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.

Financial Strength

7/10

Name	Current	Vs Industry
Cash-To-Debt	2.23
Equity-to-Asset	0.63
Debt-to-Equity	0.21
Debt-to-EBITDA	1.11
Interest Coverage	65.51
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.51	Distress Grey Safe
Beneish M-Score	-2.13	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	15.7
	3-Year EBITDA Growth Rate	32.3
	3-Year EPS without NRI Growth Rate	38.5
	3-Year FCF Growth Rate	-24.3
	3-Year Book Growth Rate	16.6

Momentum Rank

9/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	22.72
	9-Day RSI	31.42
	14-Day RSI	38.16
	6-1 Month Momentum %	108.69
	12-1 Month Momentum %	93.14

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	3.15
	Quick Ratio	2.17
	Cash Ratio	1.33
	Days Inventory	205.58
	Days Sales Outstanding	84.19
	Days Payable	74.54

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	2.1
	Dividend Payout Ratio	0.34
	3-Year Dividend Growth Rate	47.7
	Forward Dividend Yield %	2.69
	5-Year Yield-on-Cost %	5.4
	3-Year Average Share Buyback Ratio	-0.1
	Shareholder Yield %	4.48

Profitability Rank

10/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	43.84
	Operating Margin %	16.28
	Net Margin %	13.87
	FCF Margin %	2.51
	ROE %	15.32
	ROA %	9.34
	ROIC %	14.84
	ROC (Joel Greenblatt) %	31.57
	ROCE %	16.63
	Years of Profitability over Past 10-Year	10

GF Value Rank

1/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	15.09
	PE Ratio without NRI	17.01
	Shiller PE Ratio	28.74
	PEG Ratio	1.02
	PS Ratio	2.09
	PB Ratio	2.13
	Price-to-Tangible-Book	2.17
	Price-to-Free-Cash-Flow	81.28
	Price-to-Operating-Cash-Flow	36.51
	EV-to-EBIT	9.7
	EV-to-EBITDA	9.7
	EV-to-Revenue	1.82
	EV-to-FCF	70.55
	Price-to-Projected-FCF	1.44
	Price-to-DCF (Earnings Based)	0.56
	Price-to-DCF (FCF Based)	4.72
	Price-to-Median-PS-Value	1.71
	Price-to-Peter-Lynch-Fair-Value	0.75
	Price-to-Graham-Number	1.28
	Price-to-Net-Current-Asset-Value	3.95
	Earnings Yield (Greenblatt) %	10.31
	FCF Yield %	1.24
	Forward Rate of Return (Yacktman) %	19.21

GF Value: €50.76

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