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Producer Manufacturing

Horiba Ltd.

Business Summary

Horiba Ltd. engages in the manufacture and sale of instruments and systems for industrial applications. It operates through the following segments: Automotive Test Systems, Process and Environmental Instruments and Systems, Semiconductor Instruments and Systems, Medical-Diagnostic Instruments and Systems, and Scientific Instruments and Systems. The Automotive Test Systems segment sells emission measurement systems, automotive emission analyzers, onboard emission measurement systems, driveline test systems, engine test systems, break test systems, and drive recorders. The Process and Environmental Instruments and Systems segment manufactures stack gas analyzers, water quality analysis and examination systems, air pollution analyzers, and environmental radiation monitor. The Semiconductor Instruments and Systems segment includes mass flow controllers, chemical concentration monitors, reticle/mask particle detection systems, and residual gas analyzers. The Medical-Diagnostic Instruments and Systems segment offers equipment for blood sample analysis. The Scientific Instruments and Systems segment sells particle-size distribution analyzers, x-ray fluorescence analyzers, Raman spectrophotometers, gratings, and pH meters. The company was founded by Masao Horiba on October 17, 1945 and is headquartered in Kyoto, Japan.

Financial Highlights

Dec 2021 JPYUSD
Gross Profit93,223M848.45M
Operating income32,048M291.68M
Income before tax30,204M274.89M
Net income21,312M193.96M
Diluted EPS502.454.57
Dividends Per Share1501.36
Total Assets371,585M3,226.82M
Total liabilities167,090M1,451.00M
Total equity204,481M1,775.70M
Operating cash flow35,268M320.98M
Currency in JPYCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 195,399M 210,570M 200,241M 187,080M 224,314M
Gross Profit 83,292M 89,940M 82,617M 76,432M 93,223M
Operating income 26,835M 28,840M 20,916M 19,695M 32,048M
Income before tax 24,385M 28,917M 20,734M 18,821M 30,204M
Net income 16,282M 22,314M 15,482M 13,188M 21,312M
EBITDA 34,368M 36,080M 29,710M 29,313M 42,488M
Diluted EPS 384.64 526.97 365.42 311.08 502.45
Dividends Per Share 116 145 130 90 150
Total Assets 265,920M 277,368M 315,133M 330,198M 371,585M
Total liabilities 115,052M 115,347M 143,514M 151,527M 167,090M
Total equity 150,776M 161,912M 171,605M 178,663M 204,481M
Operating cash flow 28,287M 19,536M 26,638M 32,253M 35,268M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,742.55M 1,906.59M 1,836.89M 1,752.20M 2,041.57M
Gross Profit 742.79M 814.35M 757.87M 715.86M 848.45M
Operating income 239.31M 261.13M 191.87M 184.46M 291.68M
Income before tax 217.46M 261.82M 190.20M 176.27M 274.89M
Net income 145.20M 202.04M 142.02M 123.51M 193.96M
EBITDA 306.49M 326.68M 272.54M 274.54M 386.70M
Diluted EPS 3.43 4.77 3.35 2.91 4.57
Dividends Per Share 1.03 1.31 1.19 0.84 1.36
Total Assets 2,360.58M 2,528.07M 2,899.77M 3,198.19M 3,226.82M
Total liabilities 1,021.32M 1,051.33M 1,320.57M 1,467.64M 1,451.00M
Total equity 1,338.44M 1,475.75M 1,579.06M 1,730.47M 1,775.70M
Operating cash flow 252.26M 176.88M 244.36M 302.08M 320.98M

Valuation Measures

Dec 2021
Operating margin14.28%
Profit margin9.50%

Key executives

  • Chairman & Group Chief Executive Officer: Atsushi Horiba
  • President & Representative Director: Masayuki Adachi
  • Vice Chairman & Group Chief Operating Officer: Juichi Saito
  • General Manager-Finance & Control Division: Sunao Kikkawa
  • Executive Officer & Manager-Secretariat Office: Yasuo Yamashita


  • National Mutual Insurance Fed. of Agricultural Cooperatives (3.9%)
  • Sumitomo Mitsui Trust Asset Management Co., Ltd. (3.6%)
  • Nomura Asset Management Co., Ltd. (3.2%)
  • FIL Investment Advisors (UK) Ltd. (3.1%)
  • The Vanguard Group, Inc. (2.2%)
  • Kyoto Chuo Shinkin Bank (1.9%)
  • The Bank of Kyoto, Ltd. (1.9%)
  • Horiba Rakurakukai Business Association (1.8%)
  • Nikko Asset Management Co., Ltd. (1.5%)

Contact Details

  • Website:
  • Address: 2 Kisshoin Miyanohigashi-cho, Minami-Ku, Kyoto, 601-8510, Japan
  • Phone: +81.75.313.8121

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  • Beijing HORIBA METRON Instruments Co. Ltd.
  • Horiba (Thailand) Ltd.
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  • HORIBA Taiwan, Inc.
  • HORIBA Jobin Yvon IBH Ltd.
  • Horiba Mira Ltd.
  • HRA International Ltd.
  • Horiba ABX Sp zoo
  • Photon Tech Intl, Inc. /Fluorescent Spectroscopic Analysis Bus


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Last Updated on 4 Oct, 2022

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