Anritsu (ANIRY)

Optical + electronics conglomerate (Anritsu) — test + measurement for comms/optical

AI exposure 17% — derived from reported segment revenue, not asserted.

Where it sits

Connectivity → Test & Measurement Instruments · figures rebased to Q1 FY3/27, reported 2026-07-30

Communications test instruments (5G, optical/800G, network — AI data-center/optical validation) is 72% of revenue, so Test & Measurement Instruments is effectively the whole company rather than one leg of it. The remaining 28% (Food/pharma inspection (X-ray, checkweighers) +…) is deliberately off-map.

Reported segments

• Test & Measurement — 75.8% of revenue
• Products Quality Assurance (PQA) + Sensing — 24.2% of revenue

Anritsu (JPY 32.6B Q1 FY2027, +38% YoY, with operating profit up 219% to JPY 4.3B). Test & Measurement 75.8% (JPY 24.7B) = primary B3 Test & Measurement Instruments — communications test including 800G and 1.6T data-centre validation; PQA and Sensing 24.2% (JPY 7.9B, +16%, with record orders of JPY 9.5B driven by X-ray inspection for the North American meat market) is off-map. Group orders surged 95% to a record JPY 49.1B on data-centre demand, well ahead of revenue — the backlog is where the AI cycle is showing first.

How the 17% is built

• Test & Measurement — 75.8% of revenue × 22% AI-driven (disclosed). High-speed optical and data-centre validation is the fastest part, on a base of conventional wireless and network test
• Products Quality Assurance (PQA) + Sensing — 24.2% of revenue × 0% AI-driven (disclosed). Food and pharmaceutical inspection systems — no AI linkage

Investment read

Moat. Comms test-and-measurement franchise (5G, optical, network) + precision instruments; benefits from network/optical capex test demand.

Bottleneck / pricing power. Pricing power improving with mix: operating margin 13.1% in Q1 FY3/27 against 5.7% a year earlier, on orders +95% YoY to Y49.1B (book-to-bill ~1.5) and a Y60.4B backlog. Still structurally behind Keysight, which outspends Anritsu roughly 3x on R&D and is pushing into the same optical and data-center sockets.

Role in the AI stack. The comms/optical test-and-measurement layer.

Connected companies

• Keysight Technologies (KEYS) — ANIRY competes with: wireless/network/microwave test — Anritsu vs Keysight
• Viavi Solutions (VIAV) — ANIRY competes with: network test rivalry — Viavi vs Anritsu
• Ciena (CIEN) — ANIRY supplies: optical/comms test for Ciena
• Qualcomm (QCOM) — ANIRY supplies: 5G chipset signalling/protocol test (MT8000A adopted by chipset vendors incl. Qualcomm)
• Arista Networks (ANET) — ANIRY supplies: optical/digital comm test for data-center routers/switches (800G validation)
• Analog Devices (ADI) — ANIRY supplies: Open RAN radio unit test (reference design demo with Analog Devices)
• Meta Platforms (META) — ANIRY supplies: network test for META AI data centers
• Alphabet (GOOGL) — ANIRY supplies: network test for GOOGL AI data centers
• Amazon (AMZN) — ANIRY supplies: high-speed optical/signal-integrity test used across the AMZN data-center supply chain
• Oracle (ORCL) — ANIRY supplies: network test for ORCL AI data centers

Others in Test & Measurement Instruments

• Keysight Technologies (KEYS)
• Viavi Solutions (VIAV)
• Mirion Technologies (MIR)

All 174 companies · What moved this quarter · How the map is built