# Isetan Mitsukoshi Holdings (3099.JP)

Canonical: https://gigainvestors.com/s/3099.JP

Analysis as of: 2026-10-15T07:09:44.546Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,753.50 per share; close as of 2026-10-15.

Estimated value: low JPY 887.59 per share, central JPY 997.49 per share, high JPY 1,143.80 per share. Buy at or below the central value JPY 997.49 per share. Valuation as of 2026-10-15T07:09:44.546Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 3

- Operating margin variation: 1.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.01×

- FY2021: -0.03×

- FY2022: 0.01×

- FY2023: 0.06×

- FY2024: 0.10×

- FY2025: 0.14×

- FY2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: -17.0 pp

- Typical gross margin (annual median): 43.7%

- Recent gross margin (lower of latest and 3-year median): 60.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.5%

- FY2018: 2.4%

- FY2019: 3.6%

- FY2020: 1.9%

- FY2021: -2.7%

- FY2022: 1.0%

- FY2023: 5.0%

- FY2024: 8.6%

- FY2025: 7.7%

- FY2026: 10.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 228B

- Net income, five-year total: JPY 229B

- Return on incremental invested capital: 65.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.9 pp

- Working capital / revenue, final three-year average: 12.1%

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

- FY2022: 0.84×

- FY2023: 1.21×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 0.92×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 8.6%

- Per-share earnings: 38.27 to 145.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: JPY 268B

- Cumulative retained earnings: JPY 106B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 18.2%

- Per-share value change: JPY 107.52

- Per-share value, starting three-year median: JPY 38.27

- Per-share value, ending three-year median: JPY 145.79

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 2.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 33B

- Cumulative net income, 10 years: JPY 204B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 38.27

- FY2018: JPY -2.47

- FY2019: JPY 34.58

- FY2020: JPY -28.90

- FY2021: JPY -107.96

- FY2022: JPY 32.36

- FY2023: JPY 84.82

- FY2024: JPY 145.79

- FY2025: JPY 142.42

- FY2026: JPY 213.96

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.6%

- FY2018: -5.8%

- FY2019: -1.2%

- FY2020: -2.2%

- FY2021: -3.5%

- FY2022: -2.2%

- FY2023: -2.8%

- FY2024: -0.1%

- FY2025: -3.0%

- FY2026: -1.2%

## Holders

## Price story

Price needs cash profits to grow 8.5% a year for ten years · sales -1.8%

Story as of 2026-10-16T10:00:14.009Z; price observation 2026-10-15.

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

### Sales · FY2025–2026

sales -1.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf; observed 2026-06-17.

- FY2017: JPY 1.25T 

- FY2018: JPY 1.26T 

- FY2019: JPY 1.20T 

- FY2020: JPY 1.12T 

- FY2021: JPY 816B 

- FY2022: JPY 418B 

- FY2023: JPY 487B 

- FY2024: JPY 536B 

- FY2025: JPY 556B 

- FY2026: JPY 546B 

### Gross margin · FY2026

gross margin 61.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf; observed 2026-06-17.

- FY2017: 29.2% 

- FY2018: 29.2% 

- FY2019: 29.1% 

- FY2020: 28.8% 

- FY2021: 27.9% 

- FY2022: 58.3% 

- FY2023: 58.8% 

- FY2024: 59.5% 

- FY2025: 60.8% 

- FY2026: 61.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 545.6 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf (filed 2026-06-17); FY2026: revenue 545626000000; grossProfit 336722000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 59.5% to 61.7% during 2024–26; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2024: grossProfit / revenue = 59.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2025: grossProfit / revenue = 60.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf (filed 2026-06-17); FY2026: grossProfit / revenue = 61.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); 10-year return on capital observations [[2017,0.035104727514861024],[2018,0.024282806797401624],[2019,0.03629922937747004],[2020,0.019297711802747957],[2021,-0.02720591301549671],[2022,0.009818506396905683],[2023,0.049832858109495615],[2024,0.08550937758030905],[2025,0.07682698680566824],[2026,0.10386555290198622]]; median 0.03570197844616553. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 35.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2017: growth capex 0; upkeep 31771000000; owner earnings 9863000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2022: growth capex 0; upkeep 26811000000; owner earnings 10381000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2023: growth capex 0; upkeep 18289000000; owner earnings 39077000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2024: growth capex 3166000000; upkeep 24309000000; owner earnings 55580000000. Growth capex / owner earnings = 0.056962936308024466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); FY2025: growth capex 2948000000; upkeep 24213000000; owner earnings 52814000000. Growth capex / owner earnings = 0.0558185329647442.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf (filed 2026-06-17); FY2026: growth capex 0; upkeep 30689000000; owner earnings 69837000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Dividend observations: [[2017,4701000000],[2018,4674000000],[2019,4684000000],[2020,4704000000],[2021,3405000000],[2022,4191000000],[2023,4194000000],[2024,7616000000],[2025,17119000000],[2026,21475000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YD7C.pdf (filed 2026-06-17); FY2026: cash repurchases 35110000000 JPY.

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years; actual growth was 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Ten-year compound average after fade. Initial solved rate 0.10927157326411086. Price 1753.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 57.55392793004602 → FY2026 196.3614975820017. Closing-price date 2026-10-15.

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

- 2016-11: JPY 630.50 per share

- 2016-12: JPY 630.00 per share

- 2017-01: JPY 662.00 per share

- 2017-02: JPY 719.50 per share

- 2017-03: JPY 611.00 per share

- 2017-04: JPY 608.50 per share

- 2017-05: JPY 558.50 per share

- 2017-06: JPY 563.00 per share

- 2017-07: JPY 538.00 per share

- 2017-08: JPY 566.00 per share

- 2017-09: JPY 587.50 per share

- 2017-10: JPY 614.00 per share

- 2017-11: JPY 649.50 per share

- 2017-12: JPY 698.50 per share

- 2018-01: JPY 652.50 per share

- 2018-02: JPY 631.00 per share

- 2018-03: JPY 587.00 per share

- 2018-04: JPY 609.00 per share

- 2018-05: JPY 672.00 per share

- 2018-06: JPY 692.00 per share

- 2018-07: JPY 673.50 per share

- 2018-08: JPY 628.00 per share

- 2018-09: JPY 697.50 per share

- 2018-10: JPY 660.50 per share

- 2018-11: JPY 656.50 per share

- 2018-12: JPY 607.50 per share

- 2019-01: JPY 559.00 per share

- 2019-02: JPY 553.00 per share

- 2019-03: JPY 559.50 per share

- 2019-04: JPY 529.50 per share

- 2019-05: JPY 449.00 per share

- 2019-06: JPY 437.00 per share

- 2019-07: JPY 434.00 per share

- 2019-08: JPY 402.50 per share

- 2019-09: JPY 431.00 per share

- 2019-10: JPY 434.00 per share

- 2019-11: JPY 487.50 per share

- 2019-12: JPY 492.00 per share

- 2020-01: JPY 430.50 per share

- 2020-02: JPY 353.50 per share

- 2020-03: JPY 315.00 per share

- 2020-04: JPY 329.00 per share

- 2020-05: JPY 360.50 per share

- 2020-06: JPY 309.00 per share

- 2020-07: JPY 240.00 per share

- 2020-08: JPY 292.00 per share

- 2020-09: JPY 278.00 per share

- 2020-10: JPY 252.50 per share

- 2020-11: JPY 280.50 per share

- 2020-12: JPY 305.00 per share

- 2021-01: JPY 321.00 per share

- 2021-02: JPY 388.50 per share

- 2021-03: JPY 389.00 per share

- 2021-04: JPY 381.00 per share

- 2021-05: JPY 392.50 per share

- 2021-06: JPY 387.00 per share

- 2021-07: JPY 368.50 per share

- 2021-08: JPY 369.00 per share

- 2021-09: JPY 423.00 per share

- 2021-10: JPY 415.00 per share

- 2021-11: JPY 388.00 per share

- 2021-12: JPY 425.00 per share

- 2022-01: JPY 449.50 per share

- 2022-02: JPY 462.50 per share

- 2022-03: JPY 483.50 per share

- 2022-04: JPY 481.50 per share

- 2022-05: JPY 538.50 per share

- 2022-06: JPY 550.00 per share

- 2022-07: JPY 530.50 per share

- 2022-08: JPY 551.00 per share

- 2022-09: JPY 613.50 per share

- 2022-10: JPY 660.00 per share

- 2022-11: JPY 662.00 per share

- 2022-12: JPY 718.50 per share

- 2023-01: JPY 705.50 per share

- 2023-02: JPY 695.50 per share

- 2023-03: JPY 741.00 per share

- 2023-04: JPY 748.00 per share

- 2023-05: JPY 707.00 per share

- 2023-06: JPY 731.00 per share

- 2023-07: JPY 770.50 per share

- 2023-08: JPY 835.50 per share

- 2023-09: JPY 865.75 per share

- 2023-10: JPY 847.00 per share

- 2023-11: JPY 835.50 per share

- 2023-12: JPY 767.00 per share

- 2024-01: JPY 866.00 per share

- 2024-02: JPY 1,057.00 per share

- 2024-03: JPY 1,254.25 per share

- 2024-04: JPY 1,111.25 per share

- 2024-05: JPY 1,630.50 per share

- 2024-06: JPY 1,510.00 per share

- 2024-07: JPY 1,515.50 per share

- 2024-08: JPY 1,096.50 per share

- 2024-09: JPY 1,113.00 per share

- 2024-10: JPY 1,160.75 per share

- 2024-11: JPY 1,065.25 per share

- 2024-12: JPY 1,376.25 per share

- 2025-01: JPY 1,348.50 per share

- 2025-02: JPY 1,133.00 per share

- 2025-03: JPY 1,069.75 per share

- 2025-04: JPY 919.00 per share

- 2025-05: JPY 1,100.00 per share

- 2025-06: JPY 1,099.50 per share

- 2025-07: JPY 1,077.75 per share

- 2025-08: JPY 1,239.75 per share

- 2025-09: JPY 1,366.50 per share

- 2025-10: JPY 1,212.25 per share

- 2025-11: JPY 1,218.25 per share

- 2025-12: JPY 1,137.50 per share

- 2026-01: JPY 1,237.75 per share

- 2026-02: JPY 1,540.00 per share

- 2026-03: JPY 1,426.75 per share

- 2026-04: JPY 1,484.50 per share

- 2026-05: JPY 1,698.00 per share

- 2026-06: JPY 2,059.00 per share

- 2026-07: JPY 1,793.50 per share

- 2026-08: JPY 1,757.00 per share

- 2026-09: JPY 1,623.50 per share

- 2026-10: JPY 1,728.50 per share

## Annual estimated value (JPY per share)

- FY2024: low JPY 535.45 per share, central JPY 588.07 per share, high JPY 658.12 per share

- FY2025: low JPY 1,389.86 per share, central JPY 1,570.86 per share, high JPY 1,811.81 per share

- FY2026: low JPY 1,775.18 per share, central JPY 1,994.99 per share, high JPY 2,287.60 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/S100YD7C.pdf); period 2026-03-31, filed 2026-06-17.

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.