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Japanese maker of electron microscopes and other scientific/analytical instruments for research and industry.
Japanese maker of electron microscopes and other scientific/analytical instruments for research and industry.
Sells large, high-priced instruments to labs, with service and parts after the sale, so installed machines keep generating income. Government and university budgets and chipmakers' R&D spending drive orders. It also makes electron-beam writers used to draw chip patterns in semiconductor manufacturing.
In one line: Japan's Thermo Fisher for electron microscopes.
Moat: narrow (process know-how, installed base, brand). Deep imaging/spectroscopy know-how and installed base among researchers worldwide.
Headquarters: Tokyo, Japan · Founded: 1949 · Employees: 3,731
Size JEOL (6951.T) is a Japan Health Care company (Medical Specialties) with a market value of $1.98B, the 488th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,106 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against -4.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 18.4% over the last twelve months (peer median +10.6%); the operating margin is 11.2% (peer median 12.7%).
Valuation It trades at 14.2× forward earnings against a peer median of 39.7× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +11 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 2.2 points below its cost of capital (12.5% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥164B | ¥179B | ¥197B | ¥174B | ¥163B |
| Revenue growth | — | -9% | +13% | +7% | — |
| Gross profit | ¥75.3B | ¥81.1B | ¥90.6B | ¥77.5B | ¥71.0B |
| EBITDA | ¥24.0B | ¥31.5B | ¥40.8B | ¥32.3B | ¥29.1B |
| Net income | ¥15.7B | ¥22.1B | ¥18.7B | ¥21.7B | ¥17.8B |
| Free cash flow | n/a | ¥2.51B | ¥20.1B | ¥12.1B | -¥2.68B |
| Capital expenditure | n/a | ¥15.1B | ¥4.26B | ¥3.48B | ¥6.39B |
| Total debt | ¥14.3B | ¥27.1B | ¥9.28B | ¥15.8B | ¥12.5B |
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 |
|---|---|---|---|---|---|---|
| JEOL 6951.T | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% |
| Rigaku 268A.T | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% |
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 | 6951.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.9% | +0.3% | 3rd lowest of 21 |
| 6-month return | -2.7% | -4.5% | 9th highest of 21 |
| Distance from 52-week high | -34.0% | -28.8% | 9th lowest of 21 |
| Revenue growth (TTM) | -18.4% | +10.6% | lowest of 21 |
| Operating margin | 11.2% | 12.7% | 10th lowest of 21 |
| Forward P/E | 14.2× | 39.7× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 21.3% | 8.4% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +10.2% | +13.5% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +11.1 pp | -10.7 pp | most demanding of 15 |
| ROIC minus cost of capital | -2.2 pp | +1.1 pp | 10th lowest of 21 |
| EV / EBITDA | 12.3× | 18.5× | 5th cheapest of 13 |
| Net debt / EBITDA | -0.8× | -1.4× | 6th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Bonesupport BONEX.ST | Sweden | $2.16B | +34% | +25% | 25% | 61.9× | 13.3% | +45.4% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Metall Zug METN.SW | Switzerland | $2.25B | +19% | 0% | -10% | 139.2× | n/a | n/a |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Shanghai Conant Optical 2276.HK | Hong Kong | $2.27B | -27% | +8% | 29% | 22.1× | -1.6% | +14.1% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |