# Toto (5332.JP)

Canonical: https://gigainvestors.com/s/5332.JP

Analysis as of: 2026-10-15T07:10:36.868Z. 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 5,703.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,146.22 per share, central JPY 3,539.37 per share, high JPY 3,999.02 per share. Buy at or below the central value JPY 3,539.37 per share. Valuation as of 2026-10-15T07:10:36.868Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.07×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.8%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 36.1%

- Recent gross margin (lower of latest and 3-year median): 35.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.1%

- FY2018: 13.8%

- FY2019: 9.6%

- FY2020: 8.8%

- FY2021: 8.8%

- FY2022: 10.4%

- FY2023: 7.9%

- FY2024: 6.4%

- FY2025: 6.7%

- FY2026: 7.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 133B

- Net income, five-year total: JPY 169B

- Return on incremental invested capital: 1.2%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.0 pp

- Working capital / revenue, final three-year average: 21.0%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.37×

- FY2025: 0.38×

- FY2026: 0.90×

### 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: 13.8% vs 6.7%

- Per-share earnings: 212.03 to 219.30 (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: -0.4%

- Market cap gain: JPY 132B

- Cumulative retained earnings: JPY 125B

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

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.4%

- Per-share value change: JPY 7.27

- Per-share value, starting three-year median: JPY 212.03

- Per-share value, ending three-year median: JPY 219.30

- Buybacks concentrated in cheaper years (correlation): -0.15

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 24B

- Cumulative net income, 10 years: JPY 321B

- ROIC, first three-year median: 13.8%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 194.86

- FY2018: JPY 217.50

- FY2019: JPY 191.26

- FY2020: JPY 139.26

- FY2021: JPY 159.24

- FY2022: JPY 236.74

- FY2023: JPY 229.66

- FY2024: JPY 219.30

- FY2025: JPY 71.73

- FY2026: JPY 243.01

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.4%

- FY2018: -1.5%

- FY2019: 3.1%

- FY2020: -6.9%

- FY2021: -5.0%

- FY2022: -1.4%

- FY2023: 1.0%

- FY2024: -4.9%

- FY2025: -7.3%

- FY2026: -3.7%

## Holders

## Price story

Down 34% since Jun 2026 · sales +1.8%

Story as of 2026-10-16T10:00:14.340Z; price observation 2026-10-15.

Price needs cash profits to grow 8.5% a year for ten years

### Sales · FY2025–2026

sales +1.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf; observed 2026-06-16.

- FY2017: JPY 567B 

- FY2018: JPY 592B 

- FY2019: JPY 586B 

- FY2020: JPY 596B 

- FY2021: JPY 578B 

- FY2022: JPY 645B 

- FY2023: JPY 701B 

- FY2024: JPY 702B 

- FY2025: JPY 724B 

- FY2026: JPY 737B 

### Gross margin · FY2026

gross margin 35.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf; observed 2026-06-16.

- FY2017: 38.6% 

- FY2018: 37.8% 

- FY2019: 36.6% 

- FY2020: 35.8% 

- FY2021: 36.4% 

- FY2022: 36.7% 

- FY2023: 34.7% 

- FY2024: 34.0% 

- FY2025: 35.1% 

- FY2026: 35.6% 

## Owner memo

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

### How it makes money

Annual sales are JPY 737.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf (filed 2026-06-16); FY2026: revenue 737441000000; grossProfit 262579000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34% to 35.6% during 2024–26; it earns 8.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 34%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 35.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,0.1509366851210557],[2018,0.13825142856322534],[2019,0.09615149570392548],[2020,0.08841858845273304],[2021,0.0876102481970519],[2022,0.1039172109993971],[2023,0.07948193813701482],[2024,0.0639712381309807],[2025,0.06744998191279183],[2026,0.07565969323493936]]; median 0.08801441832489247. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 13% of cash earnings on expansion; earns 1.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2017: growth capex 0; upkeep 34950000000; owner earnings 17004000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 7695866593.74609; upkeep 32645133406.25391; owner earnings 25509866593.74609. Growth capex / owner earnings = 0.3016819615839458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 0; upkeep 35881000000; owner earnings 19846000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2020: growth capex 3347343305.268261; upkeep 32250656694.73174; owner earnings 16675343305.268261. Growth capex / owner earnings = 0.2007360954428285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2021: growth capex 0; upkeep 43731000000; owner earnings 8478000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 8162000000; upkeep 26939000000; owner earnings 40131000000. Growth capex / owner earnings = 0.20338391766963196.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 4919000000; upkeep 31412000000; owner earnings 38943000000. Growth capex / owner earnings = 0.12631281616721876.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 397883588.4082031; upkeep 57747116411.5918; owner earnings 13584883588.408203. Growth capex / owner earnings = 0.029288700622190963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 8104923218.967262; upkeep 42593076781.03274; owner earnings 4592923218.967262. Growth capex / owner earnings = 1.764654628994579.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf (filed 2026-06-16); FY2026: growth capex 4705968770.477165; upkeep 38452031229.522835; owner earnings 36164968770.477165. Growth capex / owner earnings = 0.13012506108725927.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Incremental return on capital 0.01171634571008636, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,11501000000],[2018,11840000000],[2019,13712000000],[2020,15240000000],[2021,12704000000],[2022,14406000000],[2023,16956000000],[2024,16960000000],[2025,16964000000],[2026,16703000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC72.pdf (filed 2026-06-16); FY2026: cash repurchases 20005000000 JPY.

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate 0.10970390853072509. Price 5703; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 176.00096840639497 → FY2026 218.30859380762737. Closing-price date 2026-10-15.

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

- 2016-11: JPY 4,385.00 per share

- 2016-12: JPY 4,625.00 per share

- 2017-01: JPY 4,555.00 per share

- 2017-02: JPY 4,325.00 per share

- 2017-03: JPY 4,205.00 per share

- 2017-04: JPY 4,255.00 per share

- 2017-05: JPY 4,220.00 per share

- 2017-06: JPY 4,290.00 per share

- 2017-07: JPY 4,445.00 per share

- 2017-08: JPY 4,185.00 per share

- 2017-09: JPY 4,740.00 per share

- 2017-10: JPY 5,530.00 per share

- 2017-11: JPY 6,240.00 per share

- 2017-12: JPY 6,650.00 per share

- 2018-01: JPY 6,230.00 per share

- 2018-02: JPY 5,660.00 per share

- 2018-03: JPY 5,610.00 per share

- 2018-04: JPY 6,210.00 per share

- 2018-05: JPY 5,700.00 per share

- 2018-06: JPY 5,140.00 per share

- 2018-07: JPY 5,210.00 per share

- 2018-08: JPY 4,700.00 per share

- 2018-09: JPY 4,715.00 per share

- 2018-10: JPY 4,050.00 per share

- 2018-11: JPY 4,395.00 per share

- 2018-12: JPY 3,810.00 per share

- 2019-01: JPY 4,215.00 per share

- 2019-02: JPY 4,215.00 per share

- 2019-03: JPY 4,695.00 per share

- 2019-04: JPY 4,690.00 per share

- 2019-05: JPY 4,045.00 per share

- 2019-06: JPY 4,255.00 per share

- 2019-07: JPY 4,385.00 per share

- 2019-08: JPY 3,845.00 per share

- 2019-09: JPY 4,045.00 per share

- 2019-10: JPY 4,455.00 per share

- 2019-11: JPY 4,790.00 per share

- 2019-12: JPY 4,640.00 per share

- 2020-01: JPY 4,525.00 per share

- 2020-02: JPY 4,095.00 per share

- 2020-03: JPY 3,595.00 per share

- 2020-04: JPY 3,790.00 per share

- 2020-05: JPY 4,270.00 per share

- 2020-06: JPY 4,115.00 per share

- 2020-07: JPY 3,950.00 per share

- 2020-08: JPY 4,655.00 per share

- 2020-09: JPY 4,825.00 per share

- 2020-10: JPY 4,745.00 per share

- 2020-11: JPY 5,910.00 per share

- 2020-12: JPY 6,200.00 per share

- 2021-01: JPY 5,790.00 per share

- 2021-02: JPY 6,410.00 per share

- 2021-03: JPY 6,800.00 per share

- 2021-04: JPY 5,670.00 per share

- 2021-05: JPY 5,900.00 per share

- 2021-06: JPY 5,750.00 per share

- 2021-07: JPY 5,640.00 per share

- 2021-08: JPY 5,990.00 per share

- 2021-09: JPY 5,330.00 per share

- 2021-10: JPY 5,500.00 per share

- 2021-11: JPY 5,030.00 per share

- 2021-12: JPY 5,290.00 per share

- 2022-01: JPY 4,910.00 per share

- 2022-02: JPY 4,835.00 per share

- 2022-03: JPY 4,940.00 per share

- 2022-04: JPY 4,385.00 per share

- 2022-05: JPY 4,355.00 per share

- 2022-06: JPY 4,480.00 per share

- 2022-07: JPY 4,505.00 per share

- 2022-08: JPY 4,835.00 per share

- 2022-09: JPY 4,820.00 per share

- 2022-10: JPY 4,250.00 per share

- 2022-11: JPY 4,745.00 per share

- 2022-12: JPY 4,500.00 per share

- 2023-01: JPY 5,020.00 per share

- 2023-02: JPY 4,545.00 per share

- 2023-03: JPY 4,420.00 per share

- 2023-04: JPY 4,645.00 per share

- 2023-05: JPY 4,235.00 per share

- 2023-06: JPY 4,325.00 per share

- 2023-07: JPY 4,371.00 per share

- 2023-08: JPY 3,995.00 per share

- 2023-09: JPY 3,863.00 per share

- 2023-10: JPY 3,623.00 per share

- 2023-11: JPY 3,797.00 per share

- 2023-12: JPY 3,713.00 per share

- 2024-01: JPY 4,015.00 per share

- 2024-02: JPY 4,049.00 per share

- 2024-03: JPY 4,271.00 per share

- 2024-04: JPY 4,294.00 per share

- 2024-05: JPY 3,921.00 per share

- 2024-06: JPY 3,798.00 per share

- 2024-07: JPY 4,129.00 per share

- 2024-08: JPY 5,053.00 per share

- 2024-09: JPY 5,337.00 per share

- 2024-10: JPY 4,290.00 per share

- 2024-11: JPY 4,031.00 per share

- 2024-12: JPY 3,805.00 per share

- 2025-01: JPY 3,809.00 per share

- 2025-02: JPY 3,917.00 per share

- 2025-03: JPY 3,893.00 per share

- 2025-04: JPY 3,794.00 per share

- 2025-05: JPY 3,703.00 per share

- 2025-06: JPY 3,636.00 per share

- 2025-07: JPY 3,891.00 per share

- 2025-08: JPY 3,833.00 per share

- 2025-09: JPY 3,894.00 per share

- 2025-10: JPY 3,923.00 per share

- 2025-11: JPY 4,084.00 per share

- 2025-12: JPY 4,334.00 per share

- 2026-01: JPY 4,861.00 per share

- 2026-02: JPY 6,113.00 per share

- 2026-03: JPY 5,090.00 per share

- 2026-04: JPY 5,425.00 per share

- 2026-05: JPY 7,678.00 per share

- 2026-06: JPY 8,611.00 per share

- 2026-07: JPY 7,010.00 per share

- 2026-08: JPY 6,405.00 per share

- 2026-09: JPY 5,897.00 per share

- 2026-10: JPY 6,086.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,852.37 per share, central JPY 2,032.12 per share, high JPY 2,271.41 per share

- FY2021: low JPY 1,895.23 per share, central JPY 2,049.30 per share, high JPY 2,254.39 per share

- FY2022: low JPY 1,866.85 per share, central JPY 2,061.10 per share, high JPY 2,319.70 per share

- FY2023: low JPY 2,399.59 per share, central JPY 3,215.34 per share, high JPY 3,690.35 per share

- FY2024: low JPY 2,101.30 per share, central JPY 2,775.64 per share, high JPY 3,168.31 per share

- FY2025: low JPY 1,613.03 per share, central JPY 1,840.48 per share, high JPY 2,040.45 per share

- FY2026: low JPY 3,146.22 per share, central JPY 3,539.37 per share, high JPY 3,999.02 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/S100YC72.pdf); period 2026-03-31, filed 2026-06-16.

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.

Toto

5332 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 5,703.00
Buy up to: JPY 3,539.37
Expected / yr: 6.9% 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 12.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 6.9%
Worst year: 6.1%
Latest · 2026: 7.3%

Capital return excluding acquisitions: median 8.8% (minimum 15%), and the second-worst year 6.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.8%
Worst year: 6.4%
Latest · 2026: 7.6%

Each $1 of profit left $0.79 for owners over five years (minimum $0.80), and new investment earned 1.2% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.79×
Annual median: 0.90×
Latest · 2026: 0.90×

Per-share value rose from 212.03 to 219.3, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 206.18
Worst year: JPY 71.73
Latest · 2026: JPY 243.01

Profits were backed by cash: accruals were -3.7% of assets (limit 10%).

Sloan accruals

10y median: -4.3%
Worst year: 3.1%
Latest · 2026: -3.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 7.2%, three-year average owner earnings per share 108.49 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 4385.00; 2016-12 · Price JPY 4625.00; 2017-01 · Price JPY 4555.00; 2017-02 · Price JPY 4325.00; 2017-03 · Price JPY 4205.00; 2017-04 · Price JPY 4255.00; 2017-05 · Price JPY 4220.00; 2017-06 · Price JPY 4290.00; 2017-07 · Price JPY 4445.00; 2017-08 · Price JPY 4185.00; 2017-09 · Price JPY 4740.00; 2017-10 · Price JPY 5530.00; 2017-11 · Price JPY 6240.00; 2017-12 · Price JPY 6650.00; 2018-01 · Price JPY 6230.00; 2018-02 · Price JPY 5660.00; 2018-03 · Price JPY 5610.00; 2018-04 · Price JPY 6210.00; 2018-05 · Price JPY 5700.00; 2018-06 · Price JPY 5140.00; 2018-07 · Price JPY 5210.00; 2018-08 · Price JPY 4700.00; 2018-09 · Price JPY 4715.00; 2018-10 · Price JPY 4050.00; 2018-11 · Price JPY 4395.00; 2018-12 · Price JPY 3810.00; 2019-01 · Price JPY 4215.00; 2019-02 · Price JPY 4215.00; 2019-03 · Price JPY 4695.00; 2019-04 · Price JPY 4690.00; 2019-05 · Price JPY 4045.00; 2019-06 · Price JPY 4255.00; 2019-07 · Price JPY 4385.00; 2019-08 · Price JPY 3845.00; 2019-09 · Price JPY 4045.00; 2019-10 · Price JPY 4455.00; 2019-11 · Price JPY 4790.00; 2019-12 · Price JPY 4640.00; 2020-01 · Price JPY 4525.00 · Value 2032.12 · Buy at or below 2032.12; 2020-02 · Price JPY 4095.00 · Value 2032.12 · Buy at or below 2032.12; 2020-03 · Price JPY 3595.00 · Value 2032.12 · Buy at or below 2032.12; 2020-04 · Price JPY 3790.00 · Value 2032.12 · Buy at or below 2032.12; 2020-05 · Price JPY 4270.00 · Value 2032.12 · Buy at or below 2032.12; 2020-06 · Price JPY 4115.00 · Value 2032.12 · Buy at or below 2032.12; 2020-07 · Price JPY 3950.00 · Value 2032.12 · Buy at or below 2032.12; 2020-08 · Price JPY 4655.00 · Value 2032.12 · Buy at or below 2032.12; 2020-09 · Price JPY 4825.00 · Value 2032.12 · Buy at or below 2032.12; 2020-10 · Price JPY 4745.00 · Value 2032.12 · Buy at or below 2032.12; 2020-11 · Price JPY 5910.00 · Value 2032.12 · Buy at or below 2032.12; 2020-12 · Price JPY 6200.00 · Value 2032.12 · Buy at or below 2032.12; 2021-01 · Price JPY 5790.00 · Value 2032.12 · Buy at or below 2032.12; 2021-02 · Price JPY 6410.00 · Value 2049.30 · Buy at or below 2049.30; 2021-03 · Price JPY 6800.00 · Value 2049.30 · Buy at or below 2049.30; 2021-04 · Price JPY 5670.00 · Value 2049.30 · Buy at or below 2049.30; 2021-05 · Price JPY 5900.00 · Value 2049.30 · Buy at or below 2049.30; 2021-06 · Price JPY 5750.00 · Value 2049.30 · Buy at or below 2049.30; 2021-07 · Price JPY 5640.00 · Value 2049.30 · Buy at or below 2049.30; 2021-08 · Price JPY 5990.00 · Value 2049.30 · Buy at or below 2049.30; 2021-09 · Price JPY 5330.00 · Value 2049.30 · Buy at or below 2049.30; 2021-10 · Price JPY 5500.00 · Value 2049.30 · Buy at or below 2049.30; 2021-11 · Price JPY 5030.00 · Value 2049.30 · Buy at or below 2049.30; 2021-12 · Price JPY 5290.00 · Value 2049.30 · Buy at or below 2049.30; 2022-01 · Price JPY 4910.00 · Value 2049.30 · Buy at or below 2049.30; 2022-02 · Price JPY 4835.00 · Value 2061.10 · Buy at or below 2061.10; 2022-03 · Price JPY 4940.00 · Value 2061.10 · Buy at or below 2061.10; 2022-04 · Price JPY 4385.00 · Value 2061.10 · Buy at or below 2061.10; 2022-05 · Price JPY 4355.00 · Value 2061.10 · Buy at or below 2061.10; 2022-06 · Price JPY 4480.00 · Value 2061.10 · Buy at or below 2061.10; 2022-07 · Price JPY 4505.00 · Value 2061.10 · Buy at or below 2061.10; 2022-08 · Price JPY 4835.00 · Value 2061.10 · Buy at or below 2061.10; 2022-09 · Price JPY 4820.00 · Value 2061.10 · Buy at or below 2061.10; 2022-10 · Price JPY 4250.00 · Value 2061.10 · Buy at or below 2061.10; 2022-11 · Price JPY 4745.00 · Value 2061.10 · Buy at or below 2061.10; 2022-12 · Price JPY 4500.00 · Value 2061.10 · Buy at or below 2061.10; 2023-01 · Price JPY 5020.00 · Value 2061.10 · Buy at or below 2061.10; 2023-02 · Price JPY 4545.00 · Value 3215.34 · Buy at or below 3215.34; 2023-03 · Price JPY 4420.00 · Value 3215.34 · Buy at or below 3215.34; 2023-04 · Price JPY 4645.00 · Value 3215.34 · Buy at or below 3215.34; 2023-05 · Price JPY 4235.00 · Value 3215.34 · Buy at or below 3215.34; 2023-06 · Price JPY 4325.00 · Value 3215.34 · Buy at or below 3215.34; 2023-07 · Price JPY 4371.00 · Value 3215.34 · Buy at or below 3215.34; 2023-08 · Price JPY 3995.00 · Value 3215.34 · Buy at or below 3215.34; 2023-09 · Price JPY 3863.00 · Value 3215.34 · Buy at or below 3215.34; 2023-10 · Price JPY 3623.00 · Value 3215.34 · Buy at or below 3215.34; 2023-11 · Price JPY 3797.00 · Value 3215.34 · Buy at or below 3215.34; 2023-12 · Price JPY 3713.00 · Value 3215.34 · Buy at or below 3215.34; 2024-01 · Price JPY 4015.00 · Value 3215.34 · Buy at or below 3215.34; 2024-02 · Price JPY 4049.00 · Value 2775.64 · Buy at or below 2775.64; 2024-03 · Price JPY 4271.00 · Value 2775.64 · Buy at or below 2775.64; 2024-04 · Price JPY 4294.00 · Value 2775.64 · Buy at or below 2775.64; 2024-05 · Price JPY 3921.00 · Value 2775.64 · Buy at or below 2775.64; 2024-06 · Price JPY 3798.00 · Value 2775.64 · Buy at or below 2775.64; 2024-07 · Price JPY 4129.00 · Value 2775.64 · Buy at or below 2775.64; 2024-08 · Price JPY 5053.00 · Value 2775.64 · Buy at or below 2775.64; 2024-09 · Price JPY 5337.00 · Value 2775.64 · Buy at or below 2775.64; 2024-10 · Price JPY 4290.00 · Value 2775.64 · Buy at or below 2775.64; 2024-11 · Price JPY 4031.00 · Value 2775.64 · Buy at or below 2775.64; 2024-12 · Price JPY 3805.00 · Value 2775.64 · Buy at or below 2775.64; 2025-01 · Price JPY 3809.00 · Value 2775.64 · Buy at or below 2775.64; 2025-02 · Price JPY 3917.00 · Value 1840.48 · Buy at or below 1840.48; 2025-03 · Price JPY 3893.00 · Value 1840.48 · Buy at or below 1840.48; 2025-04 · Price JPY 3794.00 · Value 1840.48 · Buy at or below 1840.48; 2025-05 · Price JPY 3703.00 · Value 1840.48 · Buy at or below 1840.48; 2025-06 · Price JPY 3636.00 · Value 1840.48 · Buy at or below 1840.48; 2025-07 · Price JPY 3891.00 · Value 1840.48 · Buy at or below 1840.48; 2025-08 · Price JPY 3833.00 · Value 1840.48 · Buy at or below 1840.48; 2025-09 · Price JPY 3894.00 · Value 1840.48 · Buy at or below 1840.48; 2025-10 · Price JPY 3923.00 · Value 1840.48 · Buy at or below 1840.48; 2025-11 · Price JPY 4084.00 · Value 1840.48 · Buy at or below 1840.48; 2025-12 · Price JPY 4334.00 · Value 1840.48 · Buy at or below 1840.48; 2026-01 · Price JPY 4861.00 · Value 1840.48 · Buy at or below 1840.48; 2026-02 · Price JPY 6113.00 · Value 3539.37 · Buy at or below 3539.37; 2026-03 · Price JPY 5090.00 · Value 3539.37 · Buy at or below 3539.37; 2026-04 · Price JPY 5425.00 · Value 3539.37 · Buy at or below 3539.37; 2026-05 · Price JPY 7678.00 · Value 3539.37 · Buy at or below 3539.37; 2026-06 · Price JPY 8611.00 · Value 3539.37 · Buy at or below 3539.37; 2026-07 · Price JPY 7010.00 · Value 3539.37 · Buy at or below 3539.37; 2026-08 · Price JPY 6405.00 · Value 3539.37 · Buy at or below 3539.37; 2026-09 · Price JPY 5897.00 · Value 3539.37 · Buy at or below 3539.37; 2026-10 · Price JPY 6086.00 · Value 3539.37 · Buy at or below 3539.37; 2026-10 · Price JPY 5703.00 · Value 3539.37 · Buy at or below 3539.37

JPY per share · annual estimates

Price & return math
Value range	JPY 3,146.22 – JPY 3,999.02
Buy at or below	Central value JPY 3,539.37
Discount to value	1 − 5703.00 / 3539.37 = -61.1%
Return / year	About 6.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 218.31/share; 0.7% growth for 5 years, then fades to 3.0%; excess cash JPY 712.94/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 737B

Revenue

Owner earningsJPY 36B

Owner earnings

Operating margin7.3%

Operating margin

Net cash / debtJPY 63B

Net cash / debt

Diluted shares166M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·