Anritsu Corp AITUY

Information TechnologyElectronic Equipment & PartsJapan

Last close 17.14 USD on Nov 1, 2026, +25.0% year to date

Quant rating

Quant rating B Rank 31 of 200 in Information Technology

Growth B 77 of 200
Valuation C 89 of 200
Quality B 36 of 200
Revisions A 25 of 200
Momentum C 84 of 200

Wall Street consensus Buy (2.10)Average target 25.85 USD +50.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.4B
Enterprise value: 2.1B
52-week range: 17.14 – 25.99
3-year range: 6.54 – 25.99
Dividend yield: 1.83%
Beta (5 years): –
Shares outstanding: 136M
Next earnings: Jan 29, 2027

About the company

Anritsu Corp is a Japan-based company principally engaged in development, manufacture, and sale of electronic measuring instruments, food and pharmaceutical quality assurance systems, environmental measuring equipment and devices. It has three business segments. Communications Measurement segment offers measuring instruments for digital communications and Internet Protocol (IP) networks, optical communications, mobile communications, general-purpose radio frequency (RF), microwave and millimeter wave band measuring instruments. PQA segment offers automatic weighing machines, automatic electronic scales, foreign object detectors and comprehensive quality management and control systems. Environmental Measurement segment offers electric vehicle (EV) and battery testing equipment, support services for local 5th generation mobile communications systems (5G) and monitoring solutions. It also engages in sensing and device services, logistics, welfare services, real estate leasing and others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	740	753	727	835	866	–
Revenue growth	−1.8%	3.7%	−13.0%	−3.6%	−9.5%	−5.0%
EPS (basic, normalized)	0.57	0.49	0.37	0.51	0.72	–
EPS growth	16.7%	30.9%	−27.1%	−28.5%	–	–
Gross margin	51.1%	48.7%	46.9%	48.7%	52.6%	49.6%
Net margin	9.9%	8.2%	7.0%	8.4%	12.1%	9.1%
ROE	9.1%	7.4%	6.3%	8.0%	11.5%	8.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	326
Current ratio	3.15x
Long-term debt (mil)	18.4
Net debt (mil)	−304
Total equity (mil)	856
Net debt / equity	−0.35x
Net debt / EBITDA	−2.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	740	−1.8%	2.8x	131	+22.9%	15.8x	0.57	+16.7%	30.0x
2027	919	+24.2%	2.3x	185	+41.2%	11.2x	0.84	+46.6%	20.4x
2028	1,001	+8.9%	2.1x	216	+17.3%	9.6x	1.00	+19.2%	17.2x
2029	1,086	+8.4%	1.9x	253	+17.0%	8.2x	1.17	+17.3%	14.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	919	+2.0%	+4.6%	+10.8%	0.84	+1.7%	+8.5%	+25.1%
2028	1,001	+0.8%	+4.2%	+9.9%	1.00	+1.4%	+7.8%	+21.4%
2029	1,086	+0.8%	+3.9%	+8.4%	1.17	+1.4%	+8.4%	+2.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	32,171	25,229	28,080	27,531	32,139	23,620	28,073	29,377	36,392	32,584
Sales mean (mil)	34,425	25,362	27,938	28,427	32,914	26,561	29,286	30,342	37,829	28,795
Surprise	−6.5%	−0.5%	+0.5%	−3.2%	−2.4%	−11.1%	−4.1%	−3.2%	−3.8%	+13.2%
EPS reported	28.47	5.43	11.55	20.23	33.21	4.55	25.20	19.63	41.83	25.68
EPS mean	30.64	12.99	15.89	16.66	26.52	13.35	21.05	23.94	37.26	20.93
Surprise	−7.1%	−58.2%	−27.3%	+21.4%	+25.2%	−65.9%	+19.7%	−18.0%	+12.3%	+22.7%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AITUY Anritsu Corp	2.4B	−2.32x	9.9%	2.62x	20.4x	17.2x	11.2x	9.6x
APELY ALPS ALPINE CO., LTD.	2.8B	0.04x	2.6%	0.91x	16.8x	16.8x	4.5x	4.1x
LPL LG Display Co Ltd	2.7B	2.49x	0.9%	0.55x	7.4x	3.8x	3.8x	3.7x
BHE Benchmark Electronics Inc	2.4B	−0.75x	0.9%	2.17x	22.7x	20.3x	–	–
OUST Ouster, Inc.	2.1B	21.02x	−35.6%	5.49x	−30.2x	−55.6x	−69.1x	−588.6x
RGKUY Rigaku Holdings Corporation	2.1B	1.71x	12.1%	3.65x	24.9x	18.8x	14.8x	11.8x
Mean		3.70x	−1.5%	2.56x	10.3x	3.5x	−7.0x	−111.9x
Median		0.87x	1.8%	2.39x	18.6x	17.0x	4.5x	4.1x

Technical analysis

1M−20.7%
3M−28.4%
1Y+25.0%
3Y+167.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Anritsu Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	740	753	727	835	866	957
Cost of revenue	362	387	386	428	410	440
Gross profit	379	367	341	407	456	517
Selling, general & administrative expenses	216	209	202	222	215	227
Research & development	59.5	61.7	61.6	82.4	90.3	98.5
Depreciation/amortization	12.9	14.0	13.8	15.7	14.1	15.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−3.1	−0.7	3.4	−0.3	2.8	−0.1
Other operating expenses	−0.6	2.1	0.6	−1.3	−2.1	−1.2
Operating income	93.4	80.9	59.4	88.5	136	178
Net interest income (expense)	8.3	4.1	6.4	5.2	5.4	1.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	102	84.9	65.8	93.7	141	179
Provision for taxes	28.2	23.2	15.0	24.0	35.4	33.4
Minority interest	–	0	0	0.1	−0.4	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	73.6	61.7	50.7	69.8	105	145
Extraordinary items	–	–	–	–	–	–
Net income	73.6	61.7	50.7	69.8	105	145
EBIT, normalized	90.4	80.2	62.8	88.1	138	177
EBITDA, normalized	127	118	102	131	179	221
Basic EPS, normalized	0.57	0.49	0.37	0.51	0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Anritsu Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	311	343	302	278	376	450
Receivables	186	191	191	197	220	237
Total inventory	166	150	184	225	210	181
Prepaid expenses	–	–	–	–	–	–
Other current assets	27.0	23.5	22.5	39.2	32.6	33.3
Total current assets	689	708	700	739	838	902
Property, plant & equipment	184	182	191	218	231	228
Goodwill	50.8	19.1	19.0	23.4	25.4	1.8
Intangibles	61.4	35.3	35.4	40.5	45.1	45.1
Long-term investments	20.9	18.4	16.0	14.1	13.4	20.8
Note receivable	2.6	3.4	3.4	3.4	4.0	3.2
Other long-term assets	82.5	100	100	108	102	101
Total assets	1,092	1,066	1,065	1,146	1,260	1,302
Liabilities
Accounts payable	52.4	44.3	42.7	56.0	69.3	60.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	58.3	50.8	49.0	57.5	67.2	72.3
Short-term debt	3.6	3.8	7.2	8.6	9.3	10.2
Current portion of long-term debt	6.6	6.3	26.4	6.2	7.5	34.2
Other current liabilities	84.2	85.9	77.0	76.4	104	105
Total current liabilities	205	191	202	205	257	282
Long-term debt	32.4	30.4	14.0	34.8	36.8	8.3
Minority interest	–	–	0	1.7	2.0	1.8
Other liabilities	18.0	15.7	18.9	22.0	25.1	22.6
Total liabilities	255	237	235	263	321	315
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	121	128	127	145	158	173
Additional paid-in capital	180	191	189	214	234	256
Retained earnings (accumulated deficit)	466	460	434	475	520	510
Treasury stock	−70.1	−65.8	−40.0	−46.5	−51.0	−10.1
Other equity	139	116	119	95.9	78.6	57.9
Total equity	836	829	830	883	939	987
Total liabilities & shareholders' equity	1,092	1,066	1,065	1,146	1,260	1,302

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Anritsu Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	102	84.9	65.8	93.7	141	179
Depreciation, depletion & amortization	37.9	38.1	38.9	42.9	42.2	44.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	−6.2	−4.1	0.4	−2.4	2.4	−0.5
Changes in working capital	−20.7	21.6	4.5	−88.0	−53.8	−38.4
Cash from operations	113	141	110	46.0	132	185
Investing activities
Capital expenditures	−33.2	−24.9	−25.0	−31.2	−24.2	−24.3
Other investing cash flows	−59.3	−1.2	0.9	−8.1	−47.4	−21.1
Cash from investing	−92.5	−26.1	−24.1	−39.3	−71.6	−45.4
Financing activities
Financing cash flow items	0	−0.1	0	0.3	0.2	0.3
Cash dividends paid	−32.4	−35.1	−34.8	−40.2	−50.0	−44.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−8.0	−46.5	−8.6	−46.1	−60.4	−86.8
Cash from financing	−40.4	−81.7	−43.5	−85.9	−110	−131
Foreign exchange effects	15.3	−3.1	16.3	12.5	16.0	10.4
Net change in cash	−4.9	29.6	58.3	−66.7	−33.9	19.3
Free cash flow	79.4	116	84.5	14.9	108	161

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.