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HOCPYEye care and medical devices

Hoya Corporation

Not investment advice. Kevin may own this stock. How we value stocks

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Updated

Price
$147.08
Intrinsic value
Intrinsic value from an AI estimate
Analysts view
Very bullish
Discount category
Well below intrinsic value (AI estimate)
Pick status
Top pick
Next earnings
Earnings Jan 29 · · estimated
History
Market cap
$49B
Shares of Mar 31, 2026
52-week range
$139.85 – $190.18
To Nov 12, 2026
Beta
1.01
Vs S&P 500, 5 years monthly, to Oct 30, 2026
Average volume
48K
3 months, to Nov 12, 2026

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In short

Thesis
The market prices Hoya below the AI estimate on doubts that its EUV blank and HDD glass growth can last while its endoscopes and United States lenses are weak, and chip-related growth with repurchases can lift its value.
Gap
Can close. The results for the quarter to December 2026 in late January 2027, the end of the share repurchase in March 2027 and the endoscope review show whether growth and capital returns hold.

Company guidance: No full-year forecast; interim dividend of ¥160 per share for the year to March 2027, up from ¥125, and a 40% payout ratio (, FY26 Q2 earnings call transcript)

Price history

About

Hoya Corporation (Hoya) is a Japanese maker of eye care, medical and optical glass products. Its Life Care business sells eyeglass lenses, such as MiYOSMART lenses that slow myopia in children, contact lenses through its eyecity stores in Japan, PENTAX Medical endoscopes, intraocular lenses for cataract surgery and other medical devices. Its Information Technology business sells EUV mask blanks and photomasks for semiconductors and displays, glass substrates for hard disk drives (HDD) and optical glass.

Revenue was ¥947.7 billion in the fiscal year to March 2026 and ¥260.2 billion in the quarter to September 2026. The shares trade on the Tokyo Stock Exchange (7741). American depositary receipts trade over the counter as HOCPY.

One ADR represents one share, and Deutsche Bank is the depositary. The head office is in Tokyo. Eiichiro Ikeda is President and Chief Executive Officer.

Thesis

The market prices Hoya below the AI estimate, as two businesses: a steady but slow Life Care business and a fast-growing Information Technology business that depends on chip and data center spending. In the quarter to September 2026, Information Technology revenue rose 23% with an operating margin of 55.1%, and it gave about 64% of segment profit. Investors doubt that demand for EUV mask blanks and HDD glass substrates can stay this strong, and they see weak endoscope sales and a weak U.S. eyeglass lens business. For the shares to earn more, three things must be true.

EUV blank and HDD substrate sales must keep growing as new capacity starts. Life Care must keep its margin near 20% while MiYOSMART grows. And Hoya must use its excess cash well, through the ¥200 billion share repurchase and the strategic review of the endoscope business. The report for the quarter to December 2026, expected in late January 2027, and the results for the fiscal year to March 2027, expected in late April 2027, are the next tests.

Valuation

AI estimate, checked by Kevin. How it is made

Show the method

The intrinsic value for Hoya Corporation is an AI estimate from November 11, 2026. It is not an analyst's value. An AI research agent calculated it from Hoya's own reports. The values are per American depositary receipt (ADR) in U.S. dollars.

The depositary receipt page of Deutsche Bank, the depositary, gives a ratio of 1 ADR to 1 ordinary share for HOCPY. The company reports in yen under IFRS and gives no full-year forecast. The method is a multiple of earnings per share for the fiscal year to March 2028, plus excess cash. The quarterly report for the three months ended September 30, 2026 (October 30, 2026) gives revenue of ¥260.2 billion, profit from ordinary operating activities of ¥89.4 billion, profit attributable to owners of the Company of ¥70.7 billion, basic EPS of ¥211.85 for the quarter and ¥408.44 for the six months, cash and cash equivalents of ¥561.9 billion, interest-bearing debt of ¥42.2 billion and equity of ¥3,045.82 per share.

The quarterly report for the fiscal year ended March 31, 2026 (April 30, 2026) gives revenue of ¥947.7 billion and basic EPS of ¥743.93. The results presentation of April 30, 2026 says that net cash was about ¥110 billion above the optimal level of Hoya. The repurchase notice of November 2, 2026 gives repurchases of 2,983,300 shares for ¥75.0 billion under a plan of up to ¥200 billion. EPS includes interest income, so the estimate adds only the excess cash of ¥110 billion, or about ¥331 per share on 332.5 million shares.

It uses an exchange rate of ¥157.98 per U.S. dollar, the market rate on November 10, 2026, as an assumption. The EPS for the fiscal year to March 2028 and the multiples are assumptions. The low case assumes slower demand for EUV mask blanks and HDD glass substrates and a stronger yen, with EPS of ¥850, at 28 times. It gives ¥24,131, or $152.75 per ADR.

The base case assumes EPS of ¥930, at 33 times. It gives ¥31,021, or $196.36 per ADR. The high case assumes fast growth in Information Technology and in MiYOSMART lenses, with EPS of ¥1,000, at 38 times. It gives ¥38,331, or $242.63 per ADR.

The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $197.03 per ADR. The value moves with the yen. Intangible assets and cost advantage are the main sources of the advantage.

Few companies make EUV mask blanks and glass HDD substrates at the quality that customers need, and the Information Technology operating margin was 55.1% in the quarter to September 2026. Its eyeglass lens brands and MiYOSMART also hold strong positions. But endoscopes and intraocular lenses face strong rivals, and chip technology can change. The estimate expects the advantage to last 10 years or more, but not 20 years.

As of

Show 5 sources

Checkpoints

  1. Oct 30, 2026Passed
    Results for the quarter to September 2026Revenue and profit growth with a Life Care margin near 20% pass; lower profit fails.Outcome: Profit from ordinary operating activities rose 27.2%, and the Life Care margin was 21.2%.
  2. Jan 29, 2027 · est.Pending
    Results for the quarter to December 2026More growth in EUV blanks and HDD substrates with a stable Life Care margin passes; lower Information Technology revenue fails.
  3. Mar 2027 · est.Pending
    End of the ¥200 billion share repurchase and the endoscope reviewA completed repurchase and a clear decision on the endoscope business pass; no decision or a large loss on the business fails.

Every passed and failed checkpoint across all picks

Recent events

  • November 2, 2026Hoya said that it repurchased 985,400 shares for ¥25.0 billion in October 2026. Under the plan of July 31, 2026, it repurchased 2,983,300 shares for ¥75.0 billion to October 31, 2026.
  • October 30, 2026Hoya reported results for the quarter to September 30, 2026. Revenue rose 10.9% to ¥260.2 billion, profit from ordinary operating activities rose 27.2% to ¥89.4 billion, and profit attributable to owners of the Company rose 27.6% to ¥70.7 billion, or ¥211.85 per share. Hoya set an interim dividend of ¥160 per share, up from ¥125.
  • October 9, 2026Hoya agreed to sell all of its shares in Medical Instrument Development Laboratories (MID Labs), a maker of vitreoretinal surgical instruments, to Bausch + Lomb.
Show 2 older events
  • July 31, 2026Hoya started a review of strategic options for its PENTAX Medical endoscope business, including a possible transfer to a third party. It has not decided an option.
  • July 31, 2026Hoya announced a share repurchase of up to 10 million shares, or ¥200 billion, from August 3, 2026 to March 24, 2027. It plans to cancel the repurchased shares.

Risks

  • Information Technology gives most of the profit growth. Its sales depend on spending on advanced chips, EUV lithography, data center hard disk drives and displays, which moves in cycles.
  • Endoscope sales fell 10% in the quarter to September 2026, because China favors local products and competition in the United States is strong. The strategic review can lead to a sale or to charges.
  • Eyeglass lens sales in the United States fell during a restructuring, and Hoya must rebuild its sales, production and service there.
  • Most revenue is earned outside Japan. A stronger yen lowers reported revenue and profit, and the weak yen added about 5 points to revenue growth in the quarter to September 2026.
  • Hoya makes many products in Thailand, Laos, Singapore and other countries in Asia. Disasters, trade rules or tariffs there can disrupt supply.

Balance sheet

Cash
¥561.9B
Debt
¥42.2B
Net cash
¥519.7B

Cash against debt

Cash¥561.9B
Debt¥42.2B

debt covered by cash

Hoya has much more cash than debt. At September 30, 2026, cash and cash equivalents were ¥561.9 billion.

As of

Show 3 sources

Dividends

The dividend data after March 31, 2025 is missing.

Latest ex-dividend date
March 31, 2025, $0.805 per share

Dividends per share by year

Hoya Corporation dividends per share by year
2016
$0.00
2017
$0.00
2018
$0.00
2019
$0.00
2020
$0.00
2021
$0.00
2022
$0.00
2023
$0.00
2024
$0.298
2025
$0.805

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.

Questions about Hoya Corporation

What does Hoya Corporation do?

Hoya Corporation (Hoya) is a Japanese maker of eye care, medical and optical glass products. Its market cap is $49B at the current price of $147.08.

When does Hoya Corporation report earnings next?

This is an estimate: Hoya Corporation may report on January 29, 2027. It last reported results on October 30, 2026.

Is Hoya Corporation stock below its intrinsic value?

Hoya Corporation stock is well below intrinsic value. The source of the intrinsic value is: AI estimate. This is general information, not advice.

What changed recently at Hoya Corporation?

The latest update is from November 2, 2026. Hoya said that it repurchased 985,400 shares for ¥25.0 billion in October 2026.

What are the main risks for Hoya Corporation?

Information Technology gives most of the profit growth. Endoscope sales fell 10% in the quarter to September 2026, because China favors local products and competition in the United States is strong. Eyeglass lens sales in the United States fell during a restructuring, and Hoya must rebuild its sales, production and service there.

How much debt and cash does Hoya Corporation have?

At September 30, 2026, Hoya Corporation had ¥42.2B of debt and ¥561.9B of cash.

Does Hoya Corporation pay a dividend?

The dividend data for Hoya Corporation after March 31, 2025 is missing.

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