# Fujikura (5803.JP)

Canonical: https://gigainvestors.com/s/5803.JP

Analysis as of: 2026-10-15T06:39:40.463Z. 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 4,540.00 per share; close as of 2026-10-15.

Estimated value: low JPY 4,915.27 per share, central JPY 6,549.29 per share, high JPY 7,581.58 per share. Buy at or below the central value JPY 6,549.29 per share. Valuation as of 2026-10-15T06:39:40.463Z; scenarios are not confidence intervals.

Expected annual return: 13.4% at the stated quote. About 13.4% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.64×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.00×

- FY2021: 0.04×

- FY2022: 0.06×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.14×

- FY2026: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: -7.3 pp

- Typical gross margin (annual median): 19.3%

- Recent gross margin (lower of latest and 3-year median): 26.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 13.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.7%

- FY2018: 6.1%

- FY2019: 4.2%

- FY2020: 0.7%

- FY2021: 4.9%

- FY2022: 8.9%

- FY2023: 16.8%

- FY2024: 15.9%

- FY2025: 27.9%

- FY2026: 31.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 392B

- Net income, five-year total: JPY 379B

- Return on incremental invested capital: 77.4%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 24.4%

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

- FY2022: 1.33×

- FY2023: 1.24×

- FY2024: 0.96×

- FY2025: 0.93×

- FY2026: 0.99×

### 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: 5.7% vs 27.9%

- Per-share earnings: 7.43 to 55.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

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

- Market cap gain: JPY 6.54T

- Cumulative retained earnings: JPY 266B

- Diluted shares, 10-year annual growth: -1.0%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 28.4%

- Per-share value change: JPY 47.61

- Per-share value, starting three-year median: JPY 7.44

- Per-share value, ending three-year median: JPY 55.05

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 10B

- Cumulative net income, 10 years: JPY 368B

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 27.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 7.44

- FY2018: JPY 10.73

- FY2019: JPY 0.85

- FY2020: JPY -22.76

- FY2021: JPY -3.25

- FY2022: JPY 23.64

- FY2023: JPY 24.71

- FY2024: JPY 30.83

- FY2025: JPY 55.05

- FY2026: JPY 94.93

### accounting: pass

- Sloan accruals: 2.5%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.2%

- FY2018: -1.5%

- FY2019: -6.4%

- FY2020: -14.7%

- FY2021: -11.9%

- FY2022: -0.2%

- FY2023: -2.6%

- FY2024: -6.0%

- FY2025: -3.0%

- FY2026: 2.5%

## Holders

## Price story

Down 27% since Jun 2026 · sales +20.7%

Story as of 2026-10-16T09:59:58.250Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

### Sales · FY2025–2026

sales +20.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.pdf; observed 2026-06-23.

- FY2017: JPY 654B 

- FY2018: JPY 740B 

- FY2019: JPY 711B 

- FY2020: JPY 672B 

- FY2021: JPY 644B 

- FY2022: JPY 670B 

- FY2023: JPY 806B 

- FY2024: JPY 800B 

- FY2025: JPY 979B 

- FY2026: JPY 1.18T 

### Gross margin · FY2026

gross margin 28.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.pdf; observed 2026-06-23.

- FY2017: 19.7% 

- FY2018: 18.0% 

- FY2019: 17.6% 

- FY2020: 14.8% 

- FY2021: 16.9% 

- FY2022: 18.9% 

- FY2023: 21.2% 

- FY2024: 21.3% 

- FY2025: 26.6% 

- FY2026: 28.1% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are JPY 1.2 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.pdf (filed 2026-06-23); FY2026: revenue 1182358000000; grossProfit 332283000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FJIKY.US: Fujikura Ltd. engages in telecommunication and power systems, electronic, and automotive products businesses in Japan, the rest of Asia, North America, Europe, and internationally. The company operates in five segments: Telecommunication Systems Business Division, Electronics Business Division, Automotive Products Business Division, Power Systems Business Division, and Real Estate Business Division. The Telecommunication Systems Business Division segment offers optical fibers, optical fiber cables, telecommunication components, optical components, fiber optic equipment, and network equipment, as well as related installation services. The Electronics Business Division segment provides flexible printed circuits, electronic wiring, HDD components, and various connectors. The Automotive Products Business Division segment offers automotive wire harnesses, and accessories, as well as related installation services. The Power Systems Business Division segment provides power cables, telecommunication cables, aluminum wires, and enameled wires. The Real Estate Business Division segment engages in the rental of real estate properties. The company was founded in 1885 and is headquartered in Tokyo, Japan.

### Why customers stay

Margins ranged from 21.3% to 28.1% during 2024–26; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: grossProfit / revenue = 26.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.pdf (filed 2026-06-23); FY2026: grossProfit / revenue = 28.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.057086886911542845],[2018,0.060528644924164154],[2019,0.04177195939670864],[2020,0.007321865824608055],[2021,0.04903092095712578],[2022,0.08900649080553598],[2023,0.16823000427362766],[2024,0.15928122609468465],[2025,0.27947919103722485],[2026,0.3157848729314701]]; median 0.07476756786485006. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.1% of cash earnings on expansion; earns 77.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 14080000000; upkeep 26870000000; owner earnings 18359000000. Growth capex / owner earnings = 0.7669263031755542.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 0; upkeep 15767000000; owner earnings 51939000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2023: growth capex 0; upkeep 15428000000; owner earnings 50836000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: growth capex 0; upkeep 20827000000; owner earnings 49175000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 7724000000; upkeep 21374000000; owner earnings 85107000000. Growth capex / owner earnings = 0.09075634201652039.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.pdf (filed 2026-06-23); FY2026: growth capex 14174000000; upkeep 24881000000; owner earnings 155121000000. Growth capex / owner earnings = 0.09137383075147788.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Incremental return on capital 0.7735264655321639, 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: [[2017,2636000000],[2018,3431000000],[2019,4009000000],[2020,2864000000],[2021,0],[2022,0],[2023,6357000000],[2024,10918000000],[2025,18243000000],[2026,44639000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); FJIKY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-09-29.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years; actual growth was 31.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate -0.006693502545237651. Price 4540; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 6.163333333333332 → FY2026 93.69658590126176. Closing-price date 2026-10-15.

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

- 2016-11: JPY 102.83 per share

- 2016-12: JPY 105.83 per share

- 2017-01: JPY 119.33 per share

- 2017-02: JPY 139.00 per share

- 2017-03: JPY 133.50 per share

- 2017-04: JPY 139.50 per share

- 2017-05: JPY 158.17 per share

- 2017-06: JPY 156.83 per share

- 2017-07: JPY 155.00 per share

- 2017-08: JPY 149.00 per share

- 2017-09: JPY 150.67 per share

- 2017-10: JPY 163.67 per share

- 2017-11: JPY 174.50 per share

- 2017-12: JPY 165.67 per share

- 2018-01: JPY 178.00 per share

- 2018-02: JPY 131.33 per share

- 2018-03: JPY 120.33 per share

- 2018-04: JPY 125.00 per share

- 2018-05: JPY 123.67 per share

- 2018-06: JPY 117.50 per share

- 2018-07: JPY 119.50 per share

- 2018-08: JPY 114.33 per share

- 2018-09: JPY 89.50 per share

- 2018-10: JPY 81.17 per share

- 2018-11: JPY 82.17 per share

- 2018-12: JPY 72.83 per share

- 2019-01: JPY 79.33 per share

- 2019-02: JPY 78.50 per share

- 2019-03: JPY 69.50 per share

- 2019-04: JPY 76.33 per share

- 2019-05: JPY 59.67 per share

- 2019-06: JPY 67.50 per share

- 2019-07: JPY 67.00 per share

- 2019-08: JPY 56.33 per share

- 2019-09: JPY 69.00 per share

- 2019-10: JPY 84.50 per share

- 2019-11: JPY 78.50 per share

- 2019-12: JPY 75.33 per share

- 2020-01: JPY 68.50 per share

- 2020-02: JPY 57.67 per share

- 2020-03: JPY 52.17 per share

- 2020-04: JPY 53.17 per share

- 2020-05: JPY 52.83 per share

- 2020-06: JPY 51.67 per share

- 2020-07: JPY 47.17 per share

- 2020-08: JPY 52.00 per share

- 2020-09: JPY 48.33 per share

- 2020-10: JPY 45.83 per share

- 2020-11: JPY 67.83 per share

- 2020-12: JPY 79.17 per share

- 2021-01: JPY 81.67 per share

- 2021-02: JPY 85.50 per share

- 2021-03: JPY 90.50 per share

- 2021-04: JPY 93.83 per share

- 2021-05: JPY 78.00 per share

- 2021-06: JPY 86.00 per share

- 2021-07: JPY 92.83 per share

- 2021-08: JPY 105.67 per share

- 2021-09: JPY 110.50 per share

- 2021-10: JPY 102.00 per share

- 2021-11: JPY 95.50 per share

- 2021-12: JPY 94.17 per share

- 2022-01: JPY 102.67 per share

- 2022-02: JPY 102.83 per share

- 2022-03: JPY 104.17 per share

- 2022-04: JPY 103.50 per share

- 2022-05: JPY 132.17 per share

- 2022-06: JPY 128.17 per share

- 2022-07: JPY 133.33 per share

- 2022-08: JPY 165.67 per share

- 2022-09: JPY 143.67 per share

- 2022-10: JPY 146.67 per share

- 2022-11: JPY 186.17 per share

- 2022-12: JPY 167.33 per share

- 2023-01: JPY 163.67 per share

- 2023-02: JPY 161.00 per share

- 2023-03: JPY 156.33 per share

- 2023-04: JPY 153.33 per share

- 2023-05: JPY 186.67 per share

- 2023-06: JPY 200.42 per share

- 2023-07: JPY 197.83 per share

- 2023-08: JPY 201.17 per share

- 2023-09: JPY 200.25 per share

- 2023-10: JPY 178.50 per share

- 2023-11: JPY 189.75 per share

- 2023-12: JPY 180.75 per share

- 2024-01: JPY 203.92 per share

- 2024-02: JPY 304.67 per share

- 2024-03: JPY 382.25 per share

- 2024-04: JPY 454.67 per share

- 2024-05: JPY 537.33 per share

- 2024-06: JPY 529.33 per share

- 2024-07: JPY 509.83 per share

- 2024-08: JPY 701.17 per share

- 2024-09: JPY 803.00 per share

- 2024-10: JPY 955.33 per share

- 2024-11: JPY 887.00 per share

- 2024-12: JPY 1,091.33 per share

- 2025-01: JPY 1,048.33 per share

- 2025-02: JPY 1,023.33 per share

- 2025-03: JPY 899.67 per share

- 2025-04: JPY 874.50 per share

- 2025-05: JPY 1,119.67 per share

- 2025-06: JPY 1,261.83 per share

- 2025-07: JPY 1,729.17 per share

- 2025-08: JPY 2,128.33 per share

- 2025-09: JPY 2,409.17 per share

- 2025-10: JPY 3,528.33 per share

- 2025-11: JPY 2,991.67 per share

- 2025-12: JPY 2,906.67 per share

- 2026-01: JPY 3,261.67 per share

- 2026-02: JPY 4,460.83 per share

- 2026-03: JPY 4,090.00 per share

- 2026-04: JPY 5,971.00 per share

- 2026-05: JPY 4,771.00 per share

- 2026-06: JPY 6,238.00 per share

- 2026-07: JPY 4,172.00 per share

- 2026-08: JPY 5,504.00 per share

- 2026-09: JPY 5,224.00 per share

- 2026-10: JPY 5,221.00 per share

## Annual estimated value (JPY per share)

- FY2026: low JPY 820.61 per share, central JPY 1,093.42 per share, high JPY 1,265.76 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 2026-10-15T06:39:40.463Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YGP3.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.

## Reported holder observations