revenue growth
20 pct
Q2 2026
management framework
HOYA CORPORATION · HOYA株式会社
Last · —¥25400.00+85.00 (+0.34%)live · yahoo · 0s ago
Market cap¥8.47T333.6M sh
P/E · TTM32.1fwd — · eps 791.82
Beta—vs S&P 500
Div yield1.17%annual · TTM
52w range
¥21351.11¥30030.00
Volume1.5Msession
| Revenue | ¥947.7B |
|---|---|
| Operating income | ¥327.7B |
| Net income | ¥251.5B |
| Free cash flow | ¥212.7B |
| Operating margin | 34.6% |
| Net margin | 26.5% |
| Return on equity | 24.6% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong secular IT growth and a ¥200bn buyback outweigh near-term normalization risks.
Buy: HOYA delivered a strong FY26 Q1, with revenue up 16% YoY to ¥255.7bn and operating profit up 24% to ¥82.4bn; Information Technology revenue rose 23% and operating profit 28%, while EUV blanks and 3.5-inch HDD substrates remain in strong demand. The tension is that Q1 benefited from temporary U.S. tariff refunds, IT’s 55.1% margin is not sustainable, HDD demand depends partly on AI-related spending, and capacity expansion will raise depreciation from FY27 onward.
Themes
- Euv Mask Blanks
- Hdd Substrates
- Information Technology Margin
- Miyosmart Iq
- Optical Solutions
- Tariff Refunds
Near term
EUV blank sales are expected to grow approximately 20% YoY through at least calendar year-end, supported by N2 mass production and rising demand for higher-value PSM products.
3.5-inch HDD substrate growth is expected at approximately 15–20% YoY through Q2 and Q3, but management is not raising the broader HDD outlook because 2.5-inch trends remain difficult to predict.
The ¥200bn share repurchase, scheduled from next week through fiscal year-end, should provide an immediate capital-return catalyst.
First-half profitability will face a headwind from the absence of Q1’s one-time U.S. tariff-refund benefit.
The U.S. eyeglass-lens business remains under strategic restructuring, with results from the new North American leadership not yet visible.
Longer term
EUV mask-blank economics remain attractive: improving yields are allowing HOYA to increase both average selling prices and volume, while A14 and A10 generations should carry greater PSM value than N2.
HDD substrate growth has a credible capacity path through the Laos plant, where only four of twelve planned production lines are currently operating; additional equipment is expected to be installed through FY27, with another investment phase planned for FY28.
Optical Solutions is broadening beyond imaging, with CUPO and wearable products supporting growth without the large-scale capacity investments required in HDD substrates or EUV blanks.
Life Care is progressing toward a roughly 20% operating margin target, but the reported 19.4% Q1 margin was slightly below 19% excluding tariff refunds.
MiYOSMART iQ could become a meaningful long-term growth option, but global commercial potential remains unquantifiable until regulatory approvals and longer-duration clinical evidence are secured.
Red flags
Management declined to quantify the potential global market or sales opportunity for MiYOSMART iQ, citing the need for country-level approvals and two- to three-year clinical data.
HDD demand is exposed to a possible slowdown in hyperscaler AI investment, and management explicitly declined to provide a specific medium- to long-term outlook.
HDD manufacturers are considering in-house glass-substrate production. Management framed this as validation of the shift from aluminum to glass, but it remains a potential customer-insourcing risk.
The 55.1% Information Technology operating margin included tariff refunds and is not a sustainable run rate; management described the normalized baseline as the low-50% range, with depreciation rising materially from FY27.
HDD capacity can accommodate demand only up to roughly 20% growth under current plans; demand above that level has no concrete capacity plan yet.
Forward outlook
revenue growth
20 pct
Q3 2026
management framework
revenue growth
15–20 pct
Q2 2026
management framework
revenue growth
15–20 pct
Q3 2026
management framework
revenue growth
30–40 pct
FY 2026
management framework
operating margin
50–52 pct
FY 2026
management framework
revenue growth
3–5 pct
FY 2026
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
7:30 AM UTC+1
Period
Sep 2026
Est. EPS
$195.76
Est. revenue
261.3B
Earnings transcripts
Documents
FormReporting forFiledFlags