# Who are Horiba's customers? Who does Horiba earn revenue from?
Canonical: https://valuechain.wiki/horiba · Facet: customers · Updated: 2026-07-12T04:45:20.037+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Horiba discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).

### 완성차·엔진 시험 (배기가스·환경 계측) (high)
- metric: Market share 80% · 자동차 배기가스 계측 세계 점유율(약 70~80%)
- note: 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.
- [confirms] HORIBA, Ltd. (EN, filing, published 2026-02-17) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20260217_FL_en_02_B3t.pdf: "Energy & Environment segment sales +5.5% to 134,407 million yen on strong automotive-related demand."
- [confirms] HORIBA, Ltd. (EN, filing, published 2025-08-07) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf: "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."
- [confirms] Namuwiki (KO, news, published 2025-06-01) https://namu.wiki/w/%ED%98%B8%EB%A6%AC%EB%B0%94%20%EC%A0%9C%EC%9E%91%EC%86%8C: "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."

### 반도체 장비·팹 (매스플로컨트롤러·MFC) (high)
- metric: Market share 30% · 반도체 MFC 세계 점유율(HORIBA STEC, 약 30%+·상위)
- note: 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.
- [confirms] HORIBA, Ltd. (EN, filing, published 2026-02-17) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20260217_FL_en_02_B3t.pdf: "Materials & Semiconductor segment sales +4.5% to 156,500 million yen; sales to semiconductor production equipment manufacturers."
- [mentions] Analyst consensus incl. Jefferies, Citi (via MarketScreener) (EN, research, published 2026-01-15) https://www.marketscreener.com/quote/stock/HORIBA-LTD-6492049/consensus/: "Analysts flag dominant MFC share (60%+) and Kyoto/Reno capacity doubling; Buy consensus (Jefferies, Citi upgrades)."
- [confirms] HORIBA, Ltd. (EN, filing, published 2025-08-12) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250812_FS_en_01_n4M.pdf: "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."
- [confirms] HORIBA, Ltd. (EN, filing, published 2025-08-07) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf: "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%)."
- [confirms] Global Growth Insights (EN, news, published 2025-01-01) https://www.globalgrowthinsights.com/market-reports/semiconductor-mass-flow-controller-market-118987: "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."

### 병원·검사실 (체외진단·혈구분석) (mid)
- note: 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.
- [mentions] HORIBA, Ltd. (EN, filing, published 2025-08-07) https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/Financial_Statements/2022-/20250807_FL_en_01_Dk4.pdf: "Bio and Healthcare first-half net sales were 18,861 million yen (-2.5%), the smallest of the three segments."
- [mentions] H2 News (KO, news, published 2025-03-01) https://www.h2news.kr/news/articleView.html?idxno=12308: "Horiba Korea supplies measurement and analysis instruments across semiconductor, automotive, medical and environmental fields."

Reverse side: https://valuechain.wiki/horiba/suppliers.md · Ripple: https://valuechain.wiki/horiba/ripple.md

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Full node: https://valuechain.wiki/horiba.md · JSON: https://valuechain.wiki/horiba.json