# Nexon (3659.JP)

Canonical: https://gigainvestors.com/s/3659.JP

Analysis as of: 2026-10-15T07:09:57.317Z. Financial observations: FY2012–FY2025.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: JPY 2,746.50 per share; close as of 2026-10-15.

Estimated value: low JPY 3,125.38 per share, central JPY 4,195.88 per share, high JPY 4,819.24 per share. Buy at or below the central value JPY 4,195.88 per share. Valuation as of 2026-10-15T07:09:57.317Z; scenarios are not confidence intervals.

Expected annual return: 14.5% at the stated quote. About 14.5% 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

- 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.39×

- FY2019: 0.38×

- FY2020: 0.38×

- FY2021: 0.33×

- FY2022: 0.29×

- FY2023: 0.32×

- FY2024: 0.28×

- FY2025: 0.26×

### moat: pass

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 14.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 19.8%

- Typical minus recent gross margin: 8.8 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 26.3%

- FY2019: 26.9%

- FY2020: 17.2%

- FY2021: 17.7%

- FY2022: 18.1%

- FY2023: 15.3%

- FY2024: 12.6%

- FY2025: 14.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 497B

- Net income, five-year total: JPY 513B

- Working capital / revenue, annual change: -7.8 pp

- Working capital / revenue, final three-year average: 67.4%

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

- FY2021: 0.93×

- FY2022: 0.98×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.96×

### management: pass

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

- buybacks unrelated to price (informational)

- Per-share earnings: 63.93 to 114.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: JPY 2.34T

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

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: JPY 50.55

- Per-share value, starting three-year median: JPY 63.93

- Per-share value, ending three-year median: JPY 114.48

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 869B

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 23.13

- FY2017: JPY 64.67

- FY2018: JPY 121.03

- FY2019: JPY 129.34

- FY2020: JPY 63.57

- FY2021: JPY 128.91

- FY2022: JPY 114.74

- FY2023: JPY 82.89

- FY2024: JPY 161.79

- FY2025: JPY 114.48

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.0%

- FY2017: -4.4%

- FY2018: -1.6%

- FY2019: 1.5%

- FY2020: -9.4%

- FY2021: 0.9%

- FY2022: -2.9%

- FY2023: -5.3%

- FY2024: 2.7%

- FY2025: -5.7%

## Holders

## Price story

Down 28% since Dec 2025 · sales +6.5%

Story as of 2026-10-16T10:00:14.050Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

### Sales · FY2024–2025

sales +6.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf; observed 2026-03-24.

- FY2016: JPY 183B 

- FY2017: JPY 235B 

- FY2018: JPY 254B 

- FY2019: JPY 249B 

- FY2020: JPY 293B 

- FY2021: JPY 274B 

- FY2022: JPY 354B 

- FY2023: JPY 423B 

- FY2024: JPY 446B 

- FY2025: JPY 475B 

### Gross margin · FY2025

gross margin 59.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf; observed 2026-03-24.

- FY2018: 77.3% 

- FY2019: 76.0% 

- FY2020: 76.4% 

- FY2021: 73.7% 

- FY2022: 70.1% 

- FY2023: 67.4% 

- FY2024: 63.1% 

- FY2025: 59.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 475.1 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf (filed 2026-03-24); FY2025: revenue 475102000000; grossProfit 282014000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 59.4% to 67.4% during 2023–25; it earns 17.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 67.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 63.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf (filed 2026-03-24); FY2025: grossProfit / revenue = 59.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2018,0.2631221414695839],[2019,0.26911949486190945],[2020,0.17208021264617643],[2021,0.17665301892624988],[2022,0.18053941456323622],[2023,0.15316537490294285],[2024,0.12645255129349733],[2025,0.14371768447927885]]; median 0.17436661578621315. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 2546000000; owner earnings 111546000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 2115000000; owner earnings 119453000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 3232000000; owner earnings 59223000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 14126000000; owner earnings 106645000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 5902000000; owner earnings 98179000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 5713000000; owner earnings 70049000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 7686000000; owner earnings 132904000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf (filed 2026-03-24); FY2025: growth capex 0; upkeep 9494000000; owner earnings 88830000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2018,0],[2019,0],[2020,4417000000],[2021,4441000000],[2022,8785000000],[2023,8579000000],[2024,10295000000],[2025,24396000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.013414124265260952. Price 2746.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: JPY 799.50 per share

- 2016-12: JPY 847.00 per share

- 2017-01: JPY 861.00 per share

- 2017-02: JPY 934.00 per share

- 2017-03: JPY 884.50 per share

- 2017-04: JPY 947.50 per share

- 2017-05: JPY 1,045.50 per share

- 2017-06: JPY 1,110.00 per share

- 2017-07: JPY 1,147.50 per share

- 2017-08: JPY 1,371.50 per share

- 2017-09: JPY 1,468.00 per share

- 2017-10: JPY 1,520.00 per share

- 2017-11: JPY 1,610.00 per share

- 2017-12: JPY 1,640.00 per share

- 2018-01: JPY 1,812.50 per share

- 2018-02: JPY 1,940.00 per share

- 2018-03: JPY 1,760.00 per share

- 2018-04: JPY 1,593.00 per share

- 2018-05: JPY 1,801.00 per share

- 2018-06: JPY 1,609.00 per share

- 2018-07: JPY 1,605.00 per share

- 2018-08: JPY 1,394.00 per share

- 2018-09: JPY 1,485.00 per share

- 2018-10: JPY 1,286.00 per share

- 2018-11: JPY 1,342.00 per share

- 2018-12: JPY 1,413.00 per share

- 2019-01: JPY 1,662.00 per share

- 2019-02: JPY 1,767.00 per share

- 2019-03: JPY 1,734.00 per share

- 2019-04: JPY 1,596.00 per share

- 2019-05: JPY 1,617.00 per share

- 2019-06: JPY 1,562.00 per share

- 2019-07: JPY 1,732.00 per share

- 2019-08: JPY 1,429.00 per share

- 2019-09: JPY 1,311.00 per share

- 2019-10: JPY 1,255.00 per share

- 2019-11: JPY 1,493.00 per share

- 2019-12: JPY 1,450.00 per share

- 2020-01: JPY 1,485.00 per share

- 2020-02: JPY 1,717.00 per share

- 2020-03: JPY 1,765.00 per share

- 2020-04: JPY 1,744.00 per share

- 2020-05: JPY 2,246.00 per share

- 2020-06: JPY 2,437.00 per share

- 2020-07: JPY 2,730.00 per share

- 2020-08: JPY 2,483.00 per share

- 2020-09: JPY 2,622.00 per share

- 2020-10: JPY 2,919.00 per share

- 2020-11: JPY 3,155.00 per share

- 2020-12: JPY 3,180.00 per share

- 2021-01: JPY 3,185.00 per share

- 2021-02: JPY 3,360.00 per share

- 2021-03: JPY 3,590.00 per share

- 2021-04: JPY 3,625.00 per share

- 2021-05: JPY 2,584.00 per share

- 2021-06: JPY 2,476.00 per share

- 2021-07: JPY 2,248.00 per share

- 2021-08: JPY 2,010.00 per share

- 2021-09: JPY 1,807.00 per share

- 2021-10: JPY 1,931.00 per share

- 2021-11: JPY 2,254.00 per share

- 2021-12: JPY 2,224.00 per share

- 2022-01: JPY 2,152.00 per share

- 2022-02: JPY 2,488.00 per share

- 2022-03: JPY 2,932.00 per share

- 2022-04: JPY 2,972.00 per share

- 2022-05: JPY 3,200.00 per share

- 2022-06: JPY 2,778.00 per share

- 2022-07: JPY 3,015.00 per share

- 2022-08: JPY 2,789.00 per share

- 2022-09: JPY 2,552.00 per share

- 2022-10: JPY 2,497.00 per share

- 2022-11: JPY 2,894.00 per share

- 2022-12: JPY 2,962.00 per share

- 2023-01: JPY 3,125.00 per share

- 2023-02: JPY 2,952.00 per share

- 2023-03: JPY 3,155.00 per share

- 2023-04: JPY 3,070.00 per share

- 2023-05: JPY 2,846.00 per share

- 2023-06: JPY 2,747.00 per share

- 2023-07: JPY 2,710.50 per share

- 2023-08: JPY 2,957.00 per share

- 2023-09: JPY 2,673.50 per share

- 2023-10: JPY 2,745.50 per share

- 2023-11: JPY 3,198.00 per share

- 2023-12: JPY 2,569.50 per share

- 2024-01: JPY 2,365.00 per share

- 2024-02: JPY 2,426.00 per share

- 2024-03: JPY 2,514.50 per share

- 2024-04: JPY 2,471.50 per share

- 2024-05: JPY 2,691.50 per share

- 2024-06: JPY 2,975.00 per share

- 2024-07: JPY 3,275.00 per share

- 2024-08: JPY 2,860.00 per share

- 2024-09: JPY 2,829.50 per share

- 2024-10: JPY 2,679.50 per share

- 2024-11: JPY 2,058.50 per share

- 2024-12: JPY 2,376.50 per share

- 2025-01: JPY 2,027.00 per share

- 2025-02: JPY 2,023.50 per share

- 2025-03: JPY 2,040.00 per share

- 2025-04: JPY 2,245.00 per share

- 2025-05: JPY 2,612.00 per share

- 2025-06: JPY 2,910.00 per share

- 2025-07: JPY 2,774.00 per share

- 2025-08: JPY 3,355.00 per share

- 2025-09: JPY 3,247.00 per share

- 2025-10: JPY 3,150.00 per share

- 2025-11: JPY 3,799.00 per share

- 2025-12: JPY 3,827.00 per share

- 2026-01: JPY 3,683.00 per share

- 2026-02: JPY 3,321.00 per share

- 2026-03: JPY 2,929.00 per share

- 2026-04: JPY 2,642.50 per share

- 2026-05: JPY 2,240.00 per share

- 2026-06: JPY 2,145.50 per share

- 2026-07: JPY 2,501.00 per share

- 2026-08: JPY 3,170.00 per share

- 2026-09: JPY 2,633.00 per share

- 2026-10: JPY 2,706.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 2,424.16 per share, central JPY 3,031.92 per share, high JPY 3,468.77 per share

- FY2023: low JPY 1,975.12 per share, central JPY 2,398.09 per share, high JPY 2,746.05 per share

- FY2024: low JPY 2,407.74 per share, central JPY 3,273.44 per share, high JPY 3,777.54 per share

- FY2025: low JPY 2,838.21 per share, central JPY 3,793.65 per share, high JPY 4,350.01 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

Prior published observations retained from 2026-10-15T07:09:57.317Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSM4.pdf); period 2025-12-31, filed 2026-03-24.

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.

Nexon

3659 · JP

Nikkei 225

A wonderful business at a fair price

Passes the quality tests.

Share price: JPY 2,746.50
Buy up to: JPY 4,195.88
Expected / yr: 14.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 14.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

8y median: 32.6%
Worst year: 26.1%
Latest · 2025: 26.1%

Capital return excluding acquisitions: median 17.4% (minimum 15%), and the second-worst year 14.4% (minimum 10%).

ROIC excluding acquisitions

8y median: 17.4%
Worst year: 12.6%
Latest · 2025: 14.4%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.98×
Latest · 2025: 0.96×

Per-share value rose from 63.93 to 114.48, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 114.61
Worst year: JPY 23.13
Latest · 2025: JPY 114.48

Profits were backed by cash: accruals were -5.7% of assets (limit 10%).

Sloan accruals

10y median: -3.6%
Worst year: 2.7%
Latest · 2025: -5.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 32.9%, three-year average owner earnings per share 117.39 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 799.50; 2016-12 · Price JPY 847.00; 2017-01 · Price JPY 861.00; 2017-02 · Price JPY 934.00; 2017-03 · Price JPY 884.50; 2017-04 · Price JPY 947.50; 2017-05 · Price JPY 1045.50; 2017-06 · Price JPY 1110.00; 2017-07 · Price JPY 1147.50; 2017-08 · Price JPY 1371.50; 2017-09 · Price JPY 1468.00; 2017-10 · Price JPY 1520.00; 2017-11 · Price JPY 1610.00; 2017-12 · Price JPY 1640.00; 2018-01 · Price JPY 1812.50; 2018-02 · Price JPY 1940.00; 2018-03 · Price JPY 1760.00; 2018-04 · Price JPY 1593.00; 2018-05 · Price JPY 1801.00; 2018-06 · Price JPY 1609.00; 2018-07 · Price JPY 1605.00; 2018-08 · Price JPY 1394.00; 2018-09 · Price JPY 1485.00; 2018-10 · Price JPY 1286.00; 2018-11 · Price JPY 1342.00; 2018-12 · Price JPY 1413.00; 2019-01 · Price JPY 1662.00; 2019-02 · Price JPY 1767.00; 2019-03 · Price JPY 1734.00; 2019-04 · Price JPY 1596.00; 2019-05 · Price JPY 1617.00; 2019-06 · Price JPY 1562.00; 2019-07 · Price JPY 1732.00; 2019-08 · Price JPY 1429.00; 2019-09 · Price JPY 1311.00; 2019-10 · Price JPY 1255.00; 2019-11 · Price JPY 1493.00; 2019-12 · Price JPY 1450.00; 2020-01 · Price JPY 1485.00; 2020-02 · Price JPY 1717.00; 2020-03 · Price JPY 1765.00; 2020-04 · Price JPY 1744.00; 2020-05 · Price JPY 2246.00; 2020-06 · Price JPY 2437.00; 2020-07 · Price JPY 2730.00; 2020-08 · Price JPY 2483.00; 2020-09 · Price JPY 2622.00; 2020-10 · Price JPY 2919.00; 2020-11 · Price JPY 3155.00; 2020-12 · Price JPY 3180.00; 2021-01 · Price JPY 3185.00; 2021-02 · Price JPY 3360.00; 2021-03 · Price JPY 3590.00; 2021-04 · Price JPY 3625.00; 2021-05 · Price JPY 2584.00; 2021-06 · Price JPY 2476.00; 2021-07 · Price JPY 2248.00; 2021-08 · Price JPY 2010.00; 2021-09 · Price JPY 1807.00; 2021-10 · Price JPY 1931.00; 2021-11 · Price JPY 2254.00; 2021-12 · Price JPY 2224.00; 2022-01 · Price JPY 2152.00 · Value 3031.92 · Buy at or below 3031.92; 2022-02 · Price JPY 2488.00 · Value 3031.92 · Buy at or below 3031.92; 2022-03 · Price JPY 2932.00 · Value 3031.92 · Buy at or below 3031.92; 2022-04 · Price JPY 2972.00 · Value 3031.92 · Buy at or below 3031.92; 2022-05 · Price JPY 3200.00 · Value 3031.92 · Buy at or below 3031.92; 2022-06 · Price JPY 2778.00 · Value 3031.92 · Buy at or below 3031.92; 2022-07 · Price JPY 3015.00 · Value 3031.92 · Buy at or below 3031.92; 2022-08 · Price JPY 2789.00 · Value 3031.92 · Buy at or below 3031.92; 2022-09 · Price JPY 2552.00 · Value 3031.92 · Buy at or below 3031.92; 2022-10 · Price JPY 2497.00 · Value 3031.92 · Buy at or below 3031.92; 2022-11 · Price JPY 2894.00 · Value 3031.92 · Buy at or below 3031.92; 2022-12 · Price JPY 2962.00 · Value 3031.92 · Buy at or below 3031.92; 2023-01 · Price JPY 3125.00 · Value 3031.92 · Buy at or below 3031.92; 2023-02 · Price JPY 2952.00 · Value 2398.09 · Buy at or below 2398.09; 2023-03 · Price JPY 3155.00 · Value 2398.09 · Buy at or below 2398.09; 2023-04 · Price JPY 3070.00 · Value 2398.09 · Buy at or below 2398.09; 2023-05 · Price JPY 2846.00 · Value 2398.09 · Buy at or below 2398.09; 2023-06 · Price JPY 2747.00 · Value 2398.09 · Buy at or below 2398.09; 2023-07 · Price JPY 2710.50 · Value 2398.09 · Buy at or below 2398.09; 2023-08 · Price JPY 2957.00 · Value 2398.09 · Buy at or below 2398.09; 2023-09 · Price JPY 2673.50 · Value 2398.09 · Buy at or below 2398.09; 2023-10 · Price JPY 2745.50 · Value 2398.09 · Buy at or below 2398.09; 2023-11 · Price JPY 3198.00 · Value 2398.09 · Buy at or below 2398.09; 2023-12 · Price JPY 2569.50 · Value 2398.09 · Buy at or below 2398.09; 2024-01 · Price JPY 2365.00 · Value 2398.09 · Buy at or below 2398.09; 2024-02 · Price JPY 2426.00 · Value 3273.44 · Buy at or below 3273.44; 2024-03 · Price JPY 2514.50 · Value 3273.44 · Buy at or below 3273.44; 2024-04 · Price JPY 2471.50 · Value 3273.44 · Buy at or below 3273.44; 2024-05 · Price JPY 2691.50 · Value 3273.44 · Buy at or below 3273.44; 2024-06 · Price JPY 2975.00 · Value 3273.44 · Buy at or below 3273.44; 2024-07 · Price JPY 3275.00 · Value 3273.44 · Buy at or below 3273.44; 2024-08 · Price JPY 2860.00 · Value 3273.44 · Buy at or below 3273.44; 2024-09 · Price JPY 2829.50 · Value 3273.44 · Buy at or below 3273.44; 2024-10 · Price JPY 2679.50 · Value 3273.44 · Buy at or below 3273.44; 2024-11 · Price JPY 2058.50 · Value 3273.44 · Buy at or below 3273.44; 2024-12 · Price JPY 2376.50 · Value 3273.44 · Buy at or below 3273.44; 2025-01 · Price JPY 2027.00 · Value 3273.44 · Buy at or below 3273.44; 2025-02 · Price JPY 2023.50 · Value 3793.65 · Buy at or below 3793.65; 2025-03 · Price JPY 2040.00 · Value 3793.65 · Buy at or below 3793.65; 2025-04 · Price JPY 2245.00 · Value 3793.65 · Buy at or below 3793.65; 2025-05 · Price JPY 2612.00 · Value 3793.65 · Buy at or below 3793.65; 2025-06 · Price JPY 2910.00 · Value 3793.65 · Buy at or below 3793.65; 2025-07 · Price JPY 2774.00 · Value 3793.65 · Buy at or below 3793.65; 2025-08 · Price JPY 3355.00 · Value 3793.65 · Buy at or below 3793.65; 2025-09 · Price JPY 3247.00 · Value 3793.65 · Buy at or below 3793.65; 2025-10 · Price JPY 3150.00 · Value 3793.65 · Buy at or below 3793.65; 2025-11 · Price JPY 3799.00 · Value 3793.65 · Buy at or below 3793.65; 2025-12 · Price JPY 3827.00 · Value 3793.65 · Buy at or below 3793.65; 2026-01 · Price JPY 3683.00 · Value 3793.65 · Buy at or below 3793.65; 2026-02 · Price JPY 3321.00 · Value 4195.88 · Buy at or below 4195.88; 2026-03 · Price JPY 2929.00 · Value 4195.88 · Buy at or below 4195.88; 2026-04 · Price JPY 2642.50 · Value 4195.88 · Buy at or below 4195.88; 2026-05 · Price JPY 2240.00 · Value 4195.88 · Buy at or below 4195.88; 2026-06 · Price JPY 2145.50 · Value 4195.88 · Buy at or below 4195.88; 2026-07 · Price JPY 2501.00 · Value 4195.88 · Buy at or below 4195.88; 2026-08 · Price JPY 3170.00 · Value 4195.88 · Buy at or below 4195.88; 2026-09 · Price JPY 2633.00 · Value 4195.88 · Buy at or below 4195.88; 2026-10 · Price JPY 2706.00 · Value 4195.88 · Buy at or below 4195.88; 2026-10 · Price JPY 2746.50 · Value 4195.88 · Buy at or below 4195.88

JPY per share · annual estimates

Price & return math
Value range	JPY 3,125.38 – JPY 4,819.24
Buy at or below	Central value JPY 4,195.88
Discount to value	1 − 2746.50 / 4195.88 = 34.5%
Return / year	About 14.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 183.75/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash JPY 627.26/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 475B

Revenue

Owner earningsJPY 89B

Owner earnings

Operating margin26.1%

Operating margin

Net cash / debtJPY 499B

Net cash / debt

Diluted shares804M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·