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Electronic Technology

Horiba, Ltd.

Business Summary

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

Financial Highlights

Dec 2018 JPYUSD
Gross Profit89,940M814.35M
Operating income28,840M261.13M
Income before tax28,917M261.82M
Net income22,314M202.04M
Diluted EPS526.974.77
Dividends Per Share1451.31
Total Assets278,136M2,535.07M
Total liabilities116,115M1,058.33M
Total equity161,912M1,475.75M
Operating cash flow19,536M176.88M
Currency in JPYCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 153,065M 171,916M 170,093M 195,399M 210,570M
Gross Profit 65,181M 72,074M 69,754M 83,292M 89,940M
Operating income 17,214M 20,142M 18,500M 26,835M 28,840M
Income before tax 16,265M 19,804M 17,243M 24,385M 28,917M
Net income 10,589M 13,282M 12,963M 16,282M 22,314M
EBITDA 22,118M 26,251M 25,315M 34,368M 36,080M
Diluted EPS 249.28 313.80 306.37 384.64 526.97
Dividends Per Share 67 70 85 116 145
Total Assets 207,335M 232,121M 239,657M 265,920M 278,136M
Total liabilities 83,021M 105,202M 106,463M 115,052M 116,115M
Total equity 124,314M 127,243M 133,120M 150,776M 161,912M
Operating cash flow 11,455M 14,770M 15,871M 28,287M 19,536M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,446.05M 1,420.03M 1,565.38M 1,742.55M 1,906.59M
Gross Profit 615.78M 595.33M 641.95M 742.79M 814.35M
Operating income 162.62M 166.37M 170.25M 239.31M 261.13M
Income before tax 153.66M 163.58M 158.68M 217.46M 261.82M
Net income 100.03M 109.70M 119.29M 145.20M 202.04M
EBITDA 208.95M 216.83M 232.97M 306.49M 326.68M
Diluted EPS 2.35 2.59 2.81 3.43 4.77
Dividends Per Share 0.63 0.57 0.78 1.03 1.31
Total Assets 1,729.30M 1,929.59M 2,054.76M 2,360.58M 2,535.07M
Total liabilities 692.44M 874.53M 912.78M 1,021.32M 1,058.33M
Total equity 1,036.85M 1,057.75M 1,141.33M 1,338.44M 1,475.75M
Operating cash flow 108.21M 122.00M 146.06M 252.26M 176.88M

Valuation Measures

Dec 2018
Operating margin13.69%
Profit margin10.59%

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 & Deputy General Manager-Global: Atsushi Nakamine


  • Pictet Asset Management SA (5.2%)
  • Nomura Asset Management Co., Ltd. (4.4%)
  • National Mutual Insurance Fed. of Agricultural Cooperatives (3.9%)
  • Asset Management One Co., Ltd. (3.8%)
  • The Vanguard Group, Inc. (2.3%)
  • Sumitomo Mitsui Trust Asset Management Co., Ltd. (2.3%)
  • AllianceBernstein LP (2.1%)
  • Baillie Gifford & Co. (2.1%)
  • The Bank of Kyoto, Ltd. (1.9%)

Contact Details

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

Related Companies

  • Horiba Group Employee Stock Ownership Plan
  • HORIBA UK Finance Ltd.
  • Horiba Italia SRL
  • Schenck-Development Test Systems
  • HORIBA Europe GmbH (Netherlands)
  • HORIBA Brasil Holding Ltda.
  • HORIBA Automotive Test Systems Ltd.
  • HORIBA Europe Automation Division GmbH
  • HORIBA United States Holding LLC
  • HORIBA France Holding SARL
  • HORIBA ABX (Thailand) Ltd.
  • HORIBA Canada, Inc.
  • HORIBA STEC Korea Ltd.
  • Horiba (China) Trading Co. Ltd.
  • Horiba India Pvt Ltd.
  • HORIBA Instruments Brasil Ltda.
  • PT HORIBA Indonesia
  • HORIBA Test Automation Ltd.
  • Horiba GmbH
  • HORIBA Jobin Yvon SRL
  • Beijing HORIBA METRON Instruments Co. Ltd.
  • Horiba (Thailand) Ltd.
  • Horiba OOO
  • 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
  • Horiba Instruments (Singapore) Pte Ltd.


  • MKS Instruments, Inc.
  • MTS Systems Corporation
  • Motorcar Parts of America, Inc.
Last Updated on 16 Oct, 2019

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