Horiba - Public Comps and Valuation Multiples

Horiba Overview

About Horiba

Horiba Ltd provides analytical and measurement equipment. The automotive test systems segment contributes the largest percentage of revenue and supplies engine, driveline, brake, wind tunnel balance, and emissions test systems. The scientific segment sells instruments like pH meters, X-ray microscopes, and spectrometers. The semiconductor segment supplies mass flow controllers that are used in the semiconductor manufacturing process. The medical-diagnostic segment sells blood testing instruments and reagents for the in vitro diagnostics market. The process and environmental segment provides solutions associated with environmental regulations, such as air-pollution and water-quality analyzers. Horiba generates the largest proportion of its sales in Japan.

Founded

1953

HQ

Employees

7.9K+

Website

horiba.co.jp

Sectors

Sensors & Instruments
Medical Devices
DeepTech
Industry 4.0
HealthTech

Financials

LTM Revenue $2.1B

LTM EBITDA $418M

EV

$2.0B

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Horiba Financials

Horiba has a last 12-month revenue of $2.1B and a last 12-month EBITDA of $418M.

In the most recent fiscal year, Horiba achieved revenue of $2.1B and an EBITDA of $417M.

Horiba expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Horiba P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.9B	$2.1B	XXX	XXX	XXX
Gross Profit	$775M	$847M	XXX	XXX	XXX
Gross Margin	40%	40%	XXX	XXX	XXX
EBITDA	$445M	$417M	XXX	XXX	XXX
EBITDA Margin	23%	20%	XXX	XXX	XXX
Net Profit	$226M	$268M	XXX	XXX	XXX
Net Margin	12%	13%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Horiba Stock Performance

As of April 15, 2025, Horiba's stock price is JPY 9161 (or $61).

Horiba has current market cap of JPY 384B (or $2.6B), and EV of JPY 302B (or $2.0B).

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Horiba Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.0B	$2.6B	XXX	XXX	XXX	XXX	$5.48

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Horiba Valuation Multiples

As of April 15, 2025, Horiba has market cap of $2.6B and EV of $2.0B.

Horiba's trades at 0.9x LTM EV/Revenue multiple, and 4.8x LTM EBITDA.

Analysts estimate Horiba's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Horiba Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$2.0B	XXX	XXX	XXX
EV/Revenue	1.0x	XXX	XXX	XXX
EV/EBITDA	4.8x	XXX	XXX	XXX
P/E	11.4x	XXX	XXX	XXX
P/E/Growth	1.0x	XXX	XXX	XXX
EV/FCF	14.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Horiba Valuation Multiples

Horiba's NTM/LTM revenue growth is 5%

Horiba's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Horiba's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Horiba's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Horiba Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	9%	XXX	XXX	XXX	XXX
EBITDA Margin	20%	XXX	XXX	XXX	XXX
EBITDA Growth	-6%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	25%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	28%	XXX	XXX	XXX	XXX

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