# Oji Holdings (3861.JP)

Canonical: https://gigainvestors.com/s/3861.JP

Analysis as of: 2026-10-15T07:10:02.584Z. 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 841.90 per share; close as of 2026-10-15.

Estimated value: low JPY 601.37 per share, central JPY 678.56 per share, high JPY 781.33 per share. Buy at or below the central value JPY 678.56 per share. Valuation as of 2026-10-15T07:10:02.584Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.06×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.04×

- 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 5.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 5.7 pp

- Typical gross margin (annual median): 23.1%

- Recent gross margin (lower of latest and 3-year median): 17.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.7%

- FY2018: 3.8%

- FY2019: 6.7%

- FY2020: 5.9%

- FY2021: 4.4%

- FY2022: 6.0%

- FY2023: 3.5%

- FY2024: 2.8%

- FY2025: 2.3%

- FY2026: 1.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 223B

- Net income, five-year total: JPY 297B

- Return on incremental invested capital: -8.2%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.6 pp

- Working capital / revenue, final three-year average: 22.8%

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

- FY2022: 0.92×

- FY2023: 0.88×

- FY2024: 0.16×

- FY2025: 0.81×

- FY2026: 0.84×

### management: pass

- 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: 3.8% vs 2.3%

- Per-share earnings: 36.64 to 51.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: JPY 256B

- Cumulative retained earnings: JPY 350B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.3%

- Per-share value change: JPY 14.67

- Per-share value, starting three-year median: JPY 36.64

- Per-share value, ending three-year median: JPY 51.31

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

- Average buyback yield: 1.5%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 138B

- Cumulative net income, 10 years: JPY 533B

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 2.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 40.74

- FY2018: JPY 36.64

- FY2019: JPY 52.52

- FY2020: JPY 58.78

- FY2021: JPY 50.13

- FY2022: JPY 88.35

- FY2023: JPY 57.00

- FY2024: JPY 51.31

- FY2025: JPY 47.34

- FY2026: JPY 61.10

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.2%

- FY2018: -4.4%

- FY2019: -4.5%

- FY2020: -3.5%

- FY2021: -3.9%

- FY2022: -2.7%

- FY2023: 1.7%

- FY2024: -6.2%

- FY2025: -1.8%

- FY2026: -2.2%

## Holders

## Price story

Price needs cash profits to grow 3.8% a year for ten years · sales +0.7%

Story as of 2026-10-16T10:00:14.057Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2025–2026

sales +0.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf; observed 2026-06-25.

- FY2017: JPY 1.44T 

- FY2018: JPY 1.49T 

- FY2019: JPY 1.55T 

- FY2020: JPY 1.51T 

- FY2021: JPY 1.36T 

- FY2022: JPY 1.47T 

- FY2023: JPY 1.71T 

- FY2024: JPY 1.70T 

- FY2025: JPY 1.85T 

- FY2026: JPY 1.86T 

### Gross margin · FY2026

gross margin 17.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf; observed 2026-06-25.

- FY2017: 23.2% 

- FY2018: 23.0% 

- FY2019: 24.2% 

- FY2020: 24.1% 

- FY2021: 24.1% 

- FY2022: 23.4% 

- FY2023: 19.9% 

- FY2024: 19.1% 

- FY2025: 18.9% 

- FY2026: 17.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.9 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf (filed 2026-06-25); FY2026: revenue 1861709000000; grossProfit 323456000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 17.4% to 19.1% during 2024–26; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: grossProfit / revenue = 18.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf (filed 2026-06-25); FY2026: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.036736463180220315],[2018,0.03782185849775455],[2019,0.06672182204452741],[2020,0.05887037073517707],[2021,0.04376722206075506],[2022,0.05952758248681661],[2023,0.03518532569932948],[2024,0.028420596387852347],[2025,0.023389906740004403],[2026,0.011917607476001277]]; median 0.037279160838987434. 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 47.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2017: growth capex 0; upkeep 54919000000; owner earnings 59845871711.72928. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2018: growth capex 0; upkeep 64739000000; owner earnings 42186335500.83011. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2019: growth capex 0; upkeep 59197000000; owner earnings 59285848071.97943. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2020: growth capex 0; upkeep 92454000000; owner earnings 27651760542.63566. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2021: growth capex 0; upkeep 94674000000; owner earnings 14397587140.701767. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2022: growth capex 32774000000; upkeep 65885000000; owner earnings 80557000000. Growth capex / owner earnings = 0.4068423600680264.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2023: growth capex 21075000000; upkeep 73034000000; owner earnings 49865000000. Growth capex / owner earnings = 0.4226411310538454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: growth capex 0; upkeep 115019000000; owner earnings 8035000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: growth capex 54758000000; upkeep 89176000000; owner earnings 37457000000. Growth capex / owner earnings = 1.4618896334463518.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf (filed 2026-06-25); FY2026: growth capex 0; upkeep 92445000000; owner earnings 46597000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,9905000000],[2018,9910000000],[2019,10900000000],[2020,12883000000],[2021,13888000000],[2022,13889000000],[2023,14883000000],[2024,15887000000],[2025,19727000000],[2026,27706000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJ8J.pdf (filed 2026-06-25); FY2026: cash repurchases 47691000000 JPY.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate 0.04077614701282506. Price 841.9000244140625; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 27.050122714750817 → FY2026 51.2229984527365. Closing-price date 2026-10-15.

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

- 2016-11: JPY 469.00 per share

- 2016-12: JPY 476.00 per share

- 2017-01: JPY 500.00 per share

- 2017-02: JPY 538.00 per share

- 2017-03: JPY 521.00 per share

- 2017-04: JPY 539.00 per share

- 2017-05: JPY 543.00 per share

- 2017-06: JPY 580.00 per share

- 2017-07: JPY 566.00 per share

- 2017-08: JPY 577.00 per share

- 2017-09: JPY 607.00 per share

- 2017-10: JPY 662.00 per share

- 2017-11: JPY 683.00 per share

- 2017-12: JPY 750.00 per share

- 2018-01: JPY 747.00 per share

- 2018-02: JPY 702.00 per share

- 2018-03: JPY 684.00 per share

- 2018-04: JPY 770.00 per share

- 2018-05: JPY 715.00 per share

- 2018-06: JPY 687.00 per share

- 2018-07: JPY 662.00 per share

- 2018-08: JPY 761.00 per share

- 2018-09: JPY 825.00 per share

- 2018-10: JPY 804.00 per share

- 2018-11: JPY 664.00 per share

- 2018-12: JPY 565.00 per share

- 2019-01: JPY 629.00 per share

- 2019-02: JPY 662.00 per share

- 2019-03: JPY 687.00 per share

- 2019-04: JPY 666.00 per share

- 2019-05: JPY 564.00 per share

- 2019-06: JPY 622.00 per share

- 2019-07: JPY 566.00 per share

- 2019-08: JPY 495.00 per share

- 2019-09: JPY 504.00 per share

- 2019-10: JPY 565.00 per share

- 2019-11: JPY 625.00 per share

- 2019-12: JPY 595.00 per share

- 2020-01: JPY 566.00 per share

- 2020-02: JPY 515.00 per share

- 2020-03: JPY 579.00 per share

- 2020-04: JPY 550.00 per share

- 2020-05: JPY 541.00 per share

- 2020-06: JPY 501.00 per share

- 2020-07: JPY 440.00 per share

- 2020-08: JPY 479.00 per share

- 2020-09: JPY 482.00 per share

- 2020-10: JPY 439.00 per share

- 2020-11: JPY 474.00 per share

- 2020-12: JPY 587.00 per share

- 2021-01: JPY 632.00 per share

- 2021-02: JPY 671.00 per share

- 2021-03: JPY 716.00 per share

- 2021-04: JPY 689.00 per share

- 2021-05: JPY 649.00 per share

- 2021-06: JPY 638.00 per share

- 2021-07: JPY 629.00 per share

- 2021-08: JPY 576.00 per share

- 2021-09: JPY 565.00 per share

- 2021-10: JPY 564.00 per share

- 2021-11: JPY 525.00 per share

- 2021-12: JPY 557.00 per share

- 2022-01: JPY 607.00 per share

- 2022-02: JPY 587.00 per share

- 2022-03: JPY 607.00 per share

- 2022-04: JPY 616.00 per share

- 2022-05: JPY 567.00 per share

- 2022-06: JPY 588.00 per share

- 2022-07: JPY 554.00 per share

- 2022-08: JPY 557.00 per share

- 2022-09: JPY 538.00 per share

- 2022-10: JPY 516.00 per share

- 2022-11: JPY 528.00 per share

- 2022-12: JPY 531.00 per share

- 2023-01: JPY 536.00 per share

- 2023-02: JPY 553.00 per share

- 2023-03: JPY 524.00 per share

- 2023-04: JPY 533.00 per share

- 2023-05: JPY 537.00 per share

- 2023-06: JPY 537.60 per share

- 2023-07: JPY 561.00 per share

- 2023-08: JPY 596.00 per share

- 2023-09: JPY 629.00 per share

- 2023-10: JPY 643.40 per share

- 2023-11: JPY 549.20 per share

- 2023-12: JPY 543.00 per share

- 2024-01: JPY 578.60 per share

- 2024-02: JPY 586.30 per share

- 2024-03: JPY 638.60 per share

- 2024-04: JPY 618.70 per share

- 2024-05: JPY 634.00 per share

- 2024-06: JPY 634.80 per share

- 2024-07: JPY 638.10 per share

- 2024-08: JPY 582.80 per share

- 2024-09: JPY 574.00 per share

- 2024-10: JPY 568.40 per share

- 2024-11: JPY 552.00 per share

- 2024-12: JPY 604.10 per share

- 2025-01: JPY 627.50 per share

- 2025-02: JPY 619.80 per share

- 2025-03: JPY 627.20 per share

- 2025-04: JPY 674.80 per share

- 2025-05: JPY 684.80 per share

- 2025-06: JPY 725.80 per share

- 2025-07: JPY 739.20 per share

- 2025-08: JPY 811.80 per share

- 2025-09: JPY 809.00 per share

- 2025-10: JPY 778.40 per share

- 2025-11: JPY 821.80 per share

- 2025-12: JPY 860.20 per share

- 2026-01: JPY 915.20 per share

- 2026-02: JPY 984.50 per share

- 2026-03: JPY 847.30 per share

- 2026-04: JPY 822.50 per share

- 2026-05: JPY 782.20 per share

- 2026-06: JPY 795.40 per share

- 2026-07: JPY 879.80 per share

- 2026-08: JPY 883.20 per share

- 2026-09: JPY 846.30 per share

- 2026-10: JPY 830.40 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 522.03 per share, central JPY 587.20 per share, high JPY 673.95 per share

- FY2021: low JPY 531.70 per share, central JPY 590.42 per share, high JPY 668.60 per share

- FY2022: low JPY 487.28 per share, central JPY 550.79 per share, high JPY 635.33 per share

- FY2023: low JPY 623.35 per share, central JPY 771.72 per share, high JPY 896.73 per share

- FY2024: low JPY 396.06 per share, central JPY 476.67 per share, high JPY 550.79 per share

- FY2025: low JPY 489.67 per share, central JPY 606.01 per share, high JPY 702.42 per share

- FY2026: low JPY 601.37 per share, central JPY 678.56 per share, high JPY 781.33 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/S100YJ8J.pdf); period 2026-03-31, filed 2026-06-25.

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.

Oji Holdings

3861 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 841.90
Buy up to: JPY 678.56
Expected / yr: 8.5% 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 33.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 4.9%
Worst year: 1.9%
Latest · 2026: 1.9%

Capital return excluding acquisitions: median 3.7% (minimum 15%), and the second-worst year 2.3% (minimum 10%), and gross margin fell 5.7 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 3.7%
Worst year: 1.2%
Latest · 2026: 1.2%

Each $1 of profit left $0.75 for owners over five years (minimum $0.80), and new investment earned -8.2% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.75×
Annual median: 0.84×
Latest · 2026: 0.84×

Per-share value rose from 36.64 to 51.31, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 51.92
Worst year: JPY 36.64
Latest · 2026: JPY 61.10

Profits were backed by cash: accruals were -2.2% of assets (limit 10%).

Sloan accruals

10y median: -3.7%
Worst year: 1.7%
Latest · 2026: -2.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 5.3%, three-year average owner earnings per share 32.58 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 469.00; 2016-12 · Price JPY 476.00; 2017-01 · Price JPY 500.00; 2017-02 · Price JPY 538.00; 2017-03 · Price JPY 521.00; 2017-04 · Price JPY 539.00; 2017-05 · Price JPY 543.00; 2017-06 · Price JPY 580.00; 2017-07 · Price JPY 566.00; 2017-08 · Price JPY 577.00; 2017-09 · Price JPY 607.00; 2017-10 · Price JPY 662.00; 2017-11 · Price JPY 683.00; 2017-12 · Price JPY 750.00; 2018-01 · Price JPY 747.00; 2018-02 · Price JPY 702.00; 2018-03 · Price JPY 684.00; 2018-04 · Price JPY 770.00; 2018-05 · Price JPY 715.00; 2018-06 · Price JPY 687.00; 2018-07 · Price JPY 662.00; 2018-08 · Price JPY 761.00; 2018-09 · Price JPY 825.00; 2018-10 · Price JPY 804.00; 2018-11 · Price JPY 664.00; 2018-12 · Price JPY 565.00; 2019-01 · Price JPY 629.00; 2019-02 · Price JPY 662.00; 2019-03 · Price JPY 687.00; 2019-04 · Price JPY 666.00; 2019-05 · Price JPY 564.00; 2019-06 · Price JPY 622.00; 2019-07 · Price JPY 566.00; 2019-08 · Price JPY 495.00; 2019-09 · Price JPY 504.00; 2019-10 · Price JPY 565.00; 2019-11 · Price JPY 625.00; 2019-12 · Price JPY 595.00; 2020-01 · Price JPY 566.00 · Value 587.20 · Buy at or below 587.20; 2020-02 · Price JPY 515.00 · Value 587.20 · Buy at or below 587.20; 2020-03 · Price JPY 579.00 · Value 587.20 · Buy at or below 587.20; 2020-04 · Price JPY 550.00 · Value 587.20 · Buy at or below 587.20; 2020-05 · Price JPY 541.00 · Value 587.20 · Buy at or below 587.20; 2020-06 · Price JPY 501.00 · Value 587.20 · Buy at or below 587.20; 2020-07 · Price JPY 440.00 · Value 587.20 · Buy at or below 587.20; 2020-08 · Price JPY 479.00 · Value 587.20 · Buy at or below 587.20; 2020-09 · Price JPY 482.00 · Value 587.20 · Buy at or below 587.20; 2020-10 · Price JPY 439.00 · Value 587.20 · Buy at or below 587.20; 2020-11 · Price JPY 474.00 · Value 587.20 · Buy at or below 587.20; 2020-12 · Price JPY 587.00 · Value 587.20 · Buy at or below 587.20; 2021-01 · Price JPY 632.00 · Value 587.20 · Buy at or below 587.20; 2021-02 · Price JPY 671.00 · Value 590.42 · Buy at or below 590.42; 2021-03 · Price JPY 716.00 · Value 590.42 · Buy at or below 590.42; 2021-04 · Price JPY 689.00 · Value 590.42 · Buy at or below 590.42; 2021-05 · Price JPY 649.00 · Value 590.42 · Buy at or below 590.42; 2021-06 · Price JPY 638.00 · Value 590.42 · Buy at or below 590.42; 2021-07 · Price JPY 629.00 · Value 590.42 · Buy at or below 590.42; 2021-08 · Price JPY 576.00 · Value 590.42 · Buy at or below 590.42; 2021-09 · Price JPY 565.00 · Value 590.42 · Buy at or below 590.42; 2021-10 · Price JPY 564.00 · Value 590.42 · Buy at or below 590.42; 2021-11 · Price JPY 525.00 · Value 590.42 · Buy at or below 590.42; 2021-12 · Price JPY 557.00 · Value 590.42 · Buy at or below 590.42; 2022-01 · Price JPY 607.00 · Value 590.42 · Buy at or below 590.42; 2022-02 · Price JPY 587.00 · Value 550.79 · Buy at or below 550.79; 2022-03 · Price JPY 607.00 · Value 550.79 · Buy at or below 550.79; 2022-04 · Price JPY 616.00 · Value 550.79 · Buy at or below 550.79; 2022-05 · Price JPY 567.00 · Value 550.79 · Buy at or below 550.79; 2022-06 · Price JPY 588.00 · Value 550.79 · Buy at or below 550.79; 2022-07 · Price JPY 554.00 · Value 550.79 · Buy at or below 550.79; 2022-08 · Price JPY 557.00 · Value 550.79 · Buy at or below 550.79; 2022-09 · Price JPY 538.00 · Value 550.79 · Buy at or below 550.79; 2022-10 · Price JPY 516.00 · Value 550.79 · Buy at or below 550.79; 2022-11 · Price JPY 528.00 · Value 550.79 · Buy at or below 550.79; 2022-12 · Price JPY 531.00 · Value 550.79 · Buy at or below 550.79; 2023-01 · Price JPY 536.00 · Value 550.79 · Buy at or below 550.79; 2023-02 · Price JPY 553.00 · Value 771.72 · Buy at or below 771.72; 2023-03 · Price JPY 524.00 · Value 771.72 · Buy at or below 771.72; 2023-04 · Price JPY 533.00 · Value 771.72 · Buy at or below 771.72; 2023-05 · Price JPY 537.00 · Value 771.72 · Buy at or below 771.72; 2023-06 · Price JPY 537.60 · Value 771.72 · Buy at or below 771.72; 2023-07 · Price JPY 561.00 · Value 771.72 · Buy at or below 771.72; 2023-08 · Price JPY 596.00 · Value 771.72 · Buy at or below 771.72; 2023-09 · Price JPY 629.00 · Value 771.72 · Buy at or below 771.72; 2023-10 · Price JPY 643.40 · Value 771.72 · Buy at or below 771.72; 2023-11 · Price JPY 549.20 · Value 771.72 · Buy at or below 771.72; 2023-12 · Price JPY 543.00 · Value 771.72 · Buy at or below 771.72; 2024-01 · Price JPY 578.60 · Value 771.72 · Buy at or below 771.72; 2024-02 · Price JPY 586.30 · Value 476.67 · Buy at or below 476.67; 2024-03 · Price JPY 638.60 · Value 476.67 · Buy at or below 476.67; 2024-04 · Price JPY 618.70 · Value 476.67 · Buy at or below 476.67; 2024-05 · Price JPY 634.00 · Value 476.67 · Buy at or below 476.67; 2024-06 · Price JPY 634.80 · Value 476.67 · Buy at or below 476.67; 2024-07 · Price JPY 638.10 · Value 476.67 · Buy at or below 476.67; 2024-08 · Price JPY 582.80 · Value 476.67 · Buy at or below 476.67; 2024-09 · Price JPY 574.00 · Value 476.67 · Buy at or below 476.67; 2024-10 · Price JPY 568.40 · Value 476.67 · Buy at or below 476.67; 2024-11 · Price JPY 552.00 · Value 476.67 · Buy at or below 476.67; 2024-12 · Price JPY 604.10 · Value 476.67 · Buy at or below 476.67; 2025-01 · Price JPY 627.50 · Value 476.67 · Buy at or below 476.67; 2025-02 · Price JPY 619.80 · Value 606.01 · Buy at or below 606.01; 2025-03 · Price JPY 627.20 · Value 606.01 · Buy at or below 606.01; 2025-04 · Price JPY 674.80 · Value 606.01 · Buy at or below 606.01; 2025-05 · Price JPY 684.80 · Value 606.01 · Buy at or below 606.01; 2025-06 · Price JPY 725.80 · Value 606.01 · Buy at or below 606.01; 2025-07 · Price JPY 739.20 · Value 606.01 · Buy at or below 606.01; 2025-08 · Price JPY 811.80 · Value 606.01 · Buy at or below 606.01; 2025-09 · Price JPY 809.00 · Value 606.01 · Buy at or below 606.01; 2025-10 · Price JPY 778.40 · Value 606.01 · Buy at or below 606.01; 2025-11 · Price JPY 821.80 · Value 606.01 · Buy at or below 606.01; 2025-12 · Price JPY 860.20 · Value 606.01 · Buy at or below 606.01; 2026-01 · Price JPY 915.20 · Value 606.01 · Buy at or below 606.01; 2026-02 · Price JPY 984.50 · Value 678.56 · Buy at or below 678.56; 2026-03 · Price JPY 847.30 · Value 678.56 · Buy at or below 678.56; 2026-04 · Price JPY 822.50 · Value 678.56 · Buy at or below 678.56; 2026-05 · Price JPY 782.20 · Value 678.56 · Buy at or below 678.56; 2026-06 · Price JPY 795.40 · Value 678.56 · Buy at or below 678.56; 2026-07 · Price JPY 879.80 · Value 678.56 · Buy at or below 678.56; 2026-08 · Price JPY 883.20 · Value 678.56 · Buy at or below 678.56; 2026-09 · Price JPY 846.30 · Value 678.56 · Buy at or below 678.56; 2026-10 · Price JPY 830.40 · Value 678.56 · Buy at or below 678.56; 2026-10 · Price JPY 841.90 · Value 678.56 · Buy at or below 678.56

JPY per share · annual estimates

Price & return math
Value range	JPY 601.37 – JPY 781.33
Buy at or below	Central value JPY 678.56
Discount to value	1 − 841.90 / 678.56 = -24.1%
Return / year	About 8.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 51.22/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 41.49/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.86T

Revenue

Owner earningsJPY 47B

Owner earnings

Operating margin1.9%

Operating margin

Net cash / debtJPY -873B

Net cash / debt

Diluted shares910M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·