{"slug":"horiba","name":"호리바","name_en":"Horiba","ticker":"6856.T","updated_at":"2026-07-12T04:45:20.037+00:00","canonical":"https://valuechain.wiki/horiba","kicker":"반도체 가스계측·자동차 배기 분석","kicker_en":"Semiconductor gas metrology, emissions analyzers","lead":"반도체 전공정 가스 유량을 제어하는 매스플로컨트롤러(MFC)와 자동차 배기가스 계측에서 세계 상위 점유를 가진 일본 정밀계측 기업이다. 2025년 사업을 소재·반도체, 에너지·환경, 바이오·헬스케어 3부문으로 재편했고 소재·반도체가 최대 매출·이익원이다.","lead_en":"A Japanese precision-instruments maker with a top-tier world share in semiconductor mass flow controllers (MFC) for front-end gas-flow control and in automotive emissions measurement. In 2025 it reorganized into three segments, Materials and Semiconductor, Energy and Environment, and Bio and Healthcare, with Materials and Semiconductor the largest source of sales and profit.","segments":{"fy":2025,"parts":[{"desc":"MFC(가스 유량제어)·화학농도계 — 세계 상위 점유, 최대 매출·이익 엔진(매출 1,565억엔, FY2025 +4.5%). 반도체 생산장비 제조사向. 팹 캐파가 곧 수요.","name":"소재·반도체 (MFC·화학농도계 — 舊 반도체+과학)"},{"desc":"자동차 배기·엔진 시험 계측 세계 70~80%(매출 1,344억엔, +5.5%) — 압도적이나 전동화 구조 변화에 노출된 축. MIRA 시험장으로 R&D 서비스까지 확장.","name":"에너지·환경 (자동차 배기·공정·환경 — 舊 자동차+공정환경)"},{"desc":"체외진단(혈구분석, 매출 422억엔, +5.0%) — 3부문 중 가장 작으나 반도체·자동차 사이클과 무관한 다각화 축.","name":"바이오·헬스케어 (체외진단 — 舊 의료진단)"}],"total":"FY2025 연결매출 3,330.8억엔(+5.0%)·영업이익 530.4억엔(+9.7%)·순이익 370.9억엔. 3부문: 소재·반도체 1,565억엔(최대·+4.5%)·에너지환경 1,344억엔(+5.5%)·바이오헬스 422억엔(+5.0%). FY2026 매출 3,450억엔 가이던스."},"segments_en":{"fy":2025,"parts":[{"desc":"MFC (gas-flow control) and chemical monitors — top-tier global share, the largest sales/profit engine (¥156.5bn, FY2025 +4.5%); sold to semiconductor production equipment manufacturers. Fab capacity is demand.","name":"Materials & Semiconductor (MFC, chemical monitors — was Semiconductor + Scientific)"},{"desc":"Automotive emissions/engine-test measurement at 70-80% globally (¥134.4bn, +5.5%) — dominant but exposed to electrification's structural shift; extended into R&D services via the MIRA proving ground.","name":"Energy & Environment (automotive emissions, process, environmental — was Automotive + Process & Environmental)"},{"desc":"In-vitro diagnostics (blood-cell analysis, ¥42.2bn, +5.0%) — the smallest of the three but a diversification axis uncorrelated with semiconductor/automotive cycles.","name":"Bio & Healthcare (in-vitro diagnostics — was Medical-Diagnostics)"}],"total":"FY2025 consolidated revenue ¥333.1bn (+5.0%), operating income ¥53.0bn (+9.7%), net income ¥37.1bn. Three segments: Materials & Semiconductor ¥156.5bn (largest, +4.5%), Energy & Environment ¥134.4bn (+5.5%), Bio & Healthcare ¥42.2bn (+5.0%). FY2026 revenue guidance ¥345.0bn."},"returns_yearly":{"2021":-8.1,"2022":1.1,"2023":107,"2024":-16,"2025":93,"2026":52.6},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"호리바의 논지는 반도체 가스계측(MFC)과 자동차 배기분석이라는 두 과점의 결합이다. 반도체 전공정(식각·증착)의 가스 유량을 제어하는 매스플로컨트롤러(MFC)에서 HORIBA STEC로 세계 상위(약 30%+, 일부 집계 최대 60%) 점유를 쥐어, 소재·반도체 부문이 최대 매출·이익 엔진(FY2025 매출 1,565억엔, +4.5%)이다 — 팹 캐파 증설과 공정 스텝 증가가 곧 MFC 수요다. 동시에 자동차 배기·엔진 시험 계측에서 세계 약 70~80%로 압도적이나, 이쪽은 전동화로 장기 구조 변화에 노출된다. 2025년 3부문(소재·반도체 / 에너지·환경 / 바이오·헬스케어) 재편으로 성장축을 반도체에 무게 실었고 교토·미 리노 MFC 캐파를 2배로 늘린다(FY2025 연결 영업이익 530억엔, +9.7%). MIRA 인수로 배기계측을 완성차 R&D 서비스로 확장했다. 재평가 트리거는 반도체 캐파 사이클, MFC 점유·증설 가동, 그리고 배기계측의 전동화 대응이다.","analysis_en":"Horiba's thesis is the pairing of two oligopolies — semiconductor gas metrology (MFC) and automotive emissions analysis. In mass flow controllers (MFC) that control gas flow in front-end etch and deposition, its HORIBA STEC brand holds a top-tier global share (~30%+, up to ~60% in some tallies), making Materials and Semiconductor its largest sales and profit engine (FY2025 revenue ¥156.5B, +4.5%) — fab capacity build-out and rising process steps are MFC demand. It is also dominant at ~70-80% in automotive emissions and engine-test measurement, though that side is exposed to long-term structural change from electrification. The 2025 reorganization into three segments (Materials & Semiconductor / Energy & Environment / Bio & Healthcare) tilted its growth axis toward semiconductors, and it is doubling MFC capacity in Kyoto and Reno, Nevada (FY2025 consolidated operating income ¥53.0B, +9.7%); the MIRA acquisition extended emissions metrology into automaker R&D services. Re-rating triggers are the semiconductor capacity cycle, MFC share and new-capacity utilization, and how emissions metrology adapts to electrification.","analysis_asof":"2026-02-17"},"edges":[{"direction":"revenue","counterparty":"완성차·엔진 시험 (배기가스·환경 계측)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-07","value":80,"period":"자동차 배기가스 계측 세계 점유율(약 70~80%)"},"note":"자동차 배기가스·엔진 시험 계측에서 세계 약 70~80% 점유(엔진 배기 측정 톱쉐어). 공정·환경 분석과 함께 2025년 '에너지·환경' 부문으로 재편.","note_en":"Holds roughly 70 to 80 percent of the world market in automotive emissions and engine-test measurement, a top share in engine exhaust testing. Combined with process and environmental analysis under the 2025 Energy and Environment segment.","sources":[{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20260217_FL_en_02_B3t.pdf","title":"HORIBA FY2025 연결 결산 (2025.12 종료)","title_en":"HORIBA Summary of Consolidated Financial Statements for the Year Ended December 31, 2025","excerpt":"Energy & Environment segment sales +5.5% to 134,407 million yen on strong automotive-related demand.","excerpt_en":"Energy & Environment segment sales +5.5% to 134,407 million yen on strong automotive-related demand."},{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-08-07","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf","title":"2025년 상반기 결산 실적자료(세그먼트별 매출)","title_en":"Financial Results Presentation, Six Months Ended June 30, 2025","excerpt":"에너지·환경 부문 상반기 매출 54,314백만엔(+2.6%), 영업이익 510백만엔 — 자동차·공정환경 계측 포함.","excerpt_en":"Energy and Environment first-half net sales were 54,314 million yen (+2.6%) with operating income of 510 million yen, including automotive and process-environmental measurement."},{"stance":"confirms","publisher":"나무위키","publisher_en":"Namuwiki","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://namu.wiki/w/%ED%98%B8%EB%A6%AC%EB%B0%94%20%EC%A0%9C%EC%9E%91%EC%86%8C","title":"호리바 제작소","title_en":"Horiba (encyclopedia)","excerpt":"호리바는 엔진 배기가스 측정·분석 장치에서 세계 약 80% 톱 쉐어, 자동차 배기가스 측정장치는 세계 시장 점유율 70~80%.","excerpt_en":"Horiba holds about 80 percent top share in engine exhaust measurement and analysis, and 70 to 80 percent of the world market for automotive emissions measurement devices."}]},{"direction":"revenue","counterparty":"반도체 장비·팹 (매스플로컨트롤러·MFC)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"type":"share","unit":"%","as_of":"2025-12","value":30,"period":"반도체 MFC 세계 점유율(HORIBA STEC, 약 30%+·상위)","seg_rev_jpy_bn":156.5},"note":"반도체 전공정(식각·증착)의 가스 유량을 제어하는 매스플로컨트롤러(MFC)를 HORIBA STEC 브랜드로 공급 — 세계 상위(약 30% 이상, 일부 집계 최대 60%) 점유. 호리바 IR은 이 매출을 '반도체 생산장비 제조사(semiconductor production equipment manufacturers)'向으로 명시하며, 소재·반도체 부문이 매출 1,565억엔(FY2025, +4.5%)의 최대 엔진이다. 개별 장비사명은 비공개(익명 보존) — MKS·후지킨과 경쟁하며 교토·미 리노 캐파를 2배로 늘린다.","note_en":"Supplies mass flow controllers (MFC) that control gas flow in front-end etch/deposition under the HORIBA STEC brand — a top-tier global share (~30%+, up to ~60% in some tallies). Horiba's IR states these sales go to 'semiconductor production equipment manufacturers,' with Materials & Semiconductor its largest engine at ¥156.5bn revenue (FY2025, +4.5%). Individual equipment-maker names are undisclosed (anonymity preserved); it competes with MKS and Fujikin while doubling capacity in Kyoto and Reno, Nevada.","sources":[{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20260217_FL_en_02_B3t.pdf","title":"HORIBA FY2025 연결 결산 (2025.12 종료)","title_en":"HORIBA Summary of Consolidated Financial Statements for the Year Ended December 31, 2025","excerpt":"Materials & Semiconductor segment sales +4.5% to 156,500 million yen; operating income to semiconductor production equipment manufacturers drives FY2026 outlook.","excerpt_en":"Materials & Semiconductor segment sales +4.5% to 156,500 million yen; sales to semiconductor production equipment manufacturers."},{"stance":"mentions","publisher":"증권가 컨센서스(제프리스·씨티)","publisher_en":"Analyst consensus incl. Jefferies, Citi (via MarketScreener)","kind":"research","lang":"en","published_at":"2026-01-15","url":"https://www.marketscreener.com/quote/stock/HORIBA-LTD-6492049/consensus/","title":"HORIBA 애널리스트 컨센서스·목표주가","title_en":"HORIBA analyst consensus and target price","excerpt":"증권가: MFC 세계 점유 60%+ 지배력·교토/리노 캐파 2배 부각, 매수 컨센서스(제프리스·씨티 Buy).","excerpt_en":"Analysts flag dominant MFC share (60%+) and Kyoto/Reno capacity doubling; Buy consensus (Jefferies, Citi upgrades)."},{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-08-12","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250812_FS_en_01_n4M.pdf","title":"2025년 상반기 연결 결산 요약","title_en":"Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2025","excerpt":"2025 상반기(1~6월) 연결 매출 148,943백만엔(+4.4%), 영업이익 21,893백만엔(+17.6%) — 소재·반도체·에너지환경 판매 증가가 견인.","excerpt_en":"For the six months ended June 30, 2025 consolidated net sales were 148,943 million yen (+4.4%) and operating income 21,893 million yen (+17.6%), led by gains in Materials and Semiconductor and Energy and Environment."},{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-08-07","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf","title":"2025년 상반기 결산 실적자료(세그먼트별 매출)","title_en":"Financial Results Presentation, Six Months Ended June 30, 2025","excerpt":"소재·반도체 부문 상반기 매출 75,768백만엔(+7.5%), 영업이익 22,530백만엔 — 3부문 중 최대. 아시아向 48,572백만엔(+15.4%).","excerpt_en":"Materials and Semiconductor first-half net sales were 75,768 million yen (+7.5%) with operating income of 22,530 million yen, the largest of the three segments; Asia destination sales reached 48,572 million yen (+15.4%)."},{"stance":"confirms","publisher":"Global Growth Insights","publisher_en":"Global Growth Insights","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.globalgrowthinsights.com/market-reports/semiconductor-mass-flow-controller-market-118987","title":"반도체 매스플로컨트롤러 시장 리포트","title_en":"Semiconductor Mass Flow Controller Market Report","excerpt":"2024년 상위 3사(HORIBA·후지킨·MKS)가 반도체 MFC 시장 매출의 약 80%를 점유 — HORIBA는 디지털 MFC 기술로 식각·증착 공정에서 폭넓게 채택.","excerpt_en":"In 2024 the top three players (HORIBA, Fujikin, MKS) held about 80% of the semiconductor MFC market by revenue, with HORIBA widely adopted in etch and deposition through its digital MFC technology."}]},{"direction":"investment","counterparty":"HORIBA MIRA (영국 차량 시험·엔지니어링)","counterparty_slug":null,"confidence":"high","metric":{"type":"acquisition","year":2015,"value_gbp_m":83.1},"note":"배기계측을 넘어 자동차 시험 사슬 상류로 올라간 인수 — 2015년 영국 MIRA를 £83.1M에 인수해 차량 개발·규제대응 시험장·엔지니어링 컨설팅을 자동차(현 에너지·환경) 부문에 통합했다. 계측기 판매를 넘어 완성차 R&D 서비스로 사업을 넓혀 전동화 구조변화에 대한 방어선을 만든다.","note_en":"An acquisition that moved Horiba upstream in the vehicle-test chain beyond emissions metrology — it bought UK-based MIRA for £83.1M in 2015, folding vehicle-development and regulatory-compliance proving grounds and engineering consultancy into its Automotive (now Energy & Environment) segment. Extending from selling instruments into automaker R&D services builds a hedge against electrification's structural shift.","sources":[{"stance":"confirms","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"news","lang":"en","published_at":"2015-07-14","url":"https://www.horiba.com/int/company/news/detail/news/7/2015/horiba-acquires-uk-based-company-mira-ltd/","title":"HORIBA, 영국 MIRA 인수(£83.1M) — 자동차 시험·엔지니어링 통합","title_en":"HORIBA acquires UK-based MIRA Ltd. (£83.1M), integrating vehicle test & engineering","excerpt":"HORIBA acquires UK-based MIRA Ltd. for £83.1 million; integrated into the Automotive Test Systems segment.","excerpt_en":"HORIBA acquires UK-based MIRA Ltd. for £83.1 million; integrated into the Automotive Test Systems segment."}]},{"direction":"cost","counterparty":"정밀가공·금속소재 (하우징·유로블록·설비증설)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"가스 유로 블록·계측기 하우징용 정밀가공 금속소재와 생산능력 증설(교토·미 네바다 리노 MFC·화학농도계 생산 2배) 투자가 원가·설비 부담. 구체액 미공개.","note_en":"Precision-machined metals for gas-flow blocks and instrument housings, plus capacity expansion (doubling MFC and chemical-concentration-monitor output in Kyoto and Reno, Nevada) drive cost and capex. Specific value not disclosed.","sources":[{"stance":"mentions","publisher":"증권가 컨센서스(제프리스·씨티)","publisher_en":"Analyst consensus incl. Jefferies, Citi (via MarketScreener)","kind":"research","lang":"en","published_at":"2026-01-15","url":"https://www.marketscreener.com/quote/stock/HORIBA-LTD-6492049/consensus/","title":"HORIBA 애널리스트 컨센서스·목표주가","title_en":"HORIBA analyst consensus and target price","excerpt":"호리바는 반도체 수요 대응을 위해 교토·미 리노 공장을 증설, MFC·화학농도계 생산능력을 약 2배로 확대.","excerpt_en":"Horiba expanded its Kyoto and Reno, Nevada plants to roughly double MFC and chemical-concentration-monitor capacity to meet semiconductor demand."},{"stance":"mentions","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-07-30","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/HORIBA_Report/20250730_HR_print_en.pdf","title":"호리바 통합보고서 2024-2025","title_en":"HORIBA Report 2024-2025 (Integrated Report)","excerpt":"가스 유로 블록·하우징 등 정밀가공 금속소재가 계측기 원가의 핵심 구성.","excerpt_en":"Precision-machined metal parts such as gas-flow blocks and housings form a core component of instrument cost."}]},{"direction":"revenue","counterparty":"병원·검사실 (체외진단·혈구분석)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"체외진단(혈구분석 등) 의료 계측을 2025년 '바이오·헬스케어' 부문으로 공급. 3부문 중 매출 비중은 가장 작다.","note_en":"Supplies in-vitro diagnostic instruments such as blood-cell analyzers under the 2025 Bio and Healthcare segment, the smallest of the three segments by sales.","sources":[{"stance":"mentions","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-08-07","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf","title":"2025년 상반기 결산 실적자료(세그먼트별 매출)","title_en":"Financial Results Presentation, Six Months Ended June 30, 2025","excerpt":"바이오·헬스케어 부문 상반기 매출 18,861백만엔(-2.5%) — 3부문 중 최소.","excerpt_en":"Bio and Healthcare first-half net sales were 18,861 million yen (-2.5%), the smallest of the three segments."},{"stance":"mentions","publisher":"월간수소경제","publisher_en":"H2 News","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.h2news.kr/news/articleView.html?idxno=12308","title":"진짜배기 계측·분석 장비 기술, 호리바코리아","title_en":"Horiba Korea: measurement and analysis instruments","excerpt":"호리바코리아는 계측·분석 장비 전반(반도체·자동차·의료·환경)을 국내 공급.","excerpt_en":"Horiba Korea supplies measurement and analysis instruments across semiconductor, automotive, medical and environmental fields."}]},{"direction":"cost","counterparty":"전자부품·센서·정밀밸브 (MFC·계측기 부품)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"MFC·분석기 제조에 유량센서·압전밸브·제어 전자부품 등 정밀 부품을 조달. 구체 조달액 미공개.","note_en":"Procures precision components such as flow sensors, piezo valves and control electronics for MFC and analyzer manufacturing. Specific procurement value is not disclosed.","sources":[{"stance":"mentions","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-08-07","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf","title":"2025년 상반기 결산 실적자료(세그먼트별 매출)","title_en":"Financial Results Presentation, Six Months Ended June 30, 2025","excerpt":"매출원가 상승 속에서도 소재·반도체 부문 영업이익률 개선 — 부품·제조 비용이 주요 원가.","excerpt_en":"Even with rising cost of sales, the Materials and Semiconductor operating margin improved, with components and manufacturing as the main cost base."},{"stance":"mentions","publisher":"HORIBA, Ltd.","publisher_en":"HORIBA, Ltd.","kind":"filing","lang":"en","published_at":"2025-07-30","url":"https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/HORIBA_Report/20250730_HR_print_en.pdf","title":"호리바 통합보고서 2024-2025","title_en":"HORIBA Report 2024-2025 (Integrated Report)","excerpt":"고정밀 MFC·분석기 제조는 유량 센싱·밸브·제어 전자부품 등 정밀 부품 조달에 의존.","excerpt_en":"Manufacturing of high-precision MFCs and analyzers depends on procurement of precision parts including flow-sensing, valves and control electronics."}]}]}