# Nippon Electric Glass (5214.JP)

Canonical: https://gigainvestors.com/s/5214.JP

Analysis as of: 2026-10-15T07:10:35.139Z. 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 4,908.00 per share; close as of 2026-10-15.

Estimated value: low JPY 5,321.74 per share, central JPY 5,851.82 per share, high JPY 6,557.47 per share. Buy at or below the central value JPY 5,851.82 per share. Valuation as of 2026-10-15T07:10:35.139Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.11×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.11×

- FY2022: 0.08×

- FY2023: -0.04×

- FY2024: 0.02×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 21.9%

- Recent gross margin (lower of latest and 3-year median): 18.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.8%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.7%

- FY2017: 5.3%

- FY2018: 3.3%

- FY2019: 2.7%

- FY2020: 3.0%

- FY2021: 5.2%

- FY2022: 3.6%

- FY2023: -1.6%

- FY2024: 0.8%

- FY2025: 5.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.28×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 91B

- Net income, five-year total: JPY 72B

- Return on incremental invested capital: 46.6%

- Working capital / revenue, annual change: 0.7 pp

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

- Working capital / revenue, final three-year average: 39.5%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.69×

- FY2024: 1.98×

- FY2025: 1.00×

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 0.8%

- Per-share earnings: 49.95 to 141.67 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -17.0%

- Ordinary dilution, 5-year annual growth: -4.3%

- Market cap gain: JPY 162B

- Cumulative retained earnings: JPY -26B

- Diluted shares, 10-year annual growth: -17.0%

- Diluted shares, 5-year annual growth: -4.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.9%

- Per-share value change: JPY 91.72

- Per-share value, starting three-year median: JPY 49.95

- Per-share value, ending three-year median: JPY 141.67

- Buybacks concentrated in cheaper years (correlation): -0.89

- Average buyback yield: 3.6%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 31B

- Cumulative net income, 10 years: JPY 101B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 0.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 49.95

- FY2017: JPY 273.29

- FY2018: JPY 154.26

- FY2019: JPY -348.50

- FY2020: JPY 157.84

- FY2021: JPY 290.98

- FY2022: JPY 302.76

- FY2023: JPY -282.90

- FY2024: JPY 141.67

- FY2025: JPY 382.33

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.2%

- FY2017: -2.5%

- FY2018: -5.1%

- FY2019: -8.3%

- FY2020: -5.0%

- FY2021: -6.0%

- FY2022: -0.5%

- FY2023: -3.5%

- FY2024: -5.8%

- FY2025: -3.2%

## Holders

## Price story

Down 40% since Apr 2026 · sales +4.1%

Story as of 2026-10-16T10:00:14.324Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.2% a year for ten years

### Sales · FY2024–2025

sales +4.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf; observed 2026-03-26.

- FY2016: JPY 239B 

- FY2017: JPY 282B 

- FY2018: JPY 300B 

- FY2019: JPY 258B 

- FY2020: JPY 243B 

- FY2021: JPY 292B 

- FY2022: JPY 325B 

- FY2023: JPY 280B 

- FY2024: JPY 299B 

- FY2025: JPY 311B 

### Gross margin · FY2025

gross margin 25.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf; observed 2026-03-26.

- FY2016: 21.5% 

- FY2017: 25.0% 

- FY2018: 22.3% 

- FY2019: 21.3% 

- FY2020: 21.2% 

- FY2021: 28.2% 

- FY2022: 26.4% 

- FY2023: 11.9% 

- FY2024: 18.2% 

- FY2025: 25.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 311.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf (filed 2026-03-26); FY2025: revenue 311402000000; grossProfit 80010000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 11.9% to 25.7% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: grossProfit / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: grossProfit / revenue = 18.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf (filed 2026-03-26); FY2025: grossProfit / revenue = 25.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); 10-year return on capital observations [[2016,0.027044353407131665],[2017,0.052688385287812715],[2018,0.032943911422567106],[2019,0.02738554371002132],[2020,0.030455224693947486],[2021,0.05198063739710836],[2022,0.036259120206364584],[2023,-0.01553204978225922],[2024,0.008440107697301838],[2025,0.05217025945918037]]; median 0.0316995680582573. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 16% of cash earnings on expansion; earns 46.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2016: growth capex 0; upkeep 27687000000; owner earnings 8536000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2017: growth capex 0; upkeep 16516000000; owner earnings 39402000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2018: growth capex 0; upkeep 25476000000; owner earnings 19498000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2020: growth capex 0; upkeep 25171000000; owner earnings 15012000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2021: growth capex 8337000000; upkeep 26721000000; owner earnings 27904000000. Growth capex / owner earnings = 0.29877436926605505.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2022: growth capex 31040000000; upkeep 28962000000; owner earnings 28167000000. Growth capex / owner earnings = 1.1019987929136934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: growth capex 0; upkeep 17136000000; owner earnings 23892000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf (filed 2026-03-26); FY2025: growth capex 4745000000; upkeep 24206000000; owner earnings 29616000000. Growth capex / owner earnings = 0.16021745002701243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Incremental return on capital 0.46597014378621143, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2016,7957000000],[2017,7958000000],[2018,9942000000],[2019,9661000000],[2020,9660000000],[2021,9662000000],[2022,11158000000],[2023,11162000000],[2024,10977000000],[2025,10643000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XU17.pdf (filed 2026-03-26); FY2025: cash repurchases 20003000000 JPY.

### What the price says

The price assumes cash profits shrink 2.2% yearly over ten years; actual growth was 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Ten-year compound average after fade. Initial solved rate -0.043105683119196325. Price 4908; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 19.38 → FY2025 382.33. Closing-price date 2026-10-15.

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

- 2016-11: JPY 3,050.00 per share

- 2016-12: JPY 3,160.00 per share

- 2017-01: JPY 3,255.00 per share

- 2017-02: JPY 3,490.00 per share

- 2017-03: JPY 3,365.00 per share

- 2017-04: JPY 3,455.00 per share

- 2017-05: JPY 3,860.00 per share

- 2017-06: JPY 4,085.00 per share

- 2017-07: JPY 3,910.00 per share

- 2017-08: JPY 4,180.00 per share

- 2017-09: JPY 4,355.00 per share

- 2017-10: JPY 4,605.00 per share

- 2017-11: JPY 4,360.00 per share

- 2017-12: JPY 4,300.00 per share

- 2018-01: JPY 4,485.00 per share

- 2018-02: JPY 3,255.00 per share

- 2018-03: JPY 3,160.00 per share

- 2018-04: JPY 3,155.00 per share

- 2018-05: JPY 2,952.00 per share

- 2018-06: JPY 3,080.00 per share

- 2018-07: JPY 3,605.00 per share

- 2018-08: JPY 3,570.00 per share

- 2018-09: JPY 3,575.00 per share

- 2018-10: JPY 2,849.00 per share

- 2018-11: JPY 3,050.00 per share

- 2018-12: JPY 2,693.00 per share

- 2019-01: JPY 3,020.00 per share

- 2019-02: JPY 3,010.00 per share

- 2019-03: JPY 2,935.00 per share

- 2019-04: JPY 3,050.00 per share

- 2019-05: JPY 2,614.00 per share

- 2019-06: JPY 2,729.00 per share

- 2019-07: JPY 2,455.00 per share

- 2019-08: JPY 2,205.00 per share

- 2019-09: JPY 2,404.00 per share

- 2019-10: JPY 2,459.00 per share

- 2019-11: JPY 2,321.00 per share

- 2019-12: JPY 2,441.00 per share

- 2020-01: JPY 2,154.00 per share

- 2020-02: JPY 1,823.00 per share

- 2020-03: JPY 1,448.00 per share

- 2020-04: JPY 1,585.00 per share

- 2020-05: JPY 1,708.00 per share

- 2020-06: JPY 1,685.00 per share

- 2020-07: JPY 1,716.00 per share

- 2020-08: JPY 1,976.00 per share

- 2020-09: JPY 1,958.00 per share

- 2020-10: JPY 2,046.00 per share

- 2020-11: JPY 2,282.00 per share

- 2020-12: JPY 2,256.00 per share

- 2021-01: JPY 2,295.00 per share

- 2021-02: JPY 2,411.00 per share

- 2021-03: JPY 2,565.00 per share

- 2021-04: JPY 2,768.00 per share

- 2021-05: JPY 2,622.00 per share

- 2021-06: JPY 2,610.00 per share

- 2021-07: JPY 2,475.00 per share

- 2021-08: JPY 2,350.00 per share

- 2021-09: JPY 2,655.00 per share

- 2021-10: JPY 2,902.00 per share

- 2021-11: JPY 2,939.00 per share

- 2021-12: JPY 2,949.00 per share

- 2022-01: JPY 2,849.00 per share

- 2022-02: JPY 2,762.00 per share

- 2022-03: JPY 2,716.00 per share

- 2022-04: JPY 2,623.00 per share

- 2022-05: JPY 2,729.00 per share

- 2022-06: JPY 2,597.00 per share

- 2022-07: JPY 2,640.00 per share

- 2022-08: JPY 2,632.00 per share

- 2022-09: JPY 2,493.00 per share

- 2022-10: JPY 2,578.00 per share

- 2022-11: JPY 2,532.00 per share

- 2022-12: JPY 2,344.00 per share

- 2023-01: JPY 2,405.00 per share

- 2023-02: JPY 2,534.00 per share

- 2023-03: JPY 2,549.00 per share

- 2023-04: JPY 2,589.00 per share

- 2023-05: JPY 2,537.00 per share

- 2023-06: JPY 2,530.50 per share

- 2023-07: JPY 2,581.50 per share

- 2023-08: JPY 2,571.00 per share

- 2023-09: JPY 2,786.00 per share

- 2023-10: JPY 3,007.00 per share

- 2023-11: JPY 3,120.00 per share

- 2023-12: JPY 3,031.00 per share

- 2024-01: JPY 3,289.00 per share

- 2024-02: JPY 3,616.00 per share

- 2024-03: JPY 3,865.00 per share

- 2024-04: JPY 3,907.00 per share

- 2024-05: JPY 3,695.00 per share

- 2024-06: JPY 3,659.00 per share

- 2024-07: JPY 3,598.00 per share

- 2024-08: JPY 3,469.00 per share

- 2024-09: JPY 3,362.00 per share

- 2024-10: JPY 3,506.00 per share

- 2024-11: JPY 3,422.00 per share

- 2024-12: JPY 3,371.00 per share

- 2025-01: JPY 3,346.00 per share

- 2025-02: JPY 3,511.00 per share

- 2025-03: JPY 3,487.00 per share

- 2025-04: JPY 3,274.00 per share

- 2025-05: JPY 3,462.00 per share

- 2025-06: JPY 3,426.00 per share

- 2025-07: JPY 4,055.00 per share

- 2025-08: JPY 4,520.00 per share

- 2025-09: JPY 4,856.00 per share

- 2025-10: JPY 5,200.00 per share

- 2025-11: JPY 5,792.00 per share

- 2025-12: JPY 6,155.00 per share

- 2026-01: JPY 6,709.00 per share

- 2026-02: JPY 6,879.00 per share

- 2026-03: JPY 5,913.00 per share

- 2026-04: JPY 8,145.00 per share

- 2026-05: JPY 6,532.00 per share

- 2026-06: JPY 6,547.00 per share

- 2026-07: JPY 5,323.00 per share

- 2026-08: JPY 4,850.00 per share

- 2026-09: JPY 4,965.00 per share

- 2026-10: JPY 5,212.00 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 2,115.06 per share, central JPY 2,269.16 per share, high JPY 2,474.31 per share

- FY2020: low JPY 2,904.57 per share, central JPY 3,138.70 per share, high JPY 3,450.37 per share

- FY2021: low JPY 3,507.59 per share, central JPY 3,805.55 per share, high JPY 4,202.19 per share

- FY2022: low JPY 4,161.79 per share, central JPY 5,481.58 per share, high JPY 6,250.10 per share

- FY2023: low JPY 3,295.39 per share, central JPY 4,384.42 per share, high JPY 5,018.56 per share

- FY2024: low JPY 5,188.18 per share, central JPY 6,819.06 per share, high JPY 7,768.73 per share

- FY2025: low JPY 5,290.36 per share, central JPY 5,816.02 per share, high JPY 6,515.79 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/S100XU17.pdf); period 2025-12-31, filed 2026-03-26.

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.

## Reported holder observations