Topcon - Public Comps and Valuation Multiples

Topcon Overview

About Topcon

Topcon Corp sells ophthalmic instruments, medical equipment, and machine control and GPS-related systems. The firm operates in three segments: Eye Care, Smart Infrastructure, and Positioning. The Eye Care business sells ophthalmic instruments and systems for eye examination, measurement, treatment, and eyeglass lens processing. The Smart Infrastructure business sells positioning products that use GPS, laser, and image analysis technologies based on the firm's optical technology. The Positioning business sells products related to Global Navigation Satellite Systems, or GNSS, to the construction and agriculture industries, including GNSS surveying, machine control, and precision agriculture solutions. North America, Europe, and Japan contribute the largest proportion of it's revenue.

Founded

1932

HQ

Employees

4.9K+

Website

topcon.co.jp

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $1.4B

LTM EBITDA $133M

EV

$2.7B

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Topcon Financials

Topcon has a last 12-month revenue of $1.4B and a last 12-month EBITDA of $133M.

In the most recent fiscal year, Topcon achieved revenue of $1.4B and an EBITDA of $140M.

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

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Topcon P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.4B	$1.4B	XXX	XXX	XXX
Gross Profit	$599M	$747M	XXX	XXX	XXX
Gross Margin	42%	52%	XXX	XXX	XXX
EBITDA	$195M	$140M	XXX	XXX	XXX
EBITDA Margin	14%	10%	XXX	XXX	XXX
Net Profit	$71.1M	$78.5M	XXX	XXX	XXX
Net Margin	5%	5%	XXX	XXX	XXX
Net Debt	$120M	$167M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Topcon Stock Performance

As of April 15, 2025, Topcon's stock price is JPY 3172 (or $21).

Topcon has current market cap of JPY 334B (or $2.2B), and EV of JPY 403B (or $2.7B).

See Topcon trading valuation data

Topcon Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.7B	$2.2B	XXX	XXX	XXX	XXX	$0.01

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Topcon Valuation Multiples

As of April 15, 2025, Topcon has market cap of $2.2B and EV of $2.7B.

Topcon's trades at 1.9x LTM EV/Revenue multiple, and 20.1x LTM EBITDA.

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

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Topcon Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$2.7B	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	XXX	XXX
EV/EBITDA	20.1x	XXX	XXX	XXX
P/E	307.1x	XXX	XXX	XXX
P/E/Growth	1.6x	XXX	XXX	XXX
EV/FCF	49.4x	XXX	XXX	XXX

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

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Topcon Valuation Multiples

Topcon's NTM/LTM revenue growth is 5%

Topcon'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, Topcon'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 Topcon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Topcon Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	0%	XXX	XXX	XXX	XXX
EBITDA Margin	9%	XXX	XXX	XXX	XXX
EBITDA Growth	-28%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	15%	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	48%	XXX	XXX	XXX	XXX

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