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Chinese maker of oscilloscopes, signal generators and other test-and-measurement instruments.
Chinese maker of oscilloscopes, signal generators and other test-and-measurement instruments.
Sells instruments mainly through distributors at prices below Keysight and Tektronix, with overseas sales a large part of the mix alongside mainland China. Oscilloscopes carry the line, and engineers who learn on its instruments in university labs tend to buy the next model.
In one line: A smaller, China-based Tektronix/Keysight for bench instruments.
Moat: narrow (brand, distribution). Recognised value-instrument brand with broad distribution against premium US/Japanese rivals.
Headquarters: Suzhou, China · Founded: 1998 · Employees: 699
Size Rigol Technologies (688337.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $990M, the 2319th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.23 on 6 Nov 2026.
Performance Over six months the shares fell 45.0%, against -15.3% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 27.0% over the last twelve months (peer median +9.2%); the operating margin is 9.0% (peer median 4.8%).
Valuation It trades at 51.4× forward earnings against a peer median of 29.1× (2nd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +4 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 below its cost of capital (12.2% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.06B | CN¥894M | CN¥773M | CN¥668M | CN¥629M |
| Revenue growth | — | +16% | +16% | +6% | — |
| Gross profit | CN¥587M | CN¥426M | CN¥400M | CN¥346M | CN¥312M |
| EBITDA | n/a | CN¥116M | CN¥91.9M | CN¥87.6M | CN¥57.7M |
| Net income | CN¥104M | CN¥86.1M | CN¥92.3M | CN¥108M | CN¥92.5M |
| Free cash flow | CN¥154M | CN¥92.9M | -CN¥20.6M | -CN¥163M | -CN¥129M |
| Capital expenditure | CN¥31.3M | CN¥61.1M | CN¥145M | CN¥159M | CN¥264M |
| Total debt | CN¥37.6M | CN¥107M | CN¥406M | CN¥110M | CN¥3.83M |
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 |
|---|---|---|---|---|---|---|
| Rigol Technologies 688337.SS | $990M | -45% | +27% | 9% | 51.4× | 24.5% |
| Uni-Trend Technology (China) 688628.SS | $1.07B | -34% | +33% | 15% | 29.1× | n/a |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Fortive FTV | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% |
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 | 688337.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.5% | -9.3% | 2nd lowest of 21 |
| 6-month return | -45.0% | -15.3% | 2nd lowest of 21 |
| Distance from 52-week high | -59.4% | -44.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +27.0% | +9.2% | 5th highest of 21 |
| Operating margin | 9.0% | 4.8% | 9th highest of 21 |
| Forward P/E | 51.4× | 29.1× | 2nd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 24.5% | 5.0% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +20.5% | +11.8% | highest of 7 |
| Hurdle (Req g minus delivered) | +4.0 pp | -5.6 pp | 3rd most demanding of 7 |
| ROIC minus cost of capital | -4.7 pp | -1.0 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rigol Technologies 688337.SS | China | $990M | -45% | +27% | 9% | 51.4× | 24.5% | +20.5% |
| Camelot Electronics Technology 301282.SZ | China | $992M | +12% | +58% | 7% | n/a | n/a | n/a |
| Wuxi Xinje Electric 603416.SS | China | $984M | -22% | +26% | 9% | 21.1× | 19.8% | +12.2% |
| Park Systems 140860.KS | South Korea | $965M | -35% | -6% | 12% | 30.3× | n/a | n/a |
| Suzhou Sushi Testing 300416.SZ | China | $957M | -26% | +8% | 15% | 23.0× | 2.6% | +13.7% |
| Transcat TRNS | United States | $955M | +33% | +20% | 5% | 45.0× | 30.3% | +13.9% |
| Asia Optical 3019.TW | Taiwan | $1.04B | -14% | +13% | 10% | 16.2× | 0.1% | +10.9% |
| Henan Yicheng New Energy 300080.SZ | China | $1.05B | -17% | -13% | -21% | n/a | n/a | n/a |
| Riken Keiki 7734.T | Japan | $930M | -7% | +11% | 22% | 13.8× | 2.6% | +11.4% |
| Sidea Semiconductor Equipment (Shenzhen) 301629.SZ | China | $924M | -39% | -27% | 0% | 147.2× | n/a | n/a |
| Jiangsu Wuyang Automation Control Technology 300420.SZ | China | $921M | +51% | -10% | 5% | n/a | n/a | n/a |
| Toshiba Tec 6588.T | Japan | $918M | -2% | +7% | 3% | 11.3× | n/a | n/a |
| RoboSense Technology Company 2498.HK | Hong Kong | $914M | -55% | +32% | -22% | n/a | n/a | n/a |
| Uni-Trend Technology (China) 688628.SS | China | $1.07B | -34% | +33% | 15% | 29.1× | n/a | n/a |
| Feitian Technologies 300386.SZ | China | $909M | -17% | -20% | -20% | n/a | n/a | n/a |
| Shenzhen Clou Electronics 002121.SZ | China | $1.11B | -36% | +40% | -5% | 29.5× | n/a | n/a |
| Fujian Acetron New Materials 300706.SZ | China | $873M | -11% | +19% | 3% | n/a | n/a | n/a |
| Ventec International 6672.TW | Taiwan | $1.15B | +110% | +20% | 13% | 30.6× | n/a | n/a |
| Xi'an Manareco New Materials 688550.SS | China | $850M | -19% | -2% | 13% | 15.6× | 7.4% | +9.8% |
| Kinpo Electronics 2312.TW | Taiwan | $1.16B | -8% | -7% | 3% | n/a | n/a | n/a |
| Shanghai Ruking Technologies 301525.SZ | China | $838M | -13% | -2% | 1% | 43.8× | n/a | n/a |