Topcon - Public Comps and Valuation Multiples

Topcon Overview

About Topcon

Topcon Corp sells ophthalmic instruments, medical equipment, machine control systems, and GPS-related products. Its operations are structured around three main areas: the Positioning Business, Eye Care Business, and Other. The Positioning division handles products such as total stations, 3D laser scanners, ICT automated construction systems, IT agricultural systems, GNSS receivers for surveying, laser equipment, and software for construction and civil engineering. The Eye Care division provides 3D fundus imaging devices, fundus cameras, auto and kerato refractors, slit lamps, tonometers, lens meters, ophthalmic laser systems, and related software for image management and electronic medical records.

Founded

1932

HQ

Employees

5.3K+

Website

topcon.co.jp

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $1.4B

LTM EBITDA $153M

EV

$2.8B

Valuation Multiples

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Topcon Financials

As of September 2025, Topcon reported last 12-month revenue of $1.4B and EBITDA of $153M.

In the same period, Topcon generated $760M in LTM gross profit and $20.5M in net income.

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Topcon P&L

In the most recent fiscal year, Topcon reported revenue of $1.4B and EBITDA of $127M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.4B	XXX	$1.4B	XXX	XXX	XXX
Gross Profit	$760M	XXX	$747M	XXX	XXX	XXX
Gross Margin	53%	XXX	53%	XXX	XXX	XXX
EBITDA	$153M	XXX	$127M	XXX	XXX	XXX
EBITDA Margin	11%	XXX	9%	XXX	XXX	XXX
EBIT	$61.4M	XXX	$57.9M	XXX	XXX	XXX
EBIT Margin	4%	XXX	4%	XXX	XXX	XXX
Net Profit	$20.5M	XXX	$2.7M	XXX	XXX	XXX
Net Margin	1%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	$412M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Topcon including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $153M. In the most recent fiscal year, Topcon achieved $1.4B in revenue and $127M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$760M	Analyst estimates available to subscribers	$747M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	53.2% gross margin	Analyst estimates available to subscribers	52.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$153M	Analyst estimates available to subscribers	$127M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	10.7% EBITDA margin	Analyst estimates available to subscribers	8.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$61.4M	Analyst estimates available to subscribers	$57.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.3% EBIT margin	Analyst estimates available to subscribers	4.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$20.5M	Analyst estimates available to subscribers	$2.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.4% net profit margin	Analyst estimates available to subscribers	0.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$412M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Topcon

This financial data table provides comprehensive performance metrics for Topcon, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Topcon generated $1.4B in revenue over the last twelve months.
The company achieved $153M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $760M.
Net income over the last twelve months reached $20.5M.

Fiscal Year Performance

In the most recent fiscal year, Topcon reported $1.4B in total revenue.
Fiscal year EBITDA was $127M.
The company maintained a gross profit margin of 52.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.9%.
Net profit margin reached 0.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Topcon. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Topcon Stock Performance

Topcon has current market cap of JPY 346B (or $2.3B), and EV of JPY 427B (or $2.8B).

Market Cap Evolution

Topcon Stock Data

As of October 17, 2025, Topcon's stock price is JPY 3283 (or $22).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.8B	$2.3B	XXX	XXX	XXX	XXX	$0.19

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Topcon Valuation Multiples

Topcon's trades at 2.0x EV/Revenue multiple, and 21.6x EV/EBITDA.

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Topcon Financial Valuation Multiples

As of October 17, 2025, Topcon has market cap of $2.3B and EV of $2.8B.

Equity research analysts estimate Topcon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Topcon has a P/E ratio of 111.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.0x	XXX	XXX	XXX
EV/EBITDA	18.2x	XXX	21.6x	XXX	XXX	XXX
EV/EBIT	45.6x	XXX	45.3x	XXX	XXX	XXX
EV/Gross Profit	3.7x	XXX	n/a	XXX	XXX	XXX
P/E	111.0x	XXX	223.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-116.4x	XXX	XXX	XXX

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

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Topcon Margins & Growth Rates

Topcon's last 12 month revenue growth is 5%

Topcon's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Topcon's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Topcon's rule of X is 23% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Topcon Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	11%	XXX	9%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	14%	XXX	14%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	23%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	49%	XXX	XXX	XXX

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

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