Optics

HOYA is a Japanese optical precision materials platform with two engines: Life Care, covering eyeglass lenses, contact lenses, endoscopes, and intraocular lenses, contributes 62% of revenue, while Information Technology, covering semiconductor EUV mask blanks and HDD glass substrates, contributes 38% but carries exceptionally high margins of 54%. FY2026 revenue was JPY 947.7 billion, net profit was JPY 253.1 billion, net cash was JPY 531.9 billion, and financial resilience is very strong. Research rating Watch: at the current share price of about JPY 25,835, the stock trades at roughly 38x conservative Owner Earnings, sits in the optimistic valuation range, lacks a sufficient margin of safety, and has an ideal buy range of JPY 16,000 to JPY 20,000.