# Okuma (6103.JP)

Canonical: https://gigainvestors.com/s/6103.JP

Analysis as of: 2026-10-15T07:10:48.507Z. Financial observations: FY2014–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 4,710.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,647.70 per share, central JPY 4,040.29 per share, high JPY 4,562.92 per share. Buy at or below the central value JPY 4,040.29 per share. Valuation as of 2026-10-15T07:10:48.507Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.09×

- FY2021: 0.04×

- FY2022: 0.08×

- FY2023: 0.11×

- FY2024: 0.11×

- 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: 9.8%

- ROIC, second-lowest year: 5.2%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 30.6%

- Recent gross margin (lower of latest and 3-year median): 29.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.8%

- FY2018: 14.9%

- FY2019: 17.6%

- FY2020: 9.2%

- FY2021: 2.7%

- FY2022: 9.0%

- FY2023: 13.4%

- FY2024: 10.4%

- FY2025: 5.2%

- FY2026: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 49B

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

- Return on incremental invested capital: -3.2%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 10.9 pp

- Working capital / revenue, final three-year average: 50.0%

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

- FY2022: 1.02×

- FY2023: 0.96×

- FY2024: 0.78×

- FY2025: 0.43×

- FY2026: -0.08×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 5.3%

- Per-share earnings: 427.28 to 208.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.5%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: JPY 118B

- Cumulative retained earnings: JPY 81B

- Diluted shares, 10-year annual growth: 6.5%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -8.6%

- Per-share value change: JPY -219.25

- Per-share value, starting three-year median: JPY 427.28

- Per-share value, ending three-year median: JPY 208.03

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 1.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 14B

- Cumulative net income, 10 years: JPY 128B

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 319.50

- FY2018: JPY 443.85

- FY2019: JPY 578.55

- FY2020: JPY 339.30

- FY2021: JPY 33.07

- FY2022: JPY 183.46

- FY2023: JPY 307.98

- FY2024: JPY 314.90

- FY2025: JPY 158.46

- FY2026: JPY 208.03

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.1%

- FY2018: -6.7%

- FY2019: 2.9%

- FY2020: 0.3%

- FY2021: -7.6%

- FY2022: -1.8%

- FY2023: 1.1%

- FY2024: 4.7%

- FY2025: -2.8%

- FY2026: -3.3%

## Holders

## Price story

Price needs cash profits to grow 3.2% a year for ten years · sales +14.1%

Story as of 2026-10-16T10:00:14.403Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

### Sales · FY2025–2026

sales +14.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFQC.pdf; observed 2026-06-22.

- FY2017: JPY 163B 

- FY2018: JPY 182B 

- FY2019: JPY 212B 

- FY2020: JPY 172B 

- FY2021: JPY 123B 

- FY2022: JPY 173B 

- FY2023: JPY 228B 

- FY2024: JPY 228B 

- FY2025: JPY 207B 

- FY2026: JPY 236B 

### Gross margin · FY2026

gross margin 29.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFQC.pdf; observed 2026-06-22.

- FY2017: 29.6% 

- FY2018: 31.3% 

- FY2019: 31.0% 

- FY2020: 29.7% 

- FY2021: 28.0% 

- FY2022: 30.2% 

- FY2023: 32.1% 

- FY2024: 32.7% 

- FY2025: 31.7% 

- FY2026: 29.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 235.9 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFQC.pdf (filed 2026-06-22); FY2026: revenue 235888000000; grossProfit 69302000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.4% to 32.7% during 2024–26; it earns 9.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: grossProfit / revenue = 32.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: grossProfit / revenue = 31.7%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFQC.pdf (filed 2026-06-22); FY2026: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.10837392424590044],[2018,0.14943176290951551],[2019,0.1760439890075367],[2020,0.09197927664390348],[2021,0.02674760099716559],[2022,0.09020266678432307],[2023,0.13384435673018344],[2024,0.10410558316695546],[2025,0.05193463417826447],[2026,0.053165404462456475]]; median 0.09804242990542947. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 8644000000; owner earnings 6477000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 4112375052.9893513; upkeep 5354624947.010649; owner earnings 13380375052.989351. Growth capex / owner earnings = 0.30734378047725897.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 2532000000; upkeep 5598000000; owner earnings 17997000000. Growth capex / owner earnings = 0.14069011501916986.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 11433000000; owner earnings 5028000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 0; upkeep 4316000000; owner earnings 4137000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 0; upkeep 6302000000; owner earnings 11813000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 1300000000; upkeep 7963000000; owner earnings 18508000000. Growth capex / owner earnings = 0.0702398962610763.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: growth capex 99664319.35726547; upkeep 12784335680.642735; owner earnings 15194664319.357265. Growth capex / owner earnings = 0.0065591655901406105.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: growth capex 0; upkeep 13599000000; owner earnings 4082000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,3047000000],[2018,2887000000],[2019,3850000000],[2020,4104000000],[2021,2525000000],[2022,1736000000],[2023,4531000000],[2024,5867000000],[2025,6066000000],[2026,6050000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YFQC.pdf (filed 2026-06-22); FY2026: cash repurchases 5002000000 JPY.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Ten-year compound average after fade. Initial solved rate 0.033540534905705105. Price 4710; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 454.23261152077094 → FY2026 -16.0451598581741. Closing-price date 2026-10-15.

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

- 2016-11: JPY 2,502.50 per share

- 2016-12: JPY 2,787.50 per share

- 2017-01: JPY 2,942.50 per share

- 2017-02: JPY 3,057.50 per share

- 2017-03: JPY 2,915.00 per share

- 2017-04: JPY 2,917.50 per share

- 2017-05: JPY 2,482.50 per share

- 2017-06: JPY 2,667.50 per share

- 2017-07: JPY 2,657.50 per share

- 2017-08: JPY 2,530.00 per share

- 2017-09: JPY 3,080.00 per share

- 2017-10: JPY 3,455.00 per share

- 2017-11: JPY 3,580.00 per share

- 2017-12: JPY 3,745.00 per share

- 2018-01: JPY 3,745.00 per share

- 2018-02: JPY 3,410.00 per share

- 2018-03: JPY 3,130.00 per share

- 2018-04: JPY 3,135.00 per share

- 2018-05: JPY 3,185.00 per share

- 2018-06: JPY 2,930.00 per share

- 2018-07: JPY 3,140.00 per share

- 2018-08: JPY 3,210.00 per share

- 2018-09: JPY 3,155.00 per share

- 2018-10: JPY 2,825.00 per share

- 2018-11: JPY 2,825.00 per share

- 2018-12: JPY 2,630.00 per share

- 2019-01: JPY 2,805.00 per share

- 2019-02: JPY 3,070.00 per share

- 2019-03: JPY 2,995.00 per share

- 2019-04: JPY 3,255.00 per share

- 2019-05: JPY 2,655.00 per share

- 2019-06: JPY 2,765.00 per share

- 2019-07: JPY 2,855.00 per share

- 2019-08: JPY 2,600.00 per share

- 2019-09: JPY 2,925.00 per share

- 2019-10: JPY 3,270.00 per share

- 2019-11: JPY 3,025.00 per share

- 2019-12: JPY 2,900.00 per share

- 2020-01: JPY 2,555.00 per share

- 2020-02: JPY 2,290.00 per share

- 2020-03: JPY 1,742.50 per share

- 2020-04: JPY 2,060.00 per share

- 2020-05: JPY 2,245.00 per share

- 2020-06: JPY 2,305.00 per share

- 2020-07: JPY 2,032.50 per share

- 2020-08: JPY 2,422.50 per share

- 2020-09: JPY 2,457.50 per share

- 2020-10: JPY 2,515.00 per share

- 2020-11: JPY 3,010.00 per share

- 2020-12: JPY 2,885.00 per share

- 2021-01: JPY 3,135.00 per share

- 2021-02: JPY 2,925.00 per share

- 2021-03: JPY 3,175.00 per share

- 2021-04: JPY 2,945.00 per share

- 2021-05: JPY 2,830.00 per share

- 2021-06: JPY 2,715.00 per share

- 2021-07: JPY 2,725.00 per share

- 2021-08: JPY 2,635.00 per share

- 2021-09: JPY 2,720.00 per share

- 2021-10: JPY 2,710.00 per share

- 2021-11: JPY 2,372.50 per share

- 2021-12: JPY 2,560.00 per share

- 2022-01: JPY 2,480.00 per share

- 2022-02: JPY 2,332.50 per share

- 2022-03: JPY 2,550.00 per share

- 2022-04: JPY 2,335.00 per share

- 2022-05: JPY 2,605.00 per share

- 2022-06: JPY 2,540.00 per share

- 2022-07: JPY 2,605.00 per share

- 2022-08: JPY 2,650.00 per share

- 2022-09: JPY 2,475.00 per share

- 2022-10: JPY 2,495.00 per share

- 2022-11: JPY 2,605.00 per share

- 2022-12: JPY 2,350.00 per share

- 2023-01: JPY 2,620.00 per share

- 2023-02: JPY 2,740.00 per share

- 2023-03: JPY 2,955.00 per share

- 2023-04: JPY 3,005.00 per share

- 2023-05: JPY 3,340.00 per share

- 2023-06: JPY 3,842.50 per share

- 2023-07: JPY 3,601.00 per share

- 2023-08: JPY 3,417.50 per share

- 2023-09: JPY 3,287.50 per share

- 2023-10: JPY 3,074.00 per share

- 2023-11: JPY 3,097.00 per share

- 2023-12: JPY 3,037.50 per share

- 2024-01: JPY 3,347.50 per share

- 2024-02: JPY 3,526.00 per share

- 2024-03: JPY 3,566.00 per share

- 2024-04: JPY 3,554.00 per share

- 2024-05: JPY 3,360.50 per share

- 2024-06: JPY 3,624.00 per share

- 2024-07: JPY 3,784.50 per share

- 2024-08: JPY 3,025.00 per share

- 2024-09: JPY 3,063.00 per share

- 2024-10: JPY 3,125.00 per share

- 2024-11: JPY 3,080.00 per share

- 2024-12: JPY 3,410.00 per share

- 2025-01: JPY 3,515.00 per share

- 2025-02: JPY 3,340.00 per share

- 2025-03: JPY 3,410.00 per share

- 2025-04: JPY 3,195.00 per share

- 2025-05: JPY 3,665.00 per share

- 2025-06: JPY 3,670.00 per share

- 2025-07: JPY 4,125.00 per share

- 2025-08: JPY 3,520.00 per share

- 2025-09: JPY 3,380.00 per share

- 2025-10: JPY 3,445.00 per share

- 2025-11: JPY 3,765.00 per share

- 2025-12: JPY 3,630.00 per share

- 2026-01: JPY 3,830.00 per share

- 2026-02: JPY 4,665.00 per share

- 2026-03: JPY 3,510.00 per share

- 2026-04: JPY 4,475.00 per share

- 2026-05: JPY 4,080.00 per share

- 2026-06: JPY 4,625.00 per share

- 2026-07: JPY 4,945.00 per share

- 2026-08: JPY 4,800.00 per share

- 2026-09: JPY 4,780.00 per share

- 2026-10: JPY 5,130.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 5,792.74 per share, central JPY 6,396.26 per share, high JPY 7,199.68 per share

- FY2021: low JPY 1,738.06 per share, central JPY 1,855.33 per share, high JPY 2,011.43 per share

- FY2022: low JPY 3,081.54 per share, central JPY 3,363.61 per share, high JPY 3,739.10 per share

- FY2023: low JPY 3,774.30 per share, central JPY 4,150.56 per share, high JPY 4,651.45 per share

- FY2024: low JPY 3,510.35 per share, central JPY 3,882.41 per share, high JPY 4,377.70 per share

- FY2025: low JPY 3,298.11 per share, central JPY 3,641.34 per share, high JPY 4,098.26 per share

- FY2026: low JPY 3,647.70 per share, central JPY 4,040.29 per share, high JPY 4,562.92 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/S100YFQC.pdf); period 2026-03-31, filed 2026-06-22.

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.

Okuma

6103 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 4,710.00
Buy up to: JPY 4,040.29
Expected / yr: 8.8% 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 29.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 9.1%
Worst year: 3.9%
Latest · 2026: 6.6%

Capital return excluding acquisitions: median 9.8% (minimum 15%), and the second-worst year 5.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 9.8%
Worst year: 2.7%
Latest · 2026: 5.3%

Each $1 of profit left $0.67 for owners over five years (minimum $0.80), and new investment earned -3.2% (minimum 12%), and working capital rose 10.9% of sales (limit 10%) to 50% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.67×
Annual median: 0.78×
Latest · 2026: -0.08×

Per-share value fell from 427.28 to 208.03, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 311.44
Worst year: JPY 33.07
Latest · 2026: JPY 208.03

Profits were backed by cash: accruals were -3.3% of assets (limit 10%).

Sloan accruals

10y median: -0.8%
Worst year: 4.7%
Latest · 2026: -3.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.2%, three-year average owner earnings per share 99.43 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 2502.50; 2016-12 · Price JPY 2787.50; 2017-01 · Price JPY 2942.50; 2017-02 · Price JPY 3057.50; 2017-03 · Price JPY 2915.00; 2017-04 · Price JPY 2917.50; 2017-05 · Price JPY 2482.50; 2017-06 · Price JPY 2667.50; 2017-07 · Price JPY 2657.50; 2017-08 · Price JPY 2530.00; 2017-09 · Price JPY 3080.00; 2017-10 · Price JPY 3455.00; 2017-11 · Price JPY 3580.00; 2017-12 · Price JPY 3745.00; 2018-01 · Price JPY 3745.00; 2018-02 · Price JPY 3410.00; 2018-03 · Price JPY 3130.00; 2018-04 · Price JPY 3135.00; 2018-05 · Price JPY 3185.00; 2018-06 · Price JPY 2930.00; 2018-07 · Price JPY 3140.00; 2018-08 · Price JPY 3210.00; 2018-09 · Price JPY 3155.00; 2018-10 · Price JPY 2825.00; 2018-11 · Price JPY 2825.00; 2018-12 · Price JPY 2630.00; 2019-01 · Price JPY 2805.00; 2019-02 · Price JPY 3070.00; 2019-03 · Price JPY 2995.00; 2019-04 · Price JPY 3255.00; 2019-05 · Price JPY 2655.00; 2019-06 · Price JPY 2765.00; 2019-07 · Price JPY 2855.00; 2019-08 · Price JPY 2600.00; 2019-09 · Price JPY 2925.00; 2019-10 · Price JPY 3270.00; 2019-11 · Price JPY 3025.00; 2019-12 · Price JPY 2900.00; 2020-01 · Price JPY 2555.00 · Value 6396.26 · Buy at or below 6396.26; 2020-02 · Price JPY 2290.00 · Value 6396.26 · Buy at or below 6396.26; 2020-03 · Price JPY 1742.50 · Value 6396.26 · Buy at or below 6396.26; 2020-04 · Price JPY 2060.00 · Value 6396.26 · Buy at or below 6396.26; 2020-05 · Price JPY 2245.00 · Value 6396.26 · Buy at or below 6396.26; 2020-06 · Price JPY 2305.00 · Value 6396.26 · Buy at or below 6396.26; 2020-07 · Price JPY 2032.50 · Value 6396.26 · Buy at or below 6396.26; 2020-08 · Price JPY 2422.50 · Value 6396.26 · Buy at or below 6396.26; 2020-09 · Price JPY 2457.50 · Value 6396.26 · Buy at or below 6396.26; 2020-10 · Price JPY 2515.00 · Value 6396.26 · Buy at or below 6396.26; 2020-11 · Price JPY 3010.00 · Value 6396.26 · Buy at or below 6396.26; 2020-12 · Price JPY 2885.00 · Value 6396.26 · Buy at or below 6396.26; 2021-01 · Price JPY 3135.00 · Value 6396.26 · Buy at or below 6396.26; 2021-02 · Price JPY 2925.00 · Value 1855.33 · Buy at or below 1855.33; 2021-03 · Price JPY 3175.00 · Value 1855.33 · Buy at or below 1855.33; 2021-04 · Price JPY 2945.00 · Value 1855.33 · Buy at or below 1855.33; 2021-05 · Price JPY 2830.00 · Value 1855.33 · Buy at or below 1855.33; 2021-06 · Price JPY 2715.00 · Value 1855.33 · Buy at or below 1855.33; 2021-07 · Price JPY 2725.00 · Value 1855.33 · Buy at or below 1855.33; 2021-08 · Price JPY 2635.00 · Value 1855.33 · Buy at or below 1855.33; 2021-09 · Price JPY 2720.00 · Value 1855.33 · Buy at or below 1855.33; 2021-10 · Price JPY 2710.00 · Value 1855.33 · Buy at or below 1855.33; 2021-11 · Price JPY 2372.50 · Value 1855.33 · Buy at or below 1855.33; 2021-12 · Price JPY 2560.00 · Value 1855.33 · Buy at or below 1855.33; 2022-01 · Price JPY 2480.00 · Value 1855.33 · Buy at or below 1855.33; 2022-02 · Price JPY 2332.50 · Value 3363.61 · Buy at or below 3363.61; 2022-03 · Price JPY 2550.00 · Value 3363.61 · Buy at or below 3363.61; 2022-04 · Price JPY 2335.00 · Value 3363.61 · Buy at or below 3363.61; 2022-05 · Price JPY 2605.00 · Value 3363.61 · Buy at or below 3363.61; 2022-06 · Price JPY 2540.00 · Value 3363.61 · Buy at or below 3363.61; 2022-07 · Price JPY 2605.00 · Value 3363.61 · Buy at or below 3363.61; 2022-08 · Price JPY 2650.00 · Value 3363.61 · Buy at or below 3363.61; 2022-09 · Price JPY 2475.00 · Value 3363.61 · Buy at or below 3363.61; 2022-10 · Price JPY 2495.00 · Value 3363.61 · Buy at or below 3363.61; 2022-11 · Price JPY 2605.00 · Value 3363.61 · Buy at or below 3363.61; 2022-12 · Price JPY 2350.00 · Value 3363.61 · Buy at or below 3363.61; 2023-01 · Price JPY 2620.00 · Value 3363.61 · Buy at or below 3363.61; 2023-02 · Price JPY 2740.00 · Value 4150.56 · Buy at or below 4150.56; 2023-03 · Price JPY 2955.00 · Value 4150.56 · Buy at or below 4150.56; 2023-04 · Price JPY 3005.00 · Value 4150.56 · Buy at or below 4150.56; 2023-05 · Price JPY 3340.00 · Value 4150.56 · Buy at or below 4150.56; 2023-06 · Price JPY 3842.50 · Value 4150.56 · Buy at or below 4150.56; 2023-07 · Price JPY 3601.00 · Value 4150.56 · Buy at or below 4150.56; 2023-08 · Price JPY 3417.50 · Value 4150.56 · Buy at or below 4150.56; 2023-09 · Price JPY 3287.50 · Value 4150.56 · Buy at or below 4150.56; 2023-10 · Price JPY 3074.00 · Value 4150.56 · Buy at or below 4150.56; 2023-11 · Price JPY 3097.00 · Value 4150.56 · Buy at or below 4150.56; 2023-12 · Price JPY 3037.50 · Value 4150.56 · Buy at or below 4150.56; 2024-01 · Price JPY 3347.50 · Value 4150.56 · Buy at or below 4150.56; 2024-02 · Price JPY 3526.00 · Value 3882.41 · Buy at or below 3882.41; 2024-03 · Price JPY 3566.00 · Value 3882.41 · Buy at or below 3882.41; 2024-04 · Price JPY 3554.00 · Value 3882.41 · Buy at or below 3882.41; 2024-05 · Price JPY 3360.50 · Value 3882.41 · Buy at or below 3882.41; 2024-06 · Price JPY 3624.00 · Value 3882.41 · Buy at or below 3882.41; 2024-07 · Price JPY 3784.50 · Value 3882.41 · Buy at or below 3882.41; 2024-08 · Price JPY 3025.00 · Value 3882.41 · Buy at or below 3882.41; 2024-09 · Price JPY 3063.00 · Value 3882.41 · Buy at or below 3882.41; 2024-10 · Price JPY 3125.00 · Value 3882.41 · Buy at or below 3882.41; 2024-11 · Price JPY 3080.00 · Value 3882.41 · Buy at or below 3882.41; 2024-12 · Price JPY 3410.00 · Value 3882.41 · Buy at or below 3882.41; 2025-01 · Price JPY 3515.00 · Value 3882.41 · Buy at or below 3882.41; 2025-02 · Price JPY 3340.00 · Value 3641.34 · Buy at or below 3641.34; 2025-03 · Price JPY 3410.00 · Value 3641.34 · Buy at or below 3641.34; 2025-04 · Price JPY 3195.00 · Value 3641.34 · Buy at or below 3641.34; 2025-05 · Price JPY 3665.00 · Value 3641.34 · Buy at or below 3641.34; 2025-06 · Price JPY 3670.00 · Value 3641.34 · Buy at or below 3641.34; 2025-07 · Price JPY 4125.00 · Value 3641.34 · Buy at or below 3641.34; 2025-08 · Price JPY 3520.00 · Value 3641.34 · Buy at or below 3641.34; 2025-09 · Price JPY 3380.00 · Value 3641.34 · Buy at or below 3641.34; 2025-10 · Price JPY 3445.00 · Value 3641.34 · Buy at or below 3641.34; 2025-11 · Price JPY 3765.00 · Value 3641.34 · Buy at or below 3641.34; 2025-12 · Price JPY 3630.00 · Value 3641.34 · Buy at or below 3641.34; 2026-01 · Price JPY 3830.00 · Value 3641.34 · Buy at or below 3641.34; 2026-02 · Price JPY 4665.00 · Value 4040.29 · Buy at or below 4040.29; 2026-03 · Price JPY 3510.00 · Value 4040.29 · Buy at or below 4040.29; 2026-04 · Price JPY 4475.00 · Value 4040.29 · Buy at or below 4040.29; 2026-05 · Price JPY 4080.00 · Value 4040.29 · Buy at or below 4040.29; 2026-06 · Price JPY 4625.00 · Value 4040.29 · Buy at or below 4040.29; 2026-07 · Price JPY 4945.00 · Value 4040.29 · Buy at or below 4040.29; 2026-08 · Price JPY 4800.00 · Value 4040.29 · Buy at or below 4040.29; 2026-09 · Price JPY 4780.00 · Value 4040.29 · Buy at or below 4040.29; 2026-10 · Price JPY 5130.00 · Value 4040.29 · Buy at or below 4040.29; 2026-10 · Price JPY 4710.00 · Value 4040.29 · Buy at or below 4040.29

JPY per share · annual estimates

Price & return math
Value range	JPY 3,647.70 – JPY 4,562.92
Buy at or below	Central value JPY 4,040.29
Discount to value	1 − 4710.00 / 4040.29 = -16.6%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 260.51/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 800.31/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 236B

Revenue

Owner earningsJPY -968M

Owner earnings

Operating margin6.6%

Operating margin

Net cash / debtJPY 23B

Net cash / debt

Diluted shares60M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·