Abstract: A moisture analyzer including a first optical system for receiving radiant energy from a source and producing therewith first and second radiant energy beams having a given band of wavelength readily absorbable by moisture and a second optical system for receiving energy from the source and producing therewith third and fourth radiant energy beams having a common band of wavelength less readily absorbable by moisture. An optical director system directs the first and third beams to a sample being analyzed and then to a photodetector and directs the second and fourth beams directly to the photodetector without contacting the sample. In response to the output of the photodetector, an output circuit produces an electrical signal dependent upon a relationship ##EQU1## WHERE V.sub.m is a signal value dependent upon the detected energy level of the first beam, V.sub.m' is a signal value dependent upon the detected energy level of the second beam, V.sub.