# NH Foods (2282.JP)

Canonical: https://gigainvestors.com/s/2282.JP

Analysis as of: 2026-10-15T07:09:28.753Z. 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 2,072.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,499.79 per share, central JPY 1,781.05 per share, high JPY 2,052.49 per share. Buy at or below the central value JPY 1,781.05 per share. Valuation as of 2026-10-15T07:09:28.753Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.02×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.03×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 16.9%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.4%

- FY2018: 7.4%

- FY2019: 4.1%

- FY2020: 3.9%

- FY2021: 5.9%

- FY2022: 6.6%

- FY2023: 2.8%

- FY2024: 4.6%

- FY2025: 4.3%

- FY2026: 5.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 142B

- Net income, five-year total: JPY 154B

- Return on incremental invested capital: 5.4%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 13.7%

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

- FY2022: 0.83×

- FY2023: -0.27×

- FY2024: 1.00×

- FY2025: 1.22×

- FY2026: 1.30×

### management: fail

- 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: 7.4% vs 4.6%

- Per-share earnings: 322.54 to 273.70 (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: -0.5%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: JPY 11B

- Cumulative retained earnings: JPY 142B

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -2.0%

- Per-share value change: JPY -48.84

- Per-share value, starting three-year median: JPY 322.54

- Per-share value, ending three-year median: JPY 273.70

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 4.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 26B

- Cumulative net income, 10 years: JPY 298B

- ROIC, first three-year median: 7.4%

- ROIC, last three-year median: 4.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 322.54

- FY2018: JPY 352.26

- FY2019: JPY 183.21

- FY2020: JPY 186.70

- FY2021: JPY 317.97

- FY2022: JPY 469.92

- FY2023: JPY 162.44

- FY2024: JPY 273.70

- FY2025: JPY 263.05

- FY2026: JPY 361.13

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.3%

- FY2018: -2.4%

- FY2019: -1.5%

- FY2020: -6.0%

- FY2021: -6.0%

- FY2022: 1.6%

- FY2023: 0.6%

- FY2024: -6.1%

- FY2025: -5.4%

- FY2026: -4.7%

## Holders

## Price story

Price needs cash profits to grow 4.4% a year for ten years · sales +6.3%

Story as of 2026-10-16T10:00:13.935Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

### Sales · FY2025–2026

sales +6.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEQ.pdf; observed 2026-06-23.

- FY2017: JPY 1.20T 

- FY2018: JPY 1.27T 

- FY2019: JPY 1.23T 

- FY2020: JPY 1.23T 

- FY2021: JPY 1.18T 

- FY2022: JPY 1.17T 

- FY2023: JPY 1.26T 

- FY2024: JPY 1.30T 

- FY2025: JPY 1.37T 

- FY2026: JPY 1.46T 

### Gross margin · FY2026

gross margin 17.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEQ.pdf; observed 2026-06-23.

- FY2017: 19.4% 

- FY2018: 17.5% 

- FY2019: 16.3% 

- FY2020: 16.7% 

- FY2021: 18.0% 

- FY2022: 17.0% 

- FY2023: 14.1% 

- FY2024: 15.6% 

- FY2025: 16.1% 

- FY2026: 17.2% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are JPY 1.5 trillion.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2026-03-31 (filed 2026-06-23); FY2026: revenue 1457391000000; grossProfit 250584000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.6% to 17.2% during 2024–26; it earns 5.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2024-03-31 (filed 2026-06-23); FY2024: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2025-03-31 (filed 2026-06-23); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2026-03-31 (filed 2026-06-23); FY2026: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.07430434497522244],[2018,0.07433626087410221],[2019,0.04106088130378963],[2020,0.03948471691840907],[2021,0.0585527708297673],[2022,0.0656345469928303],[2023,0.028088602880561427],[2024,0.0456180339997061],[2025,0.04345525777656291],[2026,0.0556005036527696]]; median 0.05060926882623785. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 9.7% of cash earnings; earns 5.4% on new investment.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2017-03-31 (filed 2026-06-23); FY2017: growth capex 0; upkeep 40183000000; owner earnings 15108000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 10596000000; upkeep 21200000000; owner earnings 37147000000. Growth capex / owner earnings = 0.2852451072764961.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2020: growth capex 0; upkeep 36898000000; owner earnings 15652000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2021: growth capex 0; upkeep 59398000000; owner earnings 7327000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 0; upkeep 44473000000; owner earnings 40040000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: growth capex 8760000000; upkeep 39719000000; cash acquisitions 1345000000; owner earnings 28078000000. Growth capex plus acquisitions / owner earnings = 0.3598903055773203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 0; upkeep 35967000000; cash acquisitions 14361000000; owner earnings 32346000000. Growth capex plus acquisitions / owner earnings = 0.44398070858838806.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEEQ.pdf (filed 2026-06-23); FY2026: growth capex 0; upkeep 34470000000; cash acquisitions 4437000000; owner earnings 45642000000. Growth capex plus acquisitions / owner earnings = 0.09721309320362824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Incremental return on capital 0.05424649256049403, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Dividend observations: [[2017,6744000000],[2018,10980000000],[2019,11403000000],[2020,9271000000],[2021,9269000000],[2022,9610000000],[2023,10448000000],[2024,11325000000],[2025,12318000000],[2026,13457000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/NI6.F.json#2026-03-31 (filed 2026-06-23); FY2026: cash repurchases 30007000000 JPY.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years; actual growth was 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate 0.04949604642221071. Price 2072.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 146.60200376509482 → FY2026 470.04778018593504. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,964.00 per share

- 2016-12: JPY 2,103.33 per share

- 2017-01: JPY 2,050.00 per share

- 2017-02: JPY 1,996.00 per share

- 2017-03: JPY 1,992.67 per share

- 2017-04: JPY 2,113.33 per share

- 2017-05: JPY 2,316.67 per share

- 2017-06: JPY 2,276.67 per share

- 2017-07: JPY 2,176.67 per share

- 2017-08: JPY 2,153.33 per share

- 2017-09: JPY 2,063.33 per share

- 2017-10: JPY 2,173.33 per share

- 2017-11: JPY 1,838.00 per share

- 2017-12: JPY 1,832.00 per share

- 2018-01: JPY 1,748.00 per share

- 2018-02: JPY 1,603.33 per share

- 2018-03: JPY 1,453.33 per share

- 2018-04: JPY 1,595.00 per share

- 2018-05: JPY 1,491.67 per share

- 2018-06: JPY 1,491.67 per share

- 2018-07: JPY 1,480.00 per share

- 2018-08: JPY 1,351.67 per share

- 2018-09: JPY 1,398.33 per share

- 2018-10: JPY 1,300.00 per share

- 2018-11: JPY 1,403.33 per share

- 2018-12: JPY 1,378.33 per share

- 2019-01: JPY 1,433.33 per share

- 2019-02: JPY 1,355.00 per share

- 2019-03: JPY 1,328.33 per share

- 2019-04: JPY 1,490.00 per share

- 2019-05: JPY 1,463.33 per share

- 2019-06: JPY 1,538.33 per share

- 2019-07: JPY 1,351.67 per share

- 2019-08: JPY 1,360.00 per share

- 2019-09: JPY 1,448.33 per share

- 2019-10: JPY 1,515.00 per share

- 2019-11: JPY 1,530.00 per share

- 2019-12: JPY 1,503.33 per share

- 2020-01: JPY 1,608.33 per share

- 2020-02: JPY 1,356.67 per share

- 2020-03: JPY 1,255.00 per share

- 2020-04: JPY 1,285.00 per share

- 2020-05: JPY 1,326.67 per share

- 2020-06: JPY 1,441.67 per share

- 2020-07: JPY 1,541.67 per share

- 2020-08: JPY 1,601.67 per share

- 2020-09: JPY 1,563.33 per share

- 2020-10: JPY 1,423.33 per share

- 2020-11: JPY 1,485.00 per share

- 2020-12: JPY 1,513.33 per share

- 2021-01: JPY 1,493.33 per share

- 2021-02: JPY 1,495.00 per share

- 2021-03: JPY 1,581.67 per share

- 2021-04: JPY 1,625.00 per share

- 2021-05: JPY 1,458.33 per share

- 2021-06: JPY 1,440.00 per share

- 2021-07: JPY 1,471.67 per share

- 2021-08: JPY 1,421.67 per share

- 2021-09: JPY 1,410.00 per share

- 2021-10: JPY 1,335.00 per share

- 2021-11: JPY 1,290.00 per share

- 2021-12: JPY 1,380.00 per share

- 2022-01: JPY 1,470.00 per share

- 2022-02: JPY 1,440.00 per share

- 2022-03: JPY 1,383.33 per share

- 2022-04: JPY 1,368.33 per share

- 2022-05: JPY 1,306.67 per share

- 2022-06: JPY 1,415.00 per share

- 2022-07: JPY 1,341.67 per share

- 2022-08: JPY 1,330.00 per share

- 2022-09: JPY 1,270.00 per share

- 2022-10: JPY 1,181.67 per share

- 2022-11: JPY 1,233.33 per share

- 2022-12: JPY 1,225.00 per share

- 2023-01: JPY 1,300.00 per share

- 2023-02: JPY 1,253.33 per share

- 2023-03: JPY 1,278.33 per share

- 2023-04: JPY 1,323.33 per share

- 2023-05: JPY 1,266.67 per share

- 2023-06: JPY 1,300.33 per share

- 2023-07: JPY 1,368.00 per share

- 2023-08: JPY 1,506.00 per share

- 2023-09: JPY 1,490.33 per share

- 2023-10: JPY 1,510.00 per share

- 2023-11: JPY 1,464.67 per share

- 2023-12: JPY 1,593.33 per share

- 2024-01: JPY 1,686.00 per share

- 2024-02: JPY 1,748.67 per share

- 2024-03: JPY 1,698.00 per share

- 2024-04: JPY 1,728.33 per share

- 2024-05: JPY 1,605.67 per share

- 2024-06: JPY 1,603.33 per share

- 2024-07: JPY 1,658.67 per share

- 2024-08: JPY 1,821.33 per share

- 2024-09: JPY 1,777.67 per share

- 2024-10: JPY 1,764.33 per share

- 2024-11: JPY 1,715.00 per share

- 2024-12: JPY 1,698.00 per share

- 2025-01: JPY 1,690.33 per share

- 2025-02: JPY 1,514.00 per share

- 2025-03: JPY 1,670.67 per share

- 2025-04: JPY 1,795.00 per share

- 2025-05: JPY 1,694.33 per share

- 2025-06: JPY 1,664.00 per share

- 2025-07: JPY 1,699.33 per share

- 2025-08: JPY 1,855.00 per share

- 2025-09: JPY 1,954.67 per share

- 2025-10: JPY 1,893.33 per share

- 2025-11: JPY 2,302.00 per share

- 2025-12: JPY 2,185.67 per share

- 2026-01: JPY 2,322.67 per share

- 2026-02: JPY 2,383.00 per share

- 2026-03: JPY 2,343.33 per share

- 2026-04: JPY 2,164.00 per share

- 2026-05: JPY 2,035.33 per share

- 2026-06: JPY 1,984.33 per share

- 2026-07: JPY 2,083.33 per share

- 2026-08: JPY 2,101.00 per share

- 2026-09: JPY 1,986.50 per share

- 2026-10: JPY 2,032.50 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 1,929.24 per share, central JPY 2,149.54 per share, high JPY 2,442.81 per share

- FY2019: low JPY 1,753.97 per share, central JPY 1,965.56 per share, high JPY 2,247.22 per share

- FY2020: low JPY 2,105.82 per share, central JPY 2,332.13 per share, high JPY 2,633.39 per share

- FY2021: low JPY 2,162.75 per share, central JPY 2,379.88 per share, high JPY 2,668.93 per share

- FY2022: low JPY 2,202.99 per share, central JPY 2,423.29 per share, high JPY 2,716.55 per share

- FY2023: low JPY 1,281.33 per share, central JPY 1,475.05 per share, high JPY 1,654.90 per share

- FY2024: low JPY 2,218.60 per share, central JPY 2,555.12 per share, high JPY 2,910.73 per share

- FY2025: low JPY 3,629.86 per share, central JPY 4,070.11 per share, high JPY 4,656.18 per share

- FY2026: low JPY 4,499.37 per share, central JPY 5,343.16 per share, high JPY 6,157.48 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/S100YEEQ.pdf); period 2026-03-31, filed 2026-06-23.

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.

NH Foods

2282 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,072.50
Buy up to: JPY 1,781.05
Expected / yr: 8.9% 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 25.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 3.6%
Worst year: 1.9%
Latest · 2026: 3.9%

Capital return excluding acquisitions: median 5.1% (minimum 15%), and the second-worst year 3.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.1%
Worst year: 2.8%
Latest · 2026: 5.6%

New investment earned 5.4% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 1.00×
Latest · 2026: 1.30×

Per-share value fell from 322.54 to 273.7, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 295.84
Worst year: JPY 162.44
Latest · 2026: JPY 361.13

Profits were backed by cash: accruals were -4.7% of assets (limit 10%).

Sloan accruals

10y median: -4.5%
Worst year: 1.6%
Latest · 2026: -4.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 3.4%, three-year average owner earnings per share 354.6 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1964.00; 2016-12 · Price JPY 2103.33; 2017-01 · Price JPY 2050.00; 2017-02 · Price JPY 1996.00; 2017-03 · Price JPY 1992.67; 2017-04 · Price JPY 2113.33; 2017-05 · Price JPY 2316.67; 2017-06 · Price JPY 2276.67; 2017-07 · Price JPY 2176.67; 2017-08 · Price JPY 2153.33; 2017-09 · Price JPY 2063.33; 2017-10 · Price JPY 2173.33; 2017-11 · Price JPY 1838.00; 2017-12 · Price JPY 1832.00; 2018-01 · Price JPY 1748.00 · Value 2149.54 · Buy at or below 2149.54; 2018-02 · Price JPY 1603.33 · Value 2149.54 · Buy at or below 2149.54; 2018-03 · Price JPY 1453.33 · Value 2149.54 · Buy at or below 2149.54; 2018-04 · Price JPY 1595.00 · Value 2149.54 · Buy at or below 2149.54; 2018-05 · Price JPY 1491.67 · Value 2149.54 · Buy at or below 2149.54; 2018-06 · Price JPY 1491.67 · Value 2149.54 · Buy at or below 2149.54; 2018-07 · Price JPY 1480.00 · Value 2149.54 · Buy at or below 2149.54; 2018-08 · Price JPY 1351.67 · Value 2149.54 · Buy at or below 2149.54; 2018-09 · Price JPY 1398.33 · Value 2149.54 · Buy at or below 2149.54; 2018-10 · Price JPY 1300.00 · Value 2149.54 · Buy at or below 2149.54; 2018-11 · Price JPY 1403.33 · Value 2149.54 · Buy at or below 2149.54; 2018-12 · Price JPY 1378.33 · Value 2149.54 · Buy at or below 2149.54; 2019-01 · Price JPY 1433.33 · Value 2149.54 · Buy at or below 2149.54; 2019-02 · Price JPY 1355.00 · Value 1965.56 · Buy at or below 1965.56; 2019-03 · Price JPY 1328.33 · Value 1965.56 · Buy at or below 1965.56; 2019-04 · Price JPY 1490.00 · Value 1965.56 · Buy at or below 1965.56; 2019-05 · Price JPY 1463.33 · Value 1965.56 · Buy at or below 1965.56; 2019-06 · Price JPY 1538.33 · Value 1965.56 · Buy at or below 1965.56; 2019-07 · Price JPY 1351.67 · Value 1965.56 · Buy at or below 1965.56; 2019-08 · Price JPY 1360.00 · Value 1965.56 · Buy at or below 1965.56; 2019-09 · Price JPY 1448.33 · Value 1965.56 · Buy at or below 1965.56; 2019-10 · Price JPY 1515.00 · Value 1965.56 · Buy at or below 1965.56; 2019-11 · Price JPY 1530.00 · Value 1965.56 · Buy at or below 1965.56; 2019-12 · Price JPY 1503.33 · Value 1965.56 · Buy at or below 1965.56; 2020-01 · Price JPY 1608.33 · Value 1965.56 · Buy at or below 1965.56; 2020-02 · Price JPY 1356.67 · Value 2332.13 · Buy at or below 2332.13; 2020-03 · Price JPY 1255.00 · Value 2332.13 · Buy at or below 2332.13; 2020-04 · Price JPY 1285.00 · Value 2332.13 · Buy at or below 2332.13; 2020-05 · Price JPY 1326.67 · Value 2332.13 · Buy at or below 2332.13; 2020-06 · Price JPY 1441.67 · Value 2332.13 · Buy at or below 2332.13; 2020-07 · Price JPY 1541.67 · Value 2332.13 · Buy at or below 2332.13; 2020-08 · Price JPY 1601.67 · Value 2332.13 · Buy at or below 2332.13; 2020-09 · Price JPY 1563.33 · Value 2332.13 · Buy at or below 2332.13; 2020-10 · Price JPY 1423.33 · Value 2332.13 · Buy at or below 2332.13; 2020-11 · Price JPY 1485.00 · Value 2332.13 · Buy at or below 2332.13; 2020-12 · Price JPY 1513.33 · Value 2332.13 · Buy at or below 2332.13; 2021-01 · Price JPY 1493.33 · Value 2332.13 · Buy at or below 2332.13; 2021-02 · Price JPY 1495.00 · Value 2379.88 · Buy at or below 2379.88; 2021-03 · Price JPY 1581.67 · Value 2379.88 · Buy at or below 2379.88; 2021-04 · Price JPY 1625.00 · Value 2379.88 · Buy at or below 2379.88; 2021-05 · Price JPY 1458.33 · Value 2379.88 · Buy at or below 2379.88; 2021-06 · Price JPY 1440.00 · Value 2379.88 · Buy at or below 2379.88; 2021-07 · Price JPY 1471.67 · Value 2379.88 · Buy at or below 2379.88; 2021-08 · Price JPY 1421.67 · Value 2379.88 · Buy at or below 2379.88; 2021-09 · Price JPY 1410.00 · Value 2379.88 · Buy at or below 2379.88; 2021-10 · Price JPY 1335.00 · Value 2379.88 · Buy at or below 2379.88; 2021-11 · Price JPY 1290.00 · Value 2379.88 · Buy at or below 2379.88; 2021-12 · Price JPY 1380.00 · Value 2379.88 · Buy at or below 2379.88; 2022-01 · Price JPY 1470.00 · Value 2379.88 · Buy at or below 2379.88; 2022-02 · Price JPY 1440.00 · Value 2423.29 · Buy at or below 2423.29; 2022-03 · Price JPY 1383.33 · Value 2423.29 · Buy at or below 2423.29; 2022-04 · Price JPY 1368.33 · Value 2423.29 · Buy at or below 2423.29; 2022-05 · Price JPY 1306.67 · Value 2423.29 · Buy at or below 2423.29; 2022-06 · Price JPY 1415.00 · Value 2423.29 · Buy at or below 2423.29; 2022-07 · Price JPY 1341.67 · Value 2423.29 · Buy at or below 2423.29; 2022-08 · Price JPY 1330.00 · Value 2423.29 · Buy at or below 2423.29; 2022-09 · Price JPY 1270.00 · Value 2423.29 · Buy at or below 2423.29; 2022-10 · Price JPY 1181.67 · Value 2423.29 · Buy at or below 2423.29; 2022-11 · Price JPY 1233.33 · Value 2423.29 · Buy at or below 2423.29; 2022-12 · Price JPY 1225.00 · Value 2423.29 · Buy at or below 2423.29; 2023-01 · Price JPY 1300.00 · Value 2423.29 · Buy at or below 2423.29; 2023-02 · Price JPY 1253.33 · Value 1475.05 · Buy at or below 1475.05; 2023-03 · Price JPY 1278.33 · Value 1475.05 · Buy at or below 1475.05; 2023-04 · Price JPY 1323.33 · Value 1475.05 · Buy at or below 1475.05; 2023-05 · Price JPY 1266.67 · Value 1475.05 · Buy at or below 1475.05; 2023-06 · Price JPY 1300.33 · Value 1475.05 · Buy at or below 1475.05; 2023-07 · Price JPY 1368.00 · Value 1475.05 · Buy at or below 1475.05; 2023-08 · Price JPY 1506.00 · Value 1475.05 · Buy at or below 1475.05; 2023-09 · Price JPY 1490.33 · Value 1475.05 · Buy at or below 1475.05; 2023-10 · Price JPY 1510.00 · Value 1475.05 · Buy at or below 1475.05; 2023-11 · Price JPY 1464.67 · Value 1475.05 · Buy at or below 1475.05; 2023-12 · Price JPY 1593.33 · Value 1475.05 · Buy at or below 1475.05; 2024-01 · Price JPY 1686.00 · Value 1475.05 · Buy at or below 1475.05; 2024-02 · Price JPY 1748.67 · Value 2555.12 · Buy at or below 2555.12; 2024-03 · Price JPY 1698.00 · Value 2555.12 · Buy at or below 2555.12; 2024-04 · Price JPY 1728.33 · Value 2555.12 · Buy at or below 2555.12; 2024-05 · Price JPY 1605.67 · Value 2555.12 · Buy at or below 2555.12; 2024-06 · Price JPY 1603.33 · Value 2555.12 · Buy at or below 2555.12; 2024-07 · Price JPY 1658.67 · Value 2555.12 · Buy at or below 2555.12; 2024-08 · Price JPY 1821.33 · Value 2555.12 · Buy at or below 2555.12; 2024-09 · Price JPY 1777.67 · Value 2555.12 · Buy at or below 2555.12; 2024-10 · Price JPY 1764.33 · Value 2555.12 · Buy at or below 2555.12; 2024-11 · Price JPY 1715.00 · Value 2555.12 · Buy at or below 2555.12; 2024-12 · Price JPY 1698.00 · Value 2555.12 · Buy at or below 2555.12; 2025-01 · Price JPY 1690.33 · Value 2555.12 · Buy at or below 2555.12; 2025-02 · Price JPY 1514.00 · Value 4070.11 · Buy at or below 4070.11; 2025-03 · Price JPY 1670.67 · Value 4070.11 · Buy at or below 4070.11; 2025-04 · Price JPY 1795.00 · Value 4070.11 · Buy at or below 4070.11; 2025-05 · Price JPY 1694.33 · Value 4070.11 · Buy at or below 4070.11; 2025-06 · Price JPY 1664.00 · Value 4070.11 · Buy at or below 4070.11; 2025-07 · Price JPY 1699.33 · Value 4070.11 · Buy at or below 4070.11; 2025-08 · Price JPY 1855.00 · Value 4070.11 · Buy at or below 4070.11; 2025-09 · Price JPY 1954.67 · Value 4070.11 · Buy at or below 4070.11; 2025-10 · Price JPY 1893.33 · Value 4070.11 · Buy at or below 4070.11; 2025-11 · Price JPY 2302.00 · Value 4070.11 · Buy at or below 4070.11; 2025-12 · Price JPY 2185.67 · Value 4070.11 · Buy at or below 4070.11; 2026-01 · Price JPY 2322.67 · Value 4070.11 · Buy at or below 4070.11; 2026-02 · Price JPY 2383.00 · Value 5343.16 · Buy at or below 5343.16; 2026-03 · Price JPY 2343.33 · Value 5343.16 · Buy at or below 5343.16; 2026-04 · Price JPY 2164.00 · Value 5343.16 · Buy at or below 5343.16; 2026-05 · Price JPY 2035.33 · Value 5343.16 · Buy at or below 5343.16; 2026-06 · Price JPY 1984.33 · Value 5343.16 · Buy at or below 5343.16; 2026-07 · Price JPY 2083.33 · Value 5343.16 · Buy at or below 5343.16; 2026-08 · Price JPY 2101.00 · Value 5343.16 · Buy at or below 5343.16; 2026-09 · Price JPY 1986.50 · Value 5343.16 · Buy at or below 5343.16; 2026-10 · Price JPY 2032.50 · Value 5343.16 · Buy at or below 5343.16; 2026-10 · Price JPY 2072.50 · Value 5343.16 · Buy at or below 5343.16

JPY per share · annual estimates

Price & return math
Value range	JPY 1,499.79 – JPY 2,052.49
Buy at or below	Central value JPY 1,781.05
Discount to value	1 − 2072.50 / 1781.05 = -16.4%
Return / year	About 8.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 118.07/share; 2.0% growth for 5 years, then fades to 3.0%; excess cash JPY 135.71/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.46T

Revenue

Owner earningsJPY 46B

Owner earnings

Operating margin3.9%

Operating margin

Net cash / debtJPY -160B

Net cash / debt

Diluted shares97M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·