# Meiji Holdings (2269.JP)

Canonical: https://gigainvestors.com/s/2269.JP

Analysis as of: 2026-10-15T07:09:28.544Z. 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 4,317.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,252.45 per share, central JPY 2,539.72 per share, high JPY 2,922.15 per share. Buy at or below the central value JPY 2,539.72 per share. Valuation as of 2026-10-15T07:09:28.544Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.07×

- 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)

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.1%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 34.2%

- Recent gross margin (lower of latest and 3-year median): 29.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.2%

- FY2018: 11.3%

- FY2019: 10.7%

- FY2020: 11.6%

- FY2021: 10.5%

- FY2022: 9.7%

- FY2023: 7.9%

- FY2024: 7.9%

- FY2025: 7.7%

- FY2026: 7.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 212B

- Net income, five-year total: JPY 293B

- Return on incremental invested capital: 2.4%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 9.2 pp

- Working capital / revenue, final three-year average: 26.9%

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

- FY2022: 0.51×

- FY2023: 1.00×

- FY2024: 1.04×

- FY2025: 1.00×

- FY2026: -0.14×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.2% vs 7.7%

- Per-share earnings: 422.15 to 181.64 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.3%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: JPY 364B

- Cumulative retained earnings: JPY 330B

- Diluted shares, 10-year annual growth: 6.3%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -10.0%

- Per-share value change: JPY -240.51

- Per-share value, starting three-year median: JPY 422.15

- Per-share value, ending three-year median: JPY 181.64

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 10B

- Cumulative net income, 10 years: JPY 610B

- ROIC, first three-year median: 11.2%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 413.11

- FY2018: JPY 422.15

- FY2019: JPY 213.30

- FY2020: JPY 232.04

- FY2021: JPY 226.26

- FY2022: JPY 303.62

- FY2023: JPY 247.39

- FY2024: JPY 181.64

- FY2025: JPY 186.08

- FY2026: JPY 129.42

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.4%

- FY2018: -5.1%

- FY2019: -5.0%

- FY2020: -4.7%

- FY2021: -5.4%

- FY2022: -3.6%

- FY2023: -1.4%

- FY2024: -4.8%

- FY2025: -1.5%

- FY2026: -1.7%

## Holders

## Price story

Price needs cash profits to grow 7.9% a year for ten years · sales +1.7%

Story as of 2026-10-16T10:00:13.930Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

### Sales · FY2025–2026

sales +1.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YILP.pdf; observed 2026-06-24.

- FY2017: JPY 1.24T 

- FY2018: JPY 1.24T 

- FY2019: JPY 1.25T 

- FY2020: JPY 1.25T 

- FY2021: JPY 1.19T 

- FY2022: JPY 1.01T 

- FY2023: JPY 1.06T 

- FY2024: JPY 1.11T 

- FY2025: JPY 1.15T 

- FY2026: JPY 1.17T 

### Gross margin · FY2026

gross margin 30.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YILP.pdf; observed 2026-06-24.

- FY2017: 37.1% 

- FY2018: 36.7% 

- FY2019: 36.4% 

- FY2020: 36.9% 

- FY2021: 37.7% 

- FY2022: 31.9% 

- FY2023: 28.9% 

- FY2024: 29.6% 

- FY2025: 29.4% 

- FY2026: 30.6% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.2 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YILP.pdf (filed 2026-06-24); FY2026: revenue 1173688000000; grossProfit 359040000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.4% to 30.6% during 2024–26; it earns 10.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 29.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YILP.pdf (filed 2026-06-24); FY2026: grossProfit / revenue = 30.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.11215691172438223],[2018,0.11335076104932318],[2019,0.10701633176422035],[2020,0.1159740477255705],[2021,0.10549535929800936],[2022,0.09725579159399388],[2023,0.07930852751190158],[2024,0.079479843387471],[2025,0.07736725839937376],[2026,0.07433253423734132]]; median 0.10137557544600162. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 4544000000; upkeep 45872000000; owner earnings 60786000000. Growth capex / owner earnings = 0.07475405521008127.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2018: growth capex 0; upkeep 71776000000; owner earnings 36013000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2019: growth capex 4174372389.6540833; upkeep 67067627610.34592; owner earnings 37833372389.65408. Growth capex / owner earnings = 0.11033572018537811.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 0; upkeep 71129000000; owner earnings 42387000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 0; upkeep 67900000000; owner earnings 46166000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 0; upkeep 93165000000; owner earnings 44435000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 18595000000; upkeep 53575000000; owner earnings 69424000000. Growth capex / owner earnings = 0.2678468541138511.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 0; upkeep 53444000000; owner earnings 52548000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 1644000000; upkeep 54979000000; owner earnings 50800000000. Growth capex / owner earnings = 0.03236220472440945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,15772000000],[2018,17835000000],[2019,19891000000],[2020,20987000000],[2021,22446000000],[2022,23898000000],[2023,24606000000],[2024,26444000000],[2025,26754000000],[2026,27708000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.10070832425336762. Price 4317; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 425.06 → FY2026 -18.42003558506072. Closing-price date 2026-10-15.

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

- 2016-11: JPY 4,560.00 per share

- 2016-12: JPY 4,580.00 per share

- 2017-01: JPY 4,370.00 per share

- 2017-02: JPY 4,490.00 per share

- 2017-03: JPY 4,635.00 per share

- 2017-04: JPY 4,730.00 per share

- 2017-05: JPY 4,530.00 per share

- 2017-06: JPY 4,555.00 per share

- 2017-07: JPY 4,395.00 per share

- 2017-08: JPY 4,380.00 per share

- 2017-09: JPY 4,460.00 per share

- 2017-10: JPY 4,630.00 per share

- 2017-11: JPY 4,890.00 per share

- 2017-12: JPY 4,795.00 per share

- 2018-01: JPY 4,565.00 per share

- 2018-02: JPY 3,915.00 per share

- 2018-03: JPY 4,050.00 per share

- 2018-04: JPY 4,390.00 per share

- 2018-05: JPY 4,635.00 per share

- 2018-06: JPY 4,670.00 per share

- 2018-07: JPY 4,390.00 per share

- 2018-08: JPY 3,690.00 per share

- 2018-09: JPY 3,815.00 per share

- 2018-10: JPY 3,750.00 per share

- 2018-11: JPY 4,465.00 per share

- 2018-12: JPY 4,480.00 per share

- 2019-01: JPY 4,205.00 per share

- 2019-02: JPY 4,410.00 per share

- 2019-03: JPY 4,495.00 per share

- 2019-04: JPY 4,375.00 per share

- 2019-05: JPY 3,805.00 per share

- 2019-06: JPY 3,850.00 per share

- 2019-07: JPY 3,785.00 per share

- 2019-08: JPY 3,690.00 per share

- 2019-09: JPY 3,940.00 per share

- 2019-10: JPY 3,910.00 per share

- 2019-11: JPY 3,720.00 per share

- 2019-12: JPY 3,690.00 per share

- 2020-01: JPY 3,860.00 per share

- 2020-02: JPY 3,220.00 per share

- 2020-03: JPY 3,840.00 per share

- 2020-04: JPY 3,735.00 per share

- 2020-05: JPY 4,055.00 per share

- 2020-06: JPY 4,290.00 per share

- 2020-07: JPY 4,130.00 per share

- 2020-08: JPY 4,280.00 per share

- 2020-09: JPY 4,020.00 per share

- 2020-10: JPY 3,780.00 per share

- 2020-11: JPY 3,690.00 per share

- 2020-12: JPY 3,630.00 per share

- 2021-01: JPY 3,570.00 per share

- 2021-02: JPY 3,380.00 per share

- 2021-03: JPY 3,560.00 per share

- 2021-04: JPY 3,385.00 per share

- 2021-05: JPY 3,400.00 per share

- 2021-06: JPY 3,325.00 per share

- 2021-07: JPY 3,390.00 per share

- 2021-08: JPY 3,380.00 per share

- 2021-09: JPY 3,605.00 per share

- 2021-10: JPY 3,595.00 per share

- 2021-11: JPY 3,330.00 per share

- 2021-12: JPY 3,430.00 per share

- 2022-01: JPY 3,580.00 per share

- 2022-02: JPY 3,455.00 per share

- 2022-03: JPY 3,305.00 per share

- 2022-04: JPY 3,235.00 per share

- 2022-05: JPY 3,170.00 per share

- 2022-06: JPY 3,330.00 per share

- 2022-07: JPY 3,475.00 per share

- 2022-08: JPY 3,315.00 per share

- 2022-09: JPY 3,215.00 per share

- 2022-10: JPY 3,060.00 per share

- 2022-11: JPY 3,300.00 per share

- 2022-12: JPY 3,370.00 per share

- 2023-01: JPY 3,350.00 per share

- 2023-02: JPY 3,120.00 per share

- 2023-03: JPY 3,155.00 per share

- 2023-04: JPY 3,285.00 per share

- 2023-05: JPY 3,125.00 per share

- 2023-06: JPY 3,218.00 per share

- 2023-07: JPY 3,288.00 per share

- 2023-08: JPY 3,652.00 per share

- 2023-09: JPY 3,716.00 per share

- 2023-10: JPY 3,718.00 per share

- 2023-11: JPY 3,423.00 per share

- 2023-12: JPY 3,349.00 per share

- 2024-01: JPY 3,571.00 per share

- 2024-02: JPY 3,377.00 per share

- 2024-03: JPY 3,391.00 per share

- 2024-04: JPY 3,525.00 per share

- 2024-05: JPY 3,517.00 per share

- 2024-06: JPY 3,469.00 per share

- 2024-07: JPY 3,799.00 per share

- 2024-08: JPY 3,626.00 per share

- 2024-09: JPY 3,590.00 per share

- 2024-10: JPY 3,550.00 per share

- 2024-11: JPY 3,200.00 per share

- 2024-12: JPY 3,201.00 per share

- 2025-01: JPY 3,123.00 per share

- 2025-02: JPY 3,080.00 per share

- 2025-03: JPY 3,250.00 per share

- 2025-04: JPY 3,514.00 per share

- 2025-05: JPY 3,225.00 per share

- 2025-06: JPY 3,187.00 per share

- 2025-07: JPY 3,062.00 per share

- 2025-08: JPY 3,058.00 per share

- 2025-09: JPY 3,066.00 per share

- 2025-10: JPY 2,963.00 per share

- 2025-11: JPY 3,369.00 per share

- 2025-12: JPY 3,485.00 per share

- 2026-01: JPY 3,623.00 per share

- 2026-02: JPY 4,027.00 per share

- 2026-03: JPY 3,859.00 per share

- 2026-04: JPY 3,709.00 per share

- 2026-05: JPY 3,768.00 per share

- 2026-06: JPY 3,784.00 per share

- 2026-07: JPY 3,789.00 per share

- 2026-08: JPY 4,491.00 per share

- 2026-09: JPY 4,156.00 per share

- 2026-10: JPY 4,226.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,639.68 per share, central JPY 1,859.86 per share, high JPY 2,152.98 per share

- FY2021: low JPY 1,575.79 per share, central JPY 1,785.22 per share, high JPY 2,064.02 per share

- FY2022: low JPY 1,463.77 per share, central JPY 1,643.04 per share, high JPY 1,881.68 per share

- FY2023: low JPY 1,753.24 per share, central JPY 1,974.20 per share, high JPY 2,268.35 per share

- FY2024: low JPY 2,203.45 per share, central JPY 2,465.38 per share, high JPY 2,814.05 per share

- FY2025: low JPY 2,235.77 per share, central JPY 2,516.20 per share, high JPY 2,889.51 per share

- FY2026: low JPY 2,252.45 per share, central JPY 2,539.72 per share, high JPY 2,922.15 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/S100YILP.pdf); period 2026-03-31, filed 2026-06-24.

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.

Meiji Holdings

2269 · JP

Nikkei 225

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: JPY 4,317.00
Buy up to: JPY 2,539.72
Expected / yr: 6.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 8.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 7.7%
Worst year: 7.1%
Latest · 2026: 7.9%

Capital return excluding acquisitions: median 10.1% (minimum 15%), and the second-worst year 7.7% (minimum 10%), and gross margin fell 4.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 10.1%
Worst year: 7.4%
Latest · 2026: 7.4%

Each $1 of profit left $0.72 for owners over five years (minimum $0.80), and new investment earned 2.4% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.72×
Annual median: 1.00×
Latest · 2026: -0.14×

Per-share value fell from 422.15 to 181.64, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 229.15
Worst year: JPY 129.42
Latest · 2026: JPY 129.42

Profits were backed by cash: accruals were -1.7% of assets (limit 10%).

Sloan accruals

10y median: -4.1%
Worst year: -1.4%
Latest · 2026: -1.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 7.9%, three-year average owner earnings per share 118.67 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 4560.00; 2016-12 · Price JPY 4580.00; 2017-01 · Price JPY 4370.00; 2017-02 · Price JPY 4490.00; 2017-03 · Price JPY 4635.00; 2017-04 · Price JPY 4730.00; 2017-05 · Price JPY 4530.00; 2017-06 · Price JPY 4555.00; 2017-07 · Price JPY 4395.00; 2017-08 · Price JPY 4380.00; 2017-09 · Price JPY 4460.00; 2017-10 · Price JPY 4630.00; 2017-11 · Price JPY 4890.00; 2017-12 · Price JPY 4795.00; 2018-01 · Price JPY 4565.00; 2018-02 · Price JPY 3915.00; 2018-03 · Price JPY 4050.00; 2018-04 · Price JPY 4390.00; 2018-05 · Price JPY 4635.00; 2018-06 · Price JPY 4670.00; 2018-07 · Price JPY 4390.00; 2018-08 · Price JPY 3690.00; 2018-09 · Price JPY 3815.00; 2018-10 · Price JPY 3750.00; 2018-11 · Price JPY 4465.00; 2018-12 · Price JPY 4480.00; 2019-01 · Price JPY 4205.00; 2019-02 · Price JPY 4410.00; 2019-03 · Price JPY 4495.00; 2019-04 · Price JPY 4375.00; 2019-05 · Price JPY 3805.00; 2019-06 · Price JPY 3850.00; 2019-07 · Price JPY 3785.00; 2019-08 · Price JPY 3690.00; 2019-09 · Price JPY 3940.00; 2019-10 · Price JPY 3910.00; 2019-11 · Price JPY 3720.00; 2019-12 · Price JPY 3690.00; 2020-01 · Price JPY 3860.00 · Value 1859.86 · Buy at or below 1859.86; 2020-02 · Price JPY 3220.00 · Value 1859.86 · Buy at or below 1859.86; 2020-03 · Price JPY 3840.00 · Value 1859.86 · Buy at or below 1859.86; 2020-04 · Price JPY 3735.00 · Value 1859.86 · Buy at or below 1859.86; 2020-05 · Price JPY 4055.00 · Value 1859.86 · Buy at or below 1859.86; 2020-06 · Price JPY 4290.00 · Value 1859.86 · Buy at or below 1859.86; 2020-07 · Price JPY 4130.00 · Value 1859.86 · Buy at or below 1859.86; 2020-08 · Price JPY 4280.00 · Value 1859.86 · Buy at or below 1859.86; 2020-09 · Price JPY 4020.00 · Value 1859.86 · Buy at or below 1859.86; 2020-10 · Price JPY 3780.00 · Value 1859.86 · Buy at or below 1859.86; 2020-11 · Price JPY 3690.00 · Value 1859.86 · Buy at or below 1859.86; 2020-12 · Price JPY 3630.00 · Value 1859.86 · Buy at or below 1859.86; 2021-01 · Price JPY 3570.00 · Value 1859.86 · Buy at or below 1859.86; 2021-02 · Price JPY 3380.00 · Value 1785.22 · Buy at or below 1785.22; 2021-03 · Price JPY 3560.00 · Value 1785.22 · Buy at or below 1785.22; 2021-04 · Price JPY 3385.00 · Value 1785.22 · Buy at or below 1785.22; 2021-05 · Price JPY 3400.00 · Value 1785.22 · Buy at or below 1785.22; 2021-06 · Price JPY 3325.00 · Value 1785.22 · Buy at or below 1785.22; 2021-07 · Price JPY 3390.00 · Value 1785.22 · Buy at or below 1785.22; 2021-08 · Price JPY 3380.00 · Value 1785.22 · Buy at or below 1785.22; 2021-09 · Price JPY 3605.00 · Value 1785.22 · Buy at or below 1785.22; 2021-10 · Price JPY 3595.00 · Value 1785.22 · Buy at or below 1785.22; 2021-11 · Price JPY 3330.00 · Value 1785.22 · Buy at or below 1785.22; 2021-12 · Price JPY 3430.00 · Value 1785.22 · Buy at or below 1785.22; 2022-01 · Price JPY 3580.00 · Value 1785.22 · Buy at or below 1785.22; 2022-02 · Price JPY 3455.00 · Value 1643.04 · Buy at or below 1643.04; 2022-03 · Price JPY 3305.00 · Value 1643.04 · Buy at or below 1643.04; 2022-04 · Price JPY 3235.00 · Value 1643.04 · Buy at or below 1643.04; 2022-05 · Price JPY 3170.00 · Value 1643.04 · Buy at or below 1643.04; 2022-06 · Price JPY 3330.00 · Value 1643.04 · Buy at or below 1643.04; 2022-07 · Price JPY 3475.00 · Value 1643.04 · Buy at or below 1643.04; 2022-08 · Price JPY 3315.00 · Value 1643.04 · Buy at or below 1643.04; 2022-09 · Price JPY 3215.00 · Value 1643.04 · Buy at or below 1643.04; 2022-10 · Price JPY 3060.00 · Value 1643.04 · Buy at or below 1643.04; 2022-11 · Price JPY 3300.00 · Value 1643.04 · Buy at or below 1643.04; 2022-12 · Price JPY 3370.00 · Value 1643.04 · Buy at or below 1643.04; 2023-01 · Price JPY 3350.00 · Value 1643.04 · Buy at or below 1643.04; 2023-02 · Price JPY 3120.00 · Value 1974.20 · Buy at or below 1974.20; 2023-03 · Price JPY 3155.00 · Value 1974.20 · Buy at or below 1974.20; 2023-04 · Price JPY 3285.00 · Value 1974.20 · Buy at or below 1974.20; 2023-05 · Price JPY 3125.00 · Value 1974.20 · Buy at or below 1974.20; 2023-06 · Price JPY 3218.00 · Value 1974.20 · Buy at or below 1974.20; 2023-07 · Price JPY 3288.00 · Value 1974.20 · Buy at or below 1974.20; 2023-08 · Price JPY 3652.00 · Value 1974.20 · Buy at or below 1974.20; 2023-09 · Price JPY 3716.00 · Value 1974.20 · Buy at or below 1974.20; 2023-10 · Price JPY 3718.00 · Value 1974.20 · Buy at or below 1974.20; 2023-11 · Price JPY 3423.00 · Value 1974.20 · Buy at or below 1974.20; 2023-12 · Price JPY 3349.00 · Value 1974.20 · Buy at or below 1974.20; 2024-01 · Price JPY 3571.00 · Value 1974.20 · Buy at or below 1974.20; 2024-02 · Price JPY 3377.00 · Value 2465.38 · Buy at or below 2465.38; 2024-03 · Price JPY 3391.00 · Value 2465.38 · Buy at or below 2465.38; 2024-04 · Price JPY 3525.00 · Value 2465.38 · Buy at or below 2465.38; 2024-05 · Price JPY 3517.00 · Value 2465.38 · Buy at or below 2465.38; 2024-06 · Price JPY 3469.00 · Value 2465.38 · Buy at or below 2465.38; 2024-07 · Price JPY 3799.00 · Value 2465.38 · Buy at or below 2465.38; 2024-08 · Price JPY 3626.00 · Value 2465.38 · Buy at or below 2465.38; 2024-09 · Price JPY 3590.00 · Value 2465.38 · Buy at or below 2465.38; 2024-10 · Price JPY 3550.00 · Value 2465.38 · Buy at or below 2465.38; 2024-11 · Price JPY 3200.00 · Value 2465.38 · Buy at or below 2465.38; 2024-12 · Price JPY 3201.00 · Value 2465.38 · Buy at or below 2465.38; 2025-01 · Price JPY 3123.00 · Value 2465.38 · Buy at or below 2465.38; 2025-02 · Price JPY 3080.00 · Value 2516.20 · Buy at or below 2516.20; 2025-03 · Price JPY 3250.00 · Value 2516.20 · Buy at or below 2516.20; 2025-04 · Price JPY 3514.00 · Value 2516.20 · Buy at or below 2516.20; 2025-05 · Price JPY 3225.00 · Value 2516.20 · Buy at or below 2516.20; 2025-06 · Price JPY 3187.00 · Value 2516.20 · Buy at or below 2516.20; 2025-07 · Price JPY 3062.00 · Value 2516.20 · Buy at or below 2516.20; 2025-08 · Price JPY 3058.00 · Value 2516.20 · Buy at or below 2516.20; 2025-09 · Price JPY 3066.00 · Value 2516.20 · Buy at or below 2516.20; 2025-10 · Price JPY 2963.00 · Value 2516.20 · Buy at or below 2516.20; 2025-11 · Price JPY 3369.00 · Value 2516.20 · Buy at or below 2516.20; 2025-12 · Price JPY 3485.00 · Value 2516.20 · Buy at or below 2516.20; 2026-01 · Price JPY 3623.00 · Value 2516.20 · Buy at or below 2516.20; 2026-02 · Price JPY 4027.00 · Value 2539.72 · Buy at or below 2539.72; 2026-03 · Price JPY 3859.00 · Value 2539.72 · Buy at or below 2539.72; 2026-04 · Price JPY 3709.00 · Value 2539.72 · Buy at or below 2539.72; 2026-05 · Price JPY 3768.00 · Value 2539.72 · Buy at or below 2539.72; 2026-06 · Price JPY 3784.00 · Value 2539.72 · Buy at or below 2539.72; 2026-07 · Price JPY 3789.00 · Value 2539.72 · Buy at or below 2539.72; 2026-08 · Price JPY 4491.00 · Value 2539.72 · Buy at or below 2539.72; 2026-09 · Price JPY 4156.00 · Value 2539.72 · Buy at or below 2539.72; 2026-10 · Price JPY 4226.00 · Value 2539.72 · Buy at or below 2539.72; 2026-10 · Price JPY 4317.00 · Value 2539.72 · Buy at or below 2539.72

JPY per share · annual estimates

Price & return math
Value range	JPY 2,252.45 – JPY 2,922.15
Buy at or below	Central value JPY 2,539.72
Discount to value	1 − 4317.00 / 2539.72 = -70.0%
Return / year	About 6.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 190.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 168.90/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.17T

Revenue

Owner earningsJPY -5.0B

Owner earnings

Operating margin7.9%

Operating margin

Net cash / debtJPY -63B

Net cash / debt

Diluted shares271M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·