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Maker of medical endoscopes and surgical devices, having exited its legacy camera business.
Maker of medical endoscopes and surgical devices, having exited its legacy camera business.
Sells scopes, video processors and accessories to hospitals, with repair contracts and single-use accessories adding recurring income on top of equipment sales. It sold its camera business in 2021 to focus on medical devices.
In one line: Japan's Boston Scientific/Stryker for endoscopy.
Moat: wide (scale, installed base, regulatory licence). Global leader in GI endoscopes with a large installed base of hospital equipment and physician training.
Headquarters: Tokyo, Japan · Founded: 1919 · Employees: 28,138
Size Olympus (7733.T) is a Japan Health Care company (Medical Specialties) with a market value of $12.2B, the 116th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,743 on 6 Nov 2026.
Performance Over six months the shares gained 12.7%, against +33.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +4.6%); the operating margin is 15.9% (peer median 14.2%).
Valuation It trades at 18.0× forward earnings against a peer median of 20.4× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (5.6% WACC).
Credit Olympus has 1 bond outstanding ($500M), rated BBB+ by the agencies.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.04T | ¥1.01T | ¥997B | ¥926B | ¥882B |
| Revenue growth | — | +1% | +8% | +5% | — |
| Gross profit | ¥676B | ¥619B | ¥649B | ¥584B | ¥563B |
| EBITDA | ¥234B | ¥214B | ¥255B | ¥215B | ¥243B |
| Net income | ¥78.3B | ¥68.2B | ¥118B | ¥243B | ¥143B |
| Free cash flow | ¥71.4B | ¥45.0B | ¥144B | -¥4.06B | ¥50.9B |
| Capital expenditure | ¥86.2B | ¥82.4B | ¥65.2B | ¥64.6B | ¥70.6B |
| Total debt | ¥319B | ¥306B | ¥292B | ¥361B | ¥397B |
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 |
|---|---|---|---|---|---|---|
| Olympus 7733.T | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
| Hoya 7741.T | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% |
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 | 7733.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.3% | +9.0% | lowest of 21 |
| 6-month return | +12.7% | +33.8% | 8th lowest of 21 |
| Distance from 52-week high | -21.1% | -12.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +7.8% | +4.6% | 8th highest of 21 |
| Operating margin | 15.9% | 14.2% | 9th highest of 21 |
| Forward P/E | 18.0× | 20.4× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.5% | 10.7% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +6.7% | +9.0% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -8.2 pp | +4.4 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +7.0 pp | +2.4 pp | 4th highest of 21 |
| EV / EBITDA | 8.9× | 14.2× | cheapest of 18 |
| Net debt / EBITDA | 0.7× | 1.2× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| 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% |
Olympus has 1 bond outstanding with $500M face value. The agencies rate it BBB+.