# Kyowa Kirin (4151.JP)

Canonical: https://gigainvestors.com/s/4151.JP

Analysis as of: 2026-10-15T07:10:10.554Z. 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 2,302.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,780.77 per share, central JPY 1,971.47 per share, high JPY 2,225.33 per share. Buy at or below the central value JPY 1,971.47 per share. Valuation as of 2026-10-15T07:10:10.554Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2018: 0.25×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.17×

- FY2022: 0.17×

- FY2023: 0.22×

- FY2024: 0.17×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.2%

- ROIC, second-lowest year: 7.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.4%

- ROIC including acquisitions, ten-year median: 8.9%

- Typical minus recent gross margin: -0.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.7%

- FY2018: 10.0%

- FY2019: 7.3%

- FY2020: 17.0%

- FY2021: 19.8%

- FY2022: 18.7%

- FY2023: 27.8%

- FY2024: 14.2%

- FY2025: 13.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 166B

- Net income, five-year total: JPY 314B

- Return on incremental invested capital: 46.4%

- Working capital / revenue, annual change: -2.7 pp

- Working capital / revenue, final three-year average: 23.0%

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

- FY2021: 0.93×

- FY2022: 0.93×

- FY2023: 0.93×

- FY2024: -0.21×

- FY2025: 0.06×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 55.65 to 128.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

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

- Market cap gain: JPY 439B

- Diluted shares, 10-year annual growth: -0.4%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.0%

- Per-share value change: JPY 72.42

- Per-share value, starting three-year median: JPY 55.65

- Per-share value, ending three-year median: JPY 128.07

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 556B

- ROIC, last three-year median: 14.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 55.65

- FY2017: JPY 78.38

- FY2018: JPY 99.40

- FY2019: JPY 124.57

- FY2020: JPY 87.56

- FY2021: JPY 97.43

- FY2022: JPY 99.68

- FY2023: JPY 151.03

- FY2024: JPY 113.06

- FY2025: JPY 128.07

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.15×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.43×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -3.1%

- FY2018: -0.2%

- FY2019: 1.7%

- FY2020: 0.9%

- FY2021: -3.7%

- FY2022: 0.5%

- FY2023: -3.3%

- FY2024: -0.8%

- FY2025: -2.7%

## Holders

## Price story

Down 38% since Oct 2021 · sales +0.3%

Story as of 2026-10-16T10:00:14.122Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

### Sales · FY2024–2025

sales +0.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf; observed 2026-03-10.

- FY2016: JPY 348B 

- FY2017: JPY 353B 

- FY2018: JPY 272B 

- FY2019: JPY 306B 

- FY2020: JPY 318B 

- FY2021: JPY 352B 

- FY2022: JPY 398B 

- FY2023: JPY 442B 

- FY2024: JPY 496B 

- FY2025: JPY 497B 

### Gross margin · FY2025

gross margin 74.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf; observed 2026-03-10.

- FY2016: 59.9% 

- FY2018: 73.0% 

- FY2019: 74.0% 

- FY2020: 74.7% 

- FY2021: 75.1% 

- FY2022: 78.2% 

- FY2023: 74.9% 

- FY2024: 73.2% 

- FY2025: 74.2% 

## Owner memo

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

### How it makes money

Annual sales are JPY 496.8 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf (filed 2026-03-10); FY2025: revenue 496826000000; grossProfit 368892000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 73.2% to 74.9% during 2023–25; it earns 14.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 73.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf (filed 2026-03-10); FY2025: grossProfit / revenue = 74.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on capital observations [[2016,0.047338290133971735],[2018,0.10022059981517137],[2019,0.07265266740309238],[2020,0.16953895310088202],[2021,0.1977966045834508],[2022,0.18704464109080585],[2023,0.27781095887633805],[2024,0.14186823676936974],[2025,0.1372998851176237]]; median 0.14186823676936974. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 7.5% of cash earnings; earns 46.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2016: growth capex 0; upkeep 29241000000; owner earnings 24238000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2018: growth capex 0; upkeep 13740000000; owner earnings 56917000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2019: growth capex 2460000000; upkeep 18797000000; owner earnings 64040000000. Growth capex / owner earnings = 0.038413491567770144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 4058698836.3526955; upkeep 31168301163.647305; owner earnings 33149698836.352695. Growth capex / owner earnings = 0.12243546634884768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2021: growth capex 268000000; upkeep 19498000000; owner earnings 48872000000. Growth capex / owner earnings = 0.0054837125552463575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2022: growth capex 10190000000; upkeep 18476000000; cash acquisitions 0; owner earnings 49806000000. Growth capex plus acquisitions / owner earnings = 0.2045938240372646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: growth capex 10018937716.696636; upkeep 22833062283.303364; cash acquisitions 0; owner earnings 75810937716.69664. Growth capex plus acquisitions / owner earnings = 0.1321568894733518.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf (filed 2026-03-10); FY2025: growth capex 296676180.92633057; upkeep 83222323819.07367; cash acquisitions 0; owner earnings 3978676180.9263306. Growth capex plus acquisitions / owner earnings = 0.07456655616976028.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Incremental return on capital 0.4635741067019825, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,13680000000],[2018,16148000000],[2019,21688000000],[2020,23631000000],[2021,24176000000],[2022,25258000000],[2023,29027000000],[2024,30895000000],[2025,30882000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/4151.T (filed 2026-03-10); FY2025: cash repurchases 9000000 JPY.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years; actual decline was 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate 0.034033048028838775. Price 2302; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 59.93610532679519 → FY2025 7.6006721135327435. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,632.00 per share

- 2016-12: JPY 1,616.00 per share

- 2017-01: JPY 1,521.00 per share

- 2017-02: JPY 1,681.00 per share

- 2017-03: JPY 1,762.00 per share

- 2017-04: JPY 1,912.00 per share

- 2017-05: JPY 1,894.00 per share

- 2017-06: JPY 2,087.00 per share

- 2017-07: JPY 2,002.00 per share

- 2017-08: JPY 1,931.00 per share

- 2017-09: JPY 1,914.00 per share

- 2017-10: JPY 2,088.00 per share

- 2017-11: JPY 2,129.00 per share

- 2017-12: JPY 2,179.00 per share

- 2018-01: JPY 2,135.00 per share

- 2018-02: JPY 2,270.00 per share

- 2018-03: JPY 2,337.00 per share

- 2018-04: JPY 2,374.00 per share

- 2018-05: JPY 2,228.00 per share

- 2018-06: JPY 2,233.00 per share

- 2018-07: JPY 2,117.00 per share

- 2018-08: JPY 1,970.00 per share

- 2018-09: JPY 2,129.00 per share

- 2018-10: JPY 2,195.00 per share

- 2018-11: JPY 2,327.00 per share

- 2018-12: JPY 2,077.00 per share

- 2019-01: JPY 2,080.00 per share

- 2019-02: JPY 2,126.00 per share

- 2019-03: JPY 2,410.00 per share

- 2019-04: JPY 2,156.00 per share

- 2019-05: JPY 2,050.00 per share

- 2019-06: JPY 1,939.00 per share

- 2019-07: JPY 1,803.00 per share

- 2019-08: JPY 1,945.00 per share

- 2019-09: JPY 2,098.00 per share

- 2019-10: JPY 1,996.00 per share

- 2019-11: JPY 2,323.00 per share

- 2019-12: JPY 2,573.00 per share

- 2020-01: JPY 2,586.00 per share

- 2020-02: JPY 2,570.00 per share

- 2020-03: JPY 2,422.00 per share

- 2020-04: JPY 2,518.00 per share

- 2020-05: JPY 2,922.00 per share

- 2020-06: JPY 2,829.00 per share

- 2020-07: JPY 2,600.00 per share

- 2020-08: JPY 2,742.00 per share

- 2020-09: JPY 2,986.00 per share

- 2020-10: JPY 2,590.00 per share

- 2020-11: JPY 2,835.00 per share

- 2020-12: JPY 2,814.00 per share

- 2021-01: JPY 3,100.00 per share

- 2021-02: JPY 2,968.00 per share

- 2021-03: JPY 3,310.00 per share

- 2021-04: JPY 3,320.00 per share

- 2021-05: JPY 3,310.00 per share

- 2021-06: JPY 3,940.00 per share

- 2021-07: JPY 3,555.00 per share

- 2021-08: JPY 3,595.00 per share

- 2021-09: JPY 4,025.00 per share

- 2021-10: JPY 3,740.00 per share

- 2021-11: JPY 3,170.00 per share

- 2021-12: JPY 3,135.00 per share

- 2022-01: JPY 2,855.00 per share

- 2022-02: JPY 2,954.00 per share

- 2022-03: JPY 2,848.00 per share

- 2022-04: JPY 2,733.00 per share

- 2022-05: JPY 2,777.00 per share

- 2022-06: JPY 3,050.00 per share

- 2022-07: JPY 3,130.00 per share

- 2022-08: JPY 3,135.00 per share

- 2022-09: JPY 3,315.00 per share

- 2022-10: JPY 3,505.00 per share

- 2022-11: JPY 3,175.00 per share

- 2022-12: JPY 3,020.00 per share

- 2023-01: JPY 2,890.00 per share

- 2023-02: JPY 2,915.00 per share

- 2023-03: JPY 2,886.00 per share

- 2023-04: JPY 3,020.00 per share

- 2023-05: JPY 2,680.00 per share

- 2023-06: JPY 2,664.00 per share

- 2023-07: JPY 2,716.00 per share

- 2023-08: JPY 2,670.50 per share

- 2023-09: JPY 2,604.00 per share

- 2023-10: JPY 2,358.00 per share

- 2023-11: JPY 2,437.00 per share

- 2023-12: JPY 2,370.00 per share

- 2024-01: JPY 2,333.50 per share

- 2024-02: JPY 2,971.50 per share

- 2024-03: JPY 2,690.50 per share

- 2024-04: JPY 2,649.00 per share

- 2024-05: JPY 2,655.50 per share

- 2024-06: JPY 2,747.50 per share

- 2024-07: JPY 3,179.00 per share

- 2024-08: JPY 3,325.00 per share

- 2024-09: JPY 2,527.00 per share

- 2024-10: JPY 2,523.00 per share

- 2024-11: JPY 2,486.00 per share

- 2024-12: JPY 2,375.50 per share

- 2025-01: JPY 2,320.00 per share

- 2025-02: JPY 2,119.50 per share

- 2025-03: JPY 2,173.00 per share

- 2025-04: JPY 2,225.00 per share

- 2025-05: JPY 2,353.50 per share

- 2025-06: JPY 2,465.50 per share

- 2025-07: JPY 2,597.00 per share

- 2025-08: JPY 2,545.00 per share

- 2025-09: JPY 2,298.50 per share

- 2025-10: JPY 2,382.00 per share

- 2025-11: JPY 2,630.50 per share

- 2025-12: JPY 2,527.00 per share

- 2026-01: JPY 2,504.50 per share

- 2026-02: JPY 2,885.00 per share

- 2026-03: JPY 2,578.00 per share

- 2026-04: JPY 2,362.00 per share

- 2026-05: JPY 2,505.00 per share

- 2026-06: JPY 2,587.00 per share

- 2026-07: JPY 2,554.50 per share

- 2026-08: JPY 2,628.00 per share

- 2026-09: JPY 2,280.00 per share

- 2026-10: JPY 2,253.50 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 1,803.86 per share, central JPY 2,048.08 per share, high JPY 2,284.25 per share

- FY2023: low JPY 2,081.29 per share, central JPY 2,397.09 per share, high JPY 2,673.89 per share

- FY2024: low JPY 1,884.86 per share, central JPY 2,303.13 per share, high JPY 2,617.43 per share

- FY2025: low JPY 1,695.95 per share, central JPY 1,874.78 per share, high JPY 2,112.84 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 2026-10-15T07:10:10.554Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XPTY.pdf); period 2025-12-31, filed 2026-03-10.

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.

Kyowa Kirin

4151 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,302.00
Buy up to: JPY 1,971.47
Expected / yr: 8.8% 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 23.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

9y median: 17.0%
Worst year: 9.1%
Latest · 2025: 17.7%

Capital return excluding acquisitions: median 14.2% (minimum 15%), and the second-worst year 7.3% (minimum 10%).

ROIC excluding acquisitions

9y median: 14.2%
Worst year: 4.7%
Latest · 2025: 13.7%

Each $1 of profit left $0.53 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.53×
Annual median: 0.93×
Latest · 2025: 0.06×

Per-share value rose from 55.65 to 128.07, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 99.54
Worst year: JPY 55.65
Latest · 2025: JPY 128.07

Profits were backed by cash: accruals were -2.7% of assets (limit 10%).

Sloan accruals

10y median: -1.7%
Worst year: 1.7%
Latest · 2025: -2.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 17.3%, three-year average owner earnings per share 41.59 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1632.00; 2016-12 · Price JPY 1616.00; 2017-01 · Price JPY 1521.00; 2017-02 · Price JPY 1681.00; 2017-03 · Price JPY 1762.00; 2017-04 · Price JPY 1912.00; 2017-05 · Price JPY 1894.00; 2017-06 · Price JPY 2087.00; 2017-07 · Price JPY 2002.00; 2017-08 · Price JPY 1931.00; 2017-09 · Price JPY 1914.00; 2017-10 · Price JPY 2088.00; 2017-11 · Price JPY 2129.00; 2017-12 · Price JPY 2179.00; 2018-01 · Price JPY 2135.00; 2018-02 · Price JPY 2270.00; 2018-03 · Price JPY 2337.00; 2018-04 · Price JPY 2374.00; 2018-05 · Price JPY 2228.00; 2018-06 · Price JPY 2233.00; 2018-07 · Price JPY 2117.00; 2018-08 · Price JPY 1970.00; 2018-09 · Price JPY 2129.00; 2018-10 · Price JPY 2195.00; 2018-11 · Price JPY 2327.00; 2018-12 · Price JPY 2077.00; 2019-01 · Price JPY 2080.00; 2019-02 · Price JPY 2126.00; 2019-03 · Price JPY 2410.00; 2019-04 · Price JPY 2156.00; 2019-05 · Price JPY 2050.00; 2019-06 · Price JPY 1939.00; 2019-07 · Price JPY 1803.00; 2019-08 · Price JPY 1945.00; 2019-09 · Price JPY 2098.00; 2019-10 · Price JPY 1996.00; 2019-11 · Price JPY 2323.00; 2019-12 · Price JPY 2573.00; 2020-01 · Price JPY 2586.00; 2020-02 · Price JPY 2570.00; 2020-03 · Price JPY 2422.00; 2020-04 · Price JPY 2518.00; 2020-05 · Price JPY 2922.00; 2020-06 · Price JPY 2829.00; 2020-07 · Price JPY 2600.00; 2020-08 · Price JPY 2742.00; 2020-09 · Price JPY 2986.00; 2020-10 · Price JPY 2590.00; 2020-11 · Price JPY 2835.00; 2020-12 · Price JPY 2814.00; 2021-01 · Price JPY 3100.00; 2021-02 · Price JPY 2968.00; 2021-03 · Price JPY 3310.00; 2021-04 · Price JPY 3320.00; 2021-05 · Price JPY 3310.00; 2021-06 · Price JPY 3940.00; 2021-07 · Price JPY 3555.00; 2021-08 · Price JPY 3595.00; 2021-09 · Price JPY 4025.00; 2021-10 · Price JPY 3740.00; 2021-11 · Price JPY 3170.00; 2021-12 · Price JPY 3135.00; 2022-01 · Price JPY 2855.00 · Value 2048.08 · Buy at or below 2048.08; 2022-02 · Price JPY 2954.00 · Value 2048.08 · Buy at or below 2048.08; 2022-03 · Price JPY 2848.00 · Value 2048.08 · Buy at or below 2048.08; 2022-04 · Price JPY 2733.00 · Value 2048.08 · Buy at or below 2048.08; 2022-05 · Price JPY 2777.00 · Value 2048.08 · Buy at or below 2048.08; 2022-06 · Price JPY 3050.00 · Value 2048.08 · Buy at or below 2048.08; 2022-07 · Price JPY 3130.00 · Value 2048.08 · Buy at or below 2048.08; 2022-08 · Price JPY 3135.00 · Value 2048.08 · Buy at or below 2048.08; 2022-09 · Price JPY 3315.00 · Value 2048.08 · Buy at or below 2048.08; 2022-10 · Price JPY 3505.00 · Value 2048.08 · Buy at or below 2048.08; 2022-11 · Price JPY 3175.00 · Value 2048.08 · Buy at or below 2048.08; 2022-12 · Price JPY 3020.00 · Value 2048.08 · Buy at or below 2048.08; 2023-01 · Price JPY 2890.00 · Value 2048.08 · Buy at or below 2048.08; 2023-02 · Price JPY 2915.00 · Value 2397.09 · Buy at or below 2397.09; 2023-03 · Price JPY 2886.00 · Value 2397.09 · Buy at or below 2397.09; 2023-04 · Price JPY 3020.00 · Value 2397.09 · Buy at or below 2397.09; 2023-05 · Price JPY 2680.00 · Value 2397.09 · Buy at or below 2397.09; 2023-06 · Price JPY 2664.00 · Value 2397.09 · Buy at or below 2397.09; 2023-07 · Price JPY 2716.00 · Value 2397.09 · Buy at or below 2397.09; 2023-08 · Price JPY 2670.50 · Value 2397.09 · Buy at or below 2397.09; 2023-09 · Price JPY 2604.00 · Value 2397.09 · Buy at or below 2397.09; 2023-10 · Price JPY 2358.00 · Value 2397.09 · Buy at or below 2397.09; 2023-11 · Price JPY 2437.00 · Value 2397.09 · Buy at or below 2397.09; 2023-12 · Price JPY 2370.00 · Value 2397.09 · Buy at or below 2397.09; 2024-01 · Price JPY 2333.50 · Value 2397.09 · Buy at or below 2397.09; 2024-02 · Price JPY 2971.50 · Value 2303.13 · Buy at or below 2303.13; 2024-03 · Price JPY 2690.50 · Value 2303.13 · Buy at or below 2303.13; 2024-04 · Price JPY 2649.00 · Value 2303.13 · Buy at or below 2303.13; 2024-05 · Price JPY 2655.50 · Value 2303.13 · Buy at or below 2303.13; 2024-06 · Price JPY 2747.50 · Value 2303.13 · Buy at or below 2303.13; 2024-07 · Price JPY 3179.00 · Value 2303.13 · Buy at or below 2303.13; 2024-08 · Price JPY 3325.00 · Value 2303.13 · Buy at or below 2303.13; 2024-09 · Price JPY 2527.00 · Value 2303.13 · Buy at or below 2303.13; 2024-10 · Price JPY 2523.00 · Value 2303.13 · Buy at or below 2303.13; 2024-11 · Price JPY 2486.00 · Value 2303.13 · Buy at or below 2303.13; 2024-12 · Price JPY 2375.50 · Value 2303.13 · Buy at or below 2303.13; 2025-01 · Price JPY 2320.00 · Value 2303.13 · Buy at or below 2303.13; 2025-02 · Price JPY 2119.50 · Value 1874.78 · Buy at or below 1874.78; 2025-03 · Price JPY 2173.00 · Value 1874.78 · Buy at or below 1874.78; 2025-04 · Price JPY 2225.00 · Value 1874.78 · Buy at or below 1874.78; 2025-05 · Price JPY 2353.50 · Value 1874.78 · Buy at or below 1874.78; 2025-06 · Price JPY 2465.50 · Value 1874.78 · Buy at or below 1874.78; 2025-07 · Price JPY 2597.00 · Value 1874.78 · Buy at or below 1874.78; 2025-08 · Price JPY 2545.00 · Value 1874.78 · Buy at or below 1874.78; 2025-09 · Price JPY 2298.50 · Value 1874.78 · Buy at or below 1874.78; 2025-10 · Price JPY 2382.00 · Value 1874.78 · Buy at or below 1874.78; 2025-11 · Price JPY 2630.50 · Value 1874.78 · Buy at or below 1874.78; 2025-12 · Price JPY 2527.00 · Value 1874.78 · Buy at or below 1874.78; 2026-01 · Price JPY 2504.50 · Value 1874.78 · Buy at or below 1874.78; 2026-02 · Price JPY 2885.00 · Value 1971.47 · Buy at or below 1971.47; 2026-03 · Price JPY 2578.00 · Value 1971.47 · Buy at or below 1971.47; 2026-04 · Price JPY 2362.00 · Value 1971.47 · Buy at or below 1971.47; 2026-05 · Price JPY 2505.00 · Value 1971.47 · Buy at or below 1971.47; 2026-06 · Price JPY 2587.00 · Value 1971.47 · Buy at or below 1971.47; 2026-07 · Price JPY 2554.50 · Value 1971.47 · Buy at or below 1971.47; 2026-08 · Price JPY 2628.00 · Value 1971.47 · Buy at or below 1971.47; 2026-09 · Price JPY 2280.00 · Value 1971.47 · Buy at or below 1971.47; 2026-10 · Price JPY 2253.50 · Value 1971.47 · Buy at or below 1971.47; 2026-10 · Price JPY 2302.00 · Value 1971.47 · Buy at or below 1971.47

JPY per share · annual estimates

Price & return math
Value range	JPY 1,780.77 – JPY 2,225.33
Buy at or below	Central value JPY 1,971.47
Discount to value	1 − 2302.00 / 1971.47 = -16.8%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 126.54/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 397.68/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 497B

Revenue

Owner earningsJPY 4.0B

Owner earnings

Operating margin17.7%

Operating margin

Net cash / debtJPY 219B

Net cash / debt

Diluted shares523M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·