# Chugai Pharmaceutical (4519.JP)

Canonical: https://gigainvestors.com/s/4519.JP

Analysis as of: 2026-10-15T07:10:20.370Z. 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 6,267.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,190.32 per share, central JPY 2,458.83 per share, high JPY 2,816.26 per share. Buy at or below the central value JPY 2,458.83 per share. Valuation as of 2026-10-15T07:10:20.370Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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

- 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: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.21×

- FY2019: 0.31×

- FY2020: 0.38×

- FY2021: 0.42×

- FY2022: 0.42×

- FY2023: 0.40×

- FY2024: 0.46×

- FY2025: 0.48×

### moat: pass

- ROIC, median of available years: 27.9%

- ROIC, second-lowest year: 24.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 20.1%

- Typical minus recent gross margin: 0.4 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 15.6%

- FY2019: 24.6%

- FY2020: 28.3%

- FY2021: 33.1%

- FY2022: 31.3%

- FY2023: 27.6%

- FY2024: 28.4%

- FY2025: 27.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.38T

- Net income, five-year total: JPY 1.82T

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, final three-year average: 44.6%

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

- FY2021: 0.68×

- FY2022: 0.46×

- FY2023: 1.03×

- FY2024: 1.02×

- FY2025: 0.63×

### management: pass

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

- buybacks unrelated to price (informational)

- Per-share earnings: 44.35 to 235.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.7%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: JPY 11.73T

- Diluted shares, 10-year annual growth: 11.7%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.2%

- Per-share value change: JPY 191.04

- Per-share value, starting three-year median: JPY 44.35

- Per-share value, ending three-year median: JPY 235.39

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.0%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 2.42T

- ROIC, last three-year median: 27.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 32.71

- FY2017: JPY 44.35

- FY2018: JPY 56.36

- FY2019: JPY 95.95

- FY2020: JPY 130.66

- FY2021: JPY 184.29

- FY2022: JPY 227.64

- FY2023: JPY 197.83

- FY2024: JPY 235.39

- FY2025: JPY 263.73

### accounting: pass

- Sloan accruals: 1.9%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.8%

- FY2017: -4.1%

- FY2018: -2.9%

- FY2019: -4.6%

- FY2020: 0.8%

- FY2021: 1.5%

- FY2022: 7.0%

- FY2023: -4.4%

- FY2024: -2.7%

- FY2025: 1.9%

## Holders

## Price story

Down 40% since Feb 2026 · sales +7.5%

Story as of 2026-10-16T10:00:14.200Z; price observation 2026-10-15.

Price needs cash profits to grow 13.5% a year for ten years

### Sales · FY2024–2025

sales +7.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf; observed 2026-03-25.

- FY2016: JPY 492B 

- FY2017: JPY 534B 

- FY2018: JPY 580B 

- FY2019: JPY 686B 

- FY2020: JPY 787B 

- FY2021: JPY 1,000B 

- FY2022: JPY 1.26T 

- FY2023: JPY 1.11T 

- FY2024: JPY 1.17T 

- FY2025: JPY 1.26T 

### Gross margin · FY2025

gross margin 71.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf; observed 2026-03-25.

- FY2018: 54.7% 

- FY2019: 61.2% 

- FY2020: 65.2% 

- FY2021: 66.2% 

- FY2022: 62.2% 

- FY2023: 62.8% 

- FY2024: 71.0% 

- FY2025: 71.1% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf (filed 2026-03-25); FY2025: revenue 1257941000000; grossProfit 894251000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 62.8% to 71.1% during 2023–25; it earns 27.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: grossProfit / revenue = 62.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: grossProfit / revenue = 71%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf (filed 2026-03-25); FY2025: grossProfit / revenue = 71.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 10-year return on capital observations [[2018,0.15639966105832748],[2019,0.24553620097226891],[2020,0.2825740539410071],[2021,0.33122001527233275],[2022,0.3127050513256267],[2023,0.27599838015793143],[2024,0.2839798587683784],[2025,0.2718715081224698]]; median 0.27928621704946927. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 8 years; bought back JPY 6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2018: growth capex 0; upkeep 77671000000; owner earnings 41403000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2019: growth capex 0; upkeep 61177000000; owner earnings 145464000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2020: growth capex 0; upkeep 61389000000; owner earnings 143646000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2021: growth capex 0; upkeep 72866000000; owner earnings 206760000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2022: growth capex 0; upkeep 71239000000; owner earnings 172343000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: growth capex 0; upkeep 74258000000; owner earnings 335667000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: growth capex 0; upkeep 54389000000; owner earnings 393211000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf (filed 2026-03-25); FY2025: growth capex 0; upkeep 111607000000; owner earnings 274673000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf (filed 2026-03-25); FY2025: cash repurchases 6000000 JPY.

### What the price says

The price assumes cash profits grow 13.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Ten-year compound average after fade. Initial solved rate 0.18237512237005077. Price 6267; 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 1,071.67 per share

- 2016-12: JPY 1,118.33 per share

- 2017-01: JPY 1,100.00 per share

- 2017-02: JPY 1,248.33 per share

- 2017-03: JPY 1,275.00 per share

- 2017-04: JPY 1,316.67 per share

- 2017-05: JPY 1,403.33 per share

- 2017-06: JPY 1,401.67 per share

- 2017-07: JPY 1,478.33 per share

- 2017-08: JPY 1,490.00 per share

- 2017-09: JPY 1,556.67 per share

- 2017-10: JPY 1,800.00 per share

- 2017-11: JPY 1,936.67 per share

- 2017-12: JPY 1,923.33 per share

- 2018-01: JPY 1,923.33 per share

- 2018-02: JPY 1,850.00 per share

- 2018-03: JPY 1,793.33 per share

- 2018-04: JPY 1,926.67 per share

- 2018-05: JPY 2,050.00 per share

- 2018-06: JPY 1,936.67 per share

- 2018-07: JPY 1,890.00 per share

- 2018-08: JPY 2,146.67 per share

- 2018-09: JPY 2,433.33 per share

- 2018-10: JPY 2,210.00 per share

- 2018-11: JPY 2,590.00 per share

- 2018-12: JPY 2,126.67 per share

- 2019-01: JPY 2,140.00 per share

- 2019-02: JPY 2,523.33 per share

- 2019-03: JPY 2,536.67 per share

- 2019-04: JPY 2,346.67 per share

- 2019-05: JPY 2,413.33 per share

- 2019-06: JPY 2,346.67 per share

- 2019-07: JPY 2,600.00 per share

- 2019-08: JPY 2,533.33 per share

- 2019-09: JPY 2,800.00 per share

- 2019-10: JPY 3,050.00 per share

- 2019-11: JPY 3,186.00 per share

- 2019-12: JPY 3,360.00 per share

- 2020-01: JPY 3,755.00 per share

- 2020-02: JPY 3,905.00 per share

- 2020-03: JPY 4,166.67 per share

- 2020-04: JPY 4,270.00 per share

- 2020-05: JPY 5,296.67 per share

- 2020-06: JPY 5,765.00 per share

- 2020-07: JPY 4,736.00 per share

- 2020-08: JPY 4,721.00 per share

- 2020-09: JPY 4,715.00 per share

- 2020-10: JPY 4,021.00 per share

- 2020-11: JPY 5,044.00 per share

- 2020-12: JPY 5,503.00 per share

- 2021-01: JPY 5,472.00 per share

- 2021-02: JPY 4,763.00 per share

- 2021-03: JPY 4,489.00 per share

- 2021-04: JPY 4,101.00 per share

- 2021-05: JPY 4,198.00 per share

- 2021-06: JPY 4,402.00 per share

- 2021-07: JPY 4,020.00 per share

- 2021-08: JPY 4,308.00 per share

- 2021-09: JPY 4,103.00 per share

- 2021-10: JPY 4,247.00 per share

- 2021-11: JPY 3,680.00 per share

- 2021-12: JPY 3,735.00 per share

- 2022-01: JPY 3,711.00 per share

- 2022-02: JPY 3,800.00 per share

- 2022-03: JPY 4,097.00 per share

- 2022-04: JPY 3,903.00 per share

- 2022-05: JPY 3,528.00 per share

- 2022-06: JPY 3,470.00 per share

- 2022-07: JPY 3,734.00 per share

- 2022-08: JPY 3,609.00 per share

- 2022-09: JPY 3,626.00 per share

- 2022-10: JPY 3,450.00 per share

- 2022-11: JPY 3,624.00 per share

- 2022-12: JPY 3,368.00 per share

- 2023-01: JPY 3,358.00 per share

- 2023-02: JPY 3,394.00 per share

- 2023-03: JPY 3,270.00 per share

- 2023-04: JPY 3,504.00 per share

- 2023-05: JPY 3,755.00 per share

- 2023-06: JPY 4,086.00 per share

- 2023-07: JPY 4,231.00 per share

- 2023-08: JPY 4,457.00 per share

- 2023-09: JPY 4,624.00 per share

- 2023-10: JPY 4,460.00 per share

- 2023-11: JPY 5,218.00 per share

- 2023-12: JPY 5,342.00 per share

- 2024-01: JPY 5,347.00 per share

- 2024-02: JPY 6,000.00 per share

- 2024-03: JPY 5,764.00 per share

- 2024-04: JPY 5,050.00 per share

- 2024-05: JPY 4,781.00 per share

- 2024-06: JPY 5,716.00 per share

- 2024-07: JPY 6,609.00 per share

- 2024-08: JPY 7,384.00 per share

- 2024-09: JPY 6,932.00 per share

- 2024-10: JPY 7,340.00 per share

- 2024-11: JPY 6,598.00 per share

- 2024-12: JPY 6,999.00 per share

- 2025-01: JPY 6,734.00 per share

- 2025-02: JPY 7,487.00 per share

- 2025-03: JPY 6,799.00 per share

- 2025-04: JPY 8,219.00 per share

- 2025-05: JPY 7,583.00 per share

- 2025-06: JPY 7,525.00 per share

- 2025-07: JPY 7,360.00 per share

- 2025-08: JPY 6,509.00 per share

- 2025-09: JPY 6,448.00 per share

- 2025-10: JPY 7,049.00 per share

- 2025-11: JPY 8,374.00 per share

- 2025-12: JPY 8,243.00 per share

- 2026-01: JPY 8,801.00 per share

- 2026-02: JPY 10,455.00 per share

- 2026-03: JPY 8,611.00 per share

- 2026-04: JPY 8,116.00 per share

- 2026-05: JPY 7,892.00 per share

- 2026-06: JPY 7,534.00 per share

- 2026-07: JPY 6,932.00 per share

- 2026-08: JPY 6,913.00 per share

- 2026-09: JPY 6,225.00 per share

- 2026-10: JPY 6,048.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 1,679.71 per share, central JPY 1,933.92 per share, high JPY 2,229.08 per share

- FY2023: low JPY 1,792.28 per share, central JPY 2,002.82 per share, high JPY 2,283.09 per share

- FY2024: low JPY 1,922.26 per share, central JPY 2,143.99 per share, high JPY 2,439.17 per share

- FY2025: low JPY 2,068.27 per share, central JPY 2,319.81 per share, high JPY 2,654.65 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 2026-10-15T07:10:20.370Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XTBJ.pdf); period 2025-12-31, filed 2026-03-25.

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.

Chugai Pharmaceutical

4519 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 6,267.00
Buy up to: JPY 2,458.83
Expected / yr: 5.5% 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 21% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

8y median: 40.9%
Worst year: 21.4%
Latest · 2025: 47.6%

Capital return excluding acquisitions: median 27.9% (minimum 15%), and the second-worst year 24.6% (minimum 10%).

ROIC excluding acquisitions

8y median: 27.9%
Worst year: 15.6%
Latest · 2025: 27.2%

Each $1 of profit left $0.76 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.76×
Annual median: 0.68×
Latest · 2025: 0.63×

Per-share value rose from 44.35 to 235.39, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 157.48
Worst year: JPY 32.71
Latest · 2025: JPY 263.73

Profits were backed by cash: accruals were 1.9% of assets (limit 10%).

Sloan accruals

10y median: -1.0%
Worst year: 7.0%
Latest · 2025: 1.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 38.5%, three-year average owner earnings per share 203.3 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1071.67; 2016-12 · Price JPY 1118.33; 2017-01 · Price JPY 1100.00; 2017-02 · Price JPY 1248.33; 2017-03 · Price JPY 1275.00; 2017-04 · Price JPY 1316.67; 2017-05 · Price JPY 1403.33; 2017-06 · Price JPY 1401.67; 2017-07 · Price JPY 1478.33; 2017-08 · Price JPY 1490.00; 2017-09 · Price JPY 1556.67; 2017-10 · Price JPY 1800.00; 2017-11 · Price JPY 1936.67; 2017-12 · Price JPY 1923.33; 2018-01 · Price JPY 1923.33; 2018-02 · Price JPY 1850.00; 2018-03 · Price JPY 1793.33; 2018-04 · Price JPY 1926.67; 2018-05 · Price JPY 2050.00; 2018-06 · Price JPY 1936.67; 2018-07 · Price JPY 1890.00; 2018-08 · Price JPY 2146.67; 2018-09 · Price JPY 2433.33; 2018-10 · Price JPY 2210.00; 2018-11 · Price JPY 2590.00; 2018-12 · Price JPY 2126.67; 2019-01 · Price JPY 2140.00; 2019-02 · Price JPY 2523.33; 2019-03 · Price JPY 2536.67; 2019-04 · Price JPY 2346.67; 2019-05 · Price JPY 2413.33; 2019-06 · Price JPY 2346.67; 2019-07 · Price JPY 2600.00; 2019-08 · Price JPY 2533.33; 2019-09 · Price JPY 2800.00; 2019-10 · Price JPY 3050.00; 2019-11 · Price JPY 3186.00; 2019-12 · Price JPY 3360.00; 2020-01 · Price JPY 3755.00; 2020-02 · Price JPY 3905.00; 2020-03 · Price JPY 4166.67; 2020-04 · Price JPY 4270.00; 2020-05 · Price JPY 5296.67; 2020-06 · Price JPY 5765.00; 2020-07 · Price JPY 4736.00; 2020-08 · Price JPY 4721.00; 2020-09 · Price JPY 4715.00; 2020-10 · Price JPY 4021.00; 2020-11 · Price JPY 5044.00; 2020-12 · Price JPY 5503.00; 2021-01 · Price JPY 5472.00; 2021-02 · Price JPY 4763.00; 2021-03 · Price JPY 4489.00; 2021-04 · Price JPY 4101.00; 2021-05 · Price JPY 4198.00; 2021-06 · Price JPY 4402.00; 2021-07 · Price JPY 4020.00; 2021-08 · Price JPY 4308.00; 2021-09 · Price JPY 4103.00; 2021-10 · Price JPY 4247.00; 2021-11 · Price JPY 3680.00; 2021-12 · Price JPY 3735.00; 2022-01 · Price JPY 3711.00 · Value 1933.92 · Buy at or below 1933.92; 2022-02 · Price JPY 3800.00 · Value 1933.92 · Buy at or below 1933.92; 2022-03 · Price JPY 4097.00 · Value 1933.92 · Buy at or below 1933.92; 2022-04 · Price JPY 3903.00 · Value 1933.92 · Buy at or below 1933.92; 2022-05 · Price JPY 3528.00 · Value 1933.92 · Buy at or below 1933.92; 2022-06 · Price JPY 3470.00 · Value 1933.92 · Buy at or below 1933.92; 2022-07 · Price JPY 3734.00 · Value 1933.92 · Buy at or below 1933.92; 2022-08 · Price JPY 3609.00 · Value 1933.92 · Buy at or below 1933.92; 2022-09 · Price JPY 3626.00 · Value 1933.92 · Buy at or below 1933.92; 2022-10 · Price JPY 3450.00 · Value 1933.92 · Buy at or below 1933.92; 2022-11 · Price JPY 3624.00 · Value 1933.92 · Buy at or below 1933.92; 2022-12 · Price JPY 3368.00 · Value 1933.92 · Buy at or below 1933.92; 2023-01 · Price JPY 3358.00 · Value 1933.92 · Buy at or below 1933.92; 2023-02 · Price JPY 3394.00 · Value 2002.82 · Buy at or below 2002.82; 2023-03 · Price JPY 3270.00 · Value 2002.82 · Buy at or below 2002.82; 2023-04 · Price JPY 3504.00 · Value 2002.82 · Buy at or below 2002.82; 2023-05 · Price JPY 3755.00 · Value 2002.82 · Buy at or below 2002.82; 2023-06 · Price JPY 4086.00 · Value 2002.82 · Buy at or below 2002.82; 2023-07 · Price JPY 4231.00 · Value 2002.82 · Buy at or below 2002.82; 2023-08 · Price JPY 4457.00 · Value 2002.82 · Buy at or below 2002.82; 2023-09 · Price JPY 4624.00 · Value 2002.82 · Buy at or below 2002.82; 2023-10 · Price JPY 4460.00 · Value 2002.82 · Buy at or below 2002.82; 2023-11 · Price JPY 5218.00 · Value 2002.82 · Buy at or below 2002.82; 2023-12 · Price JPY 5342.00 · Value 2002.82 · Buy at or below 2002.82; 2024-01 · Price JPY 5347.00 · Value 2002.82 · Buy at or below 2002.82; 2024-02 · Price JPY 6000.00 · Value 2143.99 · Buy at or below 2143.99; 2024-03 · Price JPY 5764.00 · Value 2143.99 · Buy at or below 2143.99; 2024-04 · Price JPY 5050.00 · Value 2143.99 · Buy at or below 2143.99; 2024-05 · Price JPY 4781.00 · Value 2143.99 · Buy at or below 2143.99; 2024-06 · Price JPY 5716.00 · Value 2143.99 · Buy at or below 2143.99; 2024-07 · Price JPY 6609.00 · Value 2143.99 · Buy at or below 2143.99; 2024-08 · Price JPY 7384.00 · Value 2143.99 · Buy at or below 2143.99; 2024-09 · Price JPY 6932.00 · Value 2143.99 · Buy at or below 2143.99; 2024-10 · Price JPY 7340.00 · Value 2143.99 · Buy at or below 2143.99; 2024-11 · Price JPY 6598.00 · Value 2143.99 · Buy at or below 2143.99; 2024-12 · Price JPY 6999.00 · Value 2143.99 · Buy at or below 2143.99; 2025-01 · Price JPY 6734.00 · Value 2143.99 · Buy at or below 2143.99; 2025-02 · Price JPY 7487.00 · Value 2319.81 · Buy at or below 2319.81; 2025-03 · Price JPY 6799.00 · Value 2319.81 · Buy at or below 2319.81; 2025-04 · Price JPY 8219.00 · Value 2319.81 · Buy at or below 2319.81; 2025-05 · Price JPY 7583.00 · Value 2319.81 · Buy at or below 2319.81; 2025-06 · Price JPY 7525.00 · Value 2319.81 · Buy at or below 2319.81; 2025-07 · Price JPY 7360.00 · Value 2319.81 · Buy at or below 2319.81; 2025-08 · Price JPY 6509.00 · Value 2319.81 · Buy at or below 2319.81; 2025-09 · Price JPY 6448.00 · Value 2319.81 · Buy at or below 2319.81; 2025-10 · Price JPY 7049.00 · Value 2319.81 · Buy at or below 2319.81; 2025-11 · Price JPY 8374.00 · Value 2319.81 · Buy at or below 2319.81; 2025-12 · Price JPY 8243.00 · Value 2319.81 · Buy at or below 2319.81; 2026-01 · Price JPY 8801.00 · Value 2319.81 · Buy at or below 2319.81; 2026-02 · Price JPY 10455.00 · Value 2458.83 · Buy at or below 2458.83; 2026-03 · Price JPY 8611.00 · Value 2458.83 · Buy at or below 2458.83; 2026-04 · Price JPY 8116.00 · Value 2458.83 · Buy at or below 2458.83; 2026-05 · Price JPY 7892.00 · Value 2458.83 · Buy at or below 2458.83; 2026-06 · Price JPY 7534.00 · Value 2458.83 · Buy at or below 2458.83; 2026-07 · Price JPY 6932.00 · Value 2458.83 · Buy at or below 2458.83; 2026-08 · Price JPY 6913.00 · Value 2458.83 · Buy at or below 2458.83; 2026-09 · Price JPY 6225.00 · Value 2458.83 · Buy at or below 2458.83; 2026-10 · Price JPY 6048.00 · Value 2458.83 · Buy at or below 2458.83; 2026-10 · Price JPY 6267.00 · Value 2458.83 · Buy at or below 2458.83

JPY per share · annual estimates

Price & return math
Value range	JPY 2,190.32 – JPY 2,816.26
Buy at or below	Central value JPY 2,458.83
Discount to value	1 − 6267.00 / 2458.83 = -154.9%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 178.17/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 242.91/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.26T

Revenue

Owner earningsJPY 275B

Owner earnings

Operating margin47.6%

Operating margin

Net cash / debtJPY 427B

Net cash / debt

Diluted shares1.6B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·