HORIBA, Ltd.
6856・Prime Market・Electric Appliances
Business
HORIBA, Ltd. is a specialist manufacturer of analytical and measurement instruments founded in 1953, operating globally as a group including 46 consolidated subsidiaries. Its business has been reorganized into three fields—Energy & Environment, Bio & Healthcare, and Advanced Materials & Semiconductor—manufacturing, selling, and providing services for a wide variety of measurement instruments, including Engine Exhaust Gas Measurement Systems, Mass Flow Controllers, and blood cell counters. Its main customers include automotive manufacturers, semiconductor manufacturing equipment makers, and medical institutions, and it operates matrix management across four regions: Japan, Asia, Europe, and the Americas. Consolidated net sales for FY2025 (ending December 2025) reached ¥333,081 million.
Business Model
Based on in-house developed core technologies (infrared analysis, fluorescence spectroscopy, mass flow control, etc.), the company provides an integrated offering spanning the manufacture and sale of measurement instruments through maintenance services and testing engineering. In the Advanced Materials & Semiconductor field, it achieves a highly profitable structure with an operating margin of 28.4%, while in the Energy & Environment field it also handles vehicle development engineering and testing engineering. The company continues to invest ¥24,688 million in R&D expenses (7.4% of net sales) to maintain its technological edge.
Company Strengths
The Advanced Materials & Semiconductor field achieved net sales of ¥156,500 million, operating income of ¥44,517 million, and an operating margin of 28.4%. Against a backdrop of generative AI demand, sales to semiconductor manufacturing equipment makers expanded, with order intake of ¥151,151 million (up 10.4% year on year), steadily building up future sales as well. This field generates approximately 84% of the group's overall operating income.
Since its founding in 1953, the company has accumulated proprietary core technologies including infrared analysis, fluorescence spectroscopy, and mass flow control. By expanding into four fields—Automotive, Semiconductor, Medical, and Environmental—each with different industry cycles, the company diversifies the risk of fluctuations in any specific market. In FY2025 (ending December 2025), all three fields achieved increased sales, recording net sales of ¥333,081 million and operating income of ¥53,040 million.
The company operates a global network with manufacturing and sales sites in Germany, France, the UK, the US, South Korea, China, India, and other countries, supported by a consolidated group of 46 subsidiaries. In the Energy & Environment field, European sales increased 17.5% year on year to ¥47,227 million, and sales in the Americas increased 10.8% year on year to ¥21,369 million, reflecting sales expansion achieved through local subsidiaries.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods rose for five consecutive years, from ¥224,314 million in FY2021 to ¥333,081 million in FY2025. In Q1 of FY2026 (ending December 2026), revenue was ¥84,529 million (up 17.6% year on year), operating profit was ¥12,480 million (up 6.2%), ordinary profit was ¥12,733 million (up 9.5%), and profit attributable to owners of the parent was ¥8,656 million (up 6.7%), achieving profit growth across all metrics. The operating profit margin declined to 14.8% from 16.4% in the same period of the previous year, mainly due to increased costs associated with the start-up of the new Fukuchiyama plant and accelerated development investment. Full-year guidance was substantially revised upward to revenue of ¥373,000 million (up 12.0% year on year) and operating profit of ¥68,000 million (up 28.2%), with the yen's depreciation and growing semiconductor demand for AI and data centers serving as external factors boosting performance. The projected full-year operating profit margin of 18.2% would mark the highest level on record.
Growth Strategy
Aiming to achieve sales of ¥450,000 million in 2028 through concentrated investment in three fields under MLMAP2028
The start of operations at the new Fukuchiyama plant and new development building has strengthened supply capacity for measurement equipment for semiconductor manufacturing equipment. Against a backdrop of demand for advanced semiconductors for AI and data centers, the full-year sales forecast for FY2026 (ending December 2026) has been significantly revised upward to ¥196,000 million (+25.2% year on year). Sales to semiconductor manufacturing equipment makers are expanding, centered on Asia and Japan.
While capturing the recovery in demand for combustion measurement for hybrid vehicle development amid the slowdown in the shift to EVs, the company is expanding its lineup of electrification-related products such as Fuel Cell & Battery Test Systems. In the first quarter of FY2026 (ending December 2026), operating profit improved significantly, up 127.4% year on year to ¥1,714 million. Structural reform is being promoted toward the MLMAP2028 targets of ¥1,580 million in sales and a 10% operating margin in 2028.
While progress is being made in increasing sales of blood cell counters in Europe and addressing needs in the POCT field and bio-pharmaceutical process optimization, continued investment in the life science domain resulted in an operating loss of ¥667 million in the first quarter of FY2026 (ending December 2026). The full-year sales forecast for FY2026 (ending December 2026) is ¥43,000 million (+1.96% year on year), indicating moderate growth. The timing of a turn to profitability is a key point of focus over the medium to long term.
In the first quarter of FY2026 (ending December 2026), the company added two consolidated subsidiaries through the acquisition of shares in Pristine Deeptech Private Limited in India and the establishment of HORIBA Australia Pty Ltd. The company continues its strategy of accelerating expansion into emerging and resource-rich markets and filling gaps in its global sales network.
Last updated: July 17, 2026