# Tokuyama (4043.JP)

Canonical: https://gigainvestors.com/s/4043.JP

Analysis as of: 2026-10-15T07:10:08.442Z. 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 3,918.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,170.14 per share, central JPY 3,530.18 per share, high JPY 4,009.48 per share. Buy at or below the central value JPY 3,530.18 per share. Valuation as of 2026-10-15T07:10:08.442Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.10×

- FY2022: 0.08×

- FY2023: 0.04×

- FY2024: 0.07×

- FY2025: 0.09×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 31.5%

- Recent gross margin (lower of latest and 3-year median): 31.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.7%

- FY2018: 16.1%

- FY2019: 15.3%

- FY2020: 12.7%

- FY2021: 11.9%

- FY2022: 9.8%

- FY2023: 3.1%

- FY2024: 5.6%

- FY2025: 7.5%

- FY2026: 7.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 67B

- Net income, five-year total: JPY 101B

- Return on incremental invested capital: 5.9%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.6 pp

- Working capital / revenue, final three-year average: 30.6%

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

- FY2022: 0.57×

- FY2023: 1.00×

- FY2024: 0.22×

- FY2025: 0.90×

- FY2026: 0.77×

### 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: 16.1% vs 7.1%

- Per-share earnings: 259.81 to 308.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: JPY 79B

- Cumulative retained earnings: JPY 156B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 2.2%

- Per-share value change: JPY 48.83

- Per-share value, starting three-year median: JPY 259.81

- Per-share value, ending three-year median: JPY 308.64

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 62B

- Cumulative net income, 10 years: JPY 251B

- ROIC, first three-year median: 16.1%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 738.92

- FY2018: JPY 259.81

- FY2019: JPY 493.26

- FY2020: JPY 287.05

- FY2021: JPY 351.11

- FY2022: JPY 389.09

- FY2023: JPY 130.15

- FY2024: JPY 246.72

- FY2025: JPY 325.08

- FY2026: JPY 308.64

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 7.6%

- FY2018: -11.7%

- FY2019: -1.1%

- FY2020: -8.5%

- FY2021: -4.9%

- FY2022: 0.5%

- FY2023: 4.4%

- FY2024: -8.3%

- FY2025: -6.1%

- FY2026: -5.2%

## Holders

## Price story

Down 23% since May 2026 · sales +1.9%

Story as of 2026-10-16T10:00:14.098Z; price observation 2026-10-15.

Price needs cash profits to grow 2.4% a year for ten years

### Sales · FY2025–2026

sales +1.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDQ3.pdf; observed 2026-06-19.

- FY2017: JPY 299B 

- FY2018: JPY 308B 

- FY2019: JPY 325B 

- FY2020: JPY 316B 

- FY2021: JPY 302B 

- FY2022: JPY 294B 

- FY2023: JPY 352B 

- FY2024: JPY 342B 

- FY2025: JPY 343B 

- FY2026: JPY 349B 

### Gross margin · FY2026

gross margin 35.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDQ3.pdf; observed 2026-06-19.

- FY2017: 32.3% 

- FY2018: 32.6% 

- FY2019: 30.2% 

- FY2020: 31.2% 

- FY2021: 31.5% 

- FY2022: 32.5% 

- FY2023: 25.8% 

- FY2024: 29.1% 

- FY2025: 31.5% 

- FY2026: 35.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 349.5 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDQ3.pdf (filed 2026-06-19); FY2026: revenue 349476000000; grossProfit 124946000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.1% to 35.8% during 2024–26; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 31.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDQ3.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2017,0.17696550520567825],[2018,0.1614798679003879],[2019,0.15259144360650728],[2020,0.12656730021116488],[2021,0.11859926594190257],[2022,0.09794522188250884],[2023,0.030706367722461676],[2024,0.056397778020740315],[2025,0.0750970296415046],[2026,0.07092089982491614]]; median 0.1082722439122057. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 18.3% of cash earnings on expansion; earns 5.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2017: growth capex 0; upkeep 16693000000; owner earnings 49687000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 1541000000; upkeep 13985000000; owner earnings 19698000000. Growth capex / owner earnings = 0.0782312925170068.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 1672000000; upkeep 15093000000; owner earnings 34279000000. Growth capex / owner earnings = 0.04877621867615741.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 19706000000; owner earnings 16353000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 23800000000; owner earnings 17737000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 31887000000; owner earnings 15829000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 11143000000; upkeep 20773000000; owner earnings 9364000000. Growth capex / owner earnings = 1.189982913284921.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 0; upkeep 31591000000; owner earnings 3850000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: growth capex 503041754.4740143; upkeep 22094958245.525986; owner earnings 20981041754.474014. Growth capex / owner earnings = 0.023976014173211643.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDQ3.pdf (filed 2026-06-19); FY2026: growth capex 3146182467.6129303; upkeep 25964817532.38707; owner earnings 17188182467.61293. Growth capex / owner earnings = 0.18304334815744294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Incremental return on capital 0.0593889058524173, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,0],[2018,1454000000],[2019,3122000000],[2020,4164000000],[2021,4861000000],[2022,5034000000],[2023,5036000000],[2024,5038000000],[2025,6839000000],[2026,7921000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 2.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.021872325622655606. Price 3918; 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 2,245.00 per share

- 2016-12: JPY 2,220.00 per share

- 2017-01: JPY 2,530.00 per share

- 2017-02: JPY 2,690.00 per share

- 2017-03: JPY 2,690.00 per share

- 2017-04: JPY 2,745.00 per share

- 2017-05: JPY 2,450.00 per share

- 2017-06: JPY 2,705.00 per share

- 2017-07: JPY 2,515.00 per share

- 2017-08: JPY 2,430.00 per share

- 2017-09: JPY 2,663.00 per share

- 2017-10: JPY 3,205.00 per share

- 2017-11: JPY 3,435.00 per share

- 2017-12: JPY 3,670.00 per share

- 2018-01: JPY 3,460.00 per share

- 2018-02: JPY 3,220.00 per share

- 2018-03: JPY 3,385.00 per share

- 2018-04: JPY 3,265.00 per share

- 2018-05: JPY 3,885.00 per share

- 2018-06: JPY 3,555.00 per share

- 2018-07: JPY 3,520.00 per share

- 2018-08: JPY 3,410.00 per share

- 2018-09: JPY 3,090.00 per share

- 2018-10: JPY 2,534.00 per share

- 2018-11: JPY 3,110.00 per share

- 2018-12: JPY 2,421.00 per share

- 2019-01: JPY 2,532.00 per share

- 2019-02: JPY 2,792.00 per share

- 2019-03: JPY 2,612.00 per share

- 2019-04: JPY 2,750.00 per share

- 2019-05: JPY 2,420.00 per share

- 2019-06: JPY 2,912.00 per share

- 2019-07: JPY 2,527.00 per share

- 2019-08: JPY 2,241.00 per share

- 2019-09: JPY 2,477.00 per share

- 2019-10: JPY 2,917.00 per share

- 2019-11: JPY 2,954.00 per share

- 2019-12: JPY 2,863.00 per share

- 2020-01: JPY 2,837.00 per share

- 2020-02: JPY 2,434.00 per share

- 2020-03: JPY 2,092.00 per share

- 2020-04: JPY 2,300.00 per share

- 2020-05: JPY 2,576.00 per share

- 2020-06: JPY 2,532.00 per share

- 2020-07: JPY 2,450.00 per share

- 2020-08: JPY 2,482.00 per share

- 2020-09: JPY 2,524.00 per share

- 2020-10: JPY 2,314.00 per share

- 2020-11: JPY 2,217.00 per share

- 2020-12: JPY 2,317.00 per share

- 2021-01: JPY 2,612.00 per share

- 2021-02: JPY 2,656.00 per share

- 2021-03: JPY 2,793.00 per share

- 2021-04: JPY 2,470.00 per share

- 2021-05: JPY 2,294.00 per share

- 2021-06: JPY 2,262.00 per share

- 2021-07: JPY 2,310.00 per share

- 2021-08: JPY 2,200.00 per share

- 2021-09: JPY 2,148.00 per share

- 2021-10: JPY 1,949.00 per share

- 2021-11: JPY 1,784.00 per share

- 2021-12: JPY 1,828.00 per share

- 2022-01: JPY 1,815.00 per share

- 2022-02: JPY 1,769.00 per share

- 2022-03: JPY 1,718.00 per share

- 2022-04: JPY 1,733.00 per share

- 2022-05: JPY 1,674.00 per share

- 2022-06: JPY 1,726.00 per share

- 2022-07: JPY 1,791.00 per share

- 2022-08: JPY 1,841.00 per share

- 2022-09: JPY 1,741.00 per share

- 2022-10: JPY 1,735.00 per share

- 2022-11: JPY 1,913.00 per share

- 2022-12: JPY 1,796.00 per share

- 2023-01: JPY 1,893.00 per share

- 2023-02: JPY 2,170.00 per share

- 2023-03: JPY 2,105.00 per share

- 2023-04: JPY 2,207.00 per share

- 2023-05: JPY 2,157.00 per share

- 2023-06: JPY 2,368.50 per share

- 2023-07: JPY 2,442.50 per share

- 2023-08: JPY 2,326.00 per share

- 2023-09: JPY 2,350.00 per share

- 2023-10: JPY 2,271.00 per share

- 2023-11: JPY 2,401.00 per share

- 2023-12: JPY 2,391.00 per share

- 2024-01: JPY 2,378.00 per share

- 2024-02: JPY 2,428.00 per share

- 2024-03: JPY 2,730.00 per share

- 2024-04: JPY 3,260.00 per share

- 2024-05: JPY 3,042.00 per share

- 2024-06: JPY 2,950.50 per share

- 2024-07: JPY 2,968.00 per share

- 2024-08: JPY 2,800.50 per share

- 2024-09: JPY 2,883.50 per share

- 2024-10: JPY 2,708.00 per share

- 2024-11: JPY 2,660.50 per share

- 2024-12: JPY 2,637.50 per share

- 2025-01: JPY 2,587.50 per share

- 2025-02: JPY 2,678.00 per share

- 2025-03: JPY 2,789.00 per share

- 2025-04: JPY 2,906.00 per share

- 2025-05: JPY 2,821.00 per share

- 2025-06: JPY 3,016.00 per share

- 2025-07: JPY 3,264.00 per share

- 2025-08: JPY 3,395.00 per share

- 2025-09: JPY 3,675.00 per share

- 2025-10: JPY 3,835.00 per share

- 2025-11: JPY 4,106.00 per share

- 2025-12: JPY 4,123.00 per share

- 2026-01: JPY 4,038.00 per share

- 2026-02: JPY 4,476.00 per share

- 2026-03: JPY 3,738.00 per share

- 2026-04: JPY 3,998.00 per share

- 2026-05: JPY 5,107.00 per share

- 2026-06: JPY 4,889.00 per share

- 2026-07: JPY 3,792.00 per share

- 2026-08: JPY 4,032.00 per share

- 2026-09: JPY 4,075.00 per share

- 2026-10: JPY 4,180.00 per share

## Annual estimated value (JPY per share)

- FY2021: low JPY 4,135.71 per share, central JPY 4,552.75 per share, high JPY 5,107.92 per share

- FY2022: low JPY 3,690.94 per share, central JPY 4,051.86 per share, high JPY 4,532.31 per share

- FY2023: low JPY 3,954.74 per share, central JPY 4,676.93 per share, high JPY 5,313.56 per share

- FY2024: low JPY 3,375.52 per share, central JPY 3,893.08 per share, high JPY 4,435.80 per share

- FY2025: low JPY 3,835.71 per share, central JPY 4,323.13 per share, high JPY 4,872.31 per share

- FY2026: low JPY 3,170.14 per share, central JPY 3,530.18 per share, high JPY 4,009.48 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/S100YDQ3.pdf); period 2026-03-31, filed 2026-06-19.

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.

Tokuyama

4043 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 3,918.00
Buy up to: JPY 3,530.18
Expected / yr: 9.2% 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 26.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.4%
Worst year: 4.1%
Latest · 2026: 10.6%

Capital return excluding acquisitions: median 10.8% (minimum 15%), and the second-worst year 5.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.8%
Worst year: 3.1%
Latest · 2026: 7.1%

Each $1 of profit left $0.67 for owners over five years (minimum $0.80), and new investment earned 5.9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.67×
Annual median: 0.77×
Latest · 2026: 0.77×

Per-share value rose from 259.81 to 308.64, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 316.86
Worst year: JPY 130.15
Latest · 2026: JPY 308.64

Profits were backed by cash: accruals were -5.2% of assets (limit 10%).

Sloan accruals

10y median: -5.0%
Worst year: 7.6%
Latest · 2026: -5.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.7%, three-year average owner earnings per share 194.68 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 2245.00; 2016-12 · Price JPY 2220.00; 2017-01 · Price JPY 2530.00; 2017-02 · Price JPY 2690.00; 2017-03 · Price JPY 2690.00; 2017-04 · Price JPY 2745.00; 2017-05 · Price JPY 2450.00; 2017-06 · Price JPY 2705.00; 2017-07 · Price JPY 2515.00; 2017-08 · Price JPY 2430.00; 2017-09 · Price JPY 2663.00; 2017-10 · Price JPY 3205.00; 2017-11 · Price JPY 3435.00; 2017-12 · Price JPY 3670.00; 2018-01 · Price JPY 3460.00; 2018-02 · Price JPY 3220.00; 2018-03 · Price JPY 3385.00; 2018-04 · Price JPY 3265.00; 2018-05 · Price JPY 3885.00; 2018-06 · Price JPY 3555.00; 2018-07 · Price JPY 3520.00; 2018-08 · Price JPY 3410.00; 2018-09 · Price JPY 3090.00; 2018-10 · Price JPY 2534.00; 2018-11 · Price JPY 3110.00; 2018-12 · Price JPY 2421.00; 2019-01 · Price JPY 2532.00; 2019-02 · Price JPY 2792.00; 2019-03 · Price JPY 2612.00; 2019-04 · Price JPY 2750.00; 2019-05 · Price JPY 2420.00; 2019-06 · Price JPY 2912.00; 2019-07 · Price JPY 2527.00; 2019-08 · Price JPY 2241.00; 2019-09 · Price JPY 2477.00; 2019-10 · Price JPY 2917.00; 2019-11 · Price JPY 2954.00; 2019-12 · Price JPY 2863.00; 2020-01 · Price JPY 2837.00; 2020-02 · Price JPY 2434.00; 2020-03 · Price JPY 2092.00; 2020-04 · Price JPY 2300.00; 2020-05 · Price JPY 2576.00; 2020-06 · Price JPY 2532.00; 2020-07 · Price JPY 2450.00; 2020-08 · Price JPY 2482.00; 2020-09 · Price JPY 2524.00; 2020-10 · Price JPY 2314.00; 2020-11 · Price JPY 2217.00; 2020-12 · Price JPY 2317.00; 2021-01 · Price JPY 2612.00 · Value 4552.75 · Buy at or below 4552.75; 2021-02 · Price JPY 2656.00 · Value 4552.75 · Buy at or below 4552.75; 2021-03 · Price JPY 2793.00 · Value 4552.75 · Buy at or below 4552.75; 2021-04 · Price JPY 2470.00 · Value 4552.75 · Buy at or below 4552.75; 2021-05 · Price JPY 2294.00 · Value 4552.75 · Buy at or below 4552.75; 2021-06 · Price JPY 2262.00 · Value 4552.75 · Buy at or below 4552.75; 2021-07 · Price JPY 2310.00 · Value 4552.75 · Buy at or below 4552.75; 2021-08 · Price JPY 2200.00 · Value 4552.75 · Buy at or below 4552.75; 2021-09 · Price JPY 2148.00 · Value 4552.75 · Buy at or below 4552.75; 2021-10 · Price JPY 1949.00 · Value 4552.75 · Buy at or below 4552.75; 2021-11 · Price JPY 1784.00 · Value 4552.75 · Buy at or below 4552.75; 2021-12 · Price JPY 1828.00 · Value 4552.75 · Buy at or below 4552.75; 2022-01 · Price JPY 1815.00 · Value 4552.75 · Buy at or below 4552.75; 2022-02 · Price JPY 1769.00 · Value 4051.86 · Buy at or below 4051.86; 2022-03 · Price JPY 1718.00 · Value 4051.86 · Buy at or below 4051.86; 2022-04 · Price JPY 1733.00 · Value 4051.86 · Buy at or below 4051.86; 2022-05 · Price JPY 1674.00 · Value 4051.86 · Buy at or below 4051.86; 2022-06 · Price JPY 1726.00 · Value 4051.86 · Buy at or below 4051.86; 2022-07 · Price JPY 1791.00 · Value 4051.86 · Buy at or below 4051.86; 2022-08 · Price JPY 1841.00 · Value 4051.86 · Buy at or below 4051.86; 2022-09 · Price JPY 1741.00 · Value 4051.86 · Buy at or below 4051.86; 2022-10 · Price JPY 1735.00 · Value 4051.86 · Buy at or below 4051.86; 2022-11 · Price JPY 1913.00 · Value 4051.86 · Buy at or below 4051.86; 2022-12 · Price JPY 1796.00 · Value 4051.86 · Buy at or below 4051.86; 2023-01 · Price JPY 1893.00 · Value 4051.86 · Buy at or below 4051.86; 2023-02 · Price JPY 2170.00 · Value 4676.93 · Buy at or below 4676.93; 2023-03 · Price JPY 2105.00 · Value 4676.93 · Buy at or below 4676.93; 2023-04 · Price JPY 2207.00 · Value 4676.93 · Buy at or below 4676.93; 2023-05 · Price JPY 2157.00 · Value 4676.93 · Buy at or below 4676.93; 2023-06 · Price JPY 2368.50 · Value 4676.93 · Buy at or below 4676.93; 2023-07 · Price JPY 2442.50 · Value 4676.93 · Buy at or below 4676.93; 2023-08 · Price JPY 2326.00 · Value 4676.93 · Buy at or below 4676.93; 2023-09 · Price JPY 2350.00 · Value 4676.93 · Buy at or below 4676.93; 2023-10 · Price JPY 2271.00 · Value 4676.93 · Buy at or below 4676.93; 2023-11 · Price JPY 2401.00 · Value 4676.93 · Buy at or below 4676.93; 2023-12 · Price JPY 2391.00 · Value 4676.93 · Buy at or below 4676.93; 2024-01 · Price JPY 2378.00 · Value 4676.93 · Buy at or below 4676.93; 2024-02 · Price JPY 2428.00 · Value 3893.08 · Buy at or below 3893.08; 2024-03 · Price JPY 2730.00 · Value 3893.08 · Buy at or below 3893.08; 2024-04 · Price JPY 3260.00 · Value 3893.08 · Buy at or below 3893.08; 2024-05 · Price JPY 3042.00 · Value 3893.08 · Buy at or below 3893.08; 2024-06 · Price JPY 2950.50 · Value 3893.08 · Buy at or below 3893.08; 2024-07 · Price JPY 2968.00 · Value 3893.08 · Buy at or below 3893.08; 2024-08 · Price JPY 2800.50 · Value 3893.08 · Buy at or below 3893.08; 2024-09 · Price JPY 2883.50 · Value 3893.08 · Buy at or below 3893.08; 2024-10 · Price JPY 2708.00 · Value 3893.08 · Buy at or below 3893.08; 2024-11 · Price JPY 2660.50 · Value 3893.08 · Buy at or below 3893.08; 2024-12 · Price JPY 2637.50 · Value 3893.08 · Buy at or below 3893.08; 2025-01 · Price JPY 2587.50 · Value 3893.08 · Buy at or below 3893.08; 2025-02 · Price JPY 2678.00 · Value 4323.13 · Buy at or below 4323.13; 2025-03 · Price JPY 2789.00 · Value 4323.13 · Buy at or below 4323.13; 2025-04 · Price JPY 2906.00 · Value 4323.13 · Buy at or below 4323.13; 2025-05 · Price JPY 2821.00 · Value 4323.13 · Buy at or below 4323.13; 2025-06 · Price JPY 3016.00 · Value 4323.13 · Buy at or below 4323.13; 2025-07 · Price JPY 3264.00 · Value 4323.13 · Buy at or below 4323.13; 2025-08 · Price JPY 3395.00 · Value 4323.13 · Buy at or below 4323.13; 2025-09 · Price JPY 3675.00 · Value 4323.13 · Buy at or below 4323.13; 2025-10 · Price JPY 3835.00 · Value 4323.13 · Buy at or below 4323.13; 2025-11 · Price JPY 4106.00 · Value 4323.13 · Buy at or below 4323.13; 2025-12 · Price JPY 4123.00 · Value 4323.13 · Buy at or below 4323.13; 2026-01 · Price JPY 4038.00 · Value 4323.13 · Buy at or below 4323.13; 2026-02 · Price JPY 4476.00 · Value 3530.18 · Buy at or below 3530.18; 2026-03 · Price JPY 3738.00 · Value 3530.18 · Buy at or below 3530.18; 2026-04 · Price JPY 3998.00 · Value 3530.18 · Buy at or below 3530.18; 2026-05 · Price JPY 5107.00 · Value 3530.18 · Buy at or below 3530.18; 2026-06 · Price JPY 4889.00 · Value 3530.18 · Buy at or below 3530.18; 2026-07 · Price JPY 3792.00 · Value 3530.18 · Buy at or below 3530.18; 2026-08 · Price JPY 4032.00 · Value 3530.18 · Buy at or below 3530.18; 2026-09 · Price JPY 4075.00 · Value 3530.18 · Buy at or below 3530.18; 2026-10 · Price JPY 4180.00 · Value 3530.18 · Buy at or below 3530.18; 2026-10 · Price JPY 3918.00 · Value 3530.18 · Buy at or below 3530.18

JPY per share · annual estimates

Price & return math
Value range	JPY 3,170.14 – JPY 4,009.48
Buy at or below	Central value JPY 3,530.18
Discount to value	1 − 3918.00 / 3530.18 = -11.0%
Return / year	About 9.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 238.91/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 558.81/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 349B

Revenue

Owner earningsJPY 17B

Owner earnings

Operating margin10.6%

Operating margin

Net cash / debtJPY -116B

Net cash / debt

Diluted shares72M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·