# Nichirei (2871.JP)

Canonical: https://gigainvestors.com/s/2871.JP

Analysis as of: 2026-10-15T07:09:39.154Z. 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 2,130.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,213.02 per share, central JPY 1,507.14 per share, high JPY 1,735.54 per share. Buy at or below the central value JPY 1,507.14 per share. Valuation as of 2026-10-15T07:09:39.154Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.05×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.8%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 17.0%

- Recent gross margin (lower of latest and 3-year median): 18.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.4%

- FY2018: 9.5%

- FY2019: 9.0%

- FY2020: 9.2%

- FY2021: 9.3%

- FY2022: 8.0%

- FY2023: 8.1%

- FY2024: 8.6%

- FY2025: 8.6%

- FY2026: 7.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 103B

- Net income, five-year total: JPY 122B

- Return on incremental invested capital: 19.2%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 9.7%

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

- FY2022: 0.84×

- FY2023: 0.83×

- FY2024: 0.85×

- FY2025: 0.85×

- FY2026: 0.86×

### management: pass

- 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: 9.5% vs 8.6%

- Per-share earnings: 67.56 to 97.35 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: JPY 111B

- Cumulative retained earnings: JPY 106B

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.7%

- Per-share value change: JPY 29.79

- Per-share value, starting three-year median: JPY 67.56

- Per-share value, ending three-year median: JPY 97.35

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 1.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 15B

- Cumulative net income, 10 years: JPY 220B

- ROIC, first three-year median: 9.5%

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 67.56

- FY2018: JPY 71.12

- FY2019: JPY 74.83

- FY2020: JPY 73.58

- FY2021: JPY 79.59

- FY2022: JPY 88.36

- FY2023: JPY 83.57

- FY2024: JPY 95.90

- FY2025: JPY 97.35

- FY2026: JPY 109.07

### accounting: pass

- Sloan accruals: -3.8%

- 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: 1.78×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.4%

- FY2018: -2.9%

- FY2019: -3.0%

- FY2020: -5.1%

- FY2021: -6.0%

- FY2022: -2.6%

- FY2023: -3.6%

- FY2024: -7.8%

- FY2025: -5.7%

- FY2026: -3.8%

## Holders

## Price story

Price needs cash profits to grow 8.5% a year for ten years · sales +2%

Story as of 2026-10-16T10:00:13.992Z; price observation 2026-10-15.

Price needs cash profits to grow 8.5% a year for ten years

### Sales · FY2025–2026

sales +2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf; observed 2026-06-16.

- FY2017: JPY 540B 

- FY2018: JPY 568B 

- FY2019: JPY 580B 

- FY2020: JPY 585B 

- FY2021: JPY 573B 

- FY2022: JPY 603B 

- FY2023: JPY 662B 

- FY2024: JPY 680B 

- FY2025: JPY 702B 

- FY2026: JPY 716B 

### Gross margin · FY2026

gross margin 18%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf; observed 2026-06-16.

- FY2017: 16.9% 

- FY2018: 16.3% 

- FY2019: 16.1% 

- FY2020: 16.9% 

- FY2021: 17.3% 

- FY2022: 17.0% 

- FY2023: 16.4% 

- FY2024: 17.7% 

- FY2025: 18.0% 

- FY2026: 18.0% 

## Owner memo

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

### How it makes money

Annual sales are JPY 716.1 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf (filed 2026-06-16); FY2026: revenue 716144000000; grossProfit 129221000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 17.7% to 18% during 2024–26; it earns 8.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 18%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,0.10429480660433323],[2018,0.09506746435484012],[2019,0.08955630072928651],[2020,0.0915540635907106],[2021,0.09309353705491225],[2022,0.08005257074692422],[2023,0.08138858927387957],[2024,0.08602660218857386],[2025,0.08571912266052648],[2026,0.07773542129517245]]; median 0.08779145145893019. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf (filed 2026-06-16); Gross margin observations: [[2021,0.17250422081266575],[2022,0.16964605705032057],[2023,0.16441157105665324]]; range within 2 percentage points.

### Where the cash goes

Spends 42.7% of cash earnings on expansion; earns 19.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2017: growth capex 0; upkeep 10021000000; owner earnings 20924000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 1559000000; upkeep 16155000000; owner earnings 15448000000. Growth capex / owner earnings = 0.10091921284308648.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 3284472542.8744125; upkeep 18785527457.125587; owner earnings 14984472542.874413. Growth capex / owner earnings = 0.21919173554335633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2020: growth capex 1286861337.691639; upkeep 20418138662.30836; owner earnings 13763861337.691639. Growth capex / owner earnings = 0.09349566274455513.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2021: growth capex 0; upkeep 30653000000; owner earnings 6342000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 1622000000; upkeep 21089000000; owner earnings 19683000000. Growth capex / owner earnings = 0.08240613727582177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 2893000000; upkeep 22198000000; owner earnings 17947000000. Growth capex / owner earnings = 0.1611968574134953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 4724000000; upkeep 24219000000; owner earnings 20722000000. Growth capex / owner earnings = 0.22797027313965834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 5085000000; upkeep 24277000000; owner earnings 21025000000. Growth capex / owner earnings = 0.24185493460166468.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf (filed 2026-06-16); FY2026: growth capex 10039000000; upkeep 22087000000; owner earnings 23534000000. Growth capex / owner earnings = 0.42657431800798845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Incremental return on capital 0.19247013420362247, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,3353000000],[2018,4192000000],[2019,4125000000],[2020,4923000000],[2021,5722000000],[2022,7053000000],[2023,6595000000],[2024,8034000000],[2025,9949000000],[2026,12134000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf (filed 2026-06-16); FY2026: cash repurchases 3000000 JPY.

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years; actual growth was 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate 0.10867479201413899. Price 2130; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 43.99639967337243 → FY2026 93.91385116347139. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,157.50 per share

- 2016-12: JPY 1,210.00 per share

- 2017-01: JPY 1,148.00 per share

- 2017-02: JPY 1,308.50 per share

- 2017-03: JPY 1,377.00 per share

- 2017-04: JPY 1,387.50 per share

- 2017-05: JPY 1,585.00 per share

- 2017-06: JPY 1,575.00 per share

- 2017-07: JPY 1,550.00 per share

- 2017-08: JPY 1,453.50 per share

- 2017-09: JPY 1,412.50 per share

- 2017-10: JPY 1,456.00 per share

- 2017-11: JPY 1,630.00 per share

- 2017-12: JPY 1,557.50 per share

- 2018-01: JPY 1,458.00 per share

- 2018-02: JPY 1,367.50 per share

- 2018-03: JPY 1,470.00 per share

- 2018-04: JPY 1,582.50 per share

- 2018-05: JPY 1,475.50 per share

- 2018-06: JPY 1,409.00 per share

- 2018-07: JPY 1,297.50 per share

- 2018-08: JPY 1,396.00 per share

- 2018-09: JPY 1,505.00 per share

- 2018-10: JPY 1,362.50 per share

- 2018-11: JPY 1,602.50 per share

- 2018-12: JPY 1,512.50 per share

- 2019-01: JPY 1,468.00 per share

- 2019-02: JPY 1,385.00 per share

- 2019-03: JPY 1,364.00 per share

- 2019-04: JPY 1,281.00 per share

- 2019-05: JPY 1,327.00 per share

- 2019-06: JPY 1,278.50 per share

- 2019-07: JPY 1,266.00 per share

- 2019-08: JPY 1,220.00 per share

- 2019-09: JPY 1,232.00 per share

- 2019-10: JPY 1,242.50 per share

- 2019-11: JPY 1,271.50 per share

- 2019-12: JPY 1,275.00 per share

- 2020-01: JPY 1,327.00 per share

- 2020-02: JPY 1,376.50 per share

- 2020-03: JPY 1,527.50 per share

- 2020-04: JPY 1,343.00 per share

- 2020-05: JPY 1,517.50 per share

- 2020-06: JPY 1,567.50 per share

- 2020-07: JPY 1,496.00 per share

- 2020-08: JPY 1,383.50 per share

- 2020-09: JPY 1,391.50 per share

- 2020-10: JPY 1,314.00 per share

- 2020-11: JPY 1,417.00 per share

- 2020-12: JPY 1,449.50 per share

- 2021-01: JPY 1,520.00 per share

- 2021-02: JPY 1,386.50 per share

- 2021-03: JPY 1,424.50 per share

- 2021-04: JPY 1,381.00 per share

- 2021-05: JPY 1,406.50 per share

- 2021-06: JPY 1,459.50 per share

- 2021-07: JPY 1,498.50 per share

- 2021-08: JPY 1,402.00 per share

- 2021-09: JPY 1,463.00 per share

- 2021-10: JPY 1,390.00 per share

- 2021-11: JPY 1,300.50 per share

- 2021-12: JPY 1,331.50 per share

- 2022-01: JPY 1,316.00 per share

- 2022-02: JPY 1,266.50 per share

- 2022-03: JPY 1,184.50 per share

- 2022-04: JPY 1,192.50 per share

- 2022-05: JPY 1,134.00 per share

- 2022-06: JPY 1,179.50 per share

- 2022-07: JPY 1,186.50 per share

- 2022-08: JPY 1,245.50 per share

- 2022-09: JPY 1,192.50 per share

- 2022-10: JPY 1,157.00 per share

- 2022-11: JPY 1,390.50 per share

- 2022-12: JPY 1,438.50 per share

- 2023-01: JPY 1,359.50 per share

- 2023-02: JPY 1,344.00 per share

- 2023-03: JPY 1,342.00 per share

- 2023-04: JPY 1,397.00 per share

- 2023-05: JPY 1,493.00 per share

- 2023-06: JPY 1,540.50 per share

- 2023-07: JPY 1,624.50 per share

- 2023-08: JPY 1,723.00 per share

- 2023-09: JPY 1,642.50 per share

- 2023-10: JPY 1,634.00 per share

- 2023-11: JPY 1,612.00 per share

- 2023-12: JPY 1,737.00 per share

- 2024-01: JPY 1,785.00 per share

- 2024-02: JPY 1,878.50 per share

- 2024-03: JPY 2,072.00 per share

- 2024-04: JPY 1,978.00 per share

- 2024-05: JPY 1,777.50 per share

- 2024-06: JPY 1,770.00 per share

- 2024-07: JPY 1,975.50 per share

- 2024-08: JPY 2,188.00 per share

- 2024-09: JPY 2,233.50 per share

- 2024-10: JPY 2,129.00 per share

- 2024-11: JPY 2,151.00 per share

- 2024-12: JPY 2,083.00 per share

- 2025-01: JPY 1,974.50 per share

- 2025-02: JPY 1,729.00 per share

- 2025-03: JPY 1,777.50 per share

- 2025-04: JPY 1,958.00 per share

- 2025-05: JPY 1,860.50 per share

- 2025-06: JPY 1,885.00 per share

- 2025-07: JPY 1,827.50 per share

- 2025-08: JPY 1,697.00 per share

- 2025-09: JPY 1,736.00 per share

- 2025-10: JPY 1,822.00 per share

- 2025-11: JPY 1,947.00 per share

- 2025-12: JPY 1,866.00 per share

- 2026-01: JPY 1,912.00 per share

- 2026-02: JPY 2,124.50 per share

- 2026-03: JPY 1,969.50 per share

- 2026-04: JPY 1,886.50 per share

- 2026-05: JPY 1,822.00 per share

- 2026-06: JPY 2,171.00 per share

- 2026-07: JPY 2,203.50 per share

- 2026-08: JPY 2,155.50 per share

- 2026-09: JPY 2,130.50 per share

- 2026-10: JPY 2,098.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 672.99 per share, central JPY 758.42 per share, high JPY 872.14 per share

- FY2021: low JPY 672.29 per share, central JPY 755.95 per share, high JPY 867.31 per share

- FY2022: low JPY 685.92 per share, central JPY 774.58 per share, high JPY 892.60 per share

- FY2023: low JPY 957.56 per share, central JPY 1,343.65 per share, high JPY 1,568.48 per share

- FY2024: low JPY 1,050.25 per share, central JPY 1,470.65 per share, high JPY 1,715.45 per share

- FY2025: low JPY 1,224.85 per share, central JPY 1,707.00 per share, high JPY 1,987.76 per share

- FY2026: low JPY 1,194.80 per share, central JPY 1,483.87 per share, high JPY 1,708.36 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

Historical value ranges retain the original capex calculation; the current filing judgement is not backfilled into historical valuations

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCCS.pdf); period 2026-03-31, filed 2026-06-16.

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.

Nichirei

2871 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,130.00
Buy up to: JPY 1,507.14
Expected / yr: 7.8% 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 3.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 5.4%
Worst year: 5.0%
Latest · 2026: 5.4%

Capital return excluding acquisitions: median 8.8% (minimum 15%), and the second-worst year 8% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.8%
Worst year: 7.8%
Latest · 2026: 7.8%

Each $1 of profit left $0.85 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.85×
Annual median: 0.85×
Latest · 2026: 0.86×

Per-share value rose from 67.56 to 97.35, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 81.58
Worst year: JPY 67.56
Latest · 2026: JPY 109.07

Profits were backed by cash: accruals were -3.8% of assets (limit 10%).

Sloan accruals

10y median: -4.5%
Worst year: -2.6%
Latest · 2026: -3.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 5.3%, three-year average owner earnings per share 85.93 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1157.50; 2016-12 · Price JPY 1210.00; 2017-01 · Price JPY 1148.00; 2017-02 · Price JPY 1308.50; 2017-03 · Price JPY 1377.00; 2017-04 · Price JPY 1387.50; 2017-05 · Price JPY 1585.00; 2017-06 · Price JPY 1575.00; 2017-07 · Price JPY 1550.00; 2017-08 · Price JPY 1453.50; 2017-09 · Price JPY 1412.50; 2017-10 · Price JPY 1456.00; 2017-11 · Price JPY 1630.00; 2017-12 · Price JPY 1557.50; 2018-01 · Price JPY 1458.00; 2018-02 · Price JPY 1367.50; 2018-03 · Price JPY 1470.00; 2018-04 · Price JPY 1582.50; 2018-05 · Price JPY 1475.50; 2018-06 · Price JPY 1409.00; 2018-07 · Price JPY 1297.50; 2018-08 · Price JPY 1396.00; 2018-09 · Price JPY 1505.00; 2018-10 · Price JPY 1362.50; 2018-11 · Price JPY 1602.50; 2018-12 · Price JPY 1512.50; 2019-01 · Price JPY 1468.00; 2019-02 · Price JPY 1385.00; 2019-03 · Price JPY 1364.00; 2019-04 · Price JPY 1281.00; 2019-05 · Price JPY 1327.00; 2019-06 · Price JPY 1278.50; 2019-07 · Price JPY 1266.00; 2019-08 · Price JPY 1220.00; 2019-09 · Price JPY 1232.00; 2019-10 · Price JPY 1242.50; 2019-11 · Price JPY 1271.50; 2019-12 · Price JPY 1275.00; 2020-01 · Price JPY 1327.00 · Value 758.42 · Buy at or below 758.42; 2020-02 · Price JPY 1376.50 · Value 758.42 · Buy at or below 758.42; 2020-03 · Price JPY 1527.50 · Value 758.42 · Buy at or below 758.42; 2020-04 · Price JPY 1343.00 · Value 758.42 · Buy at or below 758.42; 2020-05 · Price JPY 1517.50 · Value 758.42 · Buy at or below 758.42; 2020-06 · Price JPY 1567.50 · Value 758.42 · Buy at or below 758.42; 2020-07 · Price JPY 1496.00 · Value 758.42 · Buy at or below 758.42; 2020-08 · Price JPY 1383.50 · Value 758.42 · Buy at or below 758.42; 2020-09 · Price JPY 1391.50 · Value 758.42 · Buy at or below 758.42; 2020-10 · Price JPY 1314.00 · Value 758.42 · Buy at or below 758.42; 2020-11 · Price JPY 1417.00 · Value 758.42 · Buy at or below 758.42; 2020-12 · Price JPY 1449.50 · Value 758.42 · Buy at or below 758.42; 2021-01 · Price JPY 1520.00 · Value 758.42 · Buy at or below 758.42; 2021-02 · Price JPY 1386.50 · Value 755.95 · Buy at or below 755.95; 2021-03 · Price JPY 1424.50 · Value 755.95 · Buy at or below 755.95; 2021-04 · Price JPY 1381.00 · Value 755.95 · Buy at or below 755.95; 2021-05 · Price JPY 1406.50 · Value 755.95 · Buy at or below 755.95; 2021-06 · Price JPY 1459.50 · Value 755.95 · Buy at or below 755.95; 2021-07 · Price JPY 1498.50 · Value 755.95 · Buy at or below 755.95; 2021-08 · Price JPY 1402.00 · Value 755.95 · Buy at or below 755.95; 2021-09 · Price JPY 1463.00 · Value 755.95 · Buy at or below 755.95; 2021-10 · Price JPY 1390.00 · Value 755.95 · Buy at or below 755.95; 2021-11 · Price JPY 1300.50 · Value 755.95 · Buy at or below 755.95; 2021-12 · Price JPY 1331.50 · Value 755.95 · Buy at or below 755.95; 2022-01 · Price JPY 1316.00 · Value 755.95 · Buy at or below 755.95; 2022-02 · Price JPY 1266.50 · Value 774.58 · Buy at or below 774.58; 2022-03 · Price JPY 1184.50 · Value 774.58 · Buy at or below 774.58; 2022-04 · Price JPY 1192.50 · Value 774.58 · Buy at or below 774.58; 2022-05 · Price JPY 1134.00 · Value 774.58 · Buy at or below 774.58; 2022-06 · Price JPY 1179.50 · Value 774.58 · Buy at or below 774.58; 2022-07 · Price JPY 1186.50 · Value 774.58 · Buy at or below 774.58; 2022-08 · Price JPY 1245.50 · Value 774.58 · Buy at or below 774.58; 2022-09 · Price JPY 1192.50 · Value 774.58 · Buy at or below 774.58; 2022-10 · Price JPY 1157.00 · Value 774.58 · Buy at or below 774.58; 2022-11 · Price JPY 1390.50 · Value 774.58 · Buy at or below 774.58; 2022-12 · Price JPY 1438.50 · Value 774.58 · Buy at or below 774.58; 2023-01 · Price JPY 1359.50 · Value 774.58 · Buy at or below 774.58; 2023-02 · Price JPY 1344.00 · Value 1343.65 · Buy at or below 1343.65; 2023-03 · Price JPY 1342.00 · Value 1343.65 · Buy at or below 1343.65; 2023-04 · Price JPY 1397.00 · Value 1343.65 · Buy at or below 1343.65; 2023-05 · Price JPY 1493.00 · Value 1343.65 · Buy at or below 1343.65; 2023-06 · Price JPY 1540.50 · Value 1343.65 · Buy at or below 1343.65; 2023-07 · Price JPY 1624.50 · Value 1343.65 · Buy at or below 1343.65; 2023-08 · Price JPY 1723.00 · Value 1343.65 · Buy at or below 1343.65; 2023-09 · Price JPY 1642.50 · Value 1343.65 · Buy at or below 1343.65; 2023-10 · Price JPY 1634.00 · Value 1343.65 · Buy at or below 1343.65; 2023-11 · Price JPY 1612.00 · Value 1343.65 · Buy at or below 1343.65; 2023-12 · Price JPY 1737.00 · Value 1343.65 · Buy at or below 1343.65; 2024-01 · Price JPY 1785.00 · Value 1343.65 · Buy at or below 1343.65; 2024-02 · Price JPY 1878.50 · Value 1470.65 · Buy at or below 1470.65; 2024-03 · Price JPY 2072.00 · Value 1470.65 · Buy at or below 1470.65; 2024-04 · Price JPY 1978.00 · Value 1470.65 · Buy at or below 1470.65; 2024-05 · Price JPY 1777.50 · Value 1470.65 · Buy at or below 1470.65; 2024-06 · Price JPY 1770.00 · Value 1470.65 · Buy at or below 1470.65; 2024-07 · Price JPY 1975.50 · Value 1470.65 · Buy at or below 1470.65; 2024-08 · Price JPY 2188.00 · Value 1470.65 · Buy at or below 1470.65; 2024-09 · Price JPY 2233.50 · Value 1470.65 · Buy at or below 1470.65; 2024-10 · Price JPY 2129.00 · Value 1470.65 · Buy at or below 1470.65; 2024-11 · Price JPY 2151.00 · Value 1470.65 · Buy at or below 1470.65; 2024-12 · Price JPY 2083.00 · Value 1470.65 · Buy at or below 1470.65; 2025-01 · Price JPY 1974.50 · Value 1470.65 · Buy at or below 1470.65; 2025-02 · Price JPY 1729.00 · Value 1707.00 · Buy at or below 1707.00; 2025-03 · Price JPY 1777.50 · Value 1707.00 · Buy at or below 1707.00; 2025-04 · Price JPY 1958.00 · Value 1707.00 · Buy at or below 1707.00; 2025-05 · Price JPY 1860.50 · Value 1707.00 · Buy at or below 1707.00; 2025-06 · Price JPY 1885.00 · Value 1707.00 · Buy at or below 1707.00; 2025-07 · Price JPY 1827.50 · Value 1707.00 · Buy at or below 1707.00; 2025-08 · Price JPY 1697.00 · Value 1707.00 · Buy at or below 1707.00; 2025-09 · Price JPY 1736.00 · Value 1707.00 · Buy at or below 1707.00; 2025-10 · Price JPY 1822.00 · Value 1707.00 · Buy at or below 1707.00; 2025-11 · Price JPY 1947.00 · Value 1707.00 · Buy at or below 1707.00; 2025-12 · Price JPY 1866.00 · Value 1707.00 · Buy at or below 1707.00; 2026-01 · Price JPY 1912.00 · Value 1707.00 · Buy at or below 1707.00; 2026-02 · Price JPY 2124.50 · Value 1483.87 · Buy at or below 1483.87; 2026-03 · Price JPY 1969.50 · Value 1483.87 · Buy at or below 1483.87; 2026-04 · Price JPY 1886.50 · Value 1483.87 · Buy at or below 1483.87; 2026-05 · Price JPY 1822.00 · Value 1483.87 · Buy at or below 1483.87; 2026-06 · Price JPY 2171.00 · Value 1483.87 · Buy at or below 1483.87; 2026-07 · Price JPY 2203.50 · Value 1483.87 · Buy at or below 1483.87; 2026-08 · Price JPY 2155.50 · Value 1483.87 · Buy at or below 1483.87; 2026-09 · Price JPY 2130.50 · Value 1483.87 · Buy at or below 1483.87; 2026-10 · Price JPY 2098.50 · Value 1483.87 · Buy at or below 1483.87; 2026-10 · Price JPY 2130.00 · Value 1483.87 · Buy at or below 1483.87

JPY per share · annual estimates

Price & return math
Value range	JPY 1,213.02 – JPY 1,735.54
Buy at or below	Central value JPY 1,507.14
Discount to value	1 − 2130.00 / 1507.14 = -41.3%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 87.08/share; 4.0% growth for 5 years, then fades to 3.0%; excess cash JPY 150.78/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 716B

Revenue

Owner earningsJPY 24B

Owner earnings

Operating margin5.4%

Operating margin

Net cash / debtJPY -59B

Net cash / debt

Diluted shares251M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·