HORIBA makes analytical and measurement instruments, including spectroscopy and chromatography systems, automotive emissions and engine test equipment, semiconductor process monitoring tools, and medical diagnostics such as its hematology analyzers. The structural case rests on that installed base: these instruments are specified into customer validation workflows, so replacement and consumables revenue recur for years after the initial sale. Revenue grew 23.7% over the most recent period, with a gross margin of 44.1% and an operating margin of 18.9%, which points to a business where volume is converting into profit. The stock trades at 21.9 times trailing earnings and 23.2 times forward, a forward multiple slightly above trailing that suggests the market is not pricing in a large earnings step-up beyond what the growth rate already implies. Return on equity of 12.7% is respectable rather than exceptional, so the question for deeper work is whether the margin and growth profile is durable through a semiconductor or auto capex downturn, and how much of the 23.7% is organic versus acquired.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ¥22400 | first publication | ¥22380 |
Answered from HORIBA, Ltd. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 6856.T HORIBA, Ltd. | ¥22195.00 | - | - | 21.9x | 12.7% | 76 | 72 |
| ST Sensata Technologies Holding plc Ordinary Shares | $40.70 | $24 | 69% above | 67.3x | 3.1% | 50 | 59 |
| ESE ESCO Technologies Inc. Common Stock | $232.99 | $173 | 35% above | 43.1x | 9.5% | 73 | 53 |
| NOVT Novanta Inc. Common Stock | $136.66 | $49 | 179% above | 89.1x | 5.1% | 64 | 60 |
| RSW.L Renishaw plc | £53.60 | £34 | 60% above | 31.5x | 12.5% | 83 | 76 |
| CDA.AX Codan Limited | A$56.53 | A$32 | 78% above | 58.7x | 30.9% | 96 | 78 |
| IFCN.SW INFICON Holding AG | CHF 166.60 | CHF 76 | 120% above | 51.9x | 24.5% | 84 | 73 |
Where 6856.T ranks against its sector peers on each metric.