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Makes precision measurement instruments for automotive emissions testing, semiconductors and scientific research.
Makes precision measurement instruments for automotive emissions testing, semiconductors and scientific research.
Sells measuring instruments, then adds service, calibration and replacement parts across each instrument's life. Automotive test systems depend on carmakers' development budgets, while the semiconductor division, mostly fluid-control devices used in chip-making equipment, rises and falls with chip-plant spending and has grown into a major earner.
In one line: A specialized instruments maker like a smaller Agilent/MKS Instruments.
Moat: narrow (process know-how, customer qualification). Deep measurement-science expertise qualified into regulatory/manufacturing test standards.
Headquarters: Kyoto, Japan · Founded: 1945 · Employees: 9,101
Size Horiba (6856.T) is a Japan Industrials company (Industrial Machinery) with a market value of $4.79B, the 251st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥18,025 on 6 Nov 2026.
Performance Over six months the shares fell 16.9%, against -17.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 12.5% over the last twelve months (peer median +11.1%); the operating margin is 16.9% (peer median 13.7%).
Valuation It trades at 14.4× forward earnings against a peer median of 20.7× (4th cheapest of 18).
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 +12%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (12.4% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥364B | ¥333B | ¥317B | ¥291B | ¥270B |
| Revenue growth | — | +5% | +9% | +8% | — |
| Gross profit | ¥160B | ¥146B | ¥137B | ¥127B | ¥117B |
| EBITDA | ¥76.6B | ¥66.8B | ¥61.4B | ¥59.9B | ¥57.2B |
| Net income | ¥43.0B | ¥37.1B | ¥33.6B | ¥40.3B | ¥34.1B |
| Free cash flow | n/a | ¥29.1B | ¥22.2B | ¥7.80B | ¥22.3B |
| Capital expenditure | n/a | ¥26.1B | ¥19.4B | ¥9.17B | ¥12.1B |
| Total debt | ¥62.9B | ¥72.0B | ¥69.5B | ¥64.8B | ¥71.3B |
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 |
|---|---|---|---|---|---|---|
| Horiba 6856.T | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% |
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
| Shimadzu 7701.T | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
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 | 6856.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.0% | -9.5% | 5th lowest of 21 |
| 6-month return | -16.9% | -17.9% | 10th highest of 20 |
| Distance from 52-week high | -40.1% | -45.7% | 11th highest of 21 |
| Revenue growth (TTM) | +12.5% | +11.1% | 9th highest of 21 |
| Operating margin | 16.9% | 13.7% | 7th highest of 21 |
| Forward P/E | 14.4× | 20.7× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 11.2% | 12.6% | 6th least demanding of 13 |
| Growth delivered (Del g) | +12.2% | +9.5% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | -1.0 pp | +3.8 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +4.2 pp | -1.2 pp | 7th highest of 21 |
| EV / EBITDA | 8.4× | 14.3× | 2nd cheapest of 10 |
| Net debt / EBITDA | -1.4× | 1.1× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Horiba 6856.T | Japan | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% | +12.2% |
| UBTECH ROBOTICS 9880.HK | Hong Kong | $4.73B | -41% | +90% | -21% | n/a | n/a | n/a |
| AAON AAON | United States | $4.72B | -59% | +54% | 11% | 20.7× | n/a | n/a |
| Hangcha 603298.SS | China | $4.71B | -12% | +7% | 12% | 13.3× | 2.9% | +9.1% |
| Wuhan DR Laser Technology 300776.SZ | China | $4.69B | -24% | -23% | 19% | 37.9× | 51.8% | +13.6% |
| Circuit Fabology Microelectronics Equipment 9630.HK | Hong Kong | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% | +34.4% |
| Neway Valve (Suzhou) 603699.SS | China | $4.66B | -36% | +11% | 26% | 17.9× | 10.0% | +16.5% |
| HOSHIZAKI 6465.T | Japan | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% | +15.3% |
| Renishaw RSW.L | United Kingdom | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% | +7.5% |
| Rainbow Robotics 277810.KS | South Korea | $4.59B | -52% | +92% | -16% | 653.8× | n/a | n/a |
| Interpump IP.MI | Italy | $4.57B | +3% | +1% | 14% | 16.8× | 12.6% | +9.9% |
| Kion KGX.DE | Germany | $5.05B | -25% | +3% | 6% | 10.4× | n/a | n/a |
| Alliance Laundry ALH | United States | $4.49B | -11% | +10% | 19% | 16.4× | 15.2% | +7.5% |
| ESAB ESAB | United States | $5.15B | -18% | +11% | 13% | 14.0× | 12.7% | +7.8% |
| Jusung Engineering 036930.KS | South Korea | $4.39B | +5% | -33% | 0% | 145.3× | n/a | n/a |
| Leo 002131.SZ | China | $4.33B | -34% | +10% | -1% | n/a | n/a | n/a |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |
| Rotork ROR.L | United Kingdom | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% | +5.2% |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| Zhejiang Shuanghuan Driveline 002472.SZ | China | $5.46B | +9% | +15% | 15% | 26.9× | 11.0% | +20.0% |
| Enpro NPO | United States | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% | +1.3% |