Sysmex (6869) Q4 2025 earnings summary

Executive summary

• Net sales exceeded ¥500 billion, with record highs in operating profit and profit attributable to owners, up 10.2%, 11.7%, and 8.1% year-over-year, respectively.

• Growth driven by global rollout of XR-Series, direct sales in hemostasis, expansion in emerging markets, and strong performance across all regions and business fields.

• Overseas sales accounted for 86.7% of total sales, with notable growth in the Americas, EMEA, China, and Asia Pacific.

• Operating profit benefited from revenue growth, controlled SG&A, and yen depreciation; SG&A expenses increased 12.7% due to business expansion.

• Dividend increased to ¥32 (pre-split) and ¥38 (post-split), with payout ratio target raised from 30% to 40% and a progressive dividend policy adopted.

Financial highlights

• Net sales: ¥508.6B (+10.2% YoY); operating profit: ¥87.5B (+11.7% YoY); profit attributable to owners: ¥53.6B (+8.1% YoY).

• Basic earnings per share: ¥86.07 (up from ¥79.27); diluted EPS: ¥86.05.

• Goodwill impairment loss of ¥3.17B recorded; FX impact added ¥15.48B to sales and ¥8.56B to operating profit.

• Cash and cash equivalents at year-end rose to ¥89.57B, up ¥14.06B from the previous year; operating cash flow increased.

• Dividend per share for FY2025: ¥38.00 (post stock split), payout ratio 41.9%.

Outlook and guidance

• FY2026 forecast: net sales ¥535.0B (+5.2%), operating profit ¥91.5B (+4.5%), profit attributable to owners ¥57.0B (+6.2%), and basic EPS ¥91.40.

• Growth expected from product lineup expansion, reinforced sales/service structure, and continued business development in surgical robot systems and emerging markets.

• Capital expenditure planned at ¥50.0B, depreciation/amortization at ¥45.0B.

• Assumed FX rates: USD/JPY 142, EUR/JPY 160, CNY/JPY 19.5.

• Dividend payout ratio target raised to 40% with a progressive dividend approach.