# Seven & i Holdings (3382.JP)

Canonical: https://gigainvestors.com/s/3382.JP

Analysis as of: 2026-10-15T07:09:50.847Z. 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 2,031.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,193.97 per share, central JPY 1,345.73 per share, high JPY 1,547.74 per share. Buy at or below the central value JPY 1,345.73 per share. Valuation as of 2026-10-15T07:09:50.847Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.06×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.04×

- 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: 11.9%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 16.1%

- Recent gross margin (lower of latest and 3-year median): 15.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.5%

- FY2018: 15.1%

- FY2019: 14.2%

- FY2020: 15.4%

- FY2021: 14.5%

- FY2022: 10.0%

- FY2023: 9.6%

- FY2024: 11.3%

- FY2025: 6.4%

- FY2026: 6.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.10T

- Net income, five-year total: JPY 1.18T

- Return on incremental invested capital: 5.7%

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

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 3.4%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.75×

- FY2025: 1.00×

- FY2026: 0.92×

### management: fail

- 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: 14.2% vs 6.4%

- Per-share earnings: 60.67 to 84.88 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: JPY 1.52T

- Cumulative retained earnings: JPY 1.11T

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.3%

- Per-share value change: JPY 24.21

- Per-share value, starting three-year median: JPY 60.67

- Per-share value, ending three-year median: JPY 84.88

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 1.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 2.26T

- Cumulative net income, 10 years: JPY 2.06T

- ROIC, first three-year median: 14.2%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 36.47

- FY2018: JPY 68.27

- FY2019: JPY 76.50

- FY2020: JPY 82.32

- FY2021: JPY 67.68

- FY2022: JPY 79.56

- FY2023: JPY 106.05

- FY2024: JPY 84.88

- FY2025: JPY 66.62

- FY2026: JPY 118.81

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.68×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.5%

- FY2018: -5.8%

- FY2019: -6.5%

- FY2020: -6.0%

- FY2021: -5.2%

- FY2022: -6.0%

- FY2023: -6.1%

- FY2024: -4.2%

- FY2025: -6.2%

- FY2026: -4.1%

## Holders

## Price story

Down 22% since Nov 2024 · sales -12.9%

Story as of 2026-10-16T10:00:14.016Z; price observation 2026-10-15.

Price needs cash profits to grow 6.4% a year for ten years

### Sales · FY2025–2026

sales -12.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf; observed 2026-05-20.

- FY2017: JPY 5.84T 

- FY2018: JPY 6.04T 

- FY2019: JPY 6.79T 

- FY2020: JPY 6.64T 

- FY2021: JPY 5.77T 

- FY2022: JPY 8.75T 

- FY2023: JPY 11.81T 

- FY2024: JPY 11.47T 

- FY2025: JPY 11.97T 

- FY2026: JPY 10.43T 

### Gross margin · FY2026

gross margin 15.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf; observed 2026-05-20.

- FY2017: 17.9% 

- FY2018: 17.1% 

- FY2019: 16.2% 

- FY2020: 16.4% 

- FY2021: 18.0% 

- FY2022: 16.1% 

- FY2023: 14.9% 

- FY2024: 15.6% 

- FY2025: 15.5% 

- FY2026: 15.3% 

## Owner memo

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

### How it makes money

Annual sales are JPY 10.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf (filed 2026-05-20); FY2026: revenue 10430269000000; grossProfit 1593457000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.3% to 15.6% during 2024–26; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: grossProfit / revenue = 15.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf (filed 2026-05-20); FY2026: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); 10-year return on capital observations [[2017,0.12522396293785262],[2018,0.15148610223262532],[2019,0.14240924105297445],[2020,0.1542518829107058],[2021,0.14547482558387045],[2022,0.10002346138593454],[2023,0.09611692868480493],[2024,0.11251532318174523],[2025,0.06354473856563793],[2026,0.0598316348759419]]; median 0.11886964305979893. 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 600 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2018: growth capex 67361873723.0217; upkeep 243926126276.9783; owner earnings 150390873723.0217. Growth capex / owner earnings = 0.4479119780039552.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2019: growth capex 247071219821.62473; upkeep 264462780178.37527; owner earnings 159674219821.62473. Growth capex / owner earnings = 1.5473457149039647.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2020: growth capex 0; upkeep 339342000000; owner earnings 105318000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2021: growth capex 0; upkeep 349831000000; owner earnings 64935000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2022: growth capex 131870000000; upkeep 292561000000; owner earnings 210774000000. Growth capex / owner earnings = 0.6256464269786596.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2023: growth capex 34792000000; upkeep 376097000000; owner earnings 280976000000. Growth capex / owner earnings = 0.12382552246455213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: growth capex 0; upkeep 457641000000; owner earnings 167771000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: growth capex 102424000000; upkeep 436593000000; owner earnings 173068000000. Growth capex / owner earnings = 0.5918136223911988.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf (filed 2026-05-20); FY2026: growth capex 0; upkeep 404323000000; owner earnings 270446000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Dividend observations: [[2017,80834000000],[2018,79558000000],[2019,81784000000],[2020,83976000000],[2021,87081000000],[2022,87490000000],[2023,89762000000],[2024,106092000000],[2025,101408000000],[2026,113563000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4VB.pdf (filed 2026-05-20); FY2026: cash repurchases 600004000000 JPY.

### What the price says

The price assumes cash profits grow 6.4% yearly over ten years; actual growth was 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Ten-year compound average after fade. Initial solved rate 0.07832906582261112. Price 2031; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 4.225259753623508 → FY2026 109.75436965432435. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,478.33 per share

- 2016-12: JPY 1,484.33 per share

- 2017-01: JPY 1,503.00 per share

- 2017-02: JPY 1,466.67 per share

- 2017-03: JPY 1,454.00 per share

- 2017-04: JPY 1,570.00 per share

- 2017-05: JPY 1,569.33 per share

- 2017-06: JPY 1,542.67 per share

- 2017-07: JPY 1,481.67 per share

- 2017-08: JPY 1,455.00 per share

- 2017-09: JPY 1,448.33 per share

- 2017-10: JPY 1,524.00 per share

- 2017-11: JPY 1,535.00 per share

- 2017-12: JPY 1,561.00 per share

- 2018-01: JPY 1,495.33 per share

- 2018-02: JPY 1,487.00 per share

- 2018-03: JPY 1,521.33 per share

- 2018-04: JPY 1,601.67 per share

- 2018-05: JPY 1,607.00 per share

- 2018-06: JPY 1,610.33 per share

- 2018-07: JPY 1,518.33 per share

- 2018-08: JPY 1,508.33 per share

- 2018-09: JPY 1,686.67 per share

- 2018-10: JPY 1,631.00 per share

- 2018-11: JPY 1,647.67 per share

- 2018-12: JPY 1,594.33 per share

- 2019-01: JPY 1,579.67 per share

- 2019-02: JPY 1,631.33 per share

- 2019-03: JPY 1,392.00 per share

- 2019-04: JPY 1,286.33 per share

- 2019-05: JPY 1,222.00 per share

- 2019-06: JPY 1,216.00 per share

- 2019-07: JPY 1,242.67 per share

- 2019-08: JPY 1,252.33 per share

- 2019-09: JPY 1,377.33 per share

- 2019-10: JPY 1,366.67 per share

- 2019-11: JPY 1,359.33 per share

- 2019-12: JPY 1,334.33 per share

- 2020-01: JPY 1,405.67 per share

- 2020-02: JPY 1,232.00 per share

- 2020-03: JPY 1,192.00 per share

- 2020-04: JPY 1,184.33 per share

- 2020-05: JPY 1,229.00 per share

- 2020-06: JPY 1,173.33 per share

- 2020-07: JPY 1,068.67 per share

- 2020-08: JPY 1,144.33 per share

- 2020-09: JPY 1,083.33 per share

- 2020-10: JPY 1,059.67 per share

- 2020-11: JPY 1,104.33 per share

- 2020-12: JPY 1,219.67 per share

- 2021-01: JPY 1,320.33 per share

- 2021-02: JPY 1,345.67 per share

- 2021-03: JPY 1,487.67 per share

- 2021-04: JPY 1,566.33 per share

- 2021-05: JPY 1,578.67 per share

- 2021-06: JPY 1,765.67 per share

- 2021-07: JPY 1,622.67 per share

- 2021-08: JPY 1,605.00 per share

- 2021-09: JPY 1,695.00 per share

- 2021-10: JPY 1,594.00 per share

- 2021-11: JPY 1,518.00 per share

- 2021-12: JPY 1,685.33 per share

- 2022-01: JPY 1,864.33 per share

- 2022-02: JPY 1,863.67 per share

- 2022-03: JPY 1,937.67 per share

- 2022-04: JPY 1,906.00 per share

- 2022-05: JPY 1,803.33 per share

- 2022-06: JPY 1,755.67 per share

- 2022-07: JPY 1,809.67 per share

- 2022-08: JPY 1,844.33 per share

- 2022-09: JPY 1,935.33 per share

- 2022-10: JPY 1,851.33 per share

- 2022-11: JPY 1,859.67 per share

- 2022-12: JPY 1,886.67 per share

- 2023-01: JPY 2,042.33 per share

- 2023-02: JPY 2,030.00 per share

- 2023-03: JPY 1,991.67 per share

- 2023-04: JPY 2,048.33 per share

- 2023-05: JPY 1,948.33 per share

- 2023-06: JPY 2,068.33 per share

- 2023-07: JPY 1,964.33 per share

- 2023-08: JPY 1,993.67 per share

- 2023-09: JPY 1,951.67 per share

- 2023-10: JPY 1,831.00 per share

- 2023-11: JPY 1,831.67 per share

- 2023-12: JPY 1,865.00 per share

- 2024-01: JPY 1,952.00 per share

- 2024-02: JPY 2,230.00 per share

- 2024-03: JPY 2,214.50 per share

- 2024-04: JPY 2,040.00 per share

- 2024-05: JPY 2,028.00 per share

- 2024-06: JPY 1,960.00 per share

- 2024-07: JPY 1,810.50 per share

- 2024-08: JPY 2,098.50 per share

- 2024-09: JPY 2,147.00 per share

- 2024-10: JPY 2,199.00 per share

- 2024-11: JPY 2,604.00 per share

- 2024-12: JPY 2,487.00 per share

- 2025-01: JPY 2,469.50 per share

- 2025-02: JPY 2,144.00 per share

- 2025-03: JPY 2,163.00 per share

- 2025-04: JPY 2,114.50 per share

- 2025-05: JPY 2,176.00 per share

- 2025-06: JPY 2,323.00 per share

- 2025-07: JPY 1,997.00 per share

- 2025-08: JPY 1,913.50 per share

- 2025-09: JPY 1,991.00 per share

- 2025-10: JPY 1,966.00 per share

- 2025-11: JPY 2,148.00 per share

- 2025-12: JPY 2,250.50 per share

- 2026-01: JPY 2,211.00 per share

- 2026-02: JPY 2,195.50 per share

- 2026-03: JPY 2,123.50 per share

- 2026-04: JPY 1,871.00 per share

- 2026-05: JPY 1,859.50 per share

- 2026-06: JPY 1,957.00 per share

- 2026-07: JPY 2,109.00 per share

- 2026-08: JPY 2,026.00 per share

- 2026-09: JPY 2,003.50 per share

- 2026-10: JPY 2,009.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 896.45 per share, central JPY 956.33 per share, high JPY 1,036.05 per share

- FY2021: low JPY 1,160.17 per share, central JPY 1,212.18 per share, high JPY 1,281.42 per share

- FY2022: low JPY 1,318.96 per share, central JPY 1,435.99 per share, high JPY 1,591.78 per share

- FY2023: low JPY 1,966.46 per share, central JPY 2,577.09 per share, high JPY 2,932.67 per share

- FY2024: low JPY 1,421.12 per share, central JPY 1,792.70 per share, high JPY 2,016.92 per share

- FY2025: low JPY 1,333.86 per share, central JPY 1,694.48 per share, high JPY 1,913.22 per share

- FY2026: low JPY 1,193.97 per share, central JPY 1,345.73 per share, high JPY 1,547.74 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/S100Y4VB.pdf); period 2026-02-28, filed 2026-05-20.

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.

## Reported holder observations