Hoya Corporation
ConvictionContext
Two reportable segments: Information Technology (semiconductor mask blanks, glass HDD substrates, optical lenses/imaging) and Life Care (eyeglass lenses, contact lenses, medical endoscopy, intraocular lenses). High-margin materials-monopoly IT businesses fund a broad global consumer/medical Life Care franchise; growth is organic capacity expansion plus bolt-on M&A, with cash returned via buybacks and dividends.
Revenue
JPY 947.7B FY2026year ended Mar 2026), ~$6.1BRev growth
+9.4% YoYFY2026); +13.6% FY2025Gross margin
~55%54.97% FY2026Op margin
~32.4%operating income JPY 307.3B FY2026, up from 29.2% FY2025Capex intensity
~5-6% of revenuecapex estimated ~JPY 50-55B; ramping EUV-blank capacity in Singapore/VietnamMarket cap
~$55.1BJPY 8.54T), listed Tokyo Stock Exchange (TSE:7741); ADR HOCPY/HOCPF (OTCThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence