Sysmex Corporation

SSMXY

Medical - Specialties · Healthcare

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Sysmex Corporation is a Japanese company that makes machines and software used in medical laboratories. Its main products are hematology analyzers — devices that count and measure blood cells to help doctors diagnose diseases like anemia, infections, and leukemia. Hospitals, clinics, and diagnostic labs around the world are its primary customers, making healthcare the core end market.

Sysmex earns money by selling its analyzers upfront and then generating recurring revenue from the reagents (chemical solutions) and software that the machines require to keep running. This "razor and blade" model creates sticky customer relationships, since labs rarely switch equipment once it is installed and staff are trained. The company operates globally, with strong positions across Asia, Europe, and the Americas, and generates roughly $3 billion in annual revenue. Its main growth driver is expanding into emerging markets and developing new diagnostic tools for cancer detection, while currency fluctuations — given its Japanese yen cost base — remain a persistent financial risk.

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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

-0.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-83.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

16.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$133.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Sysmex Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

50.7%

Healthy — 50.7% gross margin

Profit after running costs

Operating Margin

12.6%

Healthy — 12.6% operating margin

Return on the money invested

ROCE

12.2%

Good — 12.2% 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

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

-14.4%

Earnings shrinking (-14.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

252%

Turns 252% of profit into real cash

Spare cash per sale

FCF Margin

12.6%

Converts sales into free cash efficiently (12.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

14.59x

Comfortably covers interest (14.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

31.0x

no trend

Pricey — P/E 31.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.0 → 21.1)

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Dividends

Dividend

Dividend Yield

0.01%

no trend

Small dividend — 0.01% yield

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

Dividend record

Dividend Growth

-40.7%

no trend

Dividend cut (-40.7% YoY) — warning sign

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