Hamamatsu Photonics K.K.

HPHTY

Hardware, Equipment & Parts · Technology

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Weak

Dividends

Weak

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Winston Score History

The full picture

Hamamatsu Photonics is a Japanese company that makes devices for detecting and generating light, including photomultiplier tubes, image sensors, and lasers. Its products are used in medical scanners, scientific research equipment, semiconductor inspection machines, and industrial systems. The company is one of the world's leading makers of light-detection components and supplies major medical imaging and scientific instrument manufacturers globally.

Hamamatsu earns revenue by selling specialized hardware components and systems to customers in healthcare, semiconductor, and research industries. It operates primarily out of Japan but sells worldwide, with a significant portion of revenue coming from overseas markets in North America, Europe, and Asia. Its moat comes from deep technical expertise and decades of proprietary manufacturing know-how in a niche field where switching costs are high. The key risk is that demand is closely tied to capital spending cycles in semiconductors and medical equipment, which can slow sharply during economic downturns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

51.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$110.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Hamamatsu Photonics K.K. grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

48.5%

Healthy — 48.5% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.3%

Steady sales growth (+10.3% YoY)

Profit growth

EPS YoY

+49.3%

Earnings growing fast (+49.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

11.09x

Comfortably covers interest (11.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

40.0x

no trend

Pricey — P/E 40.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.48%

no trend

Small dividend — 1.48% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-50.5%

no trend

Dividend cut (-50.5% YoY) — warning sign

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