# Kuraray (3405.JP)

Canonical: https://gigainvestors.com/s/3405.JP

Analysis as of: 2026-10-15T07:09:51.588Z. 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 1,863.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,007.78 per share, central JPY 2,244.70 per share, high JPY 2,560.08 per share. Buy at or below the central value JPY 2,244.70 per share. Valuation as of 2026-10-15T07:09:51.588Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.11×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 31.9%

- Recent gross margin (lower of latest and 3-year median): 30.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.8%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.1%

- FY2017: 12.3%

- FY2018: 7.5%

- FY2019: 5.9%

- FY2020: 4.8%

- FY2021: 7.2%

- FY2022: 7.9%

- FY2023: 6.5%

- FY2024: 6.6%

- FY2025: 4.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 196B

- Net income, five-year total: JPY 173B

- Return on incremental invested capital: -1.6%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 6.8 pp

- Working capital / revenue, final three-year average: 45.2%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.43×

- FY2024: 1.44×

- FY2025: -0.27×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.1% vs 6.5%

- Per-share earnings: 114.98 to 96.33 (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: -1.0%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: JPY -115B

- Cumulative retained earnings: JPY 83B

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

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.2%

- Per-share value change: JPY -18.65

- Per-share value, starting three-year median: JPY 114.98

- Per-share value, ending three-year median: JPY 96.33

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 78B

- Cumulative net income, 10 years: JPY 302B

- ROIC, first three-year median: 10.1%

- ROIC, last three-year median: 6.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 114.98

- FY2017: JPY 154.85

- FY2018: JPY 96.05

- FY2019: JPY -5.66

- FY2020: JPY 7.48

- FY2021: JPY 108.32

- FY2022: JPY 161.13

- FY2023: JPY 126.80

- FY2024: JPY 96.33

- FY2025: JPY 23.62

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 13.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.4%

- FY2017: -3.9%

- FY2018: -4.4%

- FY2019: -9.8%

- FY2020: -7.4%

- FY2021: -3.8%

- FY2022: 0.2%

- FY2023: -6.9%

- FY2024: -8.3%

- FY2025: -7.0%

## Holders

## Price story

Price needs cash profits to shrink 1.8% a year for ten years · sales -2.2%

Story as of 2026-10-16T10:00:14.026Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

### Sales · FY2024–2025

sales -2.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf; observed 2026-03-25.

- FY2016: JPY 485B 

- FY2017: JPY 518B 

- FY2018: JPY 603B 

- FY2019: JPY 576B 

- FY2020: JPY 542B 

- FY2021: JPY 629B 

- FY2022: JPY 756B 

- FY2023: JPY 781B 

- FY2024: JPY 827B 

- FY2025: JPY 808B 

### Gross margin · FY2025

gross margin 30.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf; observed 2026-03-25.

- FY2016: 34.5% 

- FY2017: 34.7% 

- FY2018: 31.9% 

- FY2019: 31.4% 

- FY2020: 30.5% 

- FY2021: 32.4% 

- FY2022: 32.0% 

- FY2023: 30.7% 

- FY2024: 32.4% 

- FY2025: 30.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 808.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf (filed 2026-03-25); FY2025: revenue 808447000000; grossProfit 246508000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 30.5% to 32.4% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: grossProfit / revenue = 32.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf (filed 2026-03-25); FY2025: grossProfit / revenue = 30.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 10-year return on capital observations [[2016,0.1012827855805895],[2017,0.12348763063939176],[2018,0.07511912886650912],[2019,0.059150168148817586],[2020,0.04829033193094978],[2021,0.0716586211726725],[2022,0.07898951288424676],[2023,0.06460004874022268],[2024,0.06638877951338036],[2025,0.04414396126462063]]; median 0.06902370034302643. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf (filed 2026-03-25); Gross margin observations: [[2021,0.3243497465719688],[2022,0.3195011475773954],[2023,0.3072996832014833]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 30 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2016: growth capex 0; upkeep 49992000000; owner earnings 31963000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2017: growth capex 12454000000; upkeep 42965000000; owner earnings 54459000000. Growth capex / owner earnings = 0.2286858003268514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2018: growth capex 9259000000; upkeep 56698000000; owner earnings 33560000000. Growth capex / owner earnings = 0.2758939213349225.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2021: growth capex 9405000000; upkeep 59003000000; owner earnings 37262000000. Growth capex / owner earnings = 0.2524019107938382.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2022: growth capex 6179000000; upkeep 65456000000; owner earnings 54307000000. Growth capex / owner earnings = 0.11377907083801352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: growth capex 0; upkeep 59027000000; owner earnings 60582000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: growth capex 0; upkeep 71383000000; owner earnings 45601000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2016,14753000000],[2017,14420000000],[2018,14691000000],[2019,14595000000],[2020,14784000000],[2021,13414000000],[2022,13908000000],[2023,16066000000],[2024,17292000000],[2025,17367000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSSZ.pdf (filed 2026-03-25); FY2025: cash repurchases 30004000000 JPY.

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Ten-year compound average after fade. Initial solved rate -0.03853304726986073. Price 1863; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 104.69729726705641 → FY2025 -6.347795929298339. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,618.00 per share

- 2016-12: JPY 1,756.00 per share

- 2017-01: JPY 1,792.00 per share

- 2017-02: JPY 1,705.00 per share

- 2017-03: JPY 1,688.00 per share

- 2017-04: JPY 1,798.00 per share

- 2017-05: JPY 1,991.00 per share

- 2017-06: JPY 2,038.00 per share

- 2017-07: JPY 2,150.00 per share

- 2017-08: JPY 2,088.00 per share

- 2017-09: JPY 2,104.00 per share

- 2017-10: JPY 2,223.00 per share

- 2017-11: JPY 2,161.00 per share

- 2017-12: JPY 2,126.00 per share

- 2018-01: JPY 2,040.00 per share

- 2018-02: JPY 1,874.00 per share

- 2018-03: JPY 1,808.00 per share

- 2018-04: JPY 1,822.00 per share

- 2018-05: JPY 1,668.00 per share

- 2018-06: JPY 1,526.00 per share

- 2018-07: JPY 1,575.00 per share

- 2018-08: JPY 1,612.00 per share

- 2018-09: JPY 1,708.00 per share

- 2018-10: JPY 1,555.00 per share

- 2018-11: JPY 1,764.00 per share

- 2018-12: JPY 1,550.00 per share

- 2019-01: JPY 1,671.00 per share

- 2019-02: JPY 1,494.00 per share

- 2019-03: JPY 1,408.00 per share

- 2019-04: JPY 1,487.00 per share

- 2019-05: JPY 1,246.00 per share

- 2019-06: JPY 1,287.00 per share

- 2019-07: JPY 1,296.00 per share

- 2019-08: JPY 1,212.00 per share

- 2019-09: JPY 1,327.00 per share

- 2019-10: JPY 1,298.00 per share

- 2019-11: JPY 1,323.00 per share

- 2019-12: JPY 1,331.00 per share

- 2020-01: JPY 1,335.00 per share

- 2020-02: JPY 1,124.00 per share

- 2020-03: JPY 1,092.00 per share

- 2020-04: JPY 1,085.00 per share

- 2020-05: JPY 1,132.00 per share

- 2020-06: JPY 1,125.00 per share

- 2020-07: JPY 1,032.00 per share

- 2020-08: JPY 1,085.00 per share

- 2020-09: JPY 1,018.00 per share

- 2020-10: JPY 962.00 per share

- 2020-11: JPY 1,036.00 per share

- 2020-12: JPY 1,097.00 per share

- 2021-01: JPY 1,120.00 per share

- 2021-02: JPY 1,192.00 per share

- 2021-03: JPY 1,263.00 per share

- 2021-04: JPY 1,187.00 per share

- 2021-05: JPY 1,136.00 per share

- 2021-06: JPY 1,067.00 per share

- 2021-07: JPY 1,013.00 per share

- 2021-08: JPY 1,035.00 per share

- 2021-09: JPY 1,078.00 per share

- 2021-10: JPY 1,030.00 per share

- 2021-11: JPY 944.00 per share

- 2021-12: JPY 999.00 per share

- 2022-01: JPY 1,025.00 per share

- 2022-02: JPY 1,078.00 per share

- 2022-03: JPY 1,057.00 per share

- 2022-04: JPY 1,042.00 per share

- 2022-05: JPY 1,075.00 per share

- 2022-06: JPY 1,095.00 per share

- 2022-07: JPY 1,067.00 per share

- 2022-08: JPY 1,061.00 per share

- 2022-09: JPY 1,011.00 per share

- 2022-10: JPY 1,023.00 per share

- 2022-11: JPY 1,096.00 per share

- 2022-12: JPY 1,058.00 per share

- 2023-01: JPY 1,071.00 per share

- 2023-02: JPY 1,221.00 per share

- 2023-03: JPY 1,217.00 per share

- 2023-04: JPY 1,267.00 per share

- 2023-05: JPY 1,318.00 per share

- 2023-06: JPY 1,398.50 per share

- 2023-07: JPY 1,429.50 per share

- 2023-08: JPY 1,655.50 per share

- 2023-09: JPY 1,771.00 per share

- 2023-10: JPY 1,720.00 per share

- 2023-11: JPY 1,504.50 per share

- 2023-12: JPY 1,425.50 per share

- 2024-01: JPY 1,552.00 per share

- 2024-02: JPY 1,513.00 per share

- 2024-03: JPY 1,645.00 per share

- 2024-04: JPY 1,746.00 per share

- 2024-05: JPY 1,910.50 per share

- 2024-06: JPY 1,849.50 per share

- 2024-07: JPY 1,859.00 per share

- 2024-08: JPY 1,910.00 per share

- 2024-09: JPY 2,119.50 per share

- 2024-10: JPY 2,093.50 per share

- 2024-11: JPY 2,032.50 per share

- 2024-12: JPY 2,280.50 per share

- 2025-01: JPY 2,283.00 per share

- 2025-02: JPY 1,876.50 per share

- 2025-03: JPY 1,832.50 per share

- 2025-04: JPY 1,663.50 per share

- 2025-05: JPY 1,835.00 per share

- 2025-06: JPY 1,835.00 per share

- 2025-07: JPY 1,878.50 per share

- 2025-08: JPY 1,775.00 per share

- 2025-09: JPY 1,703.50 per share

- 2025-10: JPY 1,672.50 per share

- 2025-11: JPY 1,536.00 per share

- 2025-12: JPY 1,587.00 per share

- 2026-01: JPY 1,665.50 per share

- 2026-02: JPY 1,845.50 per share

- 2026-03: JPY 1,649.50 per share

- 2026-04: JPY 1,644.00 per share

- 2026-05: JPY 1,640.50 per share

- 2026-06: JPY 1,668.00 per share

- 2026-07: JPY 1,840.00 per share

- 2026-08: JPY 1,848.50 per share

- 2026-09: JPY 1,807.50 per share

- 2026-10: JPY 1,865.50 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 1,471.28 per share, central JPY 1,636.70 per share, high JPY 1,856.91 per share

- FY2020: low JPY 1,487.26 per share, central JPY 1,619.52 per share, high JPY 1,795.59 per share

- FY2021: low JPY 1,529.28 per share, central JPY 1,682.74 per share, high JPY 1,887.02 per share

- FY2022: low JPY 2,024.99 per share, central JPY 2,734.42 per share, high JPY 3,152.51 per share

- FY2023: low JPY 2,185.19 per share, central JPY 2,900.39 per share, high JPY 3,341.25 per share

- FY2024: low JPY 2,334.73 per share, central JPY 3,190.25 per share, high JPY 3,691.30 per share

- FY2025: low JPY 1,946.14 per share, central JPY 2,174.29 per share, high JPY 2,478.00 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/S100XSSZ.pdf); period 2025-12-31, filed 2026-03-25.

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.

Kuraray

3405 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 1,863.00
Buy up to: JPY 2,244.70
Expected / yr: 11.8% 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 20.6% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 10.6%
Worst year: 7.3%
Latest · 2025: 7.3%

Capital return excluding acquisitions: median 6.9% (minimum 15%), and the second-worst year 4.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.9%
Worst year: 4.4%
Latest · 2025: 4.4%

New investment earned -1.6% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.13×
Annual median: 1.00×
Latest · 2025: -0.27×

Per-share value fell from 114.98 to 96.33, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 102.32
Worst year: JPY -5.66
Latest · 2025: JPY 23.62

Profits were backed by cash: accruals were -7% of assets (limit 10%).

Sloan accruals

10y median: -7.0%
Worst year: 0.2%
Latest · 2025: -7.0%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 10.7%, three-year average owner earnings per share 104.37 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1618.00; 2016-12 · Price JPY 1756.00; 2017-01 · Price JPY 1792.00; 2017-02 · Price JPY 1705.00; 2017-03 · Price JPY 1688.00; 2017-04 · Price JPY 1798.00; 2017-05 · Price JPY 1991.00; 2017-06 · Price JPY 2038.00; 2017-07 · Price JPY 2150.00; 2017-08 · Price JPY 2088.00; 2017-09 · Price JPY 2104.00; 2017-10 · Price JPY 2223.00; 2017-11 · Price JPY 2161.00; 2017-12 · Price JPY 2126.00; 2018-01 · Price JPY 2040.00; 2018-02 · Price JPY 1874.00; 2018-03 · Price JPY 1808.00; 2018-04 · Price JPY 1822.00; 2018-05 · Price JPY 1668.00; 2018-06 · Price JPY 1526.00; 2018-07 · Price JPY 1575.00; 2018-08 · Price JPY 1612.00; 2018-09 · Price JPY 1708.00; 2018-10 · Price JPY 1555.00; 2018-11 · Price JPY 1764.00; 2018-12 · Price JPY 1550.00; 2019-01 · Price JPY 1671.00 · Value 1636.70 · Buy at or below 1636.70; 2019-02 · Price JPY 1494.00 · Value 1636.70 · Buy at or below 1636.70; 2019-03 · Price JPY 1408.00 · Value 1636.70 · Buy at or below 1636.70; 2019-04 · Price JPY 1487.00 · Value 1636.70 · Buy at or below 1636.70; 2019-05 · Price JPY 1246.00 · Value 1636.70 · Buy at or below 1636.70; 2019-06 · Price JPY 1287.00 · Value 1636.70 · Buy at or below 1636.70; 2019-07 · Price JPY 1296.00 · Value 1636.70 · Buy at or below 1636.70; 2019-08 · Price JPY 1212.00 · Value 1636.70 · Buy at or below 1636.70; 2019-09 · Price JPY 1327.00 · Value 1636.70 · Buy at or below 1636.70; 2019-10 · Price JPY 1298.00 · Value 1636.70 · Buy at or below 1636.70; 2019-11 · Price JPY 1323.00 · Value 1636.70 · Buy at or below 1636.70; 2019-12 · Price JPY 1331.00 · Value 1636.70 · Buy at or below 1636.70; 2020-01 · Price JPY 1335.00 · Value 1636.70 · Buy at or below 1636.70; 2020-02 · Price JPY 1124.00 · Value 1619.52 · Buy at or below 1619.52; 2020-03 · Price JPY 1092.00 · Value 1619.52 · Buy at or below 1619.52; 2020-04 · Price JPY 1085.00 · Value 1619.52 · Buy at or below 1619.52; 2020-05 · Price JPY 1132.00 · Value 1619.52 · Buy at or below 1619.52; 2020-06 · Price JPY 1125.00 · Value 1619.52 · Buy at or below 1619.52; 2020-07 · Price JPY 1032.00 · Value 1619.52 · Buy at or below 1619.52; 2020-08 · Price JPY 1085.00 · Value 1619.52 · Buy at or below 1619.52; 2020-09 · Price JPY 1018.00 · Value 1619.52 · Buy at or below 1619.52; 2020-10 · Price JPY 962.00 · Value 1619.52 · Buy at or below 1619.52; 2020-11 · Price JPY 1036.00 · Value 1619.52 · Buy at or below 1619.52; 2020-12 · Price JPY 1097.00 · Value 1619.52 · Buy at or below 1619.52; 2021-01 · Price JPY 1120.00 · Value 1619.52 · Buy at or below 1619.52; 2021-02 · Price JPY 1192.00 · Value 1682.74 · Buy at or below 1682.74; 2021-03 · Price JPY 1263.00 · Value 1682.74 · Buy at or below 1682.74; 2021-04 · Price JPY 1187.00 · Value 1682.74 · Buy at or below 1682.74; 2021-05 · Price JPY 1136.00 · Value 1682.74 · Buy at or below 1682.74; 2021-06 · Price JPY 1067.00 · Value 1682.74 · Buy at or below 1682.74; 2021-07 · Price JPY 1013.00 · Value 1682.74 · Buy at or below 1682.74; 2021-08 · Price JPY 1035.00 · Value 1682.74 · Buy at or below 1682.74; 2021-09 · Price JPY 1078.00 · Value 1682.74 · Buy at or below 1682.74; 2021-10 · Price JPY 1030.00 · Value 1682.74 · Buy at or below 1682.74; 2021-11 · Price JPY 944.00 · Value 1682.74 · Buy at or below 1682.74; 2021-12 · Price JPY 999.00 · Value 1682.74 · Buy at or below 1682.74; 2022-01 · Price JPY 1025.00 · Value 1682.74 · Buy at or below 1682.74; 2022-02 · Price JPY 1078.00 · Value 2734.42 · Buy at or below 2734.42; 2022-03 · Price JPY 1057.00 · Value 2734.42 · Buy at or below 2734.42; 2022-04 · Price JPY 1042.00 · Value 2734.42 · Buy at or below 2734.42; 2022-05 · Price JPY 1075.00 · Value 2734.42 · Buy at or below 2734.42; 2022-06 · Price JPY 1095.00 · Value 2734.42 · Buy at or below 2734.42; 2022-07 · Price JPY 1067.00 · Value 2734.42 · Buy at or below 2734.42; 2022-08 · Price JPY 1061.00 · Value 2734.42 · Buy at or below 2734.42; 2022-09 · Price JPY 1011.00 · Value 2734.42 · Buy at or below 2734.42; 2022-10 · Price JPY 1023.00 · Value 2734.42 · Buy at or below 2734.42; 2022-11 · Price JPY 1096.00 · Value 2734.42 · Buy at or below 2734.42; 2022-12 · Price JPY 1058.00 · Value 2734.42 · Buy at or below 2734.42; 2023-01 · Price JPY 1071.00 · Value 2734.42 · Buy at or below 2734.42; 2023-02 · Price JPY 1221.00 · Value 2900.39 · Buy at or below 2900.39; 2023-03 · Price JPY 1217.00 · Value 2900.39 · Buy at or below 2900.39; 2023-04 · Price JPY 1267.00 · Value 2900.39 · Buy at or below 2900.39; 2023-05 · Price JPY 1318.00 · Value 2900.39 · Buy at or below 2900.39; 2023-06 · Price JPY 1398.50 · Value 2900.39 · Buy at or below 2900.39; 2023-07 · Price JPY 1429.50 · Value 2900.39 · Buy at or below 2900.39; 2023-08 · Price JPY 1655.50 · Value 2900.39 · Buy at or below 2900.39; 2023-09 · Price JPY 1771.00 · Value 2900.39 · Buy at or below 2900.39; 2023-10 · Price JPY 1720.00 · Value 2900.39 · Buy at or below 2900.39; 2023-11 · Price JPY 1504.50 · Value 2900.39 · Buy at or below 2900.39; 2023-12 · Price JPY 1425.50 · Value 2900.39 · Buy at or below 2900.39; 2024-01 · Price JPY 1552.00 · Value 2900.39 · Buy at or below 2900.39; 2024-02 · Price JPY 1513.00 · Value 3190.25 · Buy at or below 3190.25; 2024-03 · Price JPY 1645.00 · Value 3190.25 · Buy at or below 3190.25; 2024-04 · Price JPY 1746.00 · Value 3190.25 · Buy at or below 3190.25; 2024-05 · Price JPY 1910.50 · Value 3190.25 · Buy at or below 3190.25; 2024-06 · Price JPY 1849.50 · Value 3190.25 · Buy at or below 3190.25; 2024-07 · Price JPY 1859.00 · Value 3190.25 · Buy at or below 3190.25; 2024-08 · Price JPY 1910.00 · Value 3190.25 · Buy at or below 3190.25; 2024-09 · Price JPY 2119.50 · Value 3190.25 · Buy at or below 3190.25; 2024-10 · Price JPY 2093.50 · Value 3190.25 · Buy at or below 3190.25; 2024-11 · Price JPY 2032.50 · Value 3190.25 · Buy at or below 3190.25; 2024-12 · Price JPY 2280.50 · Value 3190.25 · Buy at or below 3190.25; 2025-01 · Price JPY 2283.00 · Value 3190.25 · Buy at or below 3190.25; 2025-02 · Price JPY 1876.50 · Value 2174.29 · Buy at or below 2174.29; 2025-03 · Price JPY 1832.50 · Value 2174.29 · Buy at or below 2174.29; 2025-04 · Price JPY 1663.50 · Value 2174.29 · Buy at or below 2174.29; 2025-05 · Price JPY 1835.00 · Value 2174.29 · Buy at or below 2174.29; 2025-06 · Price JPY 1835.00 · Value 2174.29 · Buy at or below 2174.29; 2025-07 · Price JPY 1878.50 · Value 2174.29 · Buy at or below 2174.29; 2025-08 · Price JPY 1775.00 · Value 2174.29 · Buy at or below 2174.29; 2025-09 · Price JPY 1703.50 · Value 2174.29 · Buy at or below 2174.29; 2025-10 · Price JPY 1672.50 · Value 2174.29 · Buy at or below 2174.29; 2025-11 · Price JPY 1536.00 · Value 2174.29 · Buy at or below 2174.29; 2025-12 · Price JPY 1587.00 · Value 2174.29 · Buy at or below 2174.29; 2026-01 · Price JPY 1665.50 · Value 2174.29 · Buy at or below 2174.29; 2026-02 · Price JPY 1845.50 · Value 2244.70 · Buy at or below 2244.70; 2026-03 · Price JPY 1649.50 · Value 2244.70 · Buy at or below 2244.70; 2026-04 · Price JPY 1644.00 · Value 2244.70 · Buy at or below 2244.70; 2026-05 · Price JPY 1640.50 · Value 2244.70 · Buy at or below 2244.70; 2026-06 · Price JPY 1668.00 · Value 2244.70 · Buy at or below 2244.70; 2026-07 · Price JPY 1840.00 · Value 2244.70 · Buy at or below 2244.70; 2026-08 · Price JPY 1848.50 · Value 2244.70 · Buy at or below 2244.70; 2026-09 · Price JPY 1807.50 · Value 2244.70 · Buy at or below 2244.70; 2026-10 · Price JPY 1865.50 · Value 2244.70 · Buy at or below 2244.70; 2026-10 · Price JPY 1863.00 · Value 2244.70 · Buy at or below 2244.70

JPY per share · annual estimates

Price & return math
Value range	JPY 2,007.78 – JPY 2,560.08
Buy at or below	Central value JPY 2,244.70
Discount to value	1 − 1863.00 / 2244.70 = 17.0%
Return / year	About 11.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 157.21/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 289.48/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 808B

Revenue

Owner earningsJPY -2.0B

Owner earnings

Operating margin7.3%

Operating margin

Net cash / debtJPY -172B

Net cash / debt

Diluted shares316M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·