Earnings digests and industry comparisons for Japan's biggest listed companies.
3 reports
Optics and Photonics companies grew sales in their reported Q1 FY2027 periods, but profits diverged. Hamamatsu rode AI data-center chip demand, Tamron's industrial business offset photo weakness, while Nikon stayed in operating loss.
Exposure to growth markets is widening the profit gap.
Analytical and measurement instruments companies averaged just 0.1% sales growth in FY2026, though Horiba's year ended in December 2025 and the others in March 2026. Horiba lifted sales and margins, while JEOL's net income rose on FX gains and lower taxes despite a 26.7% operating-profit fall.
Horiba turned modest sector growth into stronger profitability.
Japan's Big 3 precision and medical device makers all grew sales in Q1 FY2027, with Terumo leading at ¥311.8 billion, up 19.9%. HOYA had the highest operating margin at 32.3%, while Olympus' net profit jumped 112.5%, helped by one-off gains.
Growth rates and earnings power diverged across the three companies.
