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Horiba
(6856)
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Rating:72Outperform
Price Target:
¥25,497.00
▲(9.03% Upside)
Action:Reiterated
Date:08/01/26
The score is primarily driven by strong underlying financial quality—healthy margins and a low-leverage, strengthening balance sheet—tempered by inconsistent cash conversion and slowing growth. Technicals are mixed (near-term weakness vs. longer-term uptrend), while valuation is a headwind given the relatively high P/E despite a modest dividend yield.
Positive Factors
Healthy Profitability
Strong gross, operating, and net margins indicate that Horiba’s measurement businesses generate meaningful value from each unit of revenue. This profitability provides capacity to fund research, maintain competitive offerings, and absorb moderate cyclical pressure over the next several quarters.
Negative Factors
Growth Deceleration
Slower revenue growth reduces the pace at which Horiba can expand its earnings base and leverage its fixed capabilities. If this moderation persists, the company may have less operating leverage and fewer opportunities to compound returns quickly across its end markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy Profitability
Strong gross, operating, and net margins indicate that Horiba’s measurement businesses generate meaningful value from each unit of revenue. This profitability provides capacity to fund research, maintain competitive offerings, and absorb moderate cyclical pressure over the next several quarters.
Read all positive factors
Horiba (6856) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥962.39B
Dividend Yield2.23%
Average Volume (3M)202.60K
Price to Earnings (P/E)22.8
Beta (1Y)1.22
Revenue Growth12.48%
EPS Growth18.44%
CountryJP
Employees9,101
SectorTechnology
Sector Strength88
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)865.19
Shares Outstanding42,233,253
10 Day Avg. Volume181,510
30 Day Avg. Volume202,600
Financial Highlights & Ratios
PEG Ratio1.72
Price to Book (P/B)1.92
Price to Sales (P/S)2.01
P/FCF Ratio23.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥30,400.00Price Target Upside30.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1,249.02
Revenue Forecast (FY)¥389.17B
Horiba Business Overview & Revenue Model
Company Description
HORIBA, Ltd. is a company that designs, produces, and supplies a diverse array of instruments and systems for various sectors. Its operations are structured across five key segments: Automotive, Process & Environmental, Medical-Diagnostic, Semicon...
How the Company Makes Money
HORIBA makes money primarily by selling measurement and analysis instruments and integrated systems across multiple end markets, with revenue generally derived from (1) product/system sales, (2) recurring consumables and replacement parts, and (3)...
Horiba Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 323.59B | 333.08B | 317.37B | 290.56B | 270.13B | 224.31B |
| Gross Profit | 141.50B | 146.31B | 136.85B | 127.38B | 116.67B | 93.22B |
| EBITDA | 65.98B | 65.74B | 62.81B | 67.03B | 59.28B | 41.16B |
| Net Income | 36.30B | 37.09B | 33.59B | 40.30B | 34.07B | 21.31B |
Balance Sheet | ||||||
| Total Assets | 478.91B | 518.28B | 481.62B | 449.03B | 416.74B | 371.58B |
| Cash, Cash Equivalents and Short-Term Investments | 153.20B | 164.57B | 146.33B | 134.78B | 141.35B | 137.03B |
| Total Debt | 64.05B | 66.48B | 69.47B | 63.12B | 69.92B | 83.72B |
| Total Liabilities | 165.00B | 169.64B | 166.91B | 165.29B | 175.89B | 167.09B |
| Stockholders Equity | 313.89B | 348.60B | 314.69B | 283.71B | 240.84B | 204.48B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 29.11B | 22.18B | 7.80B | 22.33B | 23.07B |
| Operating Cash Flow | 0.00 | 54.38B | 40.34B | 16.65B | 33.97B | 35.27B |
| Investing Cash Flow | 0.00 | -24.92B | -17.56B | -7.32B | -10.74B | -14.66B |
| Financing Cash Flow | 0.00 | -11.99B | -15.93B | -20.96B | -22.45B | -4.04B |
Horiba Technical Analysis
Negative
23385.00
Price Trends
23796.70
Negative
25234.84
Negative
22511.84
Negative
Market Momentum
-142.11
Positive
38.65
Neutral
6.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6856, the sentiment is Negative. The current price of 23385 is below the 20-day moving average (MA) of 24613.50, below the 50-day MA of 23796.70, and above the 200-day MA of 22511.84, indicating a bearish trend. The MACD of -142.11 indicates Positive momentum. The RSI at 38.65 is Neutral, neither overbought nor oversold. The STOCH value of 6.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6856.
Horiba Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥1.28T | 19.22 | 12.06% | 1.61% | 6.01% | 28.51% | |
72 Outperform | ¥962.39B | 22.76 | 12.45% | 3.58% | 12.48% | 18.44% | |
72 Outperform | ¥19.62T | 40.54 | 14.44% | 0.70% | 16.95% | 23.91% | |
69 Neutral | ¥644.20B | 36.99 | 5.39% | 1.79% | 9.93% | 23.82% | |
63 Neutral | ¥350.64B | 23.08 | ― | 1.93% | -18.36% | -19.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | ¥386.70B | 22.37 | 7.48% | 2.07% | 7.14% | 2.58% |
* Technology Sector Average
JP:6856
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Horiba Corporate Events
Horiba Boosts Earnings, Raises 2026 Outlook and Dividends After Market Cap Milestone
Aug 12, 2026
Horiba reported robust interim results for the six months to June 30, 2026, with net sales up 20.8% year on year to ¥179.9 billion and net income attributable to shareholders rising 37.5% to ¥21.8 billion, driven by margin expansion and ...
Horiba Raises 2028 Targets and Ramps Up Semiconductor Investment Under Updated MLMAP2028
Aug 7, 2026
Horiba has updated its mid-long term management plan, MLMAP2028, raising its 2028 financial targets to net sales of 460 billion yen, operating income of 90 billion yen, net income of 62 billion yen, and ROE of 14%. The plan centers on focused inve...
HORIBA Boosts 2026 Dividends and Raises Long-Term Payout Target after Hitting ¥1 Trillion Market Cap
Aug 7, 2026
HORIBA, Ltd. has confirmed an interim dividend of 150 yen per share for the fiscal year 2026, with a record date of June 30, 2026, maintaining the level indicated in its earlier guidance and more than doubling the payout compared with the prior ye...
Horiba Lifts 2026 Outlook and Payouts on Strong First-Half Results
Aug 7, 2026
Horiba reported strong interim results for the six months to June 30, 2026, with net sales up 20.8% year on year to ¥179.9 billion and operating income jumping 39.3% to ¥30.5 billion, driving a 37.5% rise in net income attributable to sh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.