Anritsu (6754) Q4 2025 earnings summary

Executive summary

• Revenue increased to ¥113.0B (+3% YoY) and operating profit to ¥12.1B (+35% YoY) for FY2024; order intake rose 5% YoY.

• Profit attributable to owners of parent was ¥9.3B (+21% YoY); EPS reached ¥70.42.

• All business segments saw operating profit growth, with notable gains in PQA and Environmental Measurement.

• Growth in PQA and Environmental Measurement offset a slight decline in Test and Measurement revenue.

• Strong demand in automation and EV/battery testing drove segment gains; treasury share buybacks impacted equity.

Financial highlights

• FY2024 revenue: ¥113.0B (+3% YoY); operating profit: ¥12.1B (+35% YoY); net profit: ¥9.3B (+21% YoY).

• Free cash flow reached ¥17.2B; operating cash flow margin was 18.6%.

• Cash at period end: ¥50.1B; interest-bearing debt: ¥6.1B.

• Gross margin improved to 48.7% from 46.9% YoY.

• Dividend payout ratio: 68.6%; ROE: 7.4%.

Outlook and guidance

• FY2025 revenue forecast: ¥123.0B (+9% YoY); operating profit: ¥15.0B (+24% YoY); net profit: ¥11.0B (+19% YoY).

• Segment revenue growth expected in Test and Measurement (+9.8%), PQA (+6.2%), and Environmental Measurement (+17.0%).

• Annual dividend planned at ¥40/share for FY2025; continued treasury stock buybacks.

• US tariff measures could impact future results; current forecasts do not reflect potential tariff effects.

• T&M and PQA segments expected to drive growth; Environmental Measurement also forecast to rise.