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Sysmex
(6869)
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Rating:71Outperform
Price Target:
¥1,966.00
▲(1.34% Upside)
Action:Reiterated
Date:08/11/26
The score is primarily supported by strong financial stability (low leverage) and solid cash generation, but is held back by margin/ROE compression versus prior years. Technically, the uptrend is strong but indicators are overextended (RSI/Stoch), adding pullback risk. Valuation is also a headwind due to a relatively high P/E, only partly offset by the dividend yield.
Positive Factors
Recurring consumables model
Sysmex combines upfront analyzer sales with recurring, instrument-specific consumables and service revenue. As its installed base expands, routine testing can support repeat purchases and create a durable revenue foundation that is less dependent on one-time equipment placements.
Negative Factors
Margin compression
Falling net and EBIT margins indicate that revenue growth is currently translating into less profit than in prior years. If this persists, weaker operating leverage could limit earnings growth, reduce reinvestment capacity, and make future returns more dependent on top-line expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables model
Sysmex combines upfront analyzer sales with recurring, instrument-specific consumables and service revenue. As its installed base expands, routine testing can support repeat purchases and create a durable revenue foundation that is less dependent on one-time equipment placements.
Read all positive factors
Sysmex (6869) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.12T
Dividend Yield2.1%
Average Volume (3M)2.39M
Price to Earnings (P/E)29.4
Beta (1Y)0.25
Revenue Growth4.48%
EPS Growth-15.75%
CountryJP
Employees10,861
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)63.76
Shares Outstanding608,341,860
10 Day Avg. Volume2,713,740
30 Day Avg. Volume2,394,420
Financial Highlights & Ratios
PEG Ratio-0.71
Price to Book (P/B)1.69
Price to Sales (P/S)1.71
P/FCF Ratio20.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,983.33Price Target Upside2.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)66.9
Revenue Forecast (FY)¥548.50B
Sysmex Business Overview & Revenue Model
Company Description
Sysmex Corporation, headquartered in Kobe, Japan, and established in 1968 (originally known as TOA Medical Electronics Co., Ltd. until its rebranding in October 1998), specializes in the development, manufacturing, and global distribution of advan...
How the Company Makes Money
Sysmex primarily makes money by selling and supporting in-vitro diagnostic testing platforms and the consumables used with those platforms. A major component of its revenue model is an installed-base/recurring-consumables structure: (1) Instrument...
Sysmex Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Negative
The earnings call presented several notable challenges, including a significant revenue decline due to a system transition in Japan and the impact of China's medical cost control policies. However, there were positive developments such as the launch of new products and progress in Alzheimer's testing. Despite these positive aspects, the lowlights indicating declines in revenue and profit suggest a cautious outlook.Positive Updates
Strong Revenue Growth in Japan for Coagulation Segment
Revenue increased by JPY1.79 billion, or 112.3% YoY, indicating strong double-digit growth in Japan for the Coagulation segment.
Negative Updates
Significant Revenue Decline Due to Core System Transition
A transition to a new core system in Japan led to a JPY3.3 billion decrease in revenue and a JPY3 billion decrease in operating profit.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth in Japan for Coagulation Segment
Revenue increased by JPY1.79 billion, or 112.3% YoY, indicating strong double-digit growth in Japan for the Coagulation segment.
Read all positive updates
Company Guidance
In the recent call, Sysmex provided guidance on their Q1 FY2026 financial results, highlighting a significant decline in revenue and operating profit year-over-year due to special one-time factors. Revenue fell by JPY3.3 billion, and operating profit dropped by JPY4.8 billion, primarily due to the transition to a new core system, which led to restricted order intake and a JPY1.7 billion cost of sales adjustment from overseas inventory valuation. While Japan's revenue decreased by approximately 80% YoY due to this transition, other regions like the Americas, EMEA, and AP showed local currency revenue growth. The stronger yen further impacted the results. Notably, Hematology revenue saw a slight decline YoY, while Japan experienced a significant increase of 118.9% when excluding currency effects. Despite these challenges, the company remains optimistic about recovery in H2, driven by its new product launches in the U.S., expansion in its medical robotics business, and growth in the IVD domain. The company also adjusted its H1 forecast, expecting a revenue decrease of JPY12.5 billion to JPY240 billion and an operating profit decrease of JPY8.5 billion to JPY36 billion. They are committed to achieving their full-year targets through strategic initiatives and portfolio expansion.Sysmex Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 524.95B | 500.01B | 508.64B | 461.51B | 410.50B | 363.78B |
| Gross Profit | 267.53B | 255.68B | 271.98B | 242.50B | 216.08B | 190.59B |
| EBITDA | 108.82B | 99.85B | 121.25B | 112.82B | 102.02B | 92.56B |
| Net Income | 39.59B | 35.46B | 53.67B | 49.64B | 45.78B | 44.09B |
Balance Sheet | ||||||
| Total Assets | 746.64B | 707.53B | 665.27B | 618.92B | 531.07B | 483.71B |
| Cash, Cash Equivalents and Short-Term Investments | 113.63B | 84.12B | 90.11B | 76.61B | 70.28B | 74.89B |
| Total Debt | 123.53B | 70.48B | 64.73B | 55.34B | 22.59B | 22.28B |
| Total Liabilities | 260.45B | 201.85B | 200.73B | 186.02B | 142.72B | 134.65B |
| Stockholders Equity | 485.58B | 505.00B | 463.78B | 432.05B | 387.67B | 348.30B |
Cash Flow | ||||||
| Free Cash Flow | 66.42B | 40.94B | 59.02B | 38.30B | 51.35B | 45.97B |
| Operating Cash Flow | 99.95B | 73.85B | 88.25B | 63.91B | 68.83B | 58.74B |
| Investing Cash Flow | -57.97B | -51.47B | -52.49B | -54.97B | -51.75B | -35.05B |
| Financing Cash Flow | -12.33B | -37.66B | -24.32B | -9.01B | -24.23B | -20.54B |
Sysmex Technical Analysis
Positive
1940.00
Price Trends
1827.50
Positive
1640.57
Positive
1530.60
Positive
Market Momentum
13.34
Positive
51.05
Neutral
64.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6869, the sentiment is Positive. The current price of 1940 is above the 20-day moving average (MA) of 1842.93, above the 50-day MA of 1827.50, and above the 200-day MA of 1530.60, indicating a bullish trend. The MACD of 13.34 indicates Positive momentum. The RSI at 51.05 is Neutral, neither overbought nor oversold. The STOCH value of 64.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6869.
Sysmex Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥3.37T | 20.77 | 10.60% | 1.44% | 14.05% | 31.94% | |
71 Outperform | ¥1.12T | 29.37 | 8.02% | 2.10% | 4.48% | -15.75% | |
71 Outperform | ¥8.37T | 31.74 | 26.25% | 1.20% | 12.65% | 32.11% | |
70 Outperform | ¥2.20T | 28.64 | 10.21% | 3.00% | 7.80% | -27.73% | |
56 Neutral | ¥10.87B | -15.56 | ― | 3.82% | -5.34% | -152.53% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | ¥215.12B | 15.41 | 5.35% | 2.35% | 2.68% | 144.20% |
* Healthcare Sector Average
JP:6869
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Sysmex Corporate Events
Sysmex Q1 Profit Nearly Doubles as Diagnostics Growth Drives Upgraded Outlook
Aug 7, 2026
Sysmex posted strong results for the first quarter of the fiscal year ending March 31, 2027, with net sales up 23.6% year on year to ¥130.7 billion and operating profit jumping 39.5%. Profit attributable to owners of the parent nearly doubled...
Sysmex Raises FY2026 and FY2027 Earnings Forecasts on Strong Hematology Demand and Weaker Yen
Aug 7, 2026
Sysmex Corporation revised upward its financial forecasts for the six months ending September 30, 2026, and for the full fiscal year ending March 31, 2027, reflecting improved expectations for net sales and profits. The company now projects first-...
Sysmex Completes ¥30 Billion Share Buyback and Sets Treasury Stock Cancellation
Jul 22, 2026
Sysmex Corporation has completed a Board-approved share buyback program, acquiring 21,138,200 shares of common stock on the Tokyo Stock Exchange for just under ¥30 billion between March and mid-July 2026. This program, executed under Japan...
Sysmex Advances Large-Scale Share Buyback on Tokyo Market
Jul 2, 2026
Sysmex Corporation has reported the latest progress in its ongoing share buyback program, acquiring 4,516,400 shares of common stock on the Tokyo Stock Exchange between June 1 and June 30, 2026 for a total of ¥6,478,688,198. This repurchase i...
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.