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HoribaHORIBA, Ltd.6856東証プライム電気機器FY ending Dec 2025, consolidated, J-GAAP

Horiba FY ending Dec 2025 results

About 47% of Horiba's sales come from Materials and Semiconductor, with Energy and Environment and Bio and Healthcare making up much of the rest.

Out of every ¥100 of sales, about ¥16 is left as operating profit.

Revenue changed +5.0% from the prior year, operating profit +9.7%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +5.0% · profit +9.7%, calculated from disclosed figures.

Operating leverage: 1.96× (profit growth ÷ revenue growth)

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue
+5.0%¥317.4B → ¥333.1B
Gross profit
+6.9%¥136.9B → ¥146.4B
Operating income
+9.7%¥48.3B → ¥53B
Net income attributable to owners
+10.4%¥33.6B → ¥37.1B
Operating cash flow
+34.8%¥40.3B → ¥54.4B
Free cash flow
+35.2%¥20.9B → ¥28.2B

Results at a glance

  • Revenue for FY ending Dec 2025 was ¥333.1B, up +5.0% from ¥317.4B.
  • Operating income grew faster, rising +9.7% to ¥53B, and net income attributable to owners rose +10.4% to ¥37.1B.
  • Cash generation improved sharply: operating cash flow reached ¥54.4B (+34.8%) and free cash flow ¥28.2B (+35.2%).

What drove the change

  • In Europe and the Americas, the move to EVs slowed, so carmakers developing hybrids bought more combustion measurement equipment. This lifted sales and profit in Energy and Environment.
  • Demand for advanced chips, driven by generative AI, raised sales to chip-equipment makers, mainly in Asia. The company also stepped up spending on new products and R&D, so that segment's operating profit dipped slightly.
  • Net income rose despite one-off restructuring losses, helped by a lower tax burden.

Things to watch

  • Sudden swings in chip demand can change how much chip-equipment makers and chipmakers invest, which would affect results.
  • Shifts in the car industry, such as electrification, can change carmakers' R&D plans and leave HORIBA's testing facilities underused.
  • Bio and Healthcare still runs at an operating loss amid tough competition and ongoing investment; hospital finances and price pressure also affect demand.

Annual Securities Report (FY2025) / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual Securities Report (FY2025) / 事業等のリスク

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

Where ¥100 of sales goes

For every ¥100 Horiba sells, how much goes where, and how much is kept.

FY ending Dec 2025
Cost of sales
¥56
SG&A
¥28
Operating profit
¥16
Net profit kept
¥11

Annual margin trends

Gross margin43.9%
FY ending Dec 2020: 40.9%40.9%FY ending Dec 2021: 41.6%41.6%FY ending Dec 2022: 43.2%43.2%FY ending Dec 2023: 43.8%43.8%FY ending Dec 2024: 43.1%43.1%FY ending Dec 2025: 43.9%43.9%FY20FY21FY22FY23FY24FY25
Operating margin15.9%
FY ending Dec 2020: 10.5%10.5%FY ending Dec 2021: 14.3%14.3%FY ending Dec 2022: 17.0%17.0%FY ending Dec 2023: 16.3%16.3%FY ending Dec 2024: 15.2%15.2%FY ending Dec 2025: 15.9%15.9%FY20FY21FY22FY23FY24FY25
Net margin11.1%
FY ending Dec 2020: 7.0%7.0%FY ending Dec 2021: 9.5%9.5%FY ending Dec 2022: 12.6%12.6%FY ending Dec 2023: 13.9%13.9%FY ending Dec 2024: 10.6%10.6%FY ending Dec 2025: 11.1%11.1%FY20FY21FY22FY23FY24FY25

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Dec 2025

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第88期(2025/01/01－2025/12/31)

    ID S100XSIJ2026-03-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第87期(2024/01/01－2024/12/31)

    ID S100VIZI2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第86期(2023/01/01－2023/12/31)

    ID S100T3YZ2024-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(2022/01/01－2022/12/31)

    ID S100QGCM2023-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(令和3年1月1日－令和3年12月31日)

    ID S100NR162022-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(令和2年1月1日－令和2年12月31日)

    ID S100L2832021-03-29Open

Extracted from XBRL: 56 / Derived from other figures: 2

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