# Mitsui Chemicals (4183.JP)

Canonical: https://gigainvestors.com/s/4183.JP

Analysis as of: 2026-10-15T07:10:11.226Z. Financial observations: FY2017–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 2,059.00 per share; close as of 2026-10-15.

Estimated value: low JPY 580.88 per share, central JPY 620.64 per share, high JPY 673.58 per share. Buy at or below the central value JPY 620.64 per share. Valuation as of 2026-10-15T07:10:11.226Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.09×

- FY2023: 0.07×

- FY2024: 0.04×

- FY2025: 0.04×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: 3.7%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 22.5%

- Recent gross margin (lower of latest and 3-year median): 21.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.1%

- FY2018: 9.8%

- FY2019: 8.1%

- FY2020: 4.9%

- FY2021: 7.3%

- FY2022: 10.5%

- FY2023: 7.5%

- FY2024: 3.9%

- FY2025: 3.7%

- FY2026: 3.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.57×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 176B

- Net income, five-year total: JPY 310B

- Return on incremental invested capital: -9.6%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 31.6%

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

- FY2022: 0.92×

- FY2023: 0.89×

- FY2024: -0.26×

- FY2025: 0.33×

- FY2026: 0.09×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 3.7%

- Per-share earnings: 358.38 to 91.62 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 14.1%

- Market cap gain: JPY 422B

- Cumulative retained earnings: JPY 390B

- Diluted shares, 5-year annual growth: 14.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -17.7%

- Per-share value change: JPY -266.76

- Per-share value, starting three-year median: JPY 358.38

- Per-share value, ending three-year median: JPY 91.62

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 29B

- Cumulative net income, 10 years: JPY 614B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 3.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 324.05

- FY2018: JPY 358.38

- FY2019: JPY 385.60

- FY2020: JPY 174.52

- FY2021: JPY 298.00

- FY2022: JPY 565.45

- FY2023: JPY 431.17

- FY2024: JPY 262.99

- FY2025: JPY 85.28

- FY2026: JPY 91.62

### accounting: pass

- Sloan accruals: -8.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -0.8%

- FY2019: -2.1%

- FY2020: -7.1%

- FY2021: -7.5%

- FY2022: 0.9%

- FY2023: -0.9%

- FY2024: -5.0%

- FY2025: -7.8%

- FY2026: -8.3%

## Holders

## Price story

Price needs cash profits to grow 22.5% a year for ten years · sales -7.8%

Story as of 2026-10-16T10:00:14.127Z; price observation 2026-10-15.

Price needs cash profits to grow 22.5% a year for ten years

### Sales · FY2025–2026

sales -7.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGUI.pdf; observed 2026-06-22.

- FY2017: JPY 1.21T 

- FY2018: JPY 1.33T 

- FY2019: JPY 1.48T 

- FY2020: JPY 1.35T 

- FY2021: JPY 1.21T 

- FY2022: JPY 1.61T 

- FY2023: JPY 1.88T 

- FY2024: JPY 1.75T 

- FY2025: JPY 1.81T 

- FY2026: JPY 1.67T 

### Gross margin · FY2026

gross margin 22.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGUI.pdf; observed 2026-06-22.

- FY2017: 24.2% 

- FY2018: 23.3% 

- FY2019: 21.3% 

- FY2020: 22.1% 

- FY2021: 24.2% 

- FY2022: 23.5% 

- FY2023: 20.3% 

- FY2024: 21.2% 

- FY2025: 21.5% 

- FY2026: 22.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.7 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGUI.pdf (filed 2026-06-22); FY2026: revenue 1668754000000; grossProfit 380510000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21.2% to 22.8% during 2024–26; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: grossProfit / revenue = 21.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGUI.pdf (filed 2026-06-22); FY2026: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.11058557513515363],[2018,0.09794397462694004],[2019,0.08050757806965046],[2020,0.048941828010044236],[2021,0.07332331553473996],[2022,0.10479435000923953],[2023,0.07514302034246989],[2024,0.039157583916427395],[2025,0.03651310411294463],[2026,0.03612405033317997]]; median 0.07423316793860493. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 41498000000; owner earnings 65989925829.64377. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 7837000000; upkeep 44835000000; owner earnings 71585000000. Growth capex / owner earnings = 0.10947824264859957.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 6902000000; upkeep 48853000000; owner earnings 75994479964.86484. Growth capex / owner earnings = 0.09082238608897725.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 99771000000; owner earnings 9225996621.225273. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 0; upkeep 76581000000; cash acquisitions 0; owner earnings 50602264485.58838. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 31994000000; upkeep 84222000000; cash acquisitions 10694000000; owner earnings 101048922910.81476. Growth capex plus acquisitions / owner earnings = 0.4224488373584764.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 45781000000; upkeep 92080000000; cash acquisitions 0; owner earnings 73909816148.57219. Growth capex plus acquisitions / owner earnings = 0.6194170461467777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: growth capex 19963452473.89804; upkeep 118442547526.10196; cash acquisitions 0; owner earnings 10734313557.986832. Growth capex plus acquisitions / owner earnings = 1.8597791434035666.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGUI.pdf (filed 2026-06-22); FY2026: growth capex 0; upkeep 137759000000; owner earnings 3003952717.970581. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,9005000000],[2018,18007000000],[2019,18878000000],[2020,19509000000],[2021,19349000000],[2022,20527000000],[2023,24161000000],[2024,24714000000],[2025,27572000000],[2026,28171000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 22.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Ten-year compound average after fade. Initial solved rate 0.3146533831127557. Price 2059; 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 1,322.50 per share

- 2016-12: JPY 1,312.50 per share

- 2017-01: JPY 1,330.00 per share

- 2017-02: JPY 1,427.50 per share

- 2017-03: JPY 1,375.00 per share

- 2017-04: JPY 1,425.00 per share

- 2017-05: JPY 1,375.00 per share

- 2017-06: JPY 1,487.50 per share

- 2017-07: JPY 1,575.00 per share

- 2017-08: JPY 1,645.00 per share

- 2017-09: JPY 1,710.00 per share

- 2017-10: JPY 1,740.00 per share

- 2017-11: JPY 1,812.50 per share

- 2017-12: JPY 1,812.50 per share

- 2018-01: JPY 1,712.50 per share

- 2018-02: JPY 1,642.50 per share

- 2018-03: JPY 1,677.50 per share

- 2018-04: JPY 1,570.00 per share

- 2018-05: JPY 1,575.00 per share

- 2018-06: JPY 1,475.00 per share

- 2018-07: JPY 1,500.00 per share

- 2018-08: JPY 1,437.00 per share

- 2018-09: JPY 1,420.50 per share

- 2018-10: JPY 1,267.50 per share

- 2018-11: JPY 1,440.50 per share

- 2018-12: JPY 1,242.00 per share

- 2019-01: JPY 1,362.00 per share

- 2019-02: JPY 1,356.50 per share

- 2019-03: JPY 1,335.50 per share

- 2019-04: JPY 1,359.00 per share

- 2019-05: JPY 1,193.50 per share

- 2019-06: JPY 1,333.50 per share

- 2019-07: JPY 1,254.00 per share

- 2019-08: JPY 1,135.50 per share

- 2019-09: JPY 1,208.00 per share

- 2019-10: JPY 1,301.50 per share

- 2019-11: JPY 1,311.50 per share

- 2019-12: JPY 1,340.00 per share

- 2020-01: JPY 1,227.50 per share

- 2020-02: JPY 1,169.50 per share

- 2020-03: JPY 1,025.50 per share

- 2020-04: JPY 1,063.00 per share

- 2020-05: JPY 1,120.00 per share

- 2020-06: JPY 1,123.50 per share

- 2020-07: JPY 1,003.00 per share

- 2020-08: JPY 1,246.50 per share

- 2020-09: JPY 1,268.00 per share

- 2020-10: JPY 1,333.00 per share

- 2020-11: JPY 1,466.50 per share

- 2020-12: JPY 1,512.50 per share

- 2021-01: JPY 1,498.50 per share

- 2021-02: JPY 1,640.00 per share

- 2021-03: JPY 1,747.50 per share

- 2021-04: JPY 1,720.00 per share

- 2021-05: JPY 1,835.00 per share

- 2021-06: JPY 1,917.50 per share

- 2021-07: JPY 1,737.50 per share

- 2021-08: JPY 1,900.00 per share

- 2021-09: JPY 1,882.50 per share

- 2021-10: JPY 1,690.00 per share

- 2021-11: JPY 1,522.50 per share

- 2021-12: JPY 1,545.00 per share

- 2022-01: JPY 1,520.00 per share

- 2022-02: JPY 1,469.00 per share

- 2022-03: JPY 1,545.00 per share

- 2022-04: JPY 1,487.50 per share

- 2022-05: JPY 1,577.50 per share

- 2022-06: JPY 1,445.00 per share

- 2022-07: JPY 1,394.00 per share

- 2022-08: JPY 1,572.50 per share

- 2022-09: JPY 1,409.50 per share

- 2022-10: JPY 1,377.50 per share

- 2022-11: JPY 1,550.00 per share

- 2022-12: JPY 1,487.50 per share

- 2023-01: JPY 1,522.50 per share

- 2023-02: JPY 1,642.50 per share

- 2023-03: JPY 1,705.00 per share

- 2023-04: JPY 1,707.50 per share

- 2023-05: JPY 1,762.50 per share

- 2023-06: JPY 2,114.50 per share

- 2023-07: JPY 2,040.00 per share

- 2023-08: JPY 1,978.00 per share

- 2023-09: JPY 1,938.50 per share

- 2023-10: JPY 1,881.50 per share

- 2023-11: JPY 2,164.00 per share

- 2023-12: JPY 2,091.00 per share

- 2024-01: JPY 2,187.00 per share

- 2024-02: JPY 2,074.00 per share

- 2024-03: JPY 2,184.50 per share

- 2024-04: JPY 2,252.00 per share

- 2024-05: JPY 2,375.50 per share

- 2024-06: JPY 2,220.00 per share

- 2024-07: JPY 2,188.50 per share

- 2024-08: JPY 1,945.50 per share

- 2024-09: JPY 1,902.50 per share

- 2024-10: JPY 1,760.50 per share

- 2024-11: JPY 1,734.50 per share

- 2024-12: JPY 1,735.00 per share

- 2025-01: JPY 1,707.50 per share

- 2025-02: JPY 1,676.50 per share

- 2025-03: JPY 1,671.00 per share

- 2025-04: JPY 1,565.00 per share

- 2025-05: JPY 1,642.50 per share

- 2025-06: JPY 1,667.50 per share

- 2025-07: JPY 1,696.50 per share

- 2025-08: JPY 1,819.00 per share

- 2025-09: JPY 1,851.00 per share

- 2025-10: JPY 1,823.50 per share

- 2025-11: JPY 1,968.00 per share

- 2025-12: JPY 2,002.00 per share

- 2026-01: JPY 2,256.00 per share

- 2026-02: JPY 2,380.00 per share

- 2026-03: JPY 1,858.50 per share

- 2026-04: JPY 1,895.00 per share

- 2026-05: JPY 2,181.50 per share

- 2026-06: JPY 2,133.00 per share

- 2026-07: JPY 2,118.50 per share

- 2026-08: JPY 2,187.00 per share

- 2026-09: JPY 2,146.50 per share

- 2026-10: JPY 2,121.00 per share

## Annual estimated value (JPY per share)

- FY2021: low JPY 4,291.95 per share, central JPY 4,773.83 per share, high JPY 5,415.31 per share

- FY2022: low JPY 5,354.16 per share, central JPY 5,994.46 per share, high JPY 6,846.84 per share

- FY2023: low JPY 5,171.59 per share, central JPY 5,786.56 per share, high JPY 6,605.20 per share

- FY2024: low JPY 4,813.07 per share, central JPY 5,358.49 per share, high JPY 6,084.55 per share

- FY2025: low JPY 2,325.69 per share, central JPY 2,609.27 per share, high JPY 2,986.77 per share

- FY2026: low JPY 580.88 per share, central JPY 620.64 per share, high JPY 673.58 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/S100YGUI.pdf); period 2026-03-31, filed 2026-06-22.

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.

Mitsui Chemicals

4183 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,059.00
Buy up to: JPY 620.64
Expected / yr: 4.3% 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 27.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 6.4%
Worst year: 4.2%
Latest · 2026: 4.4%

Capital return excluding acquisitions: median 7.4% (minimum 15%), and the second-worst year 3.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 7.4%
Worst year: 3.6%
Latest · 2026: 3.6%

Each $1 of profit left $0.57 for owners over five years (minimum $0.80), and new investment earned -9.6% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.57×
Annual median: 0.33×
Latest · 2026: 0.09×

Per-share value fell from 358.38 to 91.62, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 311.03
Worst year: JPY 85.28
Latest · 2026: JPY 91.62

Profits were backed by cash: accruals were -8.3% of assets (limit 10%).

Sloan accruals

10y median: -3.9%
Worst year: 0.9%
Latest · 2026: -8.3%

Profit record · fail 0 loss years in 10 (at most 2), mean operating margin 6.3%, three-year average owner earnings per share -10.57 JPY. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1322.50; 2016-12 · Price JPY 1312.50; 2017-01 · Price JPY 1330.00; 2017-02 · Price JPY 1427.50; 2017-03 · Price JPY 1375.00; 2017-04 · Price JPY 1425.00; 2017-05 · Price JPY 1375.00; 2017-06 · Price JPY 1487.50; 2017-07 · Price JPY 1575.00; 2017-08 · Price JPY 1645.00; 2017-09 · Price JPY 1710.00; 2017-10 · Price JPY 1740.00; 2017-11 · Price JPY 1812.50; 2017-12 · Price JPY 1812.50; 2018-01 · Price JPY 1712.50; 2018-02 · Price JPY 1642.50; 2018-03 · Price JPY 1677.50; 2018-04 · Price JPY 1570.00; 2018-05 · Price JPY 1575.00; 2018-06 · Price JPY 1475.00; 2018-07 · Price JPY 1500.00; 2018-08 · Price JPY 1437.00; 2018-09 · Price JPY 1420.50; 2018-10 · Price JPY 1267.50; 2018-11 · Price JPY 1440.50; 2018-12 · Price JPY 1242.00; 2019-01 · Price JPY 1362.00; 2019-02 · Price JPY 1356.50; 2019-03 · Price JPY 1335.50; 2019-04 · Price JPY 1359.00; 2019-05 · Price JPY 1193.50; 2019-06 · Price JPY 1333.50; 2019-07 · Price JPY 1254.00; 2019-08 · Price JPY 1135.50; 2019-09 · Price JPY 1208.00; 2019-10 · Price JPY 1301.50; 2019-11 · Price JPY 1311.50; 2019-12 · Price JPY 1340.00; 2020-01 · Price JPY 1227.50; 2020-02 · Price JPY 1169.50; 2020-03 · Price JPY 1025.50; 2020-04 · Price JPY 1063.00; 2020-05 · Price JPY 1120.00; 2020-06 · Price JPY 1123.50; 2020-07 · Price JPY 1003.00; 2020-08 · Price JPY 1246.50; 2020-09 · Price JPY 1268.00; 2020-10 · Price JPY 1333.00; 2020-11 · Price JPY 1466.50; 2020-12 · Price JPY 1512.50; 2021-01 · Price JPY 1498.50 · Value 4773.83 · Buy at or below 4773.83; 2021-02 · Price JPY 1640.00 · Value 4773.83 · Buy at or below 4773.83; 2021-03 · Price JPY 1747.50 · Value 4773.83 · Buy at or below 4773.83; 2021-04 · Price JPY 1720.00 · Value 4773.83 · Buy at or below 4773.83; 2021-05 · Price JPY 1835.00 · Value 4773.83 · Buy at or below 4773.83; 2021-06 · Price JPY 1917.50 · Value 4773.83 · Buy at or below 4773.83; 2021-07 · Price JPY 1737.50 · Value 4773.83 · Buy at or below 4773.83; 2021-08 · Price JPY 1900.00 · Value 4773.83 · Buy at or below 4773.83; 2021-09 · Price JPY 1882.50 · Value 4773.83 · Buy at or below 4773.83; 2021-10 · Price JPY 1690.00 · Value 4773.83 · Buy at or below 4773.83; 2021-11 · Price JPY 1522.50 · Value 4773.83 · Buy at or below 4773.83; 2021-12 · Price JPY 1545.00 · Value 4773.83 · Buy at or below 4773.83; 2022-01 · Price JPY 1520.00 · Value 4773.83 · Buy at or below 4773.83; 2022-02 · Price JPY 1469.00 · Value 5994.46 · Buy at or below 5994.46; 2022-03 · Price JPY 1545.00 · Value 5994.46 · Buy at or below 5994.46; 2022-04 · Price JPY 1487.50 · Value 5994.46 · Buy at or below 5994.46; 2022-05 · Price JPY 1577.50 · Value 5994.46 · Buy at or below 5994.46; 2022-06 · Price JPY 1445.00 · Value 5994.46 · Buy at or below 5994.46; 2022-07 · Price JPY 1394.00 · Value 5994.46 · Buy at or below 5994.46; 2022-08 · Price JPY 1572.50 · Value 5994.46 · Buy at or below 5994.46; 2022-09 · Price JPY 1409.50 · Value 5994.46 · Buy at or below 5994.46; 2022-10 · Price JPY 1377.50 · Value 5994.46 · Buy at or below 5994.46; 2022-11 · Price JPY 1550.00 · Value 5994.46 · Buy at or below 5994.46; 2022-12 · Price JPY 1487.50 · Value 5994.46 · Buy at or below 5994.46; 2023-01 · Price JPY 1522.50 · Value 5994.46 · Buy at or below 5994.46; 2023-02 · Price JPY 1642.50 · Value 5786.56 · Buy at or below 5786.56; 2023-03 · Price JPY 1705.00 · Value 5786.56 · Buy at or below 5786.56; 2023-04 · Price JPY 1707.50 · Value 5786.56 · Buy at or below 5786.56; 2023-05 · Price JPY 1762.50 · Value 5786.56 · Buy at or below 5786.56; 2023-06 · Price JPY 2114.50 · Value 5786.56 · Buy at or below 5786.56; 2023-07 · Price JPY 2040.00 · Value 5786.56 · Buy at or below 5786.56; 2023-08 · Price JPY 1978.00 · Value 5786.56 · Buy at or below 5786.56; 2023-09 · Price JPY 1938.50 · Value 5786.56 · Buy at or below 5786.56; 2023-10 · Price JPY 1881.50 · Value 5786.56 · Buy at or below 5786.56; 2023-11 · Price JPY 2164.00 · Value 5786.56 · Buy at or below 5786.56; 2023-12 · Price JPY 2091.00 · Value 5786.56 · Buy at or below 5786.56; 2024-01 · Price JPY 2187.00 · Value 5786.56 · Buy at or below 5786.56; 2024-02 · Price JPY 2074.00 · Value 5358.49 · Buy at or below 5358.49; 2024-03 · Price JPY 2184.50 · Value 5358.49 · Buy at or below 5358.49; 2024-04 · Price JPY 2252.00 · Value 5358.49 · Buy at or below 5358.49; 2024-05 · Price JPY 2375.50 · Value 5358.49 · Buy at or below 5358.49; 2024-06 · Price JPY 2220.00 · Value 5358.49 · Buy at or below 5358.49; 2024-07 · Price JPY 2188.50 · Value 5358.49 · Buy at or below 5358.49; 2024-08 · Price JPY 1945.50 · Value 5358.49 · Buy at or below 5358.49; 2024-09 · Price JPY 1902.50 · Value 5358.49 · Buy at or below 5358.49; 2024-10 · Price JPY 1760.50 · Value 5358.49 · Buy at or below 5358.49; 2024-11 · Price JPY 1734.50 · Value 5358.49 · Buy at or below 5358.49; 2024-12 · Price JPY 1735.00 · Value 5358.49 · Buy at or below 5358.49; 2025-01 · Price JPY 1707.50 · Value 5358.49 · Buy at or below 5358.49; 2025-02 · Price JPY 1676.50 · Value 2609.27 · Buy at or below 2609.27; 2025-03 · Price JPY 1671.00 · Value 2609.27 · Buy at or below 2609.27; 2025-04 · Price JPY 1565.00 · Value 2609.27 · Buy at or below 2609.27; 2025-05 · Price JPY 1642.50 · Value 2609.27 · Buy at or below 2609.27; 2025-06 · Price JPY 1667.50 · Value 2609.27 · Buy at or below 2609.27; 2025-07 · Price JPY 1696.50 · Value 2609.27 · Buy at or below 2609.27; 2025-08 · Price JPY 1819.00 · Value 2609.27 · Buy at or below 2609.27; 2025-09 · Price JPY 1851.00 · Value 2609.27 · Buy at or below 2609.27; 2025-10 · Price JPY 1823.50 · Value 2609.27 · Buy at or below 2609.27; 2025-11 · Price JPY 1968.00 · Value 2609.27 · Buy at or below 2609.27; 2025-12 · Price JPY 2002.00 · Value 2609.27 · Buy at or below 2609.27; 2026-01 · Price JPY 2256.00 · Value 2609.27 · Buy at or below 2609.27; 2026-02 · Price JPY 2380.00 · Value 620.64 · Buy at or below 620.64; 2026-03 · Price JPY 1858.50 · Value 620.64 · Buy at or below 620.64; 2026-04 · Price JPY 1895.00 · Value 620.64 · Buy at or below 620.64; 2026-05 · Price JPY 2181.50 · Value 620.64 · Buy at or below 620.64; 2026-06 · Price JPY 2133.00 · Value 620.64 · Buy at or below 620.64; 2026-07 · Price JPY 2118.50 · Value 620.64 · Buy at or below 620.64; 2026-08 · Price JPY 2187.00 · Value 620.64 · Buy at or below 620.64; 2026-09 · Price JPY 2146.50 · Value 620.64 · Buy at or below 620.64; 2026-10 · Price JPY 2121.00 · Value 620.64 · Buy at or below 620.64; 2026-10 · Price JPY 2059.00 · Value 620.64 · Buy at or below 620.64

JPY per share · annual estimates

Price & return math
Value range	JPY 580.88 – JPY 673.58
Buy at or below	Central value JPY 620.64
Discount to value	1 − 2059.00 / 620.64 = -231.8%
Return / year	About 4.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 26.39/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 292.45/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.67T

Revenue

Owner earningsJPY 3.0B

Owner earnings

Operating margin4.4%

Operating margin

Net cash / debtJPY -557B

Net cash / debt

Diluted shares375M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·