# Bridgestone (5108.JP)

Canonical: https://gigainvestors.com/s/5108.JP

Analysis as of: 2026-10-15T07:10:33.800Z. 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 4,002.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,893.13 per share, central JPY 3,227.66 per share, high JPY 3,672.98 per share. Buy at or below the central value JPY 3,227.66 per share. Valuation as of 2026-10-15T07:10:33.800Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% 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: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.02×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.7%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 38.4%

- Recent gross margin (lower of latest and 3-year median): 38.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.0%

- FY2017: 15.0%

- FY2018: 11.2%

- FY2019: 11.6%

- FY2020: 2.1%

- FY2021: 14.1%

- FY2022: 11.7%

- FY2023: 12.1%

- FY2024: 8.6%

- FY2025: 9.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.47T

- Net income, five-year total: JPY 1.64T

- Return on incremental invested capital: 2.9%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.6 pp

- Working capital / revenue, final three-year average: 30.1%

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

- FY2021: 1.01×

- FY2022: 0.87×

- FY2023: 0.79×

- FY2024: 0.79×

- FY2025: 0.98×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.0% vs 9.7%

- Per-share earnings: 362.99 to 241.99 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.4%

- Ordinary dilution, 5-year annual growth: 13.6%

- Market cap gain: JPY 3.02T

- Cumulative retained earnings: JPY 891B

- Diluted shares, 10-year annual growth: 5.4%

- Diluted shares, 5-year annual growth: 13.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.9%

- Per-share value change: JPY -121.00

- Per-share value, starting three-year median: JPY 362.99

- Per-share value, ending three-year median: JPY 241.99

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 5.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 315B

- Cumulative net income, 10 years: JPY 2.70T

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 9.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 339.04

- FY2017: JPY 375.67

- FY2018: JPY 387.95

- FY2019: JPY 332.31

- FY2020: JPY -33.09

- FY2021: JPY 279.78

- FY2022: JPY 216.10

- FY2023: JPY 241.99

- FY2024: JPY 208.10

- FY2025: JPY 246.00

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -3.3%

- FY2018: -1.6%

- FY2019: -6.2%

- FY2020: -13.1%

- FY2021: 2.5%

- FY2022: 0.6%

- FY2023: -6.1%

- FY2024: -4.6%

- FY2025: -5.8%

## Holders

## Price story

Price needs cash profits to grow 4% a year for ten years · sales +0%

Story as of 2026-10-16T10:00:14.306Z; price observation 2026-10-15.

Price needs cash profits to grow 4% a year for ten years

### Sales · FY2024–2025

sales +0%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRPR.pdf; observed 2026-03-18.

- FY2016: JPY 3.34T 

- FY2017: JPY 3.64T 

- FY2018: JPY 3.65T 

- FY2019: JPY 3.51T 

- FY2020: JPY 2.70T 

- FY2021: JPY 3.25T 

- FY2022: JPY 4.11T 

- FY2023: JPY 4.31T 

- FY2024: JPY 4.43T 

- FY2025: JPY 4.43T 

### Gross margin · FY2025

gross margin 38.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRPR.pdf; observed 2026-03-18.

- FY2016: 40.9% 

- FY2017: 37.9% 

- FY2018: 37.8% 

- FY2019: 37.8% 

- FY2020: 37.6% 

- FY2021: 40.6% 

- FY2022: 38.8% 

- FY2023: 38.3% 

- FY2024: 39.0% 

- FY2025: 38.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 4.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRPR.pdf (filed 2026-03-18); FY2025: revenue 4429452000000; grossProfit 1706663000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38.3% to 39% during 2023–25; it earns 11.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 39%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRPR.pdf (filed 2026-03-18); FY2025: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.1503873203794355],[2017,0.14963374061245746],[2018,0.11158877641983811],[2019,0.11579069685605059],[2020,0.02085281681319065],[2021,0.14096834872813585],[2022,0.11723876678221981],[2023,0.12132936495905207],[2024,0.0855378947730414],[2025,0.0965572551302496]]; median 0.1165147318191352. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 192714000000; owner earnings 260898000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 4177000000; upkeep 200377000000; owner earnings 286983000000. Growth capex / owner earnings = 0.014554869103744822.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 2757828990.493805; upkeep 260543171009.5062; owner earnings 226256828990.4938. Growth capex / owner earnings = 0.012188931502304734.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 281786000000; owner earnings 173072000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 184991000000; owner earnings 399805000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 254726000000; owner earnings 261877000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 37132000000; upkeep 305805000000; owner earnings 262904000000. Growth capex / owner earnings = 0.14123786629339988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 337293000000; owner earnings 224202000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRPR.pdf (filed 2026-03-18); FY2025: growth capex 0; upkeep 287155000000; owner earnings 320190000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,109386000000],[2017,108654000000],[2018,120234000000],[2019,117678000000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 4% yearly over ten years; actual decline was 3.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.04418661833153224. Price 4002; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 349.2721981780866 → FY2025 240.6825682018187. Closing-price date 2026-10-15.

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

- 2016-11: JPY 2,183.50 per share

- 2016-12: JPY 2,107.00 per share

- 2017-01: JPY 2,071.50 per share

- 2017-02: JPY 2,240.50 per share

- 2017-03: JPY 2,251.50 per share

- 2017-04: JPY 2,324.00 per share

- 2017-05: JPY 2,326.00 per share

- 2017-06: JPY 2,420.00 per share

- 2017-07: JPY 2,328.50 per share

- 2017-08: JPY 2,359.50 per share

- 2017-09: JPY 2,553.00 per share

- 2017-10: JPY 2,695.00 per share

- 2017-11: JPY 2,547.50 per share

- 2017-12: JPY 2,619.00 per share

- 2018-01: JPY 2,653.00 per share

- 2018-02: JPY 2,391.00 per share

- 2018-03: JPY 2,312.00 per share

- 2018-04: JPY 2,294.50 per share

- 2018-05: JPY 2,182.50 per share

- 2018-06: JPY 2,166.50 per share

- 2018-07: JPY 2,197.00 per share

- 2018-08: JPY 2,046.50 per share

- 2018-09: JPY 2,146.50 per share

- 2018-10: JPY 2,181.50 per share

- 2018-11: JPY 2,300.00 per share

- 2018-12: JPY 2,118.00 per share

- 2019-01: JPY 2,094.00 per share

- 2019-02: JPY 2,196.50 per share

- 2019-03: JPY 2,133.00 per share

- 2019-04: JPY 2,203.00 per share

- 2019-05: JPY 2,029.50 per share

- 2019-06: JPY 2,121.00 per share

- 2019-07: JPY 2,050.00 per share

- 2019-08: JPY 2,026.50 per share

- 2019-09: JPY 2,092.00 per share

- 2019-10: JPY 2,261.50 per share

- 2019-11: JPY 2,187.50 per share

- 2019-12: JPY 2,035.00 per share

- 2020-01: JPY 1,950.50 per share

- 2020-02: JPY 1,803.00 per share

- 2020-03: JPY 1,661.50 per share

- 2020-04: JPY 1,689.00 per share

- 2020-05: JPY 1,788.50 per share

- 2020-06: JPY 1,734.50 per share

- 2020-07: JPY 1,547.00 per share

- 2020-08: JPY 1,680.50 per share

- 2020-09: JPY 1,658.50 per share

- 2020-10: JPY 1,695.00 per share

- 2020-11: JPY 1,822.00 per share

- 2020-12: JPY 1,692.00 per share

- 2021-01: JPY 1,934.00 per share

- 2021-02: JPY 2,080.50 per share

- 2021-03: JPY 2,237.50 per share

- 2021-04: JPY 2,188.50 per share

- 2021-05: JPY 2,403.00 per share

- 2021-06: JPY 2,527.50 per share

- 2021-07: JPY 2,400.00 per share

- 2021-08: JPY 2,532.00 per share

- 2021-09: JPY 2,653.00 per share

- 2021-10: JPY 2,509.50 per share

- 2021-11: JPY 2,302.50 per share

- 2021-12: JPY 2,474.50 per share

- 2022-01: JPY 2,506.50 per share

- 2022-02: JPY 2,362.50 per share

- 2022-03: JPY 2,379.00 per share

- 2022-04: JPY 2,383.50 per share

- 2022-05: JPY 2,541.50 per share

- 2022-06: JPY 2,475.00 per share

- 2022-07: JPY 2,599.00 per share

- 2022-08: JPY 2,676.50 per share

- 2022-09: JPY 2,334.50 per share

- 2022-10: JPY 2,681.00 per share

- 2022-11: JPY 2,583.50 per share

- 2022-12: JPY 2,345.50 per share

- 2023-01: JPY 2,417.50 per share

- 2023-02: JPY 2,612.50 per share

- 2023-03: JPY 2,683.50 per share

- 2023-04: JPY 2,719.00 per share

- 2023-05: JPY 2,839.00 per share

- 2023-06: JPY 2,946.00 per share

- 2023-07: JPY 2,946.50 per share

- 2023-08: JPY 2,830.50 per share

- 2023-09: JPY 2,914.50 per share

- 2023-10: JPY 2,833.50 per share

- 2023-11: JPY 3,049.00 per share

- 2023-12: JPY 2,920.00 per share

- 2024-01: JPY 3,222.00 per share

- 2024-02: JPY 3,223.00 per share

- 2024-03: JPY 3,333.00 per share

- 2024-04: JPY 3,489.50 per share

- 2024-05: JPY 3,420.00 per share

- 2024-06: JPY 3,161.00 per share

- 2024-07: JPY 3,092.50 per share

- 2024-08: JPY 2,841.00 per share

- 2024-09: JPY 2,750.00 per share

- 2024-10: JPY 2,743.50 per share

- 2024-11: JPY 2,674.50 per share

- 2024-12: JPY 2,670.00 per share

- 2025-01: JPY 2,794.50 per share

- 2025-02: JPY 2,919.00 per share

- 2025-03: JPY 2,997.50 per share

- 2025-04: JPY 2,995.50 per share

- 2025-05: JPY 3,107.50 per share

- 2025-06: JPY 2,950.00 per share

- 2025-07: JPY 3,065.50 per share

- 2025-08: JPY 3,350.50 per share

- 2025-09: JPY 3,424.00 per share

- 2025-10: JPY 3,382.00 per share

- 2025-11: JPY 3,661.50 per share

- 2025-12: JPY 3,514.00 per share

- 2026-01: JPY 3,485.00 per share

- 2026-02: JPY 3,796.00 per share

- 2026-03: JPY 3,267.00 per share

- 2026-04: JPY 3,265.00 per share

- 2026-05: JPY 3,443.00 per share

- 2026-06: JPY 3,410.00 per share

- 2026-07: JPY 3,965.00 per share

- 2026-08: JPY 4,145.00 per share

- 2026-09: JPY 3,871.00 per share

- 2026-10: JPY 3,979.00 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 4,530.99 per share, central JPY 5,058.94 per share, high JPY 5,761.75 per share

- FY2020: low JPY 3,667.75 per share, central JPY 4,025.31 per share, high JPY 4,501.28 per share

- FY2021: low JPY 2,074.66 per share, central JPY 2,289.96 per share, high JPY 2,576.58 per share

- FY2022: low JPY 2,318.11 per share, central JPY 2,594.40 per share, high JPY 2,962.20 per share

- FY2023: low JPY 2,565.17 per share, central JPY 2,854.56 per share, high JPY 3,239.81 per share

- FY2024: low JPY 2,606.25 per share, central JPY 2,903.36 per share, high JPY 3,298.88 per share

- FY2025: low JPY 2,788.78 per share, central JPY 3,108.49 per share, high JPY 3,534.10 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/S100XRPR.pdf); period 2025-12-31, filed 2026-03-18.

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.

Bridgestone

5108 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 4,002.00
Buy up to: JPY 3,227.66
Expected / yr: 8.4% 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 28.3% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 10.9%
Worst year: 2.3%
Latest · 2025: 8.6%

Capital return excluding acquisitions: median 11.7% (minimum 15%), and the second-worst year 8.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 11.7%
Worst year: 2.1%
Latest · 2025: 9.7%

New investment earned 2.9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.90×
Annual median: 0.87×
Latest · 2025: 0.98×

Per-share value fell from 362.99 to 241.99, comparing three-year medians at each end (must rise and stay positive), and share growth was 5.4% over ten years and 13.6% over five (either must be at most 1% a year).

Earnings per share

10y median: JPY 262.89
Worst year: JPY -33.09
Latest · 2025: JPY 246.00

Profits were backed by cash: accruals were -5.8% of assets (limit 10%).

Sloan accruals

10y median: -4.7%
Worst year: 2.5%
Latest · 2025: -5.8%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 10.0%, three-year average owner earnings per share 198.81 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 2183.50; 2016-12 · Price JPY 2107.00; 2017-01 · Price JPY 2071.50; 2017-02 · Price JPY 2240.50; 2017-03 · Price JPY 2251.50; 2017-04 · Price JPY 2324.00; 2017-05 · Price JPY 2326.00; 2017-06 · Price JPY 2420.00; 2017-07 · Price JPY 2328.50; 2017-08 · Price JPY 2359.50; 2017-09 · Price JPY 2553.00; 2017-10 · Price JPY 2695.00; 2017-11 · Price JPY 2547.50; 2017-12 · Price JPY 2619.00; 2018-01 · Price JPY 2653.00; 2018-02 · Price JPY 2391.00; 2018-03 · Price JPY 2312.00; 2018-04 · Price JPY 2294.50; 2018-05 · Price JPY 2182.50; 2018-06 · Price JPY 2166.50; 2018-07 · Price JPY 2197.00; 2018-08 · Price JPY 2046.50; 2018-09 · Price JPY 2146.50; 2018-10 · Price JPY 2181.50; 2018-11 · Price JPY 2300.00; 2018-12 · Price JPY 2118.00; 2019-01 · Price JPY 2094.00 · Value 5058.94 · Buy at or below 5058.94; 2019-02 · Price JPY 2196.50 · Value 5058.94 · Buy at or below 5058.94; 2019-03 · Price JPY 2133.00 · Value 5058.94 · Buy at or below 5058.94; 2019-04 · Price JPY 2203.00 · Value 5058.94 · Buy at or below 5058.94; 2019-05 · Price JPY 2029.50 · Value 5058.94 · Buy at or below 5058.94; 2019-06 · Price JPY 2121.00 · Value 5058.94 · Buy at or below 5058.94; 2019-07 · Price JPY 2050.00 · Value 5058.94 · Buy at or below 5058.94; 2019-08 · Price JPY 2026.50 · Value 5058.94 · Buy at or below 5058.94; 2019-09 · Price JPY 2092.00 · Value 5058.94 · Buy at or below 5058.94; 2019-10 · Price JPY 2261.50 · Value 5058.94 · Buy at or below 5058.94; 2019-11 · Price JPY 2187.50 · Value 5058.94 · Buy at or below 5058.94; 2019-12 · Price JPY 2035.00 · Value 5058.94 · Buy at or below 5058.94; 2020-01 · Price JPY 1950.50 · Value 5058.94 · Buy at or below 5058.94; 2020-02 · Price JPY 1803.00 · Value 4025.31 · Buy at or below 4025.31; 2020-03 · Price JPY 1661.50 · Value 4025.31 · Buy at or below 4025.31; 2020-04 · Price JPY 1689.00 · Value 4025.31 · Buy at or below 4025.31; 2020-05 · Price JPY 1788.50 · Value 4025.31 · Buy at or below 4025.31; 2020-06 · Price JPY 1734.50 · Value 4025.31 · Buy at or below 4025.31; 2020-07 · Price JPY 1547.00 · Value 4025.31 · Buy at or below 4025.31; 2020-08 · Price JPY 1680.50 · Value 4025.31 · Buy at or below 4025.31; 2020-09 · Price JPY 1658.50 · Value 4025.31 · Buy at or below 4025.31; 2020-10 · Price JPY 1695.00 · Value 4025.31 · Buy at or below 4025.31; 2020-11 · Price JPY 1822.00 · Value 4025.31 · Buy at or below 4025.31; 2020-12 · Price JPY 1692.00 · Value 4025.31 · Buy at or below 4025.31; 2021-01 · Price JPY 1934.00 · Value 4025.31 · Buy at or below 4025.31; 2021-02 · Price JPY 2080.50 · Value 2289.96 · Buy at or below 2289.96; 2021-03 · Price JPY 2237.50 · Value 2289.96 · Buy at or below 2289.96; 2021-04 · Price JPY 2188.50 · Value 2289.96 · Buy at or below 2289.96; 2021-05 · Price JPY 2403.00 · Value 2289.96 · Buy at or below 2289.96; 2021-06 · Price JPY 2527.50 · Value 2289.96 · Buy at or below 2289.96; 2021-07 · Price JPY 2400.00 · Value 2289.96 · Buy at or below 2289.96; 2021-08 · Price JPY 2532.00 · Value 2289.96 · Buy at or below 2289.96; 2021-09 · Price JPY 2653.00 · Value 2289.96 · Buy at or below 2289.96; 2021-10 · Price JPY 2509.50 · Value 2289.96 · Buy at or below 2289.96; 2021-11 · Price JPY 2302.50 · Value 2289.96 · Buy at or below 2289.96; 2021-12 · Price JPY 2474.50 · Value 2289.96 · Buy at or below 2289.96; 2022-01 · Price JPY 2506.50 · Value 2289.96 · Buy at or below 2289.96; 2022-02 · Price JPY 2362.50 · Value 2594.40 · Buy at or below 2594.40; 2022-03 · Price JPY 2379.00 · Value 2594.40 · Buy at or below 2594.40; 2022-04 · Price JPY 2383.50 · Value 2594.40 · Buy at or below 2594.40; 2022-05 · Price JPY 2541.50 · Value 2594.40 · Buy at or below 2594.40; 2022-06 · Price JPY 2475.00 · Value 2594.40 · Buy at or below 2594.40; 2022-07 · Price JPY 2599.00 · Value 2594.40 · Buy at or below 2594.40; 2022-08 · Price JPY 2676.50 · Value 2594.40 · Buy at or below 2594.40; 2022-09 · Price JPY 2334.50 · Value 2594.40 · Buy at or below 2594.40; 2022-10 · Price JPY 2681.00 · Value 2594.40 · Buy at or below 2594.40; 2022-11 · Price JPY 2583.50 · Value 2594.40 · Buy at or below 2594.40; 2022-12 · Price JPY 2345.50 · Value 2594.40 · Buy at or below 2594.40; 2023-01 · Price JPY 2417.50 · Value 2594.40 · Buy at or below 2594.40; 2023-02 · Price JPY 2612.50 · Value 2854.56 · Buy at or below 2854.56; 2023-03 · Price JPY 2683.50 · Value 2854.56 · Buy at or below 2854.56; 2023-04 · Price JPY 2719.00 · Value 2854.56 · Buy at or below 2854.56; 2023-05 · Price JPY 2839.00 · Value 2854.56 · Buy at or below 2854.56; 2023-06 · Price JPY 2946.00 · Value 2854.56 · Buy at or below 2854.56; 2023-07 · Price JPY 2946.50 · Value 2854.56 · Buy at or below 2854.56; 2023-08 · Price JPY 2830.50 · Value 2854.56 · Buy at or below 2854.56; 2023-09 · Price JPY 2914.50 · Value 2854.56 · Buy at or below 2854.56; 2023-10 · Price JPY 2833.50 · Value 2854.56 · Buy at or below 2854.56; 2023-11 · Price JPY 3049.00 · Value 2854.56 · Buy at or below 2854.56; 2023-12 · Price JPY 2920.00 · Value 2854.56 · Buy at or below 2854.56; 2024-01 · Price JPY 3222.00 · Value 2854.56 · Buy at or below 2854.56; 2024-02 · Price JPY 3223.00 · Value 2903.36 · Buy at or below 2903.36; 2024-03 · Price JPY 3333.00 · Value 2903.36 · Buy at or below 2903.36; 2024-04 · Price JPY 3489.50 · Value 2903.36 · Buy at or below 2903.36; 2024-05 · Price JPY 3420.00 · Value 2903.36 · Buy at or below 2903.36; 2024-06 · Price JPY 3161.00 · Value 2903.36 · Buy at or below 2903.36; 2024-07 · Price JPY 3092.50 · Value 2903.36 · Buy at or below 2903.36; 2024-08 · Price JPY 2841.00 · Value 2903.36 · Buy at or below 2903.36; 2024-09 · Price JPY 2750.00 · Value 2903.36 · Buy at or below 2903.36; 2024-10 · Price JPY 2743.50 · Value 2903.36 · Buy at or below 2903.36; 2024-11 · Price JPY 2674.50 · Value 2903.36 · Buy at or below 2903.36; 2024-12 · Price JPY 2670.00 · Value 2903.36 · Buy at or below 2903.36; 2025-01 · Price JPY 2794.50 · Value 2903.36 · Buy at or below 2903.36; 2025-02 · Price JPY 2919.00 · Value 3108.49 · Buy at or below 3108.49; 2025-03 · Price JPY 2997.50 · Value 3108.49 · Buy at or below 3108.49; 2025-04 · Price JPY 2995.50 · Value 3108.49 · Buy at or below 3108.49; 2025-05 · Price JPY 3107.50 · Value 3108.49 · Buy at or below 3108.49; 2025-06 · Price JPY 2950.00 · Value 3108.49 · Buy at or below 3108.49; 2025-07 · Price JPY 3065.50 · Value 3108.49 · Buy at or below 3108.49; 2025-08 · Price JPY 3350.50 · Value 3108.49 · Buy at or below 3108.49; 2025-09 · Price JPY 3424.00 · Value 3108.49 · Buy at or below 3108.49; 2025-10 · Price JPY 3382.00 · Value 3108.49 · Buy at or below 3108.49; 2025-11 · Price JPY 3661.50 · Value 3108.49 · Buy at or below 3108.49; 2025-12 · Price JPY 3514.00 · Value 3108.49 · Buy at or below 3108.49; 2026-01 · Price JPY 3485.00 · Value 3108.49 · Buy at or below 3108.49; 2026-02 · Price JPY 3796.00 · Value 3227.66 · Buy at or below 3227.66; 2026-03 · Price JPY 3267.00 · Value 3227.66 · Buy at or below 3227.66; 2026-04 · Price JPY 3265.00 · Value 3227.66 · Buy at or below 3227.66; 2026-05 · Price JPY 3443.00 · Value 3227.66 · Buy at or below 3227.66; 2026-06 · Price JPY 3410.00 · Value 3227.66 · Buy at or below 3227.66; 2026-07 · Price JPY 3965.00 · Value 3227.66 · Buy at or below 3227.66; 2026-08 · Price JPY 4145.00 · Value 3227.66 · Buy at or below 3227.66; 2026-09 · Price JPY 3871.00 · Value 3227.66 · Buy at or below 3227.66; 2026-10 · Price JPY 3979.00 · Value 3227.66 · Buy at or below 3227.66; 2026-10 · Price JPY 4002.00 · Value 3227.66 · Buy at or below 3227.66

JPY per share · annual estimates

Price & return math
Value range	JPY 2,893.13 – JPY 3,672.98
Buy at or below	Central value JPY 3,227.66
Discount to value	1 − 4002.00 / 3227.66 = -24.0%
Return / year	About 8.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 221.98/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 466.88/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 4.43T

Revenue

Owner earningsJPY 320B

Owner earnings

Operating margin8.6%

Operating margin

Net cash / debtJPY 227B

Net cash / debt

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·