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World leader in photonics — photomultiplier tubes, image sensors and light sources for medical imaging, inspection and science.
World leader in photonics — photomultiplier tubes, image sensors and light sources for medical imaging, inspection and science.
Sells components that other companies build into their instruments, such as PET scanners, chip-inspection tools and lab analyzers, so orders follow those makers' product cycles and its parts are designed in years ahead. Most sales come from outside Japan, and it makes much of its detector technology in house.
In one line: The world's dominant photon-detection specialist with no direct US peer.
Moat: wide (IP / patents, process know-how, scale). Decades of photon-detection patents and manufacturing know-how give near-monopoly niche share.
Headquarters: Hamamatsu, Japan · Founded: 1953 · Employees: 6,601
Size Hamamatsu Photonics K.K (6965.T) is a Japan Information Technology company (Electronic Components) with a market value of $3.69B, the 310th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,882 on 6 Nov 2026.
Performance Over six months the shares fell 7.0%, against -15.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +18.7%); the operating margin is 8.8% (peer median 13.7%).
Valuation It trades at 30.9× forward earnings against a peer median of 29.1× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +19 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 5.9 points below its cost of capital (10.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥230B | ¥212B | ¥204B | ¥221B | ¥209B |
| Revenue growth | — | +4% | -8% | +6% | — |
| Gross profit | ¥110B | ¥95.7B | ¥99.9B | ¥117B | ¥109B |
| EBITDA | ¥43.4B | ¥38.5B | ¥49.9B | ¥71.4B | ¥70.6B |
| Net income | ¥17.2B | ¥14.2B | ¥25.1B | ¥42.8B | ¥41.3B |
| Free cash flow | n/a | ¥1.88B | ¥9.81B | ¥4.70B | ¥28.0B |
| Capital expenditure | n/a | ¥37.2B | ¥29.5B | ¥30.4B | ¥18.0B |
| Total debt | ¥95.5B | ¥72.3B | ¥41.9B | ¥14.8B | ¥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 |
|---|---|---|---|---|---|---|
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
| ams-OSRAM AMS.SW | $1.78B | -16% | -3% | 8% | n/a | n/a |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
| Exosens EXENS.PA | $2.95B | -11% | +15% | 17% | 27.5× | 24.3% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| ON Semiconductor ON | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% |
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 | 6965.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.9% | -24.9% | 10th lowest of 21 |
| 6-month return | -7.0% | -15.4% | 7th highest of 20 |
| Distance from 52-week high | -39.3% | -46.3% | 5th highest of 21 |
| Revenue growth (TTM) | +9.9% | +18.7% | 7th lowest of 21 |
| Operating margin | 8.8% | 13.7% | 6th lowest of 21 |
| Forward P/E | 30.9× | 29.1× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 27.8% | 23.2% | 6th most demanding of 12 |
| Growth delivered (Del g) | +8.6% | +9.6% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | +19.2 pp | +3.6 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -5.9 pp | -0.0 pp | 2nd lowest of 21 |
| EV / EBITDA | 13.2× | 22.6× | 2nd cheapest of 6 |
| Net debt / EBITDA | -0.2× | -1.9× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hamamatsu Photonics K.K 6965.T | Japan | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% | +8.6% |
| Caihong Display Devices 600707.SS | China | $3.70B | -15% | -3% | 4% | 11.6× | 2.9% | +1.7% |
| Suntak Technology 002815.SZ | China | $3.61B | +2% | +31% | 10% | n/a | n/a | n/a |
| Walsin Technology 2492.TW | Taiwan | $3.79B | +74% | +8% | 8% | 37.6× | 36.0% | +0.5% |
| Xiamen Faratronic 600563.SS | China | $3.58B | -10% | +10% | 23% | 18.4× | 8.0% | +23.1% |
| Guizhou Space Appliance 002025.SZ | China | $3.56B | -29% | +22% | 3% | 63.7× | n/a | n/a |
| Shenzhen Jpt Opto-Electronics 688025.SS | China | $3.97B | -22% | +69% | 18% | 43.3× | 44.7% | +19.4% |
| Pantum Technology 002180.SZ | China | $3.39B | -16% | -59% | 0% | 69.9× | 30.6% | -4.8% |
| Isupetasys 007660.KS | South Korea | $3.36B | -59% | +42% | 20% | 16.4× | n/a | n/a |
| Optics Technology 300489.SZ | China | $4.07B | +101% | +40% | 11% | 125.0× | n/a | n/a |
| Delton Technology (Guangzhou) 1989.HK | Hong Kong | $4.09B | -73% | +86% | 25% | 10.6× | n/a | n/a |
| Castech 002222.SZ | China | $3.28B | -46% | +40% | 32% | 56.7× | n/a | n/a |
| Shanghai Precilasers Technology 688826.SS | China | $3.27B | n/a | +43% | 40% | n/a | n/a | n/a |
| Hirose Electric 6806.T | Japan | $4.23B | -4% | +21% | 22% | 17.5× | 8.4% | +9.6% |
| Nantong Jianghai Capacitor 002484.SZ | China | $4.28B | -15% | +17% | 14% | 27.6× | 23.2% | +15.9% |
| VisEra Technologies 6789.TW | Taiwan | $3.16B | -46% | -5% | 14% | 49.7× | 44.5% | +5.2% |
| Camtek CAMT | United States | $4.53B | -53% | +12% | 23% | 19.6× | 29.7% | +26.1% |
| Silergy 6415.TW | Taiwan | $4.58B | -11% | +13% | 12% | 30.5× | n/a | n/a |
| China Zhenhua (Group) Science & Technology 000733.SZ | China | $2.93B | -17% | -1% | 14% | 23.3× | 4.0% | +7.8% |
| Guangdong Kingshine Electronic Technology 300903.SZ | China | $4.69B | +45% | +36% | 4% | 276.3× | n/a | n/a |
| Citizen Watch 7762.T | Japan | $2.90B | +3% | +17% | 10% | 12.8× | 10.1% | +10.9% |