# Kirin Holdings Company (2503.JP)

Canonical: https://gigainvestors.com/s/2503.JP

Analysis as of: 2026-10-15T07:09:33.553Z. Financial observations: FY2012–FY2025.

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 2,918.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,440.35 per share, central JPY 1,731.23 per share, high JPY 2,004.61 per share. Buy at or below the central value JPY 1,731.23 per share. Valuation as of 2026-10-15T07:09:33.553Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2018: 0.10×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.04×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 5.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 4.1%

- Typical minus recent gross margin: -1.6 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.9%

- FY2018: 17.3%

- FY2019: 5.9%

- FY2020: 7.7%

- FY2021: 4.5%

- FY2022: 7.7%

- FY2023: 9.1%

- FY2024: 5.7%

- FY2025: 10.1%

### economics: fail

- owner earnings cash conversion below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 352B

- Net income, five-year total: JPY 489B

- Return on incremental invested capital: 16.3%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, final three-year average: 21.3%

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

- FY2021: 0.65×

- FY2022: 0.87×

- FY2023: 0.88×

- FY2024: 0.45×

- FY2025: 0.62×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 163.19 to 139.16 (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: -1.2%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: JPY 167B

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.0%

- Per-share value change: JPY -24.03

- Per-share value, starting three-year median: JPY 163.19

- Per-share value, ending three-year median: JPY 139.16

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 1.18T

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 163.19

- FY2017: JPY 265.17

- FY2018: JPY 183.57

- FY2019: JPY 68.00

- FY2020: JPY 85.57

- FY2021: JPY 71.73

- FY2022: JPY 135.08

- FY2023: JPY 139.16

- FY2024: JPY 71.87

- FY2025: JPY 182.13

### accounting: pass

- Sloan accruals: -4.2%

- 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: 2.00×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.95×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: 0.8%

- FY2018: -1.5%

- FY2019: -4.9%

- FY2020: -3.8%

- FY2021: -6.5%

- FY2022: -1.0%

- FY2023: -3.2%

- FY2024: -5.5%

- FY2025: -4.2%

## Holders

## Price story

Price needs cash profits to grow 9.3% a year for ten years · sales +4.1%

Story as of 2026-10-16T10:00:13.968Z; price observation 2026-10-15.

Price needs cash profits to grow 9.3% a year for ten years

### Sales · FY2024–2025

sales +4.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf; observed 2026-03-27.

- FY2016: JPY 1.85T 

- FY2017: JPY 1.86T 

- FY2018: JPY 1.93T 

- FY2019: JPY 1.94T 

- FY2020: JPY 1.85T 

- FY2021: JPY 1.82T 

- FY2022: JPY 1.99T 

- FY2023: JPY 2.13T 

- FY2024: JPY 2.34T 

- FY2025: JPY 2.43T 

### Gross margin · FY2025

gross margin 47.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf; observed 2026-03-27.

- FY2016: 49.5% 

- FY2018: 43.2% 

- FY2019: 43.7% 

- FY2020: 43.5% 

- FY2021: 45.2% 

- FY2022: 45.5% 

- FY2023: 45.1% 

- FY2024: 45.6% 

- FY2025: 47.6% 

## Owner memo

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

### How it makes money

Annual sales are JPY 2.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf (filed 2026-03-27); FY2025: revenue 2433363000000; grossProfit 1158003000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 45.1% to 47.6% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2023: grossProfit / revenue = 45.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: grossProfit / revenue = 45.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf (filed 2026-03-27); FY2025: grossProfit / revenue = 47.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); 10-year return on capital observations [[2016,0.09930692611851054],[2018,0.17344068199489435],[2019,0.05892430977497289],[2020,0.07682750370587296],[2021,0.04531755371836171],[2022,0.07743253970514687],[2023,0.0905616300280824],[2024,0.057414497705069144],[2025,0.10121246267792937]]; median 0.07743253970514687. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 46% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf (filed 2026-03-27); Gross margin observations: [[2021,0.4517213173251646],[2022,0.45525386686290004],[2023,0.45140046842357523]]; range within 2 percentage points.

### Where the cash goes

Spends 29.9% of cash earnings on expansion; earns 16.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2018: growth capex 19939000000; upkeep 67946000000; owner earnings 164202000000. Growth capex / owner earnings = 0.12142970243967796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2019: growth capex 3414107761.9041443; upkeep 92982892238.09586; owner earnings 38639435486.32686. Growth capex / owner earnings = 0.08835811701007582.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2020: growth capex 0; upkeep 93026000000; owner earnings 52142463943.02998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2021: growth capex 0; upkeep 86335000000; owner earnings 39146092160.645386. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2022: growth capex 12542000000; upkeep 85937000000; owner earnings 96038107045.23166. Growth capex / owner earnings = 0.13059399425785242.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2023: growth capex 26583000000; upkeep 87227000000; owner earnings 98747526881.506. Growth capex / owner earnings = 0.269201678659748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); FY2024: growth capex 58060658918.40512; upkeep 122523341081.59488; owner earnings 26299219007.77331. Growth capex / owner earnings = 2.207695175329884.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf (filed 2026-03-27); FY2025: growth capex 27441290280.40811; upkeep 148150709719.5919; owner earnings 91918261299.70294. Growth capex / owner earnings = 0.2985401365560512.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Incremental return on capital 0.16284474442640798, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Dividend observations: [[2016,34675000000],[2018,44823000000],[2019,51366000000],[2020,55326000000],[2021,54184000000],[2022,53778000000],[2023,57500000000],[2024,58316000000],[2025,58730000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 9.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Ten-year compound average after fade. Initial solved rate 0.12032388211449774. Price 2918; 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 1,863.50 per share

- 2016-12: JPY 1,901.50 per share

- 2017-01: JPY 1,848.00 per share

- 2017-02: JPY 1,934.00 per share

- 2017-03: JPY 2,100.50 per share

- 2017-04: JPY 2,166.00 per share

- 2017-05: JPY 2,336.50 per share

- 2017-06: JPY 2,289.00 per share

- 2017-07: JPY 2,430.50 per share

- 2017-08: JPY 2,496.50 per share

- 2017-09: JPY 2,648.00 per share

- 2017-10: JPY 2,704.50 per share

- 2017-11: JPY 2,629.50 per share

- 2017-12: JPY 2,840.50 per share

- 2018-01: JPY 2,721.00 per share

- 2018-02: JPY 2,778.50 per share

- 2018-03: JPY 2,832.50 per share

- 2018-04: JPY 3,073.00 per share

- 2018-05: JPY 3,095.00 per share

- 2018-06: JPY 2,963.00 per share

- 2018-07: JPY 2,857.00 per share

- 2018-08: JPY 2,747.50 per share

- 2018-09: JPY 2,911.00 per share

- 2018-10: JPY 2,698.50 per share

- 2018-11: JPY 2,665.00 per share

- 2018-12: JPY 2,298.50 per share

- 2019-01: JPY 2,590.00 per share

- 2019-02: JPY 2,489.00 per share

- 2019-03: JPY 2,642.50 per share

- 2019-04: JPY 2,519.50 per share

- 2019-05: JPY 2,355.00 per share

- 2019-06: JPY 2,323.50 per share

- 2019-07: JPY 2,370.00 per share

- 2019-08: JPY 2,098.50 per share

- 2019-09: JPY 2,288.00 per share

- 2019-10: JPY 2,305.00 per share

- 2019-11: JPY 2,423.00 per share

- 2019-12: JPY 2,390.00 per share

- 2020-01: JPY 2,412.50 per share

- 2020-02: JPY 2,075.00 per share

- 2020-03: JPY 2,137.50 per share

- 2020-04: JPY 2,078.50 per share

- 2020-05: JPY 2,207.50 per share

- 2020-06: JPY 2,274.50 per share

- 2020-07: JPY 2,034.00 per share

- 2020-08: JPY 2,085.00 per share

- 2020-09: JPY 1,973.50 per share

- 2020-10: JPY 1,879.00 per share

- 2020-11: JPY 2,273.50 per share

- 2020-12: JPY 2,434.00 per share

- 2021-01: JPY 2,246.00 per share

- 2021-02: JPY 2,088.50 per share

- 2021-03: JPY 2,120.50 per share

- 2021-04: JPY 2,050.50 per share

- 2021-05: JPY 2,211.50 per share

- 2021-06: JPY 2,166.00 per share

- 2021-07: JPY 2,000.00 per share

- 2021-08: JPY 1,994.00 per share

- 2021-09: JPY 2,075.00 per share

- 2021-10: JPY 1,981.00 per share

- 2021-11: JPY 1,817.00 per share

- 2021-12: JPY 1,847.00 per share

- 2022-01: JPY 1,837.00 per share

- 2022-02: JPY 1,907.50 per share

- 2022-03: JPY 1,829.00 per share

- 2022-04: JPY 1,900.50 per share

- 2022-05: JPY 1,992.50 per share

- 2022-06: JPY 2,137.50 per share

- 2022-07: JPY 2,185.50 per share

- 2022-08: JPY 2,294.50 per share

- 2022-09: JPY 2,227.00 per share

- 2022-10: JPY 2,189.50 per share

- 2022-11: JPY 2,165.00 per share

- 2022-12: JPY 2,011.00 per share

- 2023-01: JPY 1,999.00 per share

- 2023-02: JPY 2,039.00 per share

- 2023-03: JPY 2,096.00 per share

- 2023-04: JPY 2,209.00 per share

- 2023-05: JPY 2,079.50 per share

- 2023-06: JPY 2,101.50 per share

- 2023-07: JPY 2,102.50 per share

- 2023-08: JPY 2,046.00 per share

- 2023-09: JPY 2,093.00 per share

- 2023-10: JPY 2,119.50 per share

- 2023-11: JPY 2,087.00 per share

- 2023-12: JPY 2,066.00 per share

- 2024-01: JPY 2,123.00 per share

- 2024-02: JPY 2,084.50 per share

- 2024-03: JPY 2,100.50 per share

- 2024-04: JPY 2,300.50 per share

- 2024-05: JPY 2,175.00 per share

- 2024-06: JPY 2,073.00 per share

- 2024-07: JPY 2,130.50 per share

- 2024-08: JPY 2,202.50 per share

- 2024-09: JPY 2,186.00 per share

- 2024-10: JPY 2,248.00 per share

- 2024-11: JPY 2,089.50 per share

- 2024-12: JPY 2,049.00 per share

- 2025-01: JPY 1,964.50 per share

- 2025-02: JPY 2,026.50 per share

- 2025-03: JPY 2,077.50 per share

- 2025-04: JPY 2,159.00 per share

- 2025-05: JPY 2,072.00 per share

- 2025-06: JPY 2,019.50 per share

- 2025-07: JPY 1,999.00 per share

- 2025-08: JPY 2,135.50 per share

- 2025-09: JPY 2,167.50 per share

- 2025-10: JPY 2,164.50 per share

- 2025-11: JPY 2,453.50 per share

- 2025-12: JPY 2,348.00 per share

- 2026-01: JPY 2,392.00 per share

- 2026-02: JPY 2,707.00 per share

- 2026-03: JPY 2,525.00 per share

- 2026-04: JPY 2,479.50 per share

- 2026-05: JPY 2,718.50 per share

- 2026-06: JPY 2,810.50 per share

- 2026-07: JPY 2,953.00 per share

- 2026-08: JPY 3,054.00 per share

- 2026-09: JPY 2,854.00 per share

- 2026-10: JPY 2,836.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 804.32 per share, central JPY 924.81 per share, high JPY 1,067.69 per share

- FY2023: low JPY 916.43 per share, central JPY 1,058.87 per share, high JPY 1,218.20 per share

- FY2024: low JPY 997.27 per share, central JPY 1,186.49 per share, high JPY 1,372.06 per share

- FY2025: low JPY 1,396.71 per share, central JPY 1,678.15 per share, high JPY 1,942.67 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 2026-10-15T07:09:33.553Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTVS.pdf); period 2025-12-31, filed 2026-03-27.

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.

Kirin Holdings Company

2503 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 2,918.00
Buy up to: JPY 1,731.23
Expected / yr: 7.1% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 30.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

9y median: 5.8%
Worst year: 3.7%
Latest · 2025: 8.6%

Capital return excluding acquisitions: median 7.7% (minimum 15%), and the second-worst year 5.7% (minimum 10%).

ROIC excluding acquisitions

9y median: 7.7%
Worst year: 4.5%
Latest · 2025: 10.1%

Each $1 of profit left $0.72 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.72×
Annual median: 0.65×
Latest · 2025: 0.62×

Per-share value fell from 163.19 to 139.16, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 137.12
Worst year: JPY 68.00
Latest · 2025: JPY 182.13

Profits were backed by cash: accruals were -4.2% of assets (limit 10%).

Sloan accruals

10y median: -3.6%
Worst year: 0.8%
Latest · 2025: -4.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.5%, three-year average owner earnings per share 89.29 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1863.50; 2016-12 · Price JPY 1901.50; 2017-01 · Price JPY 1848.00; 2017-02 · Price JPY 1934.00; 2017-03 · Price JPY 2100.50; 2017-04 · Price JPY 2166.00; 2017-05 · Price JPY 2336.50; 2017-06 · Price JPY 2289.00; 2017-07 · Price JPY 2430.50; 2017-08 · Price JPY 2496.50; 2017-09 · Price JPY 2648.00; 2017-10 · Price JPY 2704.50; 2017-11 · Price JPY 2629.50; 2017-12 · Price JPY 2840.50; 2018-01 · Price JPY 2721.00; 2018-02 · Price JPY 2778.50; 2018-03 · Price JPY 2832.50; 2018-04 · Price JPY 3073.00; 2018-05 · Price JPY 3095.00; 2018-06 · Price JPY 2963.00; 2018-07 · Price JPY 2857.00; 2018-08 · Price JPY 2747.50; 2018-09 · Price JPY 2911.00; 2018-10 · Price JPY 2698.50; 2018-11 · Price JPY 2665.00; 2018-12 · Price JPY 2298.50; 2019-01 · Price JPY 2590.00; 2019-02 · Price JPY 2489.00; 2019-03 · Price JPY 2642.50; 2019-04 · Price JPY 2519.50; 2019-05 · Price JPY 2355.00; 2019-06 · Price JPY 2323.50; 2019-07 · Price JPY 2370.00; 2019-08 · Price JPY 2098.50; 2019-09 · Price JPY 2288.00; 2019-10 · Price JPY 2305.00; 2019-11 · Price JPY 2423.00; 2019-12 · Price JPY 2390.00; 2020-01 · Price JPY 2412.50; 2020-02 · Price JPY 2075.00; 2020-03 · Price JPY 2137.50; 2020-04 · Price JPY 2078.50; 2020-05 · Price JPY 2207.50; 2020-06 · Price JPY 2274.50; 2020-07 · Price JPY 2034.00; 2020-08 · Price JPY 2085.00; 2020-09 · Price JPY 1973.50; 2020-10 · Price JPY 1879.00; 2020-11 · Price JPY 2273.50; 2020-12 · Price JPY 2434.00; 2021-01 · Price JPY 2246.00; 2021-02 · Price JPY 2088.50; 2021-03 · Price JPY 2120.50; 2021-04 · Price JPY 2050.50; 2021-05 · Price JPY 2211.50; 2021-06 · Price JPY 2166.00; 2021-07 · Price JPY 2000.00; 2021-08 · Price JPY 1994.00; 2021-09 · Price JPY 2075.00; 2021-10 · Price JPY 1981.00; 2021-11 · Price JPY 1817.00; 2021-12 · Price JPY 1847.00; 2022-01 · Price JPY 1837.00 · Value 924.81 · Buy at or below 924.81; 2022-02 · Price JPY 1907.50 · Value 924.81 · Buy at or below 924.81; 2022-03 · Price JPY 1829.00 · Value 924.81 · Buy at or below 924.81; 2022-04 · Price JPY 1900.50 · Value 924.81 · Buy at or below 924.81; 2022-05 · Price JPY 1992.50 · Value 924.81 · Buy at or below 924.81; 2022-06 · Price JPY 2137.50 · Value 924.81 · Buy at or below 924.81; 2022-07 · Price JPY 2185.50 · Value 924.81 · Buy at or below 924.81; 2022-08 · Price JPY 2294.50 · Value 924.81 · Buy at or below 924.81; 2022-09 · Price JPY 2227.00 · Value 924.81 · Buy at or below 924.81; 2022-10 · Price JPY 2189.50 · Value 924.81 · Buy at or below 924.81; 2022-11 · Price JPY 2165.00 · Value 924.81 · Buy at or below 924.81; 2022-12 · Price JPY 2011.00 · Value 924.81 · Buy at or below 924.81; 2023-01 · Price JPY 1999.00 · Value 924.81 · Buy at or below 924.81; 2023-02 · Price JPY 2039.00 · Value 1058.87 · Buy at or below 1058.87; 2023-03 · Price JPY 2096.00 · Value 1058.87 · Buy at or below 1058.87; 2023-04 · Price JPY 2209.00 · Value 1058.87 · Buy at or below 1058.87; 2023-05 · Price JPY 2079.50 · Value 1058.87 · Buy at or below 1058.87; 2023-06 · Price JPY 2101.50 · Value 1058.87 · Buy at or below 1058.87; 2023-07 · Price JPY 2102.50 · Value 1058.87 · Buy at or below 1058.87; 2023-08 · Price JPY 2046.00 · Value 1058.87 · Buy at or below 1058.87; 2023-09 · Price JPY 2093.00 · Value 1058.87 · Buy at or below 1058.87; 2023-10 · Price JPY 2119.50 · Value 1058.87 · Buy at or below 1058.87; 2023-11 · Price JPY 2087.00 · Value 1058.87 · Buy at or below 1058.87; 2023-12 · Price JPY 2066.00 · Value 1058.87 · Buy at or below 1058.87; 2024-01 · Price JPY 2123.00 · Value 1058.87 · Buy at or below 1058.87; 2024-02 · Price JPY 2084.50 · Value 1186.49 · Buy at or below 1186.49; 2024-03 · Price JPY 2100.50 · Value 1186.49 · Buy at or below 1186.49; 2024-04 · Price JPY 2300.50 · Value 1186.49 · Buy at or below 1186.49; 2024-05 · Price JPY 2175.00 · Value 1186.49 · Buy at or below 1186.49; 2024-06 · Price JPY 2073.00 · Value 1186.49 · Buy at or below 1186.49; 2024-07 · Price JPY 2130.50 · Value 1186.49 · Buy at or below 1186.49; 2024-08 · Price JPY 2202.50 · Value 1186.49 · Buy at or below 1186.49; 2024-09 · Price JPY 2186.00 · Value 1186.49 · Buy at or below 1186.49; 2024-10 · Price JPY 2248.00 · Value 1186.49 · Buy at or below 1186.49; 2024-11 · Price JPY 2089.50 · Value 1186.49 · Buy at or below 1186.49; 2024-12 · Price JPY 2049.00 · Value 1186.49 · Buy at or below 1186.49; 2025-01 · Price JPY 1964.50 · Value 1186.49 · Buy at or below 1186.49; 2025-02 · Price JPY 2026.50 · Value 1678.15 · Buy at or below 1678.15; 2025-03 · Price JPY 2077.50 · Value 1678.15 · Buy at or below 1678.15; 2025-04 · Price JPY 2159.00 · Value 1678.15 · Buy at or below 1678.15; 2025-05 · Price JPY 2072.00 · Value 1678.15 · Buy at or below 1678.15; 2025-06 · Price JPY 2019.50 · Value 1678.15 · Buy at or below 1678.15; 2025-07 · Price JPY 1999.00 · Value 1678.15 · Buy at or below 1678.15; 2025-08 · Price JPY 2135.50 · Value 1678.15 · Buy at or below 1678.15; 2025-09 · Price JPY 2167.50 · Value 1678.15 · Buy at or below 1678.15; 2025-10 · Price JPY 2164.50 · Value 1678.15 · Buy at or below 1678.15; 2025-11 · Price JPY 2453.50 · Value 1678.15 · Buy at or below 1678.15; 2025-12 · Price JPY 2348.00 · Value 1678.15 · Buy at or below 1678.15; 2026-01 · Price JPY 2392.00 · Value 1678.15 · Buy at or below 1678.15; 2026-02 · Price JPY 2707.00 · Value 1731.23 · Buy at or below 1731.23; 2026-03 · Price JPY 2525.00 · Value 1731.23 · Buy at or below 1731.23; 2026-04 · Price JPY 2479.50 · Value 1731.23 · Buy at or below 1731.23; 2026-05 · Price JPY 2718.50 · Value 1731.23 · Buy at or below 1731.23; 2026-06 · Price JPY 2810.50 · Value 1731.23 · Buy at or below 1731.23; 2026-07 · Price JPY 2953.00 · Value 1731.23 · Buy at or below 1731.23; 2026-08 · Price JPY 3054.00 · Value 1731.23 · Buy at or below 1731.23; 2026-09 · Price JPY 2854.00 · Value 1731.23 · Buy at or below 1731.23; 2026-10 · Price JPY 2836.00 · Value 1731.23 · Buy at or below 1731.23; 2026-10 · Price JPY 2918.00 · Value 1731.23 · Buy at or below 1731.23

JPY per share · annual estimates

Price & return math
Value range	JPY 1,440.35 – JPY 2,004.61
Buy at or below	Central value JPY 1,731.23
Discount to value	1 − 2918.00 / 1731.23 = -68.6%
Return / year	About 7.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 117.27/share; 2.2% growth for 5 years, then fades to 3.0%; excess cash JPY 77.77/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 2.43T

Revenue

Owner earningsJPY 92B

Owner earnings

Operating margin8.6%

Operating margin

Net cash / debtJPY -798B

Net cash / debt

Diluted shares810M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·