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Leading maker of specialty light sources — UV, xenon and LED lamps — used in semiconductor lithography, displays and curing.
Leading maker of specialty light sources — UV, xenon and LED lamps — used in semiconductor lithography, displays and curing.
Lamps are consumables that burn out, so every installed lithography tool, projector or curing line brings repeat replacement orders on top of new-equipment sales. Through its Christie Digital subsidiary it also sells complete cinema and display projectors, not just the lamps inside them.
In one line: A light-source specialist with no direct US pure-play peer.
Moat: narrow (IP / patents, process know-how, customer qualification). Deep qualification inside lithography and projector supply chains; hard to re-source mid-tool.
Headquarters: Tokyo, Japan · Founded: 1964 · Employees: 5,898
Size Ushio (6925.T) is a Japan Industrials company (Electrical Products) with a market value of $1.37B, the 601st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,684 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -25.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +15.7%); the operating margin is 8.4% (peer median 3.5%).
Valuation It trades at 17.6× forward earnings against a peer median of 22.0× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points below its cost of capital (8.5% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥190B | ¥179B | ¥178B | ¥179B | ¥175B |
| Revenue growth | — | +1% | -1% | +3% | — |
| Gross profit | ¥71.4B | ¥65.5B | ¥62.2B | ¥64.9B | ¥63.2B |
| EBITDA | ¥25.2B | ¥20.7B | ¥16.8B | ¥21.4B | ¥23.6B |
| Net income | ¥13.9B | ¥8.00B | ¥6.80B | ¥10.8B | ¥13.7B |
| Free cash flow | n/a | ¥9.54B | ¥6.78B | ¥1.03B | -¥6.90B |
| Capital expenditure | n/a | ¥9.45B | ¥15.6B | ¥10.0B | ¥8.12B |
| Total debt | ¥74.7B | ¥74.6B | ¥41.6B | ¥33.2B | ¥8.32B |
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 |
|---|---|---|---|---|---|---|
| Ushio 6925.T | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% |
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
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 | 6925.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.6% | -2.8% | lowest of 21 |
| 6-month return | -15.1% | -25.5% | 6th highest of 20 |
| Distance from 52-week high | -48.0% | -48.5% | 11th highest of 21 |
| Revenue growth (TTM) | +6.4% | +15.7% | 6th lowest of 20 |
| Operating margin | 8.4% | 3.5% | 4th highest of 20 |
| Forward P/E | 17.6× | 22.0× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 14.6% | 5th least demanding of 10 |
| Growth delivered (Del g) | +8.6% | +13.9% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -0.4 pp | -10.5 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -3.6 pp | -4.3 pp | 10th highest of 20 |
| EV / EBITDA | 8.6× | 14.9× | cheapest of 5 |
| Net debt / EBITDA | 0.0× | 1.0× | 2nd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% | +8.6% |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% | +38.1% |
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% | +14.8% |
| Allient ALNT | United States | $1.38B | +22% | +11% | 9% | 22.8× | 27.9% | +8.6% |
| Ocean's King Lighting Science & Technology 002724.SZ | China | $1.39B | +89% | -3% | 6% | n/a | 21.3% | +0.3% |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| Eaglerise Electric & Electronic (China) 002922.SZ | China | $1.39B | -44% | +14% | 6% | 25.0× | n/a | n/a |
| Vanchip (Tianjin) Technology 688153.SS | China | $1.41B | -31% | 0% | -8% | n/a | n/a | n/a |
| Amara Raja Energy & Mobility ARE&M.NS | India | $1.41B | -19% | +16% | 6% | 15.5× | n/a | n/a |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 44.2× | n/a | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% | +15.6% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | n/a | n/a | n/a |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 15.2× | -0.1% | +13.9% |