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Leading Japanese maker of patient monitors, ECG machines and defibrillators used in hospitals worldwide.
Leading Japanese maker of patient monitors, ECG machines and defibrillators used in hospitals worldwide.
Sells monitors and diagnostic equipment to hospitals, with disposables such as electrodes and sensors and service contracts keeping revenue coming after the machine is installed. Japanese hospital spending sets the base, and overseas markets, including the US, are a growing share.
In one line: Japan's GE Healthcare for patient monitoring.
Moat: narrow (installed base, brand, regulatory licence). Leading share and installed base in Japanese hospital patient monitoring, expanding overseas on brand trust.
Headquarters: Tokyo, Japan · Founded: 1951 · Employees: 6,116
Size Nihon Kohden (6849.T) is a Japan Health Care company (Medical Specialties) with a market value of $1.63B, the 545th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,565 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against -4.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +11.7%); the operating margin is 7.0% (peer median 12.7%).
Valuation It trades at 17.6× forward earnings against a peer median of 25.2× (6th cheapest of 17).
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 +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points above its cost of capital (5.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥232B | ¥235B | ¥225B | ¥222B | ¥207B |
| Revenue growth | — | +4% | +2% | +7% | — |
| Gross profit | ¥121B | ¥118B | ¥114B | ¥109B | ¥103B |
| EBITDA | ¥22.2B | ¥24.6B | ¥24.9B | ¥23.4B | ¥24.9B |
| Net income | ¥13.6B | ¥14.5B | ¥14.1B | ¥17.0B | ¥17.1B |
| Free cash flow | ¥17.6B | ¥15.3B | ¥8.16B | ¥12.0B | -¥9.97B |
| Capital expenditure | ¥7.55B | ¥7.86B | ¥8.71B | ¥4.79B | ¥8.26B |
| Total debt | ¥24.4B | ¥25.2B | ¥26.1B | ¥654M | ¥441M |
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 |
|---|---|---|---|---|---|---|
| Nihon Kohden 6849.T | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Fukuda Denshi 6960.T | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% |
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 | 6849.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | +0.3% | 10th lowest of 21 |
| 6-month return | +8.3% | -4.0% | 8th highest of 20 |
| Distance from 52-week high | -17.0% | -22.1% | 6th highest of 21 |
| Revenue growth (TTM) | +1.4% | +11.7% | 3rd lowest of 21 |
| Operating margin | 7.0% | 12.7% | 8th lowest of 21 |
| Forward P/E | 17.6× | 25.2× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -2.1% | 18.1% | 2nd least demanding of 14 |
| Growth delivered (Del g) | +3.3% | +14.5% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -5.4 pp | -0.5 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +2.4 pp | +0.6 pp | 10th highest of 21 |
| EV / EBITDA | 10.3× | 19.2× | 3rd cheapest of 11 |
| Net debt / EBITDA | -1.2× | 1.5× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| 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 |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| NovoCure NVCR | United States | $1.55B | -26% | +13% | -17% | 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 |
| CONMED CNMD | United States | $1.53B | +40% | +2% | 2% | 11.1× | 32.4% | +9.8% |
| 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% |
| 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% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Beijing Balance Medical Technology 688198.SS | China | $1.47B | -26% | +10% | 28% | 46.6× | 22.6% | +27.6% |
| Suzhou Sepax Technologies 688758.SS | China | $1.45B | +19% | +28% | 40% | 50.8× | 24.7% | +23.6% |