# Terumo (4543.JP)

Canonical: https://gigainvestors.com/s/4543.JP

Analysis as of: 2026-10-15T07:10:20.976Z. 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 2,302.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,234.86 per share, central JPY 1,595.15 per share, high JPY 1,838.26 per share. Buy at or below the central value JPY 1,595.15 per share. Valuation as of 2026-10-15T07:10:20.976Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.18×

- FY2019: 0.18×

- FY2020: 0.18×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

- FY2026: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 10.2%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 53.6%

- Recent gross margin (lower of latest and 3-year median): 52.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.9%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.9%

- FY2018: 18.2%

- FY2019: 14.3%

- FY2020: 14.4%

- FY2021: 11.3%

- FY2022: 11.5%

- FY2023: 10.2%

- FY2024: 10.1%

- FY2025: 11.6%

- FY2026: 11.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 503B

- Net income, five-year total: JPY 537B

- Return on incremental invested capital: 20.6%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 8.2 pp

- Working capital / revenue, final three-year average: 39.2%

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

- FY2022: 0.92×

- FY2023: 0.92×

- FY2024: 0.93×

- FY2025: 0.96×

- FY2026: 0.94×

### 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: 14.3% vs 11.1%

- Per-share earnings: 38.08 to 79.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

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

- Market cap gain: JPY 1.71T

- Cumulative retained earnings: JPY 657B

- Diluted shares, 10-year annual growth: -0.2%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 9.6%

- Per-share value change: JPY 40.93

- Per-share value, starting three-year median: JPY 38.08

- Per-share value, ending three-year median: JPY 79.01

- Average buyback yield: 3.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 427B

- Cumulative net income, 10 years: JPY 926B

- ROIC, first three-year median: 14.3%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 38.08

- FY2018: JPY 64.78

- FY2019: JPY 54.35

- FY2020: JPY 56.98

- FY2021: JPY 51.16

- FY2022: JPY 58.72

- FY2023: JPY 59.50

- FY2024: JPY 71.50

- FY2025: JPY 79.01

- FY2026: JPY 92.14

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -2.2%

- FY2019: -1.3%

- FY2020: -2.6%

- FY2021: -3.3%

- FY2022: -3.6%

- FY2023: -1.8%

- FY2024: -2.2%

- FY2025: -5.1%

- FY2026: -4.1%

## Holders

## Price story

Down 25% since Dec 2024 · sales +9.2%

Story as of 2026-10-16T10:00:14.213Z; price observation 2026-10-15.

Price needs cash profits to grow 10% a year for ten years

### Sales · FY2025–2026

sales +9.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGMG.pdf; observed 2026-06-23.

- FY2017: JPY 514B 

- FY2018: JPY 588B 

- FY2019: JPY 599B 

- FY2020: JPY 629B 

- FY2021: JPY 614B 

- FY2022: JPY 703B 

- FY2023: JPY 820B 

- FY2024: JPY 922B 

- FY2025: JPY 1.04T 

- FY2026: JPY 1.13T 

### Gross margin · FY2026

gross margin 52.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGMG.pdf; observed 2026-06-23.

- FY2017: 54.1% 

- FY2018: 54.3% 

- FY2019: 54.5% 

- FY2020: 54.7% 

- FY2021: 53.2% 

- FY2022: 52.5% 

- FY2023: 50.9% 

- FY2024: 52.0% 

- FY2025: 54.1% 

- FY2026: 52.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.1 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGMG.pdf (filed 2026-06-23); FY2026: revenue 1131877000000; grossProfit 594675000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 52% to 54.1% during 2024–26; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: grossProfit / revenue = 52%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: grossProfit / revenue = 54.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGMG.pdf (filed 2026-06-23); FY2026: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.10895007426437892],[2018,0.1818277644961136],[2019,0.14291858968208457],[2020,0.14378111742897556],[2021,0.11343394021457971],[2022,0.11496449274728886],[2023,0.10163048458737117],[2024,0.10061759976968891],[2025,0.11603868111428613],[2026,0.11086663722933285]]; median 0.11419921648093428. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.1% of cash earnings on expansion; earns 20.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2017: growth capex 0; upkeep 36518000000; owner earnings 52313000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 0; upkeep 41322000000; cash acquisitions 2217000000; owner earnings 92008000000. Growth capex plus acquisitions / owner earnings = 0.024095730806016867.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2019: growth capex 3900540914.8807907; upkeep 50463459085.11921; cash acquisitions 0; owner earnings 72695540914.8808. Growth capex plus acquisitions / owner earnings = 0.05365584829264746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2020: growth capex 10314805665.22528; upkeep 73169194334.77472; owner earnings 58761805665.22528. Growth capex / owner earnings = 0.17553588676274276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2021: growth capex 0; upkeep 83124000000; owner earnings 41799000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 15223000000; upkeep 58882000000; owner earnings 82063000000. Growth capex / owner earnings = 0.1855038202356726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2023: growth capex 1935000000; upkeep 70238000000; owner earnings 81994000000. Growth capex / owner earnings = 0.023599287752762398.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: growth capex 2029000000; upkeep 76745000000; owner earnings 98742000000. Growth capex / owner earnings = 0.020548500131656235.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 0; upkeep 82365000000; owner earnings 112033000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGMG.pdf (filed 2026-06-23); FY2026: growth capex 6584000000; upkeep 95379000000; owner earnings 127903000000. Growth capex / owner earnings = 0.05147650954238759.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Incremental return on capital 0.20619166989091797, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Dividend observations: [[2017,14518000000],[2018,15839000000],[2019,19555000000],[2020,20507000000],[2021,21155000000],[2022,23455000000],[2023,27900000000],[2024,32010000000],[2025,35622000000],[2026,41291000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 10% yearly over ten years; actual growth was 9.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate 0.13086145634018698. Price 2302.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 34.16501124792801 → FY2026 86.70911326279854. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,006.25 per share

- 2016-12: JPY 1,078.75 per share

- 2017-01: JPY 1,042.50 per share

- 2017-02: JPY 973.75 per share

- 2017-03: JPY 966.25 per share

- 2017-04: JPY 1,016.25 per share

- 2017-05: JPY 1,125.00 per share

- 2017-06: JPY 1,106.25 per share

- 2017-07: JPY 1,043.75 per share

- 2017-08: JPY 1,062.50 per share

- 2017-09: JPY 1,106.25 per share

- 2017-10: JPY 1,176.25 per share

- 2017-11: JPY 1,345.00 per share

- 2017-12: JPY 1,335.00 per share

- 2018-01: JPY 1,335.00 per share

- 2018-02: JPY 1,442.50 per share

- 2018-03: JPY 1,397.50 per share

- 2018-04: JPY 1,550.00 per share

- 2018-05: JPY 1,615.00 per share

- 2018-06: JPY 1,587.50 per share

- 2018-07: JPY 1,532.50 per share

- 2018-08: JPY 1,532.50 per share

- 2018-09: JPY 1,682.50 per share

- 2018-10: JPY 1,522.50 per share

- 2018-11: JPY 1,671.25 per share

- 2018-12: JPY 1,556.00 per share

- 2019-01: JPY 1,552.00 per share

- 2019-02: JPY 1,705.00 per share

- 2019-03: JPY 1,690.00 per share

- 2019-04: JPY 1,673.50 per share

- 2019-05: JPY 1,544.00 per share

- 2019-06: JPY 1,605.00 per share

- 2019-07: JPY 1,591.00 per share

- 2019-08: JPY 1,543.50 per share

- 2019-09: JPY 1,740.00 per share

- 2019-10: JPY 1,775.00 per share

- 2019-11: JPY 1,920.50 per share

- 2019-12: JPY 1,942.50 per share

- 2020-01: JPY 1,992.00 per share

- 2020-02: JPY 1,739.00 per share

- 2020-03: JPY 1,860.00 per share

- 2020-04: JPY 1,786.00 per share

- 2020-05: JPY 2,115.00 per share

- 2020-06: JPY 2,040.50 per share

- 2020-07: JPY 1,987.50 per share

- 2020-08: JPY 2,155.00 per share

- 2020-09: JPY 2,090.00 per share

- 2020-10: JPY 1,918.50 per share

- 2020-11: JPY 2,073.50 per share

- 2020-12: JPY 2,156.00 per share

- 2021-01: JPY 2,032.50 per share

- 2021-02: JPY 1,975.50 per share

- 2021-03: JPY 1,999.50 per share

- 2021-04: JPY 2,066.00 per share

- 2021-05: JPY 2,108.50 per share

- 2021-06: JPY 2,251.00 per share

- 2021-07: JPY 2,118.50 per share

- 2021-08: JPY 2,298.50 per share

- 2021-09: JPY 2,642.50 per share

- 2021-10: JPY 2,509.00 per share

- 2021-11: JPY 2,314.00 per share

- 2021-12: JPY 2,430.00 per share

- 2022-01: JPY 2,079.00 per share

- 2022-02: JPY 1,854.50 per share

- 2022-03: JPY 1,862.00 per share

- 2022-04: JPY 1,947.00 per share

- 2022-05: JPY 2,085.00 per share

- 2022-06: JPY 2,044.00 per share

- 2022-07: JPY 2,265.50 per share

- 2022-08: JPY 2,253.00 per share

- 2022-09: JPY 2,037.00 per share

- 2022-10: JPY 2,262.00 per share

- 2022-11: JPY 2,021.50 per share

- 2022-12: JPY 1,873.00 per share

- 2023-01: JPY 1,881.50 per share

- 2023-02: JPY 1,830.50 per share

- 2023-03: JPY 1,787.00 per share

- 2023-04: JPY 2,028.00 per share

- 2023-05: JPY 2,123.00 per share

- 2023-06: JPY 2,281.00 per share

- 2023-07: JPY 2,325.50 per share

- 2023-08: JPY 2,206.50 per share

- 2023-09: JPY 1,981.50 per share

- 2023-10: JPY 2,046.00 per share

- 2023-11: JPY 2,359.00 per share

- 2023-12: JPY 2,311.00 per share

- 2024-01: JPY 2,515.50 per share

- 2024-02: JPY 2,918.00 per share

- 2024-03: JPY 2,710.00 per share

- 2024-04: JPY 2,693.50 per share

- 2024-05: JPY 2,670.00 per share

- 2024-06: JPY 2,653.00 per share

- 2024-07: JPY 2,706.00 per share

- 2024-08: JPY 2,689.50 per share

- 2024-09: JPY 2,700.00 per share

- 2024-10: JPY 2,944.50 per share

- 2024-11: JPY 3,051.00 per share

- 2024-12: JPY 3,062.00 per share

- 2025-01: JPY 2,930.50 per share

- 2025-02: JPY 2,663.00 per share

- 2025-03: JPY 2,797.00 per share

- 2025-04: JPY 2,739.00 per share

- 2025-05: JPY 2,661.00 per share

- 2025-06: JPY 2,650.00 per share

- 2025-07: JPY 2,561.00 per share

- 2025-08: JPY 2,663.50 per share

- 2025-09: JPY 2,443.00 per share

- 2025-10: JPY 2,491.50 per share

- 2025-11: JPY 2,440.00 per share

- 2025-12: JPY 2,270.00 per share

- 2026-01: JPY 2,017.50 per share

- 2026-02: JPY 2,110.00 per share

- 2026-03: JPY 2,108.00 per share

- 2026-04: JPY 1,997.00 per share

- 2026-05: JPY 2,401.00 per share

- 2026-06: JPY 2,234.00 per share

- 2026-07: JPY 2,324.00 per share

- 2026-08: JPY 2,516.00 per share

- 2026-09: JPY 2,297.00 per share

- 2026-10: JPY 2,274.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 570.87 per share, central JPY 635.35 per share, high JPY 721.19 per share

- FY2021: low JPY 576.79 per share, central JPY 639.11 per share, high JPY 722.07 per share

- FY2022: low JPY 719.45 per share, central JPY 801.22 per share, high JPY 910.07 per share

- FY2023: low JPY 846.54 per share, central JPY 1,146.27 per share, high JPY 1,325.85 per share

- FY2024: low JPY 950.49 per share, central JPY 1,279.70 per share, high JPY 1,480.04 per share

- FY2025: low JPY 1,154.98 per share, central JPY 1,591.70 per share, high JPY 1,846.00 per share

- FY2026: low JPY 1,234.86 per share, central JPY 1,595.15 per share, high JPY 1,838.26 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/S100YGMG.pdf); period 2026-03-31, filed 2026-06-23.

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.

Terumo

4543 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 2,302.50
Buy up to: JPY 1,595.15
Expected / yr: 7.7% 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 8.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 15.8%
Worst year: 14.3%
Latest · 2026: 15.6%

Capital return excluding acquisitions: median 11.4% (minimum 15%).

ROIC excluding acquisitions

10y median: 11.4%
Worst year: 10.1%
Latest · 2026: 11.1%

Each $1 of profit left $0.94 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.94×
Annual median: 0.93×
Latest · 2026: 0.94×

Per-share value rose from 38.08 to 79.01, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 59.11
Worst year: JPY 38.08
Latest · 2026: JPY 92.14

Profits were backed by cash: accruals were -4.1% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: -1.3%
Latest · 2026: -4.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.2%, three-year average owner earnings per share 76.25 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1006.25; 2016-12 · Price JPY 1078.75; 2017-01 · Price JPY 1042.50; 2017-02 · Price JPY 973.75; 2017-03 · Price JPY 966.25; 2017-04 · Price JPY 1016.25; 2017-05 · Price JPY 1125.00; 2017-06 · Price JPY 1106.25; 2017-07 · Price JPY 1043.75; 2017-08 · Price JPY 1062.50; 2017-09 · Price JPY 1106.25; 2017-10 · Price JPY 1176.25; 2017-11 · Price JPY 1345.00; 2017-12 · Price JPY 1335.00; 2018-01 · Price JPY 1335.00; 2018-02 · Price JPY 1442.50; 2018-03 · Price JPY 1397.50; 2018-04 · Price JPY 1550.00; 2018-05 · Price JPY 1615.00; 2018-06 · Price JPY 1587.50; 2018-07 · Price JPY 1532.50; 2018-08 · Price JPY 1532.50; 2018-09 · Price JPY 1682.50; 2018-10 · Price JPY 1522.50; 2018-11 · Price JPY 1671.25; 2018-12 · Price JPY 1556.00; 2019-01 · Price JPY 1552.00; 2019-02 · Price JPY 1705.00; 2019-03 · Price JPY 1690.00; 2019-04 · Price JPY 1673.50; 2019-05 · Price JPY 1544.00; 2019-06 · Price JPY 1605.00; 2019-07 · Price JPY 1591.00; 2019-08 · Price JPY 1543.50; 2019-09 · Price JPY 1740.00; 2019-10 · Price JPY 1775.00; 2019-11 · Price JPY 1920.50; 2019-12 · Price JPY 1942.50; 2020-01 · Price JPY 1992.00 · Value 635.35 · Buy at or below 635.35; 2020-02 · Price JPY 1739.00 · Value 635.35 · Buy at or below 635.35; 2020-03 · Price JPY 1860.00 · Value 635.35 · Buy at or below 635.35; 2020-04 · Price JPY 1786.00 · Value 635.35 · Buy at or below 635.35; 2020-05 · Price JPY 2115.00 · Value 635.35 · Buy at or below 635.35; 2020-06 · Price JPY 2040.50 · Value 635.35 · Buy at or below 635.35; 2020-07 · Price JPY 1987.50 · Value 635.35 · Buy at or below 635.35; 2020-08 · Price JPY 2155.00 · Value 635.35 · Buy at or below 635.35; 2020-09 · Price JPY 2090.00 · Value 635.35 · Buy at or below 635.35; 2020-10 · Price JPY 1918.50 · Value 635.35 · Buy at or below 635.35; 2020-11 · Price JPY 2073.50 · Value 635.35 · Buy at or below 635.35; 2020-12 · Price JPY 2156.00 · Value 635.35 · Buy at or below 635.35; 2021-01 · Price JPY 2032.50 · Value 635.35 · Buy at or below 635.35; 2021-02 · Price JPY 1975.50 · Value 639.11 · Buy at or below 639.11; 2021-03 · Price JPY 1999.50 · Value 639.11 · Buy at or below 639.11; 2021-04 · Price JPY 2066.00 · Value 639.11 · Buy at or below 639.11; 2021-05 · Price JPY 2108.50 · Value 639.11 · Buy at or below 639.11; 2021-06 · Price JPY 2251.00 · Value 639.11 · Buy at or below 639.11; 2021-07 · Price JPY 2118.50 · Value 639.11 · Buy at or below 639.11; 2021-08 · Price JPY 2298.50 · Value 639.11 · Buy at or below 639.11; 2021-09 · Price JPY 2642.50 · Value 639.11 · Buy at or below 639.11; 2021-10 · Price JPY 2509.00 · Value 639.11 · Buy at or below 639.11; 2021-11 · Price JPY 2314.00 · Value 639.11 · Buy at or below 639.11; 2021-12 · Price JPY 2430.00 · Value 639.11 · Buy at or below 639.11; 2022-01 · Price JPY 2079.00 · Value 639.11 · Buy at or below 639.11; 2022-02 · Price JPY 1854.50 · Value 801.22 · Buy at or below 801.22; 2022-03 · Price JPY 1862.00 · Value 801.22 · Buy at or below 801.22; 2022-04 · Price JPY 1947.00 · Value 801.22 · Buy at or below 801.22; 2022-05 · Price JPY 2085.00 · Value 801.22 · Buy at or below 801.22; 2022-06 · Price JPY 2044.00 · Value 801.22 · Buy at or below 801.22; 2022-07 · Price JPY 2265.50 · Value 801.22 · Buy at or below 801.22; 2022-08 · Price JPY 2253.00 · Value 801.22 · Buy at or below 801.22; 2022-09 · Price JPY 2037.00 · Value 801.22 · Buy at or below 801.22; 2022-10 · Price JPY 2262.00 · Value 801.22 · Buy at or below 801.22; 2022-11 · Price JPY 2021.50 · Value 801.22 · Buy at or below 801.22; 2022-12 · Price JPY 1873.00 · Value 801.22 · Buy at or below 801.22; 2023-01 · Price JPY 1881.50 · Value 801.22 · Buy at or below 801.22; 2023-02 · Price JPY 1830.50 · Value 1146.27 · Buy at or below 1146.27; 2023-03 · Price JPY 1787.00 · Value 1146.27 · Buy at or below 1146.27; 2023-04 · Price JPY 2028.00 · Value 1146.27 · Buy at or below 1146.27; 2023-05 · Price JPY 2123.00 · Value 1146.27 · Buy at or below 1146.27; 2023-06 · Price JPY 2281.00 · Value 1146.27 · Buy at or below 1146.27; 2023-07 · Price JPY 2325.50 · Value 1146.27 · Buy at or below 1146.27; 2023-08 · Price JPY 2206.50 · Value 1146.27 · Buy at or below 1146.27; 2023-09 · Price JPY 1981.50 · Value 1146.27 · Buy at or below 1146.27; 2023-10 · Price JPY 2046.00 · Value 1146.27 · Buy at or below 1146.27; 2023-11 · Price JPY 2359.00 · Value 1146.27 · Buy at or below 1146.27; 2023-12 · Price JPY 2311.00 · Value 1146.27 · Buy at or below 1146.27; 2024-01 · Price JPY 2515.50 · Value 1146.27 · Buy at or below 1146.27; 2024-02 · Price JPY 2918.00 · Value 1279.70 · Buy at or below 1279.70; 2024-03 · Price JPY 2710.00 · Value 1279.70 · Buy at or below 1279.70; 2024-04 · Price JPY 2693.50 · Value 1279.70 · Buy at or below 1279.70; 2024-05 · Price JPY 2670.00 · Value 1279.70 · Buy at or below 1279.70; 2024-06 · Price JPY 2653.00 · Value 1279.70 · Buy at or below 1279.70; 2024-07 · Price JPY 2706.00 · Value 1279.70 · Buy at or below 1279.70; 2024-08 · Price JPY 2689.50 · Value 1279.70 · Buy at or below 1279.70; 2024-09 · Price JPY 2700.00 · Value 1279.70 · Buy at or below 1279.70; 2024-10 · Price JPY 2944.50 · Value 1279.70 · Buy at or below 1279.70; 2024-11 · Price JPY 3051.00 · Value 1279.70 · Buy at or below 1279.70; 2024-12 · Price JPY 3062.00 · Value 1279.70 · Buy at or below 1279.70; 2025-01 · Price JPY 2930.50 · Value 1279.70 · Buy at or below 1279.70; 2025-02 · Price JPY 2663.00 · Value 1591.70 · Buy at or below 1591.70; 2025-03 · Price JPY 2797.00 · Value 1591.70 · Buy at or below 1591.70; 2025-04 · Price JPY 2739.00 · Value 1591.70 · Buy at or below 1591.70; 2025-05 · Price JPY 2661.00 · Value 1591.70 · Buy at or below 1591.70; 2025-06 · Price JPY 2650.00 · Value 1591.70 · Buy at or below 1591.70; 2025-07 · Price JPY 2561.00 · Value 1591.70 · Buy at or below 1591.70; 2025-08 · Price JPY 2663.50 · Value 1591.70 · Buy at or below 1591.70; 2025-09 · Price JPY 2443.00 · Value 1591.70 · Buy at or below 1591.70; 2025-10 · Price JPY 2491.50 · Value 1591.70 · Buy at or below 1591.70; 2025-11 · Price JPY 2440.00 · Value 1591.70 · Buy at or below 1591.70; 2025-12 · Price JPY 2270.00 · Value 1591.70 · Buy at or below 1591.70; 2026-01 · Price JPY 2017.50 · Value 1591.70 · Buy at or below 1591.70; 2026-02 · Price JPY 2110.00 · Value 1595.15 · Buy at or below 1595.15; 2026-03 · Price JPY 2108.00 · Value 1595.15 · Buy at or below 1595.15; 2026-04 · Price JPY 1997.00 · Value 1595.15 · Buy at or below 1595.15; 2026-05 · Price JPY 2401.00 · Value 1595.15 · Buy at or below 1595.15; 2026-06 · Price JPY 2234.00 · Value 1595.15 · Buy at or below 1595.15; 2026-07 · Price JPY 2324.00 · Value 1595.15 · Buy at or below 1595.15; 2026-08 · Price JPY 2516.00 · Value 1595.15 · Buy at or below 1595.15; 2026-09 · Price JPY 2297.00 · Value 1595.15 · Buy at or below 1595.15; 2026-10 · Price JPY 2274.00 · Value 1595.15 · Buy at or below 1595.15; 2026-10 · Price JPY 2302.50 · Value 1595.15 · Buy at or below 1595.15

JPY per share · annual estimates

Price & return math
Value range	JPY 1,234.86 – JPY 1,838.26
Buy at or below	Central value JPY 1,595.15
Discount to value	1 − 2302.50 / 1595.15 = -44.3%
Return / year	About 7.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 82.97/share; 5.7% growth for 5 years, then fades to 3.0%; excess cash JPY 174.81/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.13T

Revenue

Owner earningsJPY 128B

Owner earnings

Operating margin15.6%

Operating margin

Net cash / debtJPY -99B

Net cash / debt

Diluted shares1.5B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·