# DeNA (2432.JP)

Canonical: https://gigainvestors.com/s/2432.JP

Analysis as of: 2026-10-15T07:09:31.880Z. 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 2,535.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,982.19 per share, central JPY 3,474.18 per share, high JPY 3,902.65 per share. Buy at or below the central value JPY 3,474.18 per share. Valuation as of 2026-10-15T07:09:31.880Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 5.38×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.20×

- FY2019: 0.11×

- FY2020: -0.38×

- FY2021: 0.16×

- FY2022: 0.09×

- FY2023: 0.03×

- FY2024: -0.21×

- FY2025: 0.18×

- FY2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: -15.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 9.8%

- Typical minus recent gross margin: 5.7 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 24.3%

- FY2019: 9.4%

- FY2020: -31.7%

- FY2021: 12.8%

- FY2022: 6.6%

- FY2023: 2.3%

- FY2024: -15.0%

- FY2025: 12.5%

- FY2026: 10.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 48B

- Net income, five-year total: JPY 54B

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, final three-year average: -5.7%

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

- FY2022: 0.97×

- FY2023: 0.77×

- FY2024: 1.14×

- FY2025: 0.99×

- FY2026: 1.03×

### 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)

- Per-share earnings: 158.34 to 171.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.5%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: JPY -57B

- Cumulative retained earnings: JPY 37B

- Diluted shares, 10-year annual growth: -2.5%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 1.0%

- Per-share value change: JPY 13.02

- Per-share value, starting three-year median: JPY 158.34

- Per-share value, ending three-year median: JPY 171.36

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 6.0%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: JPY 97B

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 212.49

- FY2018: JPY 158.34

- FY2019: JPY 87.47

- FY2020: JPY -352.49

- FY2021: JPY 207.54

- FY2022: JPY 256.45

- FY2023: JPY 76.78

- FY2024: JPY -257.60

- FY2025: JPY 217.24

- FY2026: JPY 171.36

### accounting: pass

- Sloan accruals: -4.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 2.7%

- FY2018: -4.3%

- FY2019: -3.5%

- FY2020: -24.3%

- FY2021: -1.3%

- FY2022: 3.6%

- FY2023: -0.6%

- FY2024: -5.3%

- FY2025: -3.8%

- FY2026: -4.3%

## Holders

## Price story

Down 36% since Feb 2025 · sales -9.9%

Story as of 2026-10-16T10:00:13.952Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.8% a year for ten years

### Sales · FY2025–2026

sales -9.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf; observed 2026-06-26.

- FY2017: JPY 144B 

- FY2018: JPY 139B 

- FY2019: JPY 124B 

- FY2020: JPY 121B 

- FY2021: JPY 137B 

- FY2022: JPY 131B 

- FY2023: JPY 135B 

- FY2024: JPY 137B 

- FY2025: JPY 164B 

- FY2026: JPY 148B 

### Gross margin · FY2026

gross margin 53.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf; observed 2026-06-26.

- FY2018: 58.7% 

- FY2019: 54.7% 

- FY2020: 51.7% 

- FY2021: 54.7% 

- FY2022: 50.4% 

- FY2023: 47.5% 

- FY2024: 44.6% 

- FY2025: 56.5% 

- FY2026: 53.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 147.7 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf (filed 2026-06-26); FY2026: revenue 147700000000; grossProfit 79357000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.6% to 56.5% during 2024–26; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2024: grossProfit / revenue = 44.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: grossProfit / revenue = 56.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf (filed 2026-06-26); FY2026: grossProfit / revenue = 53.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); 10-year return on capital observations [[2018,0.24278349605409508],[2019,0.0944796382919736],[2020,-0.3167934400899003],[2021,0.12843396459555062],[2022,0.06619770369857],[2023,0.02276785342147162],[2024,-0.1501388225961506],[2025,0.12524648485054665],[2026,0.10768584648153319]]; median 0.0944796382919736. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2018: growth capex 0; upkeep 18397000000; owner earnings 15992000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2019: growth capex 0; upkeep 20075000000; owner earnings 3517000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2021: growth capex 654102839.2324829; upkeep 8618897160.767517; owner earnings 23714102839.232483. Growth capex / owner earnings = 0.027582862555117993.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2022: growth capex 0; upkeep 6433000000; cash acquisitions 11615000000; owner earnings 29692000000. Growth capex plus acquisitions / owner earnings = 0.3911828101845615.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2023: growth capex 139485145.70351124; upkeep 7441514854.296489; cash acquisitions 28432000000; owner earnings 6860485145.703511. Growth capex plus acquisitions / owner earnings = 4.164644997970276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: growth capex 872177536.668642; upkeep 5293822463.331358; cash acquisitions 756000000; owner earnings 24050177536.66864. Growth capex plus acquisitions / owner earnings = 0.06769918992016608.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf (filed 2026-06-26); FY2026: growth capex 0; upkeep 6509000000; owner earnings 19564000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Dividend observations: [[2018,4646000000],[2019,4644000000],[2020,5815000000],[2021,2517000000],[2022,3907000000],[2023,4623000000],[2024,2229000000],[2025,2229000000],[2026,7245000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits shrink 2.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Ten-year compound average after fade. Initial solved rate -0.05178110102243433. Price 2535; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: JPY 3,485.00 per share

- 2016-12: JPY 2,554.00 per share

- 2017-01: JPY 2,529.00 per share

- 2017-02: JPY 2,527.00 per share

- 2017-03: JPY 2,259.00 per share

- 2017-04: JPY 2,387.00 per share

- 2017-05: JPY 2,449.00 per share

- 2017-06: JPY 2,516.00 per share

- 2017-07: JPY 2,425.00 per share

- 2017-08: JPY 2,352.00 per share

- 2017-09: JPY 2,522.00 per share

- 2017-10: JPY 2,657.00 per share

- 2017-11: JPY 2,545.00 per share

- 2017-12: JPY 2,323.00 per share

- 2018-01: JPY 2,363.00 per share

- 2018-02: JPY 1,955.00 per share

- 2018-03: JPY 1,920.00 per share

- 2018-04: JPY 2,085.00 per share

- 2018-05: JPY 2,094.00 per share

- 2018-06: JPY 2,077.00 per share

- 2018-07: JPY 2,105.00 per share

- 2018-08: JPY 1,922.00 per share

- 2018-09: JPY 2,007.00 per share

- 2018-10: JPY 1,884.00 per share

- 2018-11: JPY 2,106.00 per share

- 2018-12: JPY 1,834.00 per share

- 2019-01: JPY 1,920.00 per share

- 2019-02: JPY 1,715.00 per share

- 2019-03: JPY 1,667.00 per share

- 2019-04: JPY 1,735.00 per share

- 2019-05: JPY 2,192.00 per share

- 2019-06: JPY 2,065.00 per share

- 2019-07: JPY 2,085.00 per share

- 2019-08: JPY 2,243.00 per share

- 2019-09: JPY 1,907.00 per share

- 2019-10: JPY 1,847.00 per share

- 2019-11: JPY 1,762.00 per share

- 2019-12: JPY 1,755.00 per share

- 2020-01: JPY 1,795.00 per share

- 2020-02: JPY 1,389.00 per share

- 2020-03: JPY 1,182.00 per share

- 2020-04: JPY 1,325.00 per share

- 2020-05: JPY 1,480.00 per share

- 2020-06: JPY 1,344.00 per share

- 2020-07: JPY 1,191.00 per share

- 2020-08: JPY 1,689.00 per share

- 2020-09: JPY 1,932.00 per share

- 2020-10: JPY 1,783.00 per share

- 2020-11: JPY 1,830.00 per share

- 2020-12: JPY 1,839.00 per share

- 2021-01: JPY 1,955.00 per share

- 2021-02: JPY 2,097.00 per share

- 2021-03: JPY 2,162.00 per share

- 2021-04: JPY 2,233.00 per share

- 2021-05: JPY 2,194.00 per share

- 2021-06: JPY 2,361.00 per share

- 2021-07: JPY 2,062.00 per share

- 2021-08: JPY 1,936.00 per share

- 2021-09: JPY 2,074.00 per share

- 2021-10: JPY 2,105.00 per share

- 2021-11: JPY 1,680.00 per share

- 2021-12: JPY 1,771.00 per share

- 2022-01: JPY 1,776.00 per share

- 2022-02: JPY 1,764.00 per share

- 2022-03: JPY 1,860.00 per share

- 2022-04: JPY 1,884.00 per share

- 2022-05: JPY 1,866.00 per share

- 2022-06: JPY 1,889.00 per share

- 2022-07: JPY 1,962.00 per share

- 2022-08: JPY 1,908.00 per share

- 2022-09: JPY 1,829.00 per share

- 2022-10: JPY 1,941.00 per share

- 2022-11: JPY 1,850.00 per share

- 2022-12: JPY 1,766.00 per share

- 2023-01: JPY 1,818.00 per share

- 2023-02: JPY 1,749.00 per share

- 2023-03: JPY 1,808.00 per share

- 2023-04: JPY 1,905.00 per share

- 2023-05: JPY 1,817.00 per share

- 2023-06: JPY 1,870.00 per share

- 2023-07: JPY 1,742.00 per share

- 2023-08: JPY 1,510.00 per share

- 2023-09: JPY 1,502.50 per share

- 2023-10: JPY 1,467.50 per share

- 2023-11: JPY 1,504.00 per share

- 2023-12: JPY 1,377.00 per share

- 2024-01: JPY 1,493.50 per share

- 2024-02: JPY 1,465.00 per share

- 2024-03: JPY 1,509.00 per share

- 2024-04: JPY 1,596.00 per share

- 2024-05: JPY 1,472.00 per share

- 2024-06: JPY 1,595.00 per share

- 2024-07: JPY 1,557.00 per share

- 2024-08: JPY 1,659.50 per share

- 2024-09: JPY 1,783.00 per share

- 2024-10: JPY 1,886.00 per share

- 2024-11: JPY 2,437.50 per share

- 2024-12: JPY 3,135.00 per share

- 2025-01: JPY 2,740.00 per share

- 2025-02: JPY 3,985.00 per share

- 2025-03: JPY 3,510.00 per share

- 2025-04: JPY 3,855.00 per share

- 2025-05: JPY 2,785.50 per share

- 2025-06: JPY 2,672.00 per share

- 2025-07: JPY 2,387.00 per share

- 2025-08: JPY 2,237.50 per share

- 2025-09: JPY 2,319.50 per share

- 2025-10: JPY 2,709.00 per share

- 2025-11: JPY 2,413.00 per share

- 2025-12: JPY 2,538.00 per share

- 2026-01: JPY 2,531.00 per share

- 2026-02: JPY 2,660.00 per share

- 2026-03: JPY 2,436.00 per share

- 2026-04: JPY 2,538.00 per share

- 2026-05: JPY 2,663.00 per share

- 2026-06: JPY 2,450.50 per share

- 2026-07: JPY 2,471.50 per share

- 2026-08: JPY 2,571.50 per share

- 2026-09: JPY 2,514.00 per share

- 2026-10: JPY 2,520.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 2,014.08 per share, central JPY 2,204.13 per share, high JPY 2,457.13 per share

- FY2023: low JPY 1,473.88 per share, central JPY 1,563.51 per share, high JPY 1,682.82 per share

- FY2024: low JPY 1,299.22 per share, central JPY 1,393.33 per share, high JPY 1,518.61 per share

- FY2025: low JPY 3,363.92 per share, central JPY 3,976.35 per share, high JPY 4,504.94 per share

- FY2026: low JPY 2,982.19 per share, central JPY 3,474.18 per share, high JPY 3,902.65 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

Prior published observations retained from 2026-10-15T07:09:31.880Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLDV.pdf); period 2026-03-31, filed 2026-06-26.

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.

DeNA

2432 · JP

Nikkei 225

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 2,535.00
Buy up to: JPY 3,474.18
Expected / yr: 14.0% 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 537.6% around their average (limit 35%).

Operating margin

9y median: 10.9%
Worst year: -37.6%
Latest · 2026: 12.7%

Capital return excluding acquisitions: median 9.4% (minimum 15%), and the second-worst year -15% (minimum 10%).

ROIC excluding acquisitions

9y median: 9.4%
Worst year: -31.7%
Latest · 2026: 10.8%

Each $1 of profit left $0.88 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.99×
Latest · 2026: 1.03×

Per-share value rose from 158.34 to 171.36, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 164.85
Worst year: JPY -352.49
Latest · 2026: JPY 171.36

Profits were backed by cash: accruals were -4.3% of assets (limit 10%).

Sloan accruals

10y median: -3.6%
Worst year: 3.6%
Latest · 2026: -4.3%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 3.4%, three-year average owner earnings per share 32.9 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 3485.00; 2016-12 · Price JPY 2554.00; 2017-01 · Price JPY 2529.00; 2017-02 · Price JPY 2527.00; 2017-03 · Price JPY 2259.00; 2017-04 · Price JPY 2387.00; 2017-05 · Price JPY 2449.00; 2017-06 · Price JPY 2516.00; 2017-07 · Price JPY 2425.00; 2017-08 · Price JPY 2352.00; 2017-09 · Price JPY 2522.00; 2017-10 · Price JPY 2657.00; 2017-11 · Price JPY 2545.00; 2017-12 · Price JPY 2323.00; 2018-01 · Price JPY 2363.00; 2018-02 · Price JPY 1955.00; 2018-03 · Price JPY 1920.00; 2018-04 · Price JPY 2085.00; 2018-05 · Price JPY 2094.00; 2018-06 · Price JPY 2077.00; 2018-07 · Price JPY 2105.00; 2018-08 · Price JPY 1922.00; 2018-09 · Price JPY 2007.00; 2018-10 · Price JPY 1884.00; 2018-11 · Price JPY 2106.00; 2018-12 · Price JPY 1834.00; 2019-01 · Price JPY 1920.00; 2019-02 · Price JPY 1715.00; 2019-03 · Price JPY 1667.00; 2019-04 · Price JPY 1735.00; 2019-05 · Price JPY 2192.00; 2019-06 · Price JPY 2065.00; 2019-07 · Price JPY 2085.00; 2019-08 · Price JPY 2243.00; 2019-09 · Price JPY 1907.00; 2019-10 · Price JPY 1847.00; 2019-11 · Price JPY 1762.00; 2019-12 · Price JPY 1755.00; 2020-01 · Price JPY 1795.00; 2020-02 · Price JPY 1389.00; 2020-03 · Price JPY 1182.00; 2020-04 · Price JPY 1325.00; 2020-05 · Price JPY 1480.00; 2020-06 · Price JPY 1344.00; 2020-07 · Price JPY 1191.00; 2020-08 · Price JPY 1689.00; 2020-09 · Price JPY 1932.00; 2020-10 · Price JPY 1783.00; 2020-11 · Price JPY 1830.00; 2020-12 · Price JPY 1839.00; 2021-01 · Price JPY 1955.00; 2021-02 · Price JPY 2097.00; 2021-03 · Price JPY 2162.00; 2021-04 · Price JPY 2233.00; 2021-05 · Price JPY 2194.00; 2021-06 · Price JPY 2361.00; 2021-07 · Price JPY 2062.00; 2021-08 · Price JPY 1936.00; 2021-09 · Price JPY 2074.00; 2021-10 · Price JPY 2105.00; 2021-11 · Price JPY 1680.00; 2021-12 · Price JPY 1771.00; 2022-01 · Price JPY 1776.00 · Value 2204.13 · Buy at or below 2204.13; 2022-02 · Price JPY 1764.00 · Value 2204.13 · Buy at or below 2204.13; 2022-03 · Price JPY 1860.00 · Value 2204.13 · Buy at or below 2204.13; 2022-04 · Price JPY 1884.00 · Value 2204.13 · Buy at or below 2204.13; 2022-05 · Price JPY 1866.00 · Value 2204.13 · Buy at or below 2204.13; 2022-06 · Price JPY 1889.00 · Value 2204.13 · Buy at or below 2204.13; 2022-07 · Price JPY 1962.00 · Value 2204.13 · Buy at or below 2204.13; 2022-08 · Price JPY 1908.00 · Value 2204.13 · Buy at or below 2204.13; 2022-09 · Price JPY 1829.00 · Value 2204.13 · Buy at or below 2204.13; 2022-10 · Price JPY 1941.00 · Value 2204.13 · Buy at or below 2204.13; 2022-11 · Price JPY 1850.00 · Value 2204.13 · Buy at or below 2204.13; 2022-12 · Price JPY 1766.00 · Value 2204.13 · Buy at or below 2204.13; 2023-01 · Price JPY 1818.00 · Value 2204.13 · Buy at or below 2204.13; 2023-02 · Price JPY 1749.00 · Value 1563.51 · Buy at or below 1563.51; 2023-03 · Price JPY 1808.00 · Value 1563.51 · Buy at or below 1563.51; 2023-04 · Price JPY 1905.00 · Value 1563.51 · Buy at or below 1563.51; 2023-05 · Price JPY 1817.00 · Value 1563.51 · Buy at or below 1563.51; 2023-06 · Price JPY 1870.00 · Value 1563.51 · Buy at or below 1563.51; 2023-07 · Price JPY 1742.00 · Value 1563.51 · Buy at or below 1563.51; 2023-08 · Price JPY 1510.00 · Value 1563.51 · Buy at or below 1563.51; 2023-09 · Price JPY 1502.50 · Value 1563.51 · Buy at or below 1563.51; 2023-10 · Price JPY 1467.50 · Value 1563.51 · Buy at or below 1563.51; 2023-11 · Price JPY 1504.00 · Value 1563.51 · Buy at or below 1563.51; 2023-12 · Price JPY 1377.00 · Value 1563.51 · Buy at or below 1563.51; 2024-01 · Price JPY 1493.50 · Value 1563.51 · Buy at or below 1563.51; 2024-02 · Price JPY 1465.00 · Value 1393.33 · Buy at or below 1393.33; 2024-03 · Price JPY 1509.00 · Value 1393.33 · Buy at or below 1393.33; 2024-04 · Price JPY 1596.00 · Value 1393.33 · Buy at or below 1393.33; 2024-05 · Price JPY 1472.00 · Value 1393.33 · Buy at or below 1393.33; 2024-06 · Price JPY 1595.00 · Value 1393.33 · Buy at or below 1393.33; 2024-07 · Price JPY 1557.00 · Value 1393.33 · Buy at or below 1393.33; 2024-08 · Price JPY 1659.50 · Value 1393.33 · Buy at or below 1393.33; 2024-09 · Price JPY 1783.00 · Value 1393.33 · Buy at or below 1393.33; 2024-10 · Price JPY 1886.00 · Value 1393.33 · Buy at or below 1393.33; 2024-11 · Price JPY 2437.50 · Value 1393.33 · Buy at or below 1393.33; 2024-12 · Price JPY 3135.00 · Value 1393.33 · Buy at or below 1393.33; 2025-01 · Price JPY 2740.00 · Value 1393.33 · Buy at or below 1393.33; 2025-02 · Price JPY 3985.00 · Value 3976.35 · Buy at or below 3976.35; 2025-03 · Price JPY 3510.00 · Value 3976.35 · Buy at or below 3976.35; 2025-04 · Price JPY 3855.00 · Value 3976.35 · Buy at or below 3976.35; 2025-05 · Price JPY 2785.50 · Value 3976.35 · Buy at or below 3976.35; 2025-06 · Price JPY 2672.00 · Value 3976.35 · Buy at or below 3976.35; 2025-07 · Price JPY 2387.00 · Value 3976.35 · Buy at or below 3976.35; 2025-08 · Price JPY 2237.50 · Value 3976.35 · Buy at or below 3976.35; 2025-09 · Price JPY 2319.50 · Value 3976.35 · Buy at or below 3976.35; 2025-10 · Price JPY 2709.00 · Value 3976.35 · Buy at or below 3976.35; 2025-11 · Price JPY 2413.00 · Value 3976.35 · Buy at or below 3976.35; 2025-12 · Price JPY 2538.00 · Value 3976.35 · Buy at or below 3976.35; 2026-01 · Price JPY 2531.00 · Value 3976.35 · Buy at or below 3976.35; 2026-02 · Price JPY 2660.00 · Value 3474.18 · Buy at or below 3474.18; 2026-03 · Price JPY 2436.00 · Value 3474.18 · Buy at or below 3474.18; 2026-04 · Price JPY 2538.00 · Value 3474.18 · Buy at or below 3474.18; 2026-05 · Price JPY 2663.00 · Value 3474.18 · Buy at or below 3474.18; 2026-06 · Price JPY 2450.50 · Value 3474.18 · Buy at or below 3474.18; 2026-07 · Price JPY 2471.50 · Value 3474.18 · Buy at or below 3474.18; 2026-08 · Price JPY 2571.50 · Value 3474.18 · Buy at or below 3474.18; 2026-09 · Price JPY 2514.00 · Value 3474.18 · Buy at or below 3474.18; 2026-10 · Price JPY 2520.00 · Value 3474.18 · Buy at or below 3474.18; 2026-10 · Price JPY 2535.00 · Value 3474.18 · Buy at or below 3474.18

JPY per share · annual estimates

Price & return math
Value range	JPY 2,982.19 – JPY 3,902.65
Buy at or below	Central value JPY 3,474.18
Discount to value	1 − 2535.00 / 3474.18 = 27.0%
Return / year	About 14.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 176.00/share; 2.9% growth for 5 years, then fades to 3.0%; excess cash JPY 900.45/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 148B

Revenue

Owner earningsJPY 20B

Owner earnings

Operating margin12.7%

Operating margin

Net cash / debtJPY 88B

Net cash / debt

Diluted shares111M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·