# Haseko (1808.JP)

Canonical: https://gigainvestors.com/s/1808.JP

Analysis as of: 2026-10-15T07:09:20.407Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 2,601.50 per share; close as of 2026-10-15.

Estimated value: low JPY 3,602.49 per share, central JPY 4,136.25 per share, high JPY 4,654.52 per share. Buy at or below the central value JPY 4,136.25 per share. Valuation as of 2026-10-15T07:09:20.407Z; scenarios are not confidence intervals.

Expected annual return: 16.8% at the stated quote. About 16.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.10×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.07×

- FY2026: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: 1.9 pp

- Typical gross margin (annual median): 16.6%

- Recent gross margin (lower of latest and 3-year median): 14.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 41.5%

- FY2018: 36.7%

- FY2019: 26.4%

- FY2020: 15.5%

- FY2021: 11.2%

- FY2022: 12.0%

- FY2023: 9.7%

- FY2024: 9.1%

- FY2025: 7.7%

- FY2026: 9.2%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 245B

- Net income, five-year total: JPY 259B

- Return on incremental invested capital: 2.6%

- Working capital / revenue, annual change: 3.5 pp

- Working capital / revenue, change between three-year averages: 25.9 pp

- Working capital / revenue, final three-year average: 33.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.94×

- FY2023: 0.88×

- FY2024: 0.93×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 36.7% vs 9.1%

- Per-share earnings: 195.48 to 204.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: JPY 412B

- Cumulative retained earnings: JPY 309B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.6%

- Per-share value change: JPY 9.06

- Per-share value, starting three-year median: JPY 195.48

- Per-share value, ending three-year median: JPY 204.54

- Buybacks concentrated in cheaper years (correlation): -0.13

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 6.3B

- Cumulative net income, 10 years: JPY 586B

- ROIC, first three-year median: 36.7%

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 195.48

- FY2018: JPY 241.98

- FY2019: JPY 293.87

- FY2020: JPY 201.36

- FY2021: JPY 168.62

- FY2022: JPY 198.32

- FY2023: JPY 216.10

- FY2024: JPY 205.45

- FY2025: JPY 126.20

- FY2026: JPY 204.54

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.0%

- FY2018: 2.3%

- FY2019: 7.0%

- FY2020: 9.4%

- FY2021: 1.7%

- FY2022: -1.0%

- FY2023: 9.3%

- FY2024: -4.4%

- FY2025: 2.2%

- FY2026: -7.2%

## Holders

## Price story

Down 24% since Feb 2026 · sales +8.1%

Story as of 2026-10-16T10:00:13.894Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.1% a year for ten years

### Sales · FY2025–2026

sales +8.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf; observed 2026-06-25.

- FY2017: JPY 772B 

- FY2018: JPY 813B 

- FY2019: JPY 891B 

- FY2020: JPY 846B 

- FY2021: JPY 809B 

- FY2022: JPY 910B 

- FY2023: JPY 1.03T 

- FY2024: JPY 1.09T 

- FY2025: JPY 1.18T 

- FY2026: JPY 1.27T 

### Gross margin · FY2026

gross margin 14.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf; observed 2026-06-25.

- FY2017: 18.5% 

- FY2018: 19.3% 

- FY2019: 17.7% 

- FY2020: 17.3% 

- FY2021: 16.8% 

- FY2022: 16.3% 

- FY2023: 15.7% 

- FY2024: 14.7% 

- FY2025: 14.1% 

- FY2026: 14.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 1.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf (filed 2026-06-25); FY2026: revenue 1273136000000; grossProfit 189841000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 14.1% to 14.9% during 2024–26; it earns 11.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: grossProfit / revenue = 14.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf (filed 2026-06-25); FY2026: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.4145459988056102],[2018,0.36699526875891064],[2019,0.2641471703929983],[2020,0.15489654814270182],[2021,0.11204997678727628],[2022,0.11981756424341902],[2023,0.09687910960934477],[2024,0.09093248709997526],[2025,0.0774369386222281],[2026,0.09242497116352477]]; median 0.11593377051534764. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf (filed 2026-06-25); Gross margin observations: [[2021,0.16830319307964292],[2022,0.16302923575476966],[2023,0.1570258070608025]]; range within 2 percentage points.

### Where the cash goes

Spends 22.5% of cash earnings on expansion; earns 2.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2017: growth capex 0; upkeep 24146000000; owner earnings 37187000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2018: growth capex 5795958359.431889; upkeep 22785041640.56811; owner earnings 52190958359.431885. Growth capex / owner earnings = 0.11105292069013042.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2019: growth capex 11185376170.968948; upkeep 18917623829.03105; owner earnings 73055376170.96895. Growth capex / owner earnings = 0.15310818665545164.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2020: growth capex 0; upkeep 25061000000; owner earnings 39542000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2021: growth capex 0; upkeep 29818000000; owner earnings 23706000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2022: growth capex 17878638743.40222; upkeep 8927361256.597778; owner earnings 51457638743.40222. Growth capex / owner earnings = 0.34744382330785784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2023: growth capex 22189284760.76372; upkeep 13257715239.236279; owner earnings 52247284760.76372. Growth capex / owner earnings = 0.4246973763778681.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: growth capex 12797513353.898962; upkeep 11360486646.101038; owner earnings 52123513353.898964. Growth capex / owner earnings = 0.2455228462250555.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: growth capex 12662000000; upkeep 7999000000; owner earnings 34450000000. Growth capex / owner earnings = 0.36754716981132074.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf (filed 2026-06-25); FY2026: growth capex 12356000000; upkeep 8777000000; owner earnings 54839000000. Growth capex / owner earnings = 0.22531410127828735.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Incremental return on capital 0.02595378206719665, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,4509000000],[2018,12024000000],[2019,15030000000],[2020,27053000000],[2021,24962000000],[2022,19503000000],[2023,23597000000],[2024,22209000000],[2025,23597000000],[2026,24710000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf (filed 2026-06-25); FY2026: cash repurchases 20055000000 JPY.

### What the price says

The price assumes cash profits shrink 6.1% yearly over ten years; actual growth was 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate -0.09895279447011657. Price 2601.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 168.13458439073906 → FY2026 204.54. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 1,184.00 per share

- 2016-12: JPY 1,189.00 per share

- 2017-01: JPY 1,246.00 per share

- 2017-02: JPY 1,330.00 per share

- 2017-03: JPY 1,204.00 per share

- 2017-04: JPY 1,272.00 per share

- 2017-05: JPY 1,406.00 per share

- 2017-06: JPY 1,364.00 per share

- 2017-07: JPY 1,382.00 per share

- 2017-08: JPY 1,362.00 per share

- 2017-09: JPY 1,500.00 per share

- 2017-10: JPY 1,640.00 per share

- 2017-11: JPY 1,743.00 per share

- 2017-12: JPY 1,751.00 per share

- 2018-01: JPY 1,704.00 per share

- 2018-02: JPY 1,577.00 per share

- 2018-03: JPY 1,619.00 per share

- 2018-04: JPY 1,725.00 per share

- 2018-05: JPY 1,654.00 per share

- 2018-06: JPY 1,531.00 per share

- 2018-07: JPY 1,479.00 per share

- 2018-08: JPY 1,440.00 per share

- 2018-09: JPY 1,475.00 per share

- 2018-10: JPY 1,431.00 per share

- 2018-11: JPY 1,374.00 per share

- 2018-12: JPY 1,155.00 per share

- 2019-01: JPY 1,205.00 per share

- 2019-02: JPY 1,391.00 per share

- 2019-03: JPY 1,392.00 per share

- 2019-04: JPY 1,341.00 per share

- 2019-05: JPY 1,083.00 per share

- 2019-06: JPY 1,090.00 per share

- 2019-07: JPY 1,186.00 per share

- 2019-08: JPY 1,141.00 per share

- 2019-09: JPY 1,258.00 per share

- 2019-10: JPY 1,405.00 per share

- 2019-11: JPY 1,408.00 per share

- 2019-12: JPY 1,471.00 per share

- 2020-01: JPY 1,440.00 per share

- 2020-02: JPY 1,390.00 per share

- 2020-03: JPY 1,157.00 per share

- 2020-04: JPY 1,182.00 per share

- 2020-05: JPY 1,313.00 per share

- 2020-06: JPY 1,358.00 per share

- 2020-07: JPY 1,243.00 per share

- 2020-08: JPY 1,447.00 per share

- 2020-09: JPY 1,380.00 per share

- 2020-10: JPY 1,247.00 per share

- 2020-11: JPY 1,129.00 per share

- 2020-12: JPY 1,183.00 per share

- 2021-01: JPY 1,233.00 per share

- 2021-02: JPY 1,318.00 per share

- 2021-03: JPY 1,549.00 per share

- 2021-04: JPY 1,465.00 per share

- 2021-05: JPY 1,535.00 per share

- 2021-06: JPY 1,522.00 per share

- 2021-07: JPY 1,476.00 per share

- 2021-08: JPY 1,524.00 per share

- 2021-09: JPY 1,501.00 per share

- 2021-10: JPY 1,481.00 per share

- 2021-11: JPY 1,354.00 per share

- 2021-12: JPY 1,426.00 per share

- 2022-01: JPY 1,446.00 per share

- 2022-02: JPY 1,466.00 per share

- 2022-03: JPY 1,407.00 per share

- 2022-04: JPY 1,423.00 per share

- 2022-05: JPY 1,540.00 per share

- 2022-06: JPY 1,589.00 per share

- 2022-07: JPY 1,616.00 per share

- 2022-08: JPY 1,600.00 per share

- 2022-09: JPY 1,571.00 per share

- 2022-10: JPY 1,532.00 per share

- 2022-11: JPY 1,517.00 per share

- 2022-12: JPY 1,473.00 per share

- 2023-01: JPY 1,502.00 per share

- 2023-02: JPY 1,563.00 per share

- 2023-03: JPY 1,539.00 per share

- 2023-04: JPY 1,657.00 per share

- 2023-05: JPY 1,616.00 per share

- 2023-06: JPY 1,773.00 per share

- 2023-07: JPY 1,850.50 per share

- 2023-08: JPY 1,809.00 per share

- 2023-09: JPY 1,907.00 per share

- 2023-10: JPY 1,850.50 per share

- 2023-11: JPY 1,818.50 per share

- 2023-12: JPY 1,832.00 per share

- 2024-01: JPY 1,927.00 per share

- 2024-02: JPY 1,854.50 per share

- 2024-03: JPY 1,894.50 per share

- 2024-04: JPY 1,904.50 per share

- 2024-05: JPY 1,773.00 per share

- 2024-06: JPY 1,778.00 per share

- 2024-07: JPY 1,884.00 per share

- 2024-08: JPY 1,809.50 per share

- 2024-09: JPY 1,872.50 per share

- 2024-10: JPY 1,852.50 per share

- 2024-11: JPY 2,011.50 per share

- 2024-12: JPY 2,033.00 per share

- 2025-01: JPY 2,041.50 per share

- 2025-02: JPY 1,975.50 per share

- 2025-03: JPY 1,965.00 per share

- 2025-04: JPY 2,036.00 per share

- 2025-05: JPY 2,099.00 per share

- 2025-06: JPY 2,163.50 per share

- 2025-07: JPY 2,245.00 per share

- 2025-08: JPY 2,435.00 per share

- 2025-09: JPY 2,526.50 per share

- 2025-10: JPY 2,490.00 per share

- 2025-11: JPY 2,987.00 per share

- 2025-12: JPY 3,108.00 per share

- 2026-01: JPY 3,165.00 per share

- 2026-02: JPY 3,414.00 per share

- 2026-03: JPY 2,885.50 per share

- 2026-04: JPY 2,709.00 per share

- 2026-05: JPY 2,712.50 per share

- 2026-06: JPY 2,843.50 per share

- 2026-07: JPY 2,780.00 per share

- 2026-08: JPY 2,898.00 per share

- 2026-09: JPY 2,630.50 per share

- 2026-10: JPY 2,595.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 2,463.73 per share, central JPY 2,739.01 per share, high JPY 3,105.46 per share

- FY2021: low JPY 2,188.82 per share, central JPY 2,394.05 per share, high JPY 2,667.26 per share

- FY2022: low JPY 2,954.30 per share, central JPY 3,236.54 per share, high JPY 3,612.27 per share

- FY2023: low JPY 3,259.83 per share, central JPY 4,326.76 per share, high JPY 4,959.47 per share

- FY2024: low JPY 3,540.96 per share, central JPY 4,603.95 per share, high JPY 5,236.69 per share

- FY2025: low JPY 3,531.22 per share, central JPY 4,631.26 per share, high JPY 5,298.22 per share

- FY2026: low JPY 3,602.49 per share, central JPY 4,136.25 per share, high JPY 4,654.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJVQ.pdf); period 2026-03-31, filed 2026-06-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.