# &Do Holdings (3457.JP)

Canonical: https://gigainvestors.com/s/3457.JP

Analysis as of: 2026-10-15T07:09:53.000Z. 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 801.00 per share; close as of 2026-10-15.

Estimated value: low JPY 995.62 per share, central JPY 1,075.27 per share, high JPY 1,181.30 per share. Buy at or below the central value JPY 1,075.27 per share. Valuation as of 2026-10-15T07:09:53.000Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.04×

- FY2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.3%

- ROIC, second-lowest year: 3.0%

- Typical minus recent gross margin: 11.5 pp

- Typical gross margin (annual median): 33.2%

- Recent gross margin (lower of latest and 3-year median): 21.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.3%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.0%

- FY2018: 6.6%

- FY2019: 10.1%

- FY2020: 4.2%

- FY2021: 5.0%

- FY2022: 4.4%

- FY2023: 3.2%

- FY2024: 3.9%

- FY2025: 3.0%

- FY2026: 1.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY -11B

- Net income, five-year total: JPY 10B

- Return on incremental invested capital: -0.1%

- Working capital / revenue, annual change: 4.1 pp

- Working capital / revenue, change between three-year averages: 27.4 pp

- Working capital / revenue, final three-year average: 69.6%

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

- FY2022: -8.45×

- FY2023: 0.10×

- FY2024: 1.02×

- FY2025: 0.89×

- FY2026: 0.73×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 3.0%

- Per-share earnings: 44.16 to 118.86 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: JPY 4.4B

- Cumulative retained earnings: JPY 10B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.2%

- Per-share value change: JPY 74.70

- Per-share value, starting three-year median: JPY 44.16

- Per-share value, ending three-year median: JPY 118.86

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 4.4%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 1.4B

- Cumulative net income, 10 years: JPY 17B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 43.51

- FY2018: JPY 74.94

- FY2019: JPY 103.38

- FY2020: JPY 52.94

- FY2021: JPY 82.87

- FY2022: JPY 100.00

- FY2023: JPY 112.19

- FY2024: JPY 124.75

- FY2025: JPY 118.86

- FY2026: JPY 72.74

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 8.4%

- FY2018: -5.4%

- FY2019: -18.1%

- FY2020: -7.4%

- FY2021: -19.3%

- FY2022: -15.3%

- FY2023: 18.0%

- FY2024: -6.2%

- FY2025: -7.2%

- FY2026: -5.4%

## Holders

## Price story

Down 41% since Apr 2025 · sales -23.4%

Story as of 2026-10-16T10:00:14.046Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.9% a year for ten years

### Sales · FY2025–2026

sales -23.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z3PT.pdf; observed 2026-09-24.

- FY2017: JPY 17B 

- FY2018: JPY 23B 

- FY2019: JPY 32B 

- FY2020: JPY 33B 

- FY2021: JPY 39B 

- FY2022: JPY 41B 

- FY2023: JPY 50B 

- FY2024: JPY 68B 

- FY2025: JPY 65B 

- FY2026: JPY 50B 

### Gross margin · FY2026

gross margin 21.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z3PT.pdf; observed 2026-09-24.

- FY2017: 39.0% 

- FY2018: 38.4% 

- FY2019: 35.4% 

- FY2020: 35.4% 

- FY2021: 33.1% 

- FY2022: 33.3% 

- FY2023: 30.9% 

- FY2024: 24.3% 

- FY2025: 22.5% 

- FY2026: 21.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 49.6 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z3PT.pdf (filed 2026-09-24); FY2026: revenue 49617000000; grossProfit 10771000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21.7% to 24.3% during 2024–26; it earns 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2024: grossProfit / revenue = 24.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: grossProfit / revenue = 22.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z3PT.pdf (filed 2026-09-24); FY2026: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); 10-year return on capital observations [[2017,0.06035565801855677],[2018,0.06597312767759306],[2019,0.10060713319094973],[2020,0.041893338662387085],[2021,0.0504561600088658],[2022,0.043650752934982925],[2023,0.03223094103670633],[2024,0.03899051769811613],[2025,0.029522406171448384],[2026,0.013497728747566514]]; median 0.042772045798685. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2023: growth capex 3028576119.76502; upkeep 2834423880.23498; owner earnings 218576119.7650199. Growth capex / owner earnings = 13.855933223724936.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2024: growth capex 0; upkeep 851000000; owner earnings 2534000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: growth capex 0; upkeep 1128000000; owner earnings 2072000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z3PT.pdf (filed 2026-09-24); FY2026: growth capex 0; upkeep 1119000000; owner earnings 1055000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Dividend observations: [[2017,135581000],[2018,169957000],[2019,434465000],[2020,717902000],[2021,369669000],[2022,586000000],[2023,706000000],[2024,782000000],[2025,855000000],[2026,897000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits shrink 5.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Ten-year compound average after fade. Initial solved rate -0.0955994740049711. Price 801; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -123.59493901877818 → FY2026 52.8517217630854. Closing-price date 2026-10-15.

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

- 2016-11: JPY 738.00 per share

- 2016-12: JPY 648.50 per share

- 2017-01: JPY 719.00 per share

- 2017-02: JPY 724.00 per share

- 2017-03: JPY 879.00 per share

- 2017-04: JPY 908.00 per share

- 2017-05: JPY 857.50 per share

- 2017-06: JPY 854.00 per share

- 2017-07: JPY 877.50 per share

- 2017-08: JPY 792.50 per share

- 2017-09: JPY 810.50 per share

- 2017-10: JPY 974.00 per share

- 2017-11: JPY 1,093.00 per share

- 2017-12: JPY 1,397.00 per share

- 2018-01: JPY 1,424.00 per share

- 2018-02: JPY 1,532.50 per share

- 2018-03: JPY 1,755.00 per share

- 2018-04: JPY 2,005.00 per share

- 2018-05: JPY 2,640.00 per share

- 2018-06: JPY 2,576.00 per share

- 2018-07: JPY 2,503.00 per share

- 2018-08: JPY 2,658.00 per share

- 2018-09: JPY 2,446.00 per share

- 2018-10: JPY 1,654.00 per share

- 2018-11: JPY 1,248.00 per share

- 2018-12: JPY 1,017.00 per share

- 2019-01: JPY 1,219.00 per share

- 2019-02: JPY 1,479.00 per share

- 2019-03: JPY 1,402.00 per share

- 2019-04: JPY 1,386.00 per share

- 2019-05: JPY 1,340.00 per share

- 2019-06: JPY 1,389.00 per share

- 2019-07: JPY 1,670.00 per share

- 2019-08: JPY 1,516.00 per share

- 2019-09: JPY 1,752.00 per share

- 2019-10: JPY 1,839.00 per share

- 2019-11: JPY 1,633.00 per share

- 2019-12: JPY 1,496.00 per share

- 2020-01: JPY 1,330.00 per share

- 2020-02: JPY 969.00 per share

- 2020-03: JPY 705.00 per share

- 2020-04: JPY 810.00 per share

- 2020-05: JPY 1,027.00 per share

- 2020-06: JPY 913.00 per share

- 2020-07: JPY 767.00 per share

- 2020-08: JPY 990.00 per share

- 2020-09: JPY 1,140.00 per share

- 2020-10: JPY 1,230.00 per share

- 2020-11: JPY 1,183.00 per share

- 2020-12: JPY 1,166.00 per share

- 2021-01: JPY 1,184.00 per share

- 2021-02: JPY 1,091.00 per share

- 2021-03: JPY 1,159.00 per share

- 2021-04: JPY 1,037.00 per share

- 2021-05: JPY 1,045.00 per share

- 2021-06: JPY 1,011.00 per share

- 2021-07: JPY 989.00 per share

- 2021-08: JPY 1,049.00 per share

- 2021-09: JPY 1,028.00 per share

- 2021-10: JPY 944.00 per share

- 2021-11: JPY 905.00 per share

- 2021-12: JPY 922.00 per share

- 2022-01: JPY 838.00 per share

- 2022-02: JPY 921.00 per share

- 2022-03: JPY 961.00 per share

- 2022-04: JPY 904.00 per share

- 2022-05: JPY 895.00 per share

- 2022-06: JPY 821.00 per share

- 2022-07: JPY 841.00 per share

- 2022-08: JPY 877.00 per share

- 2022-09: JPY 860.00 per share

- 2022-10: JPY 878.00 per share

- 2022-11: JPY 853.00 per share

- 2022-12: JPY 782.00 per share

- 2023-01: JPY 835.00 per share

- 2023-02: JPY 886.00 per share

- 2023-03: JPY 915.00 per share

- 2023-04: JPY 956.00 per share

- 2023-05: JPY 1,137.00 per share

- 2023-06: JPY 1,177.00 per share

- 2023-07: JPY 1,102.00 per share

- 2023-08: JPY 1,035.00 per share

- 2023-09: JPY 1,018.00 per share

- 2023-10: JPY 983.00 per share

- 2023-11: JPY 1,045.00 per share

- 2023-12: JPY 1,035.00 per share

- 2024-01: JPY 1,150.00 per share

- 2024-02: JPY 1,139.00 per share

- 2024-03: JPY 1,292.00 per share

- 2024-04: JPY 1,266.00 per share

- 2024-05: JPY 1,181.00 per share

- 2024-06: JPY 1,062.00 per share

- 2024-07: JPY 1,076.00 per share

- 2024-08: JPY 1,064.00 per share

- 2024-09: JPY 1,044.00 per share

- 2024-10: JPY 1,051.00 per share

- 2024-11: JPY 990.00 per share

- 2024-12: JPY 1,213.00 per share

- 2025-01: JPY 1,208.00 per share

- 2025-02: JPY 1,174.00 per share

- 2025-03: JPY 1,266.00 per share

- 2025-04: JPY 1,366.00 per share

- 2025-05: JPY 1,265.00 per share

- 2025-06: JPY 1,103.00 per share

- 2025-07: JPY 1,089.00 per share

- 2025-08: JPY 1,078.00 per share

- 2025-09: JPY 1,111.00 per share

- 2025-10: JPY 1,079.00 per share

- 2025-11: JPY 1,042.00 per share

- 2025-12: JPY 1,058.00 per share

- 2026-01: JPY 1,089.00 per share

- 2026-02: JPY 1,132.00 per share

- 2026-03: JPY 1,090.00 per share

- 2026-04: JPY 1,068.00 per share

- 2026-05: JPY 1,007.00 per share

- 2026-06: JPY 945.00 per share

- 2026-07: JPY 936.00 per share

- 2026-08: JPY 934.00 per share

- 2026-09: JPY 879.00 per share

- 2026-10: JPY 806.00 per share

## Annual estimated value (JPY per share)

- FY2025: low JPY 566.85 per share, central JPY 651.31 per share, high JPY 700.50 per share

- FY2026: low JPY 995.62 per share, central JPY 1,075.27 per share, high JPY 1,181.30 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/S100Z3PT.pdf); period 2026-06-30, filed 2026-09-24.

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