ENVALITH
リガク・ホールディングス株式会社 logo

Rigaku Holdings Corporation

268A・Prime Market・Precision Instruments

Official website
リガク・ホールディングス株式会社 logo
Rigaku Holdings Corporation268A

Business

Rigaku Holdings Corporation is a group holding company centered on a specialized manufacturer of X-ray analysis and measurement instruments, founded in 1951. The company develops analytical and measurement instruments applying X-ray technologies—including X-ray diffraction (XRD), X-ray fluorescence (XRF), and X-ray imaging—and markets them across more than 90 countries worldwide. Its customer base ranges broadly from academia and government institutions such as universities and research organizations to industrial sectors including semiconductors, electronic components, pharmaceuticals, and materials, serving more than 10,000 product users domestically and internationally. The business consists of three categories—multipurpose analytical instruments, semiconductor process control equipment, and parts and services—and is operated by the company together with 18 consolidated subsidiaries in Japan and overseas.

Business Model

The company achieves higher product performance and shorter development cycles by designing and manufacturing in-house the key components of X-ray generators, optical elements, detectors, analysis software, and other elements. After equipment sales, it provides after-sales services such as consumables and replacement parts supply, hardware/software upgrades, and preventive maintenance contracts, building up recurring revenue as the installed base grows. For the semiconductor industry, it offers 24×7 CCS (Comprehensive Customer Support) to maintain a high customer retention rate.

Company Strengths

According to a Yole Group survey (2024), the company is the market leader in the global semiconductor X-ray metrology equipment market with a 38% share. It maintains business relationships with all of the world's top 10 semiconductor capital expenditure companies, and has built a well-balanced, diversified portfolio spanning memory, logic, power devices, and other segments.

The company conducts in-house research, development, and manufacturing of core technologies such as X-ray generators, optical elements, detectors, and analysis software, achieving enhanced product performance and shortened development cycles. R&D expenses totaled ¥7,355 million (R&D expense ratio of 7.8%), and the company has also built close partnerships with renowned research institutions worldwide.

The company achieved a 76% share of the domestic market (ranked No. 1) and a 26% share of the global market (ranked No. 2) in X-ray diffraction (XRD) equipment (2024). With over 10,000 product users domestically and internationally, the company has built a robust customer base spanning a wide range of end markets in both academia and industry through its multi-purpose analytical instruments business.

ENVALITH's Perspective

1Q FY2026 (ending December 2026) saw a substantial profit decline, with revenue of ¥17,933 million (down 13.0% year on year) and operating profit of ¥630 million (down 77.8% year on year). However, this was mainly attributable to the continued impact of Trump administration policies on the multi-purpose analytical instruments business, while the semiconductor process control equipment business achieved results exceeding expectations. The full-year forecast (revenue of ¥101,000 million, operating profit of ¥19,400 million) remains unchanged, and the key focus for investment decisions is whether the scenario of a sharp recovery driven by expanding memory and logic demand and front-loaded orders from 2Q onward will materialize.

As of the end of March 2026, non-current borrowings of ¥49,176 million and goodwill of ¥51,861 million remain on the balance sheet. As an external factor, in a rising interest rate environment, increased interest expenses (¥298 million in 1Q actual) pose a risk of pressuring profits. The risk of breaching financial covenants also continues to require monitoring. Although the equity ratio improved by 0.2 percentage points from the previous fiscal year-end to 47.9%, the absolute level of interest-bearing debt remains high, and attention should be paid to the impact of any delay in earnings recovery on financial soundness.

In the multi-purpose analytical instruments business, the impact of US Trump administration policies, which began in the second quarter of the previous fiscal year, continued, resulting in a substantial 27.7% year-on-year decline in revenue in 1Q. As an external factor, the risk of higher crude oil prices and downward pressure on growth due to escalating tensions in the Middle East has also been added, making the prolongation of geopolitical risk the greatest uncertainty in achieving the full-year forecast. On the other hand, rising demand from the semiconductor and electronic components sector and for Material Informatics is functioning as a supporting factor, and changes in the demand structure will determine the pace of the business's recovery.

Growth Strategy

Advancing the three pillars of the 'Lab to Fab strategy'—multi-purpose analytical instruments, semiconductor measurement, and new market creation

Growth is expected to accelerate from Q2 onward, driven by expanding demand for memory and logic applications and front-loading of orders. New product projects are also progressing smoothly, and the company aims to capture the expansion of the semiconductor market backed by a global share of 38%. Q1 results exceeded expectations.

The company is working to recover from the slump in US demand caused by the impact of Trump administration policies, while developing new demand in semiconductor and electronic component applications as well as in Material Informatics and automated materials exploration. Demand recovery in Europe, Japan, and Asia is also being pursued in parallel.

The expansion of the Yamanashi Plant, completed in May 2025, has doubled production capacity compared to 2022. Inventory build-up (¥23,785 million at the end of Q1) is progressing in preparation for demand expansion from Q2 onward, and the system for capturing demand is now in place.

The company is promoting recurring-revenue growth by accumulating service revenue and parts sales as the installed base expands. While demand for EUV multilayer mirrors remains weak, sales of services and other analytical instruments and parts have grown, resulting in a 13.2% year-on-year increase in Q1 revenue.

Last updated: July 17, 2026