Overview
Electric Appliances

HORIBA,Ltd.

HORIBA, Ltd. is a global manufacturer and provider of precision measurement and analysis instruments, operating across three core business fields: Energy & Environment (automotive emission testing, environmental monitoring), Bio & Healthcare (hematology analyzers, immunoassay systems, medical diagnostics), and Advanced Materials & Semiconductors (mass flow controllers, semiconductor process equipment, spectroscopy systems). The company serves automotive OEMs, semiconductor fabs, environmental agencies, and life science/medical institutions worldwide. HORIBA's competitive strengths lie in its broad cross-industry measurement technology platform, deep application expertise, and globally integrated service network spanning Japan, Europe, the Americas, and Asia.

Market Cap
¥933B
US$5.95B
EV
¥806B
US$5.14B
Stock¥22,195▼-0.83%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.6
x
LTM EV/EBIT
13.1
x
LTM PER
21.7
x
LTM PBR
2.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+47.7%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Dec 5, 25Oasis Management Company Ltd. filed large shareholding report
2May 13, 26Oasis Management Company Ltd. changed stake (9.9%→9.9%)
MC → EV Bridge
933BUS$5.95BMarket Cap68.4BUS$436M+ Debt169BUS$1.08B− Cash25.3BUS$161M− Inv. Sec.0.04BUS$0.26M+ NCI806BUS$5.14BEV
AI Briefing
HORIBA: precision measurement leader across Energy & Environment, Bio & Healthcare and Advanced Materials & Semiconductors, with 46 consolidated subsidiaries spanning 30+ countries. FY25/12 revenue ¥333B, OP ¥53.0B (15.9% margin), up from ¥317B/¥48.3B in FY24/12 — steady top-line growth with margin recovery. Trades at ¥965B market cap / ¥839B EV versus ¥84.3B forward EBITDA (~10x), with net cash position (¥169B cash vs ¥68.4B debt) supporting continued investment in semiconductor and life-science exposure.
Performance & Balance
Revenue 5Y (¥B)
224US$1.43B'21/12270US$1.72B'22/12291US$1.85B'23/12317US$2.02B'24/12333US$2.12B'25/12
EBITDA 5Y (¥B)
42.1US$269M'21/1256.8US$362M'22/1259.4US$379M'23/1261.0US$389M'24/1266.2US$422M'25/12
Net Income 5Y (¥B)
21.3US$136M'21/1234.1US$217M'22/1240.3US$257M'23/1233.6US$214M'24/1237.1US$237M'25/12
Capital Structure
84%
EquityD/E 0.19xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
148US$941M80.2US$511M'21/12150US$959M67.2US$429M'22/12148US$947M60.4US$385M'23/12160US$1.02B69.5US$443M'24/12179US$1.14B72.0US$459M'25/12
Shareholders
Top 10 hold 39.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.21%
2
Custody Bank of Japan, Ltd. (Trust Account)
7.47%
3
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.98%
4
Atsushi HORIBA
2.63%
5
STICHTING PENSIOEN FONDS ZORG EN WELZIJN (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.51%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.34%
7
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
2.17%
8
Horiba Rakurakukai Investment Committee
2.02%
9
The Bank of Kyoto, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
1.97%
10
Employee Stock Ownership Association
1.67%
Management
12 officers
Atsushi HORIBA
Representative Director, Chairman and Group CEO
Sep 1972 Joined HORIBA, Ltd. Jun 1982 Director, HORIBA, Ltd. Jun 1988 Senior Managing Director, HORIBA, Ltd. Jun 1989 Director, Estec Corporation (now HORIBA STEC, Co., Ltd.) Jan 1992 Representative Director, President, HORIBA, Ltd. Jun 1995 Representative Director, President, Estec Corporation (now HORIBA STEC, Co., Ltd.) Jun 2005 Representative Director, Chairman and President, HORIBA, Ltd. Apr 2016 Representative Director, Chairman, HORIBA STEC, Co., Ltd. (current) Jan 2018 Representative Director, Chairman and Group CEO, HORIBA, Ltd. (current) Jun 2018 Outside Director, SoftBank Corp. (current) May 2020 Vice Chairman, Kansai Economic Federation (current) Jun 2020 Chairman, Kansai Science City Promotion Organization (current) Jun 2021 Outside Director, Sumitomo Electric Industries, Ltd. (current) Jan 2025 Chairman, Kyoto Chamber of Commerce and Industry (current)
1948-02-05
Juichi SAITO
Representative Director, Vice Chairman and Group COO
Mar 1982 Joined HORIBA, Ltd. Feb 2002 President, HORIBA Instruments Inc. (U.S.A.) Jun 2002 Executive Officer, HORIBA, Ltd. Jun 2004 Director, Estec Corporation (now HORIBA STEC, Co., Ltd.) Jun 2005 Director, HORIBA, Ltd.; Managing Director, HORIBA STEC, Co., Ltd. Jun 2008 Director and Vice President, HORIBA STEC, Co., Ltd. Mar 2013 Director and Vice President, HORIBA, Ltd. Mar 2016 Representative Director and Vice President, HORIBA, Ltd. Jan 2018 Representative Director, Vice Chairman and Group COO, HORIBA, Ltd. (current) Apr 2018 Representative Director, President, HORIBA Europe Holding SAS (France) May 2018 Vice Chairman, Japan Scientific Instruments Association (current) Apr 2021 Chairman, Supervisory Committee, HORIBA Europe Holding SAS (France) May 2021 Vice Chairman, Japan Electrical Measuring Instruments Manufacturers' Association (JEMIMA) May 2023 Chairman, JEMIMA May 2025 Vice Chairman (re-appointed), JEMIMA (current)
1958-02-10
Masayuki ADACHI
Representative Director, President
Mar 1985 Joined HORIBA, Ltd. Jun 2006 Executive Officer, HORIBA, Ltd. Jan 2007 President, HORIBA International Inc. (now HORIBA Instruments Inc.) (U.S.A.) Apr 2010 Managing Executive Officer, HORIBA, Ltd. Mar 2014 Director, HORIBA, Ltd. Apr 2014 Representative Director, President, HORIBA Jobin Yvon SAS (now HORIBA France SAS) (France) Jan 2016 Chairman, Supervisory Committee, HORIBA France SAS (France) Mar 2016 Managing Director, HORIBA, Ltd. Jan 2018 Representative Director, President, HORIBA, Ltd. (current) Jun 2023 Chairman, Japan Analytical Instruments Manufacturers' Association (JAIMA) (current) Apr 2024 Chairman, Supervisory Committee, HORIBA France SAS (France) (current); Chairman, Supervisory Committee, HORIBA ABX SAS (France) (current) Oct 2024 Chairman, RIKEN Future Innovation Alliance (current)
1962-11-01
Hiroshi KOYAMA
Managing Director, Group CFO, General Manager of Finance & Legal Division and Manager of Tokyo Branch
Apr 1992 Joined Bank of Japan Jun 2004 Deputy General Manager, Hong Kong Office, Bank of Japan Oct 2011 Seconded to Mitsui Sumitomo Insurance Co., Ltd.; Manager, Corporate Planning Department Jul 2020 Manager, Matsuyama Branch, Bank of Japan Jul 2021 Seconded to Ministry of Internal Affairs and Communications; Counselor Oct 2022 Senior Adviser, Research and Statistics Department, Bank of Japan Jun 2023 Manager, Kyoto Branch, Bank of Japan Sep 2024 Joined HORIBA, Ltd.; Executive Officer; General Manager of Finance & Legal Division and Manager of Tokyo Branch (current) Mar 2025 Director, HORIBA STEC, Co., Ltd. (current) Apr 2025 Group CFO, HORIBA, Ltd. (current) Representative Director (Chairman), HORIBA (China) Investment Co., Ltd. (China) (current) Representative Director, President, HORIBA Americas Holding Inc. (U.S.A.) (current) Chairman, Supervisory Committee, HORIBA Europe Holding SAS (France) (current) Representative Director, Chairman, HORIBA Russia LLC (Russia) (current) Mar 2026 Managing Director, HORIBA, Ltd. (current)
1969-10-11
George GILLESPIE
Director
Jan 1999 Managing Director, Ricardo Test Automation Limited Feb 2001 Managing Director, Schenck UK Limited Jan 2009 Chief Executive Officer, MIRA Limited Apr 2016 Managing Executive Officer, HORIBA, Ltd. Apr 2018 Representative Director, Chairman, HORIBA MIRA Ltd. (U.K.) (current); Representative Director, Chairman, HORIBA Test Automation Ltd. (U.K.) (current) Jan 2019 President, Society of Motor Manufacturers and Traders Limited Jan 2022 Non-Executive Director, Centre for Process Innovation Limited (current) Apr 2023 Senior Managing Executive Officer, HORIBA, Ltd. Sep 2023 Representative Director, Chairman, HORIBA Europe GmbH (Germany) (current) Nov 2023 Representative Director, Chairman, HORIBA FuelCon GmbH (Germany) (current) Mar 2025 Director, HORIBA, Ltd. (current)
1963-06-03
Dan HORIBA
Director
Apr 2004 Joined HORIBA, Ltd. Sep 2012 Assistant to the President, HORIBA Instruments Inc. (U.S.A.) Jul 2014 President, HORIBA Instruments Inc., and Vice President, HORIBA International Inc. (U.S.A.) Jan 2018 Representative Director, President, HORIBA Advanced Techno, Co., Ltd. Apr 2018 Executive Officer, HORIBA, Ltd. Apr 2020 Managing Executive Officer, HORIBA, Ltd. Jan 2023 Representative Director, President, HORIBA STEC, Co., Ltd. (current) Mar 2025 Director, HORIBA, Ltd. (current) May 2025 Director, Semiconductor Equipment Association of Japan (current)
1980-02-21
Haruyuki TOYAMA
Outside Director
Apr 1982 Joined Bank of Japan Jan 2000 Alternate Executive Director for Japan, International Monetary Fund Aug 2004 Manager, Okayama Branch, Bank of Japan Jul 2006 Counselor, Payment and Settlement Department, Bank of Japan Mar 2009 Director-General, Financial Markets Department, Bank of Japan May 2011 Chief Representative, Americas, Bank of Japan Nov 2012 Director-General, International Department, Bank of Japan Mar 2015 Registered as attorney-at-law Jun 2015 Outside Director, Hitachi Construction Machinery Co., Ltd. Jan 2019 Special Counsel, Iwata Godo Law Office (current) Mar 2021 Outside Director, HORIBA, Ltd. (current) Jun 2024 Director, International Center for Financial Information (current)
1959-03-23
Fumihiko MATSUDA
Outside Director
Aug 1998 Head, Genotyping Center (Gene Identification Division), Centre National de Génotypage (France) Apr 2004 Professor (Disease Genomic Epidemiology Division), Center for Genomic Medicine, Graduate School of Medicine, Kyoto University (concurrent) (current) Nov 2008 Director, Center for Genomic Medicine, Graduate School of Medicine, Kyoto University (current) Oct 2014 Assistant to the President (International), Kyoto University Apr 2018 Head, Joint Degree Program in Genomic Medicine, Kyoto University and McGill University Nov 2018 Director (Chief Advisor), Geno Concierge Kyoto Co., Ltd. (current) Nov 2019 Director (Chief Advisor), RADDAR-J for Society Co., Ltd. (current) Oct 2020 Chief Academic Adviser to the President, Kyoto University (current) Mar 2021 Outside Director, HORIBA, Ltd. (current) Jan 2023 Representative Director and Managing Director, Japan Pasteur Foundation (current)
1960-12-03
Tomoko TANABE
Outside Director
Apr 1996 Resident, Department of Internal Medicine, Kyoto Prefectural University of Medicine Hospital Sep 2004 Clinical Associate Professor of Medicine, University of California San Diego School of Medicine; General Internal Medicine, VA San Diego Healthcare System Apr 2009 Director of Ladies' Dock, Mikeike Clinic, Chion-kai Medical Corporation Feb 2010 Director, Shinyukai Holdings Co., Ltd. (current) May 2017 Executive Vice President, Kyoto Medical Club Co., Ltd. Jun 2018 President and Representative Director, Kyoto Medical Club Co., Ltd. (current) Mar 2020 Outside Corporate Auditor, HORIBA, Ltd. Apr 2021 Visiting Professor, Division of Integrative Physiology, Department of Physiology, Kyoto Prefectural University of Medicine (current) Mar 2023 Outside Director, HORIBA, Ltd. (current) Apr 2023 Deputy Director and Director of Executive Health Checkup Center, Mikeike Clinic, Chion-kai Medical Corporation (current)
1971-11-14
Hitoshi MOTOKAWA
Full-time Corporate Auditor
Mar 1984 Joined HORIBA, Ltd. Sep 2004 General Manager, Sales Administration Department, HORIBA, Ltd. Jan 2009 General Manager, Sales Division, HORIBA, Ltd. Apr 2017 Executive Officer, HORIBA, Ltd. Jan 2018 General Manager, Sales Division, HORIBA, Ltd. Jan 2021 General Manager, Performance Division, Administration Division, HORIBA, Ltd. Jan 2022 General Manager, Performance Division, Finance & Legal Division, HORIBA, Ltd. Mar 2024 Corporate Auditor, HORIBA, Ltd. (current)
1960-11-27
Keiji YAMADA
Corporate Auditor
Apr 1977 Joined Ministry of Home Affairs (now Ministry of Internal Affairs and Communications) Jul 1992 Counselor, Cabinet Legislation Bureau Aug 1999 Director-General, General Affairs Department, Kyoto Prefectural Government Jun 2001 Vice Governor, Kyoto Prefecture Apr 2002 Governor, Kyoto Prefecture (1st term) Apr 2006 Governor, Kyoto Prefecture (2nd term) Apr 2010 Governor, Kyoto Prefecture (3rd term) Apr 2011 Chairman, National Governors' Association (1st term) Apr 2013 Chairman, National Governors' Association (2nd term) Apr 2014 Governor, Kyoto Prefecture (4th term) Apr 2015 Chairman, National Governors' Association (3rd term) Apr 2017 Chairman, National Governors' Association (4th term) Apr 2018 Assistant to the President; Professor, Faculty of Law, Kyoto Sangyo University Jun 2018 Chairman, Kyoto Culture Foundation (current) Jun 2019 Outside Director, Kawasaki Kisen Kaisha, Ltd. (current) Mar 2020 Corporate Auditor, HORIBA, Ltd. (current) Apr 2020 Special Assistant to the President; Professor, Faculty of Law, Kyoto Sangyo University Nov 2020 Outside Director, TOSE Co., Ltd. (current) Apr 2021 Director; Special Assistant to the President; Professor, Faculty of Law, Kyoto Sangyo University Jun 2021 Outside Director, Nichi-Iko Pharmaceutical Holdings Co., Ltd. (current) Jun 2024 Outside Director, Nippon Telenet, Inc. (current) Jun 2024 Chairman of the Board of Trustees, Professor, Faculty of Law, Kyoto Sangyo University (current)
1954-04-05
Sayoko KAWAMOTO
Corporate Auditor
Apr 2000 Joined AMS Co., Ltd. Jun 2000 Director, AMS Co., Ltd. Jun 2010 Director, Ayahane Co., Ltd. Oct 2016 Director and Deputy Head, General Affairs Division, Ayahane Co., Ltd. Oct 2017 Director and Deputy Head, Business Management Division, Ayahane Co., Ltd. May 2019 Director, Kawamoto Foundation for Education and Welfare (current) Apr 2022 Executive Vice President and Representative Director, Ayahane Co., Ltd. Mar 2023 Corporate Auditor, HORIBA, Ltd. (current) Jun 2023 Director, Biwako Foundation for Arts and Culture (current) Dec 2025 Director, Kyoto Economic Doyukai (current) Dec 2025 Representative Director, AMS Co., Ltd. (current) Dec 2025 Representative Director and President, Ayahane Co., Ltd. (current)
1977-07-25
Large Shareholding Reports
BlackRock Japan Co., Ltd.
2026-10-21
1.59%→1.84%
BlackRock Japan Co., Ltd.
2026-07-06
1.59%
Oasis Management Company Ltd.
2026-05-13
9.90%→9.90%
Nomura Asset Management Co., Ltd.
2026-01-22
3.15%→3.14%
Nomura Asset Management Co., Ltd.
2026-01-08
3.15%
Oasis Management Company Ltd.
2025-12-05
9.90%
Nomura Asset Management Co., Ltd.
2025-12-04
3.16%→3.13%
Nomura Asset Management Co., Ltd.
2025-10-20
3.41%→3.16%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-10-06
2.73%
Nomura Asset Management Co., Ltd.
2025-10-06
3.40%→3.41%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.18%→2.53%
Nomura Asset Management Co., Ltd.
2025-08-22
3.40%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-21
Large Shareholding Report
EDINET
2026-08-10
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-06
Large Shareholding Report
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-01-22
Large Shareholding Report
EDINET
2026-01-08
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-20
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-25
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-27
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
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