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Anritsu Corporation

6754.THIGH

Optical Transceiver Test Equipment (800G/1.6T) · Weight: 8%· Data as of 2026-05-14

Also in:AIaigpuSemis

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

2026-Q2earningsQ2 results
OFC 2027 (March)catalystOptical Fiber Conference — new transceiver standards announcements

Key Metrics

45.4
PE
37.5
Fwd PE
N/A
P/B
N/A
ROE
N/A
Op Margin
N/A
D/E
1.19%
Div Yield
N/A
FCF
¥530B
Mkt Cap

Business Segments

SegmentRevenueShareDescription
Test & Measurement (largest)MajorMajor5G / 6G mobile test, optical transceiver test (MP2110A BERTWave), high-speed digital signal test.
PQA (Product Quality Assurance)SubSubIndustrial X-ray inspection systems.

Supply Chain Evidence

EvidenceCustomerProductDetail
confirmedOptical transceiver manufacturers (Innolight, Eoptolink, Coherent, Source Photonics, etc.)BERTWave MP2110A sampling oscilloscope + 60 GHz option for 800G/1.6T transceiver evaluationMP2110A 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.[source](2026)
confirmedCIG (Cambridge Industries Group)800G optical transceiver PAM4 test solution joint demoJoint demonstration at CIOE 2022; Anritsu's test solution adopted by CIG for 800G transceiver evaluation.[source](2022-10)
probable5G / 6G mobile network test labsMobile network analyzersLong-running supplier to Tier-1 mobile test labs globally.[source](Multi-year)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6754/↗Anritsu optical transceiver testhttps://www.anritsu.com/en-us/test-measurement/solutions/optical-photonic-devices/optical-transceivers-testing?tm_navigation=solution↗Anritsu 60GHz oscilloscope for 1.6Thttps://www.bisinfotech.com/anritsu-unveils-60ghz-oscilloscope-for-1-6t-transmission/↗Anritsu-CIG 800G joint demohttps://www.anritsu.com/en-us/test-measurement/news/news-releases/2022/2022-10-26-us01

Peer Comparison

CompanyPEFwd PEROEOp MarginFCF
Hamamatsu Photonics50.442.5N/A17.8%N/A
Lasertec Corporation44.141.1N/AN/AN/A
USHIO INC.59.629.6N/AN/AN/A
Fujikura87.784.224.4%N/AN/A
Furukawa Electric65.765.8N/AN/AN/A
Sumitomo Electric Industries3423.9N/AN/AN/A
HORIBA27.523.7N/AN/AN/A
Mitsubishi Electric32.527.5N/AN/AN/A
Anritsu Corporation45.437.5N/AN/AN/A
NTT, Inc.11.911.6N/AN/AN/A
Fujitsu Limited18.919N/AN/AN/A
NEC Corporation19.9518.2N/AN/AN/A
DISCO Corporation5642.6N/AN/AN/A
TOWA Corporation45.224N/AN/AN/A