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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 2019 USD
Gross Profit82,617M757.87M
Operating income20,916M191.87M
Income before tax20,734M190.20M
Net income15,482M142.02M
Diluted EPS365.423.35
Dividends Per Share1301.19
Total Assets315,133M2,899.77M
Total liabilities143,514M1,320.57M
Total equity171,605M1,579.06M
Operating cash flow26,638M244.36M
Currency in USDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 171,916M 170,093M 195,399M 210,570M 200,241M
Gross Profit 72,074M 69,754M 83,292M 89,940M 82,617M
Operating income 20,142M 18,500M 26,835M 28,840M 20,916M
Income before tax 19,804M 17,243M 24,385M 28,917M 20,734M
Net income 13,282M 12,963M 16,282M 22,314M 15,482M
EBITDA 26,251M 25,315M 34,368M 36,080M 29,710M
Diluted EPS 313.80 306.37 384.64 526.97 365.42
Dividends Per Share 70 85 116 145 130
Total Assets 232,121M 239,657M 265,920M 277,368M 315,133M
Total liabilities 105,202M 106,463M 115,052M 115,347M 143,514M
Total equity 127,243M 133,120M 150,776M 161,912M 171,605M
Operating cash flow 14,770M 15,871M 28,287M 19,536M 26,638M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,420.03M 1,565.38M 1,742.55M 1,906.59M 1,836.89M
Gross Profit 595.33M 641.95M 742.79M 814.35M 757.87M
Operating income 166.37M 170.25M 239.31M 261.13M 191.87M
Income before tax 163.58M 158.68M 217.46M 261.82M 190.20M
Net income 109.70M 119.29M 145.20M 202.04M 142.02M
EBITDA 216.83M 232.97M 306.49M 326.68M 272.54M
Diluted EPS 2.59 2.81 3.43 4.77 3.35
Dividends Per Share 0.57 0.78 1.03 1.31 1.19
Total Assets 1,929.59M 2,054.76M 2,360.58M 2,528.07M 2,899.77M
Total liabilities 874.53M 912.78M 1,021.32M 1,051.33M 1,320.57M
Total equity 1,057.75M 1,141.33M 1,338.44M 1,475.75M 1,579.06M
Operating cash flow 122.00M 146.06M 252.26M 176.88M 244.36M

Valuation Measures

Dec 2019
Operating margin10.44%
Profit margin7.73%

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%)
  • Asset Management One Co., Ltd. (4.2%)
  • Nomura Asset Management Co., Ltd. (4.2%)
  • National Mutual Insurance Fed. of Agricultural Cooperatives (3.9%)
  • Sumitomo Mitsui Trust Asset Management Co., Ltd. (3.0%)
  • The Vanguard Group, Inc. (2.5%)
  • Kyoto Chuo Shinkin Bank (1.9%)
  • The Bank of Kyoto, Ltd. (1.9%)
  • Horiba Rakurakukai Business Association (1.8%)

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 3 Jun, 2020

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