Hitachi, Ltd. HTHIY

IndustrialsConsumer Goods ConglomeratesJapan

Last close 32.17 USD on Nov 1, 2026, +4.3% year to date

Quant rating

Quant rating A Rank 58 of 418 in Industrials

Growth B 153 of 418
Valuation B 125 of 418
Quality B 129 of 418
Revisions A 34 of 418
Momentum B 155 of 418

Wall Street consensus Strong Buy (1.00)Average target 45.16 USD +40.4%

Historical valuation

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

Key data

Market cap: 146.5B
Enterprise value: 141.7B
52-week range: 27.22 – 39.00
3-year range: 12.80 – 39.00
Dividend yield: 1.16%
Beta (5 years): 1.03
Shares outstanding: 4,536M
Next earnings: Feb 3, 2027

About the company

Hitachi, Ltd. is a Japan-based company mainly engaged in the development, manufacturing and sales of products and provision of services. The Company operates through five business segments. The Digital Systems & Services segment provides digital solutions such as system integration, cloud services, and consulting, as well as information technology (IT) products (including storage and servers), software, and automated teller machines (ATMs). The Energy segment offers energy solutions, including power grid and nuclear power systems. The Mobility segment provides railway systems. The Connective Industries segment offers building systems such as elevators and escalators, lifestyle and eco-friendly systems including home appliances and air conditioning, industrial equipment and solutions, measurement and analytical systems, industrial and distribution solutions, water and environmental solutions. The Others segment encompasses businesses such as real estate management, sales, and leasing.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	66,705	65,244	64,297	81,943	84,371	–
Revenue growth	2.2%	1.5%	−21.5%	−2.9%	7.0%	−3.3%
EPS (basic, normalized)	1.17	0.88	0.88	1.01	1.07	–
EPS growth	33.6%	0.0%	−13.1%	−5.7%	–	–
Gross margin	30.0%	28.8%	26.5%	24.7%	24.9%	27.0%
Net margin	7.6%	6.3%	6.1%	6.0%	5.7%	6.3%
ROE	12.9%	10.7%	11.1%	14.0%	14.8%	12.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	12,501
Current ratio	1.13x
Long-term debt (mil)	3,516
Net debt (mil)	−4,708
Total equity (mil)	41,460
Net debt / equity	−0.11x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	66,705	+2.2%	2.1x	–	–	–	1.17	+33.6%	27.4x
2027	75,990	+13.9%	1.9x	–	–	–	1.41	+20.2%	22.8x
2028	83,002	+9.2%	1.7x	–	–	–	1.66	+17.7%	19.4x

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	75,990	+1.0%	+8.3%	+5.8%	1.41	+1.4%	+10.2%	−4.1%
2028	83,002	+2.6%	+13.1%	–	1.66	+3.1%	+9.9%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 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)	16,914	14,191	15,648	16,168	18,178	15,626	17,148	17,604	19,666	16,996
Sales mean (mil)	15,037	12,643	15,818	14,712	18,907	16,555	16,384	16,727	19,370	15,025
Surprise	+12.5%	+12.2%	−1.1%	+9.9%	−3.9%	−5.6%	+4.7%	+5.2%	+1.5%	+13.1%
EPS reported	0.21	0.26	0.17	0.20	0.27	0.29	0.42	0.24	0.23	0.27
EPS mean	0.16	0.14	0.20	0.22	0.33	0.34	0.21	0.23	0.21	0.21
Surprise	+30.1%	+82.9%	−16.8%	−10.0%	−19.7%	−14.4%	+99.0%	+3.5%	+10.5%	+26.2%

Peer comparison Consumer Goods Conglomerates

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
HTHIY Hitachi, Ltd.	146.5B	−0.43x	7.6%	3.45x	22.8x	19.4x	11.6x	10.3x
6503 Mitsubishi Electric Corporation	62.2B	−0.82x	6.9%	2.08x	17.8x	15.5x	10.1x	9.4x
7012 Kawasaki Heavy Industries, Ltd.	11.8B	3.39x	4.7%	2.00x	14.7x	12.9x	9.1x	8.4x
MMM 3M Company	90.1B	1.55x	13.0%	21.83x	19.1x	17.6x	13.4x	12.4x
HON Honeywell International Inc.	69.3B	1.10x	11.8%	3.09x	25.9x	22.1x	18.0x	15.6x
KPELY Keppel Ltd.	14.4B	–	–	–	–	–	–	–
Mean		0.96x	8.8%	6.49x	20.1x	17.5x	12.4x	11.2x
Median		1.10x	7.6%	3.09x	19.1x	17.6x	11.6x	10.3x

Technical analysis

1M−7.2%
3M+8.4%
1Y+0.5%
3Y+175.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hitachi, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	66,705	65,244	64,297	81,943	84,371	78,855
Cost of revenue	46,672	46,432	47,232	61,692	63,340	59,023
Gross profit	20,034	18,812	17,065	20,251	21,031	19,831
Selling, general & administrative expenses	12,477	12,332	12,070	14,617	14,963	15,358
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	225	487	−317	−1,191	−479	−2,924
Other operating expenses	0	0	0	0	0	0
Operating income	7,331	5,993	5,312	6,825	6,547	7,397
Net interest income (expense)	889	563	334	110	466	411
Gain (loss) on sale of assets	−47.1	125	113	17.2	149	146
Other non-operating income (expense)	−151	−260	−301	−777	−263	−326
Net income before taxes	8,022	6,420	5,458	6,175	6,899	7,628
Provision for taxes	2,657	2,040	1,316	874	1,385	2,938
Minority interest	−309	−274	−244	−412	−718	−153
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,056	4,106	3,899	4,888	4,796	4,537
Extraordinary items	–	–	–	–	0	−6.2
Net income	5,056	4,106	3,899	4,888	4,796	4,531
EBIT, normalized	7,556	6,480	4,995	5,634	6,068	4,473
EBITDA, normalized	10,434	9,350	7,967	9,585	10,490	8,898
Basic EPS, normalized	1.17	0.88	0.88	1.01	1.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hitachi, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	10,578	7,900	6,851	8,888	11,057	12,141
Receivables	25,234	23,317	19,769	21,651	24,479	24,702
Total inventory	11,155	10,445	9,984	12,397	16,788	14,936
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,603	2,338	2,088	1,711	1,921	1,910
Total current assets	49,570	44,000	38,693	44,646	54,245	53,688
Property, plant & equipment	10,415	8,947	8,075	12,806	20,376	21,760
Goodwill	16,681	16,584	15,674	16,307	17,703	10,490
Intangibles	7,660	8,003	7,790	9,373	10,333	8,716
Long-term investments	7,597	7,908	7,511	7,346	8,187	9,091
Note receivable	–	–	–	–	–	–
Other long-term assets	2,849	3,153	3,026	3,666	3,307	3,326
Total assets	94,772	88,595	80,770	94,144	114,150	107,072
Liabilities
Accounts payable	10,451	10,489	9,251	11,661	14,422	13,694
Payable/accrued	–	–	–	–	–	–
Accrued expenses	5,036	4,910	4,610	5,429	6,066	6,310
Short-term debt	273	488	250	5,856	10,144	3,764
Current portion of long-term debt	2,683	2,460	1,239	1,068	2,765	2,479
Other current liabilities	26,714	21,053	16,391	14,890	14,720	15,279
Total current liabilities	45,159	39,399	31,740	38,905	48,118	41,526
Long-term debt	3,401	5,096	6,310	9,743	12,791	15,414
Minority interest	1,287	1,229	1,030	2,957	8,330	8,426
Other liabilities	3,539	3,877	3,994	5,315	9,222	9,859
Total liabilities	53,386	49,601	43,074	56,921	78,462	75,224
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,940	3,097	3,063	3,485	3,795	4,163
Additional paid-in capital	–	–	–	–	379	759
Retained earnings (accumulated deficit)	29,990	29,013	26,996	27,390	26,284	24,486
Treasury stock	−1,011	−57.3	−33.0	−26.7	−24.7	−31.6
Other equity	9,466	6,941	7,670	6,374	5,255	2,471
Total equity	41,386	38,994	37,695	37,223	35,688	31,847
Total liabilities & shareholders' equity	94,772	88,595	80,770	94,144	114,150	107,072

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hitachi, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	5,365	4,381	4,142	5,301	5,514	4,684
Depreciation, depletion & amortization	2,886	2,878	2,984	3,963	4,441	4,441
Deferred taxes	–	–	–	–	–	–
Non-cash items	2,158	1,998	399	−666	311	−656
Changes in working capital	102	−1,439	−1,203	−2,370	−4,266	−1,304
Cash from operations	10,510	7,818	6,322	6,228	6,000	7,165
Investing activities
Capital expenditures	−3,137	−2,612	−2,545	−3,092	−3,615	−3,369
Other investing cash flows	985	−1,214	1,676	4,230	−5,006	−776
Cash from investing	−2,152	−3,826	−869	1,138	−8,621	−4,145
Financing activities
Financing cash flow items	−247	99.9	−222	−2,466	−645	−5,251
Cash dividends paid	−1,291	−1,261	−954	−971	−914	−873
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4,580	−1,668	−5,597	−5,170	3,225	4,454
Cash from financing	−6,118	−2,828	−6,774	−8,607	1,666	−1,670
Foreign exchange effects	641	−90.7	475	221	568	489
Net change in cash	2,881	1,073	−845	−1,021	−387	1,839
Free cash flow	7,373	5,206	3,777	3,136	2,384	3,796

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.

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