma inspection equipment.
Instrument orders come mostly when handset, chip and network-equipment makers are developing a new mobile generation, so sales peak around network standard changes. Its food and pharmaceutical inspection systems, such as metal detectors and X-ray checks, sell to factories and follow factory investment instead.
In one line: Japan's Keysight Technologies, telecom-test focused.
Moat: narrow (IP / patents, customer qualification). Deep qualification inside carrier/device test labs and test-standard IP for new mobile generations.
Headquarters: Atsugi, Japan · Founded: 1895 · Employees: 4,114
Size Anritsu (6754.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $1.87B, the 507th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,214 on 6 Nov 2026.
Performance Over six months the shares fell 45.2%, against -17.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 21.3% over the last twelve months (peer median +6.0%); the operating margin is 15.2% (peer median 7.5%).
Valuation It trades at 16.3× forward earnings against a peer median of 17.3× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +9 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 4.7 points above its cost of capital (11.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥135B | ¥117B | ¥113B | ¥110B | ¥111B |
| Revenue growth | — | +4% | +3% | -1% | — |
| Gross profit | ¥72.2B | ¥57.8B | ¥52.9B | ¥50.2B | ¥52.9B |
| EBITDA | ¥27.1B | ¥20.3B | ¥18.0B | ¥15.5B | ¥17.2B |
| Net income | ¥14.4B | ¥11.7B | ¥9.26B | ¥7.67B | ¥9.27B |
| Free cash flow | ¥14.2B | ¥13.8B | ¥18.6B | ¥13.9B | ¥1.97B |
| Capital expenditure | ¥5.40B | ¥5.27B | ¥3.73B | ¥3.79B | ¥4.14B |
| Total debt | ¥3.56B | ¥6.75B | ¥6.07B | ¥7.19B | ¥6.58B |
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 |
|---|---|---|---|---|---|---|
| Anritsu 6754.T | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Viavi Solutions VIAV | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% |
| Yokogawa Electric 6841.T | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% |
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 | 6754.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.8% | -6.6% | lowest of 21 |
| 6-month return | -45.2% | -17.9% | 2nd lowest of 21 |
| Distance from 52-week high | -54.4% | -44.9% | 6th lowest of 21 |
| Revenue growth (TTM) | +21.3% | +6.0% | 6th highest of 21 |
| Operating margin | 15.2% | 7.5% | 4th highest of 21 |
| Forward P/E | 16.3× | 17.3× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 11.3% | 16.7% | 6th least demanding of 15 |
| Growth delivered (Del g) | +2.1% | +10.3% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +9.2 pp | -0.2 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | +4.7 pp | -0.7 pp | 5th highest of 21 |
| EV / EBITDA | 9.1× | 7.3× | 3rd most expensive of 7 |
| Net debt / EBITDA | -1.8× | -1.0× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Keli Sensing Technology (Ningbo) 603662.SS | China | $2.28B | -4% | +24% | 19% | 51.6× | 24.7% | +13.4% |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |