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Makes clinical laboratory diagnostic instruments, especially blood/hematology analyzers, sold to hospitals worldwide.
Makes clinical laboratory diagnostic instruments, especially blood/hematology analyzers, sold to hospitals worldwide.
Analyzers are sold or leased to labs at modest margins, and reagents are ordered continually for each test run, so reagents and service on the installed base provide most of the recurring revenue and profit. Most sales are outside Japan.
In one line: A global hematology-diagnostics leader, like a smaller Danaher diagnostics arm.
Moat: wide (installed base, switching costs, regulatory licence). Installed analyzer base locks in recurring reagent sales; regulatory approvals are high barriers.
Headquarters: Kobe, Japan · Founded: 1968 · Employees: 10,861
Size Sysmex (6869.T) is a Japan Health Care company (Medical Specialties) with a market value of $7.89B, the 164th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,066 on 6 Nov 2026.
Performance Over six months the shares gained 49.9%, against +30.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median +2.7%); the operating margin is 13.1% (peer median 16.9%).
Valuation It trades at 31.2× forward earnings against a peer median of 21.0× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (5.9% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥525B | ¥500B | ¥509B | ¥462B | ¥411B |
| Revenue growth | — | -2% | +10% | +12% | — |
| Gross profit | ¥268B | ¥256B | ¥272B | ¥242B | ¥216B |
| EBITDA | ¥117B | ¥109B | ¥129B | ¥113B | ¥104B |
| Net income | ¥39.6B | ¥35.5B | ¥53.7B | ¥49.6B | ¥45.8B |
| Free cash flow | ¥66.4B | ¥40.9B | ¥59.0B | ¥38.3B | ¥51.4B |
| Capital expenditure | ¥49.9B | ¥52.0B | ¥51.0B | ¥51.0B | ¥43.2B |
| Total debt | ¥124B | ¥70.5B | ¥64.7B | ¥55.3B | ¥22.6B |
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 |
|---|---|---|---|---|---|---|
| Sysmex 6869.T | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% |
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Horiba 6856.T | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% |
| Nihon Kohden 6849.T | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% |
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 | 6869.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | +10.1% | 10th lowest of 21 |
| 6-month return | +49.9% | +30.6% | 8th highest of 21 |
| Distance from 52-week high | -1.9% | -10.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.5% | +2.7% | 10th highest of 21 |
| Operating margin | 13.1% | 16.9% | 8th lowest of 21 |
| Forward P/E | 31.2× | 21.0× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.4% | 10.9% | 3rd least demanding of 20 |
| Growth delivered (Del g) | +10.4% | +9.8% | 9th highest of 20 |
| Hurdle (Req g minus delivered) | -6.0 pp | +0.9 pp | 6th least demanding of 20 |
| ROIC minus cost of capital | +3.7 pp | +2.7 pp | 9th highest of 21 |
| EV / EBITDA | 10.8× | 15.9× | 2nd cheapest of 18 |
| Net debt / EBITDA | 0.1× | 1.2× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Bausch + Lomb BLCO.TO | Canada | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% | +10.0% |
| Shenzhen New Industries Biomedical Engineering 300832.SZ | China | $7.11B | +25% | +7% | 43% | 25.5× | 2.1% | +15.7% |
| Cochlear COH.AX | Australia | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% | +9.3% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Lantheus LNTH | United States | $6.57B | +8% | +2% | 19% | 17.5× | -0.5% | +35.3% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| APT Medical 688617.SS | China | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% | +40.1% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Haemonetics HAE | United States | $5.46B | +118% | 0% | 18% | 21.6× | 10.9% | +8.9% |
| GRAIL GRAL | United States | $5.42B | +67% | +23% | -323% | n/a | n/a | n/a |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |