ANRITSU CORPORATION
6754・Prime Market・Electric Appliances
Business
Anritsu Corporation is a company specializing in measuring instruments, established in 1931 (originating from a business founded in 1895), forming a group that includes 51 subsidiaries and 2 affiliated companies. In its core Test and Measurement Business, the company provides measuring instruments for 5G/6G and data centers globally, while its PQA Business offers quality assurance systems for food, pharmaceutical, and cosmetics manufacturers. Its Environmental Measurement Business handles EV/Battery Test Systems and monitoring solutions for social infrastructure. Its major customers include telecom carriers, network equipment manufacturers, smartphone manufacturers, food manufacturers, and automobile manufacturers, and it is a global company with overseas markets accounting for approximately 60% of revenue.
Business Model
The company continuously invests in R&D (¥10,179 million in FY2026 (ending March 2026), 8.7% of revenue), developing and manufacturing cutting-edge measurement solutions in-house for sale. Even after product sales, it continues to generate revenue through maintenance and Service Assurance operations. By participating in domestic and international standardization activities (3GPP, PCI-SIG, etc.) and advancing product development ahead of the standards formulation stage, it has built a competitive advantage that captures customers' demand for early-stage functional verification.
Company Strengths
The company maintains continuous participation in major standards bodies such as 3GPP, PCI-SIG, and IEEE, and has established a framework for implementing functionality even before standards specifications are finalized. It has also already participated in technical discussions on 6G (Release 20), and holds a development portfolio positioned to capture 6G measuring instrument demand expected to accelerate from around 2027 onward. R&D investment in the Test and Measurement Business reached ¥7,740 million (11.3% of revenue).
The company operates three businesses—Test and Measurement (59% of revenue), PQA (26%), and Environmental Measurement (9%)—reducing dependence on any single market. As of the end of FY2026 (ending March 2026), the ratio of equity attributable to owners of the parent stood at 76.6%, and interest-bearing debt was ¥6,754 million (D/E ratio of 0.05), indicating an extremely sound financial base. The company has obtained an issuer rating of
The PQA Business's overseas sales ratio has reached approximately 50%, with local subsidiaries established in the United States, Europe, and Asia (such as Anritsu Infivis Inc.). In FY2026 (ending March 2026), the business achieved both revenue and profit growth, with revenue of ¥31,033 million (up 9.9% year on year) and operating profit of ¥3,318 million (up 17.0% year on year). Domestically, the business has also captured replacement demand driven by revisions to the weighing and measurement system, giving it multiple demand drivers.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue reached ¥117,462 million (up 4.0% year on year), operating profit reached ¥14,828 million (up 22.3%), and profit for the period reached ¥11,677 million (up 26.1%), achieving improvement at every profit level for the second consecutive period. The operating margin recovered to 12.6% (from 10.7% in the previous period). Orders received rose to ¥124,564 million (up 10.6%), and the order backlog grew to ¥43,331 million (up 28.6%), signaling momentum into the next period. As an external factor, expanding data center demand driven by the spread of generative AI boosted demand for data center-related measuring instruments, while the Test and Measurement Business's first quarter was weighed down by the impact of U.S. tariff policy. The PQA Business achieved higher revenue and profit by capturing labor-saving investment demand in the food market. Free cash flow fell sharply to ¥3,199 million (from ¥17,154 million in the previous period) due to the impact of the DEWETRON acquisition (¥9,850 million spent).
Growth Strategy
Under GLP2026, the company aims to cultivate new growth areas in data centers, EV/battery, and pharmaceuticals, targeting revenue of ¥140,000 million in FY2027 (ending March 2027)
Capturing demand for 800GE/1.6TE optical transceiver measurement, high-speed bus development such as PCIe (Gen6), and submarine optical cable installation. Also expanding measuring instruments for Wi-Fi 7, NTN, eRedCap, and 6G research and development, aiming for revenue of ¥85,000 million (up 23.6% year on year) and operating profit of ¥16,500 million (up 53.0% year on year) in FY2027 (ending March 2027).
Reliably capturing demand for automation and labor-saving in quality assurance processes in the food market through new products, while promoting new product development and strengthening sales capabilities for the pharmaceutical market. Also continuously capturing replacement demand driven by inbound demand and revisions to weighing and measuring regulations, aiming for revenue of ¥33,000 million (up 6.3% year on year) and operating profit of ¥4,000 million (up 20.5% year on year) in FY2027 (ending March 2027).
Promoting maximization of group synergies with DEWETRON GmbH (Power Measuring Instruments and Data Acquisition Systems), which became a consolidated subsidiary in October 2025, and advancing overseas market expansion. Reliably capturing domestic demand for EV/Battery Test Systems, aiming for revenue of ¥16,000 million (up 48.3% year on year) and operating profit of ¥1,000 million (up 17.6% year on year) in FY2027 (ending March 2027).
The basic policy is to raise DOE (dividend on equity attributable to owners of parent) in line with increases in consolidated net income, targeting a dividend payout ratio of 50% or more. In FY2026 (ending March 2026), an annual dividend of ¥50 (payout ratio 54.8%), including a commemorative dividend of ¥4 for the company's 130th anniversary, was implemented. An annual dividend of ¥50 (projected payout ratio 42.7%) is also planned for FY2027 (ending March 2027).
Last updated: July 19, 2026