Anritsu Corporation
6754.THIGHScore: 42.2Optical Transceiver Test Equipment (800G/1.6T) · Weight: 8%· Data as of 2026-05-14
Investment Thesis
The 'picks-and-shovels' play of the AI photonics rally. Every 800G and 1.6T optical transceiver shipped is tested on Anritsu's MP2110A BERTWave sampling oscilloscope. The new MP2110A-080 60 GHz option (announced 2026) is designed for 200G-per-lane / 1.6T / 800G optical communication. As transceiver shipments grow from $9B (2024) to $16B (2026) and 800G/1.6T market grows at 33% CAGR to $10.5B by 2029, Anritsu's test instrument volume scales directly with transceiver volume — no design risk, no demand-saturation risk. Stock +168% 52w but PE 45.4x is justified by 200% market cap growth.
Risk
AP01 peak-earnings flag: stock +168% 52w on PE 45x is the highest-priced 'rally beneficiary' in the light theme. Customer concentration in 5-10 transceiver makers globally. Keysight is the primary competitor (with their N1077B sampling oscilloscope). If hyperscaler CPO adoption accelerates faster than expected, pluggable transceiver volume could plateau — though CPO testing also requires Anritsu-style instruments.
Monitoring Trigger
If hyperscale capex commentary at Q1/Q2 2026 earnings (NVIDIA, Meta, Microsoft, Google) shows 800G/1.6T transceiver demand acceleration, upgrade. If Keysight wins a major design lock at Innolight / Eoptolink / Coherent, trim. If Anritsu quarterly book-to-bill drops below 1.0x, watch.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Test & Measurement (largest) | Major | Major | 5G / 6G mobile test, optical transceiver test (MP2110A BERTWave), high-speed digital signal test. |
| PQA (Product Quality Assurance) | Sub | Sub | Industrial X-ray inspection systems. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Optical transceiver manufacturers (Innolight, Eoptolink, Coherent, Source Photonics, etc.) | BERTWave MP2110A sampling oscilloscope + 60 GHz option for 800G/1.6T transceiver evaluation | MP2110A is the de facto test instrument for 800G/1.6T transceiver PAM4 eye pattern, amplitude, jitter measurements. New MP2110A-080 60GHz option for 200G per lane / 1.6T / 800G transceivers. |
| confirmed | CIG (Cambridge Industries Group) | 800G optical transceiver PAM4 test solution joint demo | Joint demonstration at CIOE 2022; Anritsu's test solution adopted by CIG for 800G transceiver evaluation. |
| probable | 5G / 6G mobile network test labs | Mobile network analyzers | Long-running supplier to Tier-1 mobile test labs globally. |