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HoribaTSE:6856 +3.95%90 Cyclically Adjusted PS Ratio is 3.56 as of Sep. 22, 2026, which is 106% above its 10-year median of 1.73. GuruFocus rates TSE:6856 with a GF Score™ of 90/100 and a GF Value™ of 円14,423.67 (Significantly Overvalued). Among 1,976 Hardware companies, Horiba ranks worse than 71.96% on this metric.
As of today (2026-09-22), Horiba's current share price is 円22885.00. Horiba's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 was 円6,435.34. Horiba's Cyclically Adjusted PS Ratio for today is 3.56.
The historical rank and industry rank for Horiba's Cyclically Adjusted PS Ratio or its related term are showing as below:
TSE:6856'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 1.16 Med: 1.73 Max: 4.57
Current: 3.34
During the past years, Horiba's highest Cyclically Adjusted PS Ratio was 4.57. The lowest was 1.16. And the median was 1.73.
TSE:6856's Cyclically Adjusted PS Ratio is ranked worse than 71.96% of 1976
companies
in the Hardware industry
Industry Median: 1.37
vs TSE:6856: 3.34
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Horiba's adjusted revenue per share data for the three months ended in Jun. 2026 was 円2,259.239. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is 円6,435.34 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Horiba (TSE:6856) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Horiba Cyclically Adjusted PS Ratio Related Terms
Horiba Cyclically Adjusted PS Ratio Historical Data
* Premium members only.
The historical data trend for Horiba's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSE:6856 vs GRMN, COHR, KEYS: Cyclically Adjusted PS Ratio Comparison
For the Scientific & Technical Instruments subindustry, Horiba's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Horiba Cyclically Adjusted PS Ratio vs Hardware Industry
For the Hardware industry and Technology sector, Horiba's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Horiba's Cyclically Adjusted PS Ratio falls into.
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
Horiba's Cyclically Adjusted PS Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 3.56 mean?
Horiba (TSE:6856) has a Cyclically Adjusted PS Ratio of 3.56 as of Sep. 22, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Horiba and its competitors. This is 106% above median its historical median of 1.73. Over the past decade, Horiba's Cyclically Adjusted PS Ratio has ranged from 1.16 to 4.57. According to the industry distribution chart, Horiba ranks #1422 out of 1976 companies in the Hardware industry, placing it in the top 72%.
Is Horiba's Cyclically Adjusted PS Ratio too high?
Horiba's current Cyclically Adjusted PS Ratio of 3.56 is 106% above median its 10-year median of 1.73. Over the past 10 years, this metric has ranged from a low of 1.16 to a high of 4.57. The Hardware industry median Cyclically Adjusted PS Ratio is 1.37. Horiba's value of 3.56 is 159.9% above this industry median. Based on the distribution chart, Horiba ranks #1422 out of 1976 companies in the Hardware industry, which is below the industry midpoint. Overall, Horiba has a GF Score™ of 90/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Horiba's Cyclically Adjusted PS Ratio compare to GRMN and COHR?
According to the Hardware industry distribution chart, Horiba ranks #1422 out of 1976 companies for Cyclically Adjusted PS Ratio. This places Horiba in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 1.37. Horiba's value of 3.56 is 159.9% above this benchmark. Historically, Horiba's own Cyclically Adjusted PS Ratio has ranged from 1.16 to 4.57 over the past decade. While the company's 10-year median is 1.73 vs. the industry median of 1.37, Horiba has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Hardware company?
The median Cyclically Adjusted PS Ratio among Hardware companies is 1.37, based on 1,976 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Horiba's current Cyclically Adjusted PS Ratio of 3.56 is 159.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Horiba and its competitors. For the Hardware industry, the median Cyclically Adjusted PS Ratio is 1.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Horiba's current Cyclically Adjusted PS Ratio is 3.56, which is 106% above median its own 10-year median of 1.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Horiba stock overvalued right now?
Based on GuruFocus' analysis, Horiba (TSE:6856) is currently considered Significantly Overvalued. The stock's GF Value™ is 円14,423.67, compared to a current price of 円22,885.00 — trading 58.7% above its estimated fair value. The current Cyclically Adjusted PS Ratio is 3.56, which is 106% above median its 10-year median of 1.73 and 159.9% above the Hardware industry median of 1.37. Horiba's overall GF Score™ is 90/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Horiba (TSE:6856), the current Cyclically Adjusted PS Ratio is 3.56 as of Sep. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Horiba (TSE:6856) Overvalued in 2026?
Based on GuruFocus' analysis, Horiba stock appears to be overvalued.
The current stock price of 円22,885.00 is trading 58.7% above its estimated GF Value™ of 円14,423.67.
GuruFocus considers Horiba to be Significantly Overvalued.
Key valuation signals for TSE:6856:
Cyclically Adjusted PS Ratio: 3.56 (106% above median its 10-year median of 1.73)
GF Value™: 円14,423.67 vs. price of 円22,885.00 (58.7% above fair value)
Industry Position: 159.9% above the Hardware median (#1422 of 1976)
No single metric tells the full story. See the TSE:6856 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Horiba Ltd. is a Japanese manufacturer of analytical and measurement instruments headquartered in Kyoto. The company operates through segments covering automotive test systems, environmental and process monitoring, medical diagnostics, semiconductor equipment, and scientific instruments. Its automotive business supplies emissions testing systems, powertrain measurement equipment, and validation services to vehicle and component manufacturers. The medical segment produces in vitro diagnostic analyzers, particularly in hematology. Environmental products measure air, water, and soil quality for regulators and industrial customers. Semiconductor offerings include mass flow controllers, liquid flow control devices, and particle analyzers used in chip manufacturing. Scientific instruments include Raman spectrometers, particle size analyzers, and elemental analyzers sold to universities, research institutes, and industrial laboratories. Horiba generates revenue primarily from equipment sales, with recurring income from consumables, service, and maintenance contracts. It operates manufacturing and sales subsidiaries across Asia, Europe, and the Americas, serving customers worldwide.
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