# Amada (6113.JP)

Canonical: https://gigainvestors.com/s/6113.JP

Analysis as of: 2026-10-15T07:10:48.641Z. 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 2,409.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,893.47 per share, central JPY 2,132.83 per share, high JPY 2,405.60 per share. Buy at or below the central value JPY 2,132.83 per share. Valuation as of 2026-10-15T07:10:48.641Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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: 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: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.12×

- FY2026: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: 6.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: 7.5%

- Typical minus recent gross margin: -1.0 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.2%

- FY2018: 7.6%

- FY2019: 8.2%

- FY2020: 6.1%

- FY2021: 4.6%

- FY2022: 7.1%

- FY2023: 8.6%

- FY2024: 9.1%

- FY2025: 7.8%

- FY2026: 7.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 178B

- Net income, five-year total: JPY 166B

- Return on incremental invested capital: 2.8%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, final three-year average: 58.5%

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

- FY2022: 1.00×

- FY2023: 0.92×

- FY2024: 1.00×

- FY2025: 1.16×

- FY2026: 1.33×

### management: pass

- 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: 7.6% vs 7.8%

- Per-share earnings: 74.07 to 98.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: JPY 202B

- Cumulative retained earnings: JPY 128B

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 3.7%

- Per-share value change: JPY 24.65

- Per-share value, starting three-year median: JPY 74.07

- Per-share value, ending three-year median: JPY 98.72

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 52B

- Cumulative net income, 10 years: JPY 268B

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 7.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 0

- FY2018: JPY 74.07

- FY2019: JPY 91.50

- FY2020: JPY 65.91

- FY2021: JPY 53.40

- FY2022: JPY 79.88

- FY2023: JPY 98.25

- FY2024: JPY 118.95

- FY2025: JPY 98.72

- FY2026: JPY 96.67

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.0%

- FY2018: -1.0%

- FY2019: -1.2%

- FY2020: -1.6%

- FY2021: -7.0%

- FY2022: -4.7%

- FY2023: 1.4%

- FY2024: -1.0%

- FY2025: -2.1%

- FY2026: -3.6%

## Holders

## Price story

Down 20% since May 2026 · sales +10.3%

Story as of 2026-10-16T10:00:14.407Z; price observation 2026-10-15.

Price needs cash profits to grow 3.4% a year for ten years

### Sales · FY2025–2026

sales +10.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf; observed 2026-06-25.

- FY2017: JPY 0 

- FY2018: JPY 302B 

- FY2019: JPY 338B 

- FY2020: JPY 320B 

- FY2021: JPY 250B 

- FY2022: JPY 313B 

- FY2023: JPY 366B 

- FY2024: JPY 404B 

- FY2025: JPY 397B 

- FY2026: JPY 437B 

### Gross margin · FY2026

gross margin 40.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf; observed 2026-06-25.

- FY2018: 44.0% 

- FY2019: 43.5% 

- FY2020: 41.7% 

- FY2021: 39.6% 

- FY2022: 42.7% 

- FY2023: 43.6% 

- FY2024: 43.4% 

- FY2025: 43.5% 

- FY2026: 40.6% 

## Owner memo

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

### How it makes money

Annual sales are JPY 437.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf (filed 2026-06-25); FY2026: revenue 437372000000; grossProfit 177540000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 40.6% to 43.5% during 2024–26; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: grossProfit / revenue = 43.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: grossProfit / revenue = 43.5%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf (filed 2026-06-25); FY2026: grossProfit / revenue = 40.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.07229545514830985],[2018,0.07609224091601917],[2019,0.08156361943583411],[2020,0.06078438332028346],[2021,0.04568627817294854],[2022,0.07127977600561297],[2023,0.08557086430208759],[2024,0.09077491888374427],[2025,0.077866688504573],[2026,0.06985949866111911]]; median 0.0741938480321645. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2018: growth capex 7328000000; upkeep 11554000000; owner earnings 26843000000. Growth capex / owner earnings = 0.27299482174123607.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2019: growth capex 4892000000; upkeep 12529000000; owner earnings 33252000000. Growth capex / owner earnings = 0.1471189702875015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2020: growth capex 0; upkeep 31305000000; owner earnings 5574000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2021: growth capex 0; upkeep 19704000000; owner earnings 13261000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2022: growth capex 0; upkeep 15271000000; owner earnings 27747000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2023: growth capex 7326000000; upkeep 17623000000; owner earnings 31306000000. Growth capex / owner earnings = 0.23401264933239635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: growth capex 0; upkeep 16045000000; owner earnings 40554000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: growth capex 0; upkeep 11201000000; owner earnings 37618000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf (filed 2026-06-25); FY2026: growth capex 0; upkeep 9599000000; owner earnings 40522000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,16045000000],[2018,13878000000],[2019,15705000000],[2020,17514000000],[2021,13564000000],[2022,11131000000],[2023,14920000000],[2024,17570000000],[2025,21865000000],[2026,19754000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years; actual growth was 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate 0.036034545423616726. Price 2409.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 75.35657538742025 → FY2026 128.2078202526674. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,273.00 per share

- 2016-12: JPY 1,305.00 per share

- 2017-01: JPY 1,329.00 per share

- 2017-02: JPY 1,270.00 per share

- 2017-03: JPY 1,271.00 per share

- 2017-04: JPY 1,324.00 per share

- 2017-05: JPY 1,290.00 per share

- 2017-06: JPY 1,298.00 per share

- 2017-07: JPY 1,261.00 per share

- 2017-08: JPY 1,207.00 per share

- 2017-09: JPY 1,235.00 per share

- 2017-10: JPY 1,401.00 per share

- 2017-11: JPY 1,491.00 per share

- 2017-12: JPY 1,534.00 per share

- 2018-01: JPY 1,616.00 per share

- 2018-02: JPY 1,436.00 per share

- 2018-03: JPY 1,292.00 per share

- 2018-04: JPY 1,317.00 per share

- 2018-05: JPY 1,184.00 per share

- 2018-06: JPY 1,065.00 per share

- 2018-07: JPY 1,118.00 per share

- 2018-08: JPY 1,188.00 per share

- 2018-09: JPY 1,213.00 per share

- 2018-10: JPY 1,064.00 per share

- 2018-11: JPY 1,232.00 per share

- 2018-12: JPY 988.00 per share

- 2019-01: JPY 1,092.00 per share

- 2019-02: JPY 1,171.00 per share

- 2019-03: JPY 1,095.00 per share

- 2019-04: JPY 1,236.00 per share

- 2019-05: JPY 1,120.00 per share

- 2019-06: JPY 1,213.00 per share

- 2019-07: JPY 1,208.00 per share

- 2019-08: JPY 1,107.00 per share

- 2019-09: JPY 1,164.00 per share

- 2019-10: JPY 1,243.00 per share

- 2019-11: JPY 1,220.00 per share

- 2019-12: JPY 1,250.00 per share

- 2020-01: JPY 1,163.00 per share

- 2020-02: JPY 1,008.00 per share

- 2020-03: JPY 853.00 per share

- 2020-04: JPY 983.00 per share

- 2020-05: JPY 961.00 per share

- 2020-06: JPY 881.00 per share

- 2020-07: JPY 709.00 per share

- 2020-08: JPY 944.00 per share

- 2020-09: JPY 982.00 per share

- 2020-10: JPY 905.00 per share

- 2020-11: JPY 1,006.00 per share

- 2020-12: JPY 1,133.00 per share

- 2021-01: JPY 1,175.00 per share

- 2021-02: JPY 1,291.00 per share

- 2021-03: JPY 1,234.00 per share

- 2021-04: JPY 1,183.00 per share

- 2021-05: JPY 1,164.00 per share

- 2021-06: JPY 1,123.00 per share

- 2021-07: JPY 1,118.00 per share

- 2021-08: JPY 1,116.00 per share

- 2021-09: JPY 1,164.00 per share

- 2021-10: JPY 1,122.00 per share

- 2021-11: JPY 1,063.00 per share

- 2021-12: JPY 1,139.00 per share

- 2022-01: JPY 1,101.00 per share

- 2022-02: JPY 1,013.00 per share

- 2022-03: JPY 1,084.00 per share

- 2022-04: JPY 1,014.00 per share

- 2022-05: JPY 1,034.00 per share

- 2022-06: JPY 997.00 per share

- 2022-07: JPY 1,067.00 per share

- 2022-08: JPY 1,097.00 per share

- 2022-09: JPY 981.00 per share

- 2022-10: JPY 1,047.00 per share

- 2022-11: JPY 1,098.00 per share

- 2022-12: JPY 1,034.00 per share

- 2023-01: JPY 1,162.00 per share

- 2023-02: JPY 1,239.00 per share

- 2023-03: JPY 1,238.00 per share

- 2023-04: JPY 1,264.00 per share

- 2023-05: JPY 1,333.00 per share

- 2023-06: JPY 1,413.00 per share

- 2023-07: JPY 1,397.50 per share

- 2023-08: JPY 1,544.00 per share

- 2023-09: JPY 1,504.50 per share

- 2023-10: JPY 1,450.00 per share

- 2023-11: JPY 1,482.50 per share

- 2023-12: JPY 1,470.00 per share

- 2024-01: JPY 1,605.00 per share

- 2024-02: JPY 1,662.50 per share

- 2024-03: JPY 1,721.50 per share

- 2024-04: JPY 1,727.50 per share

- 2024-05: JPY 1,771.00 per share

- 2024-06: JPY 1,777.00 per share

- 2024-07: JPY 1,787.50 per share

- 2024-08: JPY 1,500.00 per share

- 2024-09: JPY 1,457.50 per share

- 2024-10: JPY 1,517.00 per share

- 2024-11: JPY 1,442.50 per share

- 2024-12: JPY 1,537.00 per share

- 2025-01: JPY 1,606.00 per share

- 2025-02: JPY 1,432.50 per share

- 2025-03: JPY 1,447.50 per share

- 2025-04: JPY 1,426.00 per share

- 2025-05: JPY 1,481.50 per share

- 2025-06: JPY 1,575.50 per share

- 2025-07: JPY 1,706.50 per share

- 2025-08: JPY 1,891.50 per share

- 2025-09: JPY 1,820.50 per share

- 2025-10: JPY 1,843.00 per share

- 2025-11: JPY 1,858.00 per share

- 2025-12: JPY 1,852.00 per share

- 2026-01: JPY 1,979.50 per share

- 2026-02: JPY 2,602.50 per share

- 2026-03: JPY 2,161.00 per share

- 2026-04: JPY 2,629.00 per share

- 2026-05: JPY 3,014.00 per share

- 2026-06: JPY 2,951.50 per share

- 2026-07: JPY 2,787.00 per share

- 2026-08: JPY 2,587.50 per share

- 2026-09: JPY 2,553.50 per share

- 2026-10: JPY 2,635.50 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 1,161.62 per share, central JPY 1,281.91 per share, high JPY 1,442.04 per share

- FY2023: low JPY 1,478.90 per share, central JPY 1,988.90 per share, high JPY 2,289.87 per share

- FY2024: low JPY 1,544.97 per share, central JPY 1,989.71 per share, high JPY 2,287.77 per share

- FY2025: low JPY 1,628.37 per share, central JPY 2,029.93 per share, high JPY 2,323.92 per share

- FY2026: low JPY 1,893.47 per share, central JPY 2,132.83 per share, high JPY 2,405.60 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 2026-10-15T07:10:48.641Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKCP.pdf); period 2026-03-31, filed 2026-06-25.

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.

Amada

6113 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,409.50
Buy up to: JPY 2,132.83
Expected / yr: 9.0% 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 10.7% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

9y median: 12.4%
Worst year: 10.2%
Latest · 2026: 10.2%

Capital return excluding acquisitions: median 7.4% (minimum 15%), and the second-worst year 6.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 7.4%
Worst year: 4.6%
Latest · 2026: 7.0%

New investment earned 2.8% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.07×
Annual median: 1.00×
Latest · 2026: 1.33×

Per-share value rose from 74.07 to 98.72, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 85.69
Worst year: JPY 0
Latest · 2026: JPY 96.67

Profits were backed by cash: accruals were -3.6% of assets (limit 10%).

Sloan accruals

10y median: -1.4%
Worst year: 1.4%
Latest · 2026: -3.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.3%, three-year average owner earnings per share 120.53 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1273.00; 2016-12 · Price JPY 1305.00; 2017-01 · Price JPY 1329.00; 2017-02 · Price JPY 1270.00; 2017-03 · Price JPY 1271.00; 2017-04 · Price JPY 1324.00; 2017-05 · Price JPY 1290.00; 2017-06 · Price JPY 1298.00; 2017-07 · Price JPY 1261.00; 2017-08 · Price JPY 1207.00; 2017-09 · Price JPY 1235.00; 2017-10 · Price JPY 1401.00; 2017-11 · Price JPY 1491.00; 2017-12 · Price JPY 1534.00; 2018-01 · Price JPY 1616.00; 2018-02 · Price JPY 1436.00; 2018-03 · Price JPY 1292.00; 2018-04 · Price JPY 1317.00; 2018-05 · Price JPY 1184.00; 2018-06 · Price JPY 1065.00; 2018-07 · Price JPY 1118.00; 2018-08 · Price JPY 1188.00; 2018-09 · Price JPY 1213.00; 2018-10 · Price JPY 1064.00; 2018-11 · Price JPY 1232.00; 2018-12 · Price JPY 988.00; 2019-01 · Price JPY 1092.00; 2019-02 · Price JPY 1171.00; 2019-03 · Price JPY 1095.00; 2019-04 · Price JPY 1236.00; 2019-05 · Price JPY 1120.00; 2019-06 · Price JPY 1213.00; 2019-07 · Price JPY 1208.00; 2019-08 · Price JPY 1107.00; 2019-09 · Price JPY 1164.00; 2019-10 · Price JPY 1243.00; 2019-11 · Price JPY 1220.00; 2019-12 · Price JPY 1250.00; 2020-01 · Price JPY 1163.00; 2020-02 · Price JPY 1008.00; 2020-03 · Price JPY 853.00; 2020-04 · Price JPY 983.00; 2020-05 · Price JPY 961.00; 2020-06 · Price JPY 881.00; 2020-07 · Price JPY 709.00; 2020-08 · Price JPY 944.00; 2020-09 · Price JPY 982.00; 2020-10 · Price JPY 905.00; 2020-11 · Price JPY 1006.00; 2020-12 · Price JPY 1133.00; 2021-01 · Price JPY 1175.00; 2021-02 · Price JPY 1291.00; 2021-03 · Price JPY 1234.00; 2021-04 · Price JPY 1183.00; 2021-05 · Price JPY 1164.00; 2021-06 · Price JPY 1123.00; 2021-07 · Price JPY 1118.00; 2021-08 · Price JPY 1116.00; 2021-09 · Price JPY 1164.00; 2021-10 · Price JPY 1122.00; 2021-11 · Price JPY 1063.00; 2021-12 · Price JPY 1139.00; 2022-01 · Price JPY 1101.00 · Value 1281.91 · Buy at or below 1281.91; 2022-02 · Price JPY 1013.00 · Value 1281.91 · Buy at or below 1281.91; 2022-03 · Price JPY 1084.00 · Value 1281.91 · Buy at or below 1281.91; 2022-04 · Price JPY 1014.00 · Value 1281.91 · Buy at or below 1281.91; 2022-05 · Price JPY 1034.00 · Value 1281.91 · Buy at or below 1281.91; 2022-06 · Price JPY 997.00 · Value 1281.91 · Buy at or below 1281.91; 2022-07 · Price JPY 1067.00 · Value 1281.91 · Buy at or below 1281.91; 2022-08 · Price JPY 1097.00 · Value 1281.91 · Buy at or below 1281.91; 2022-09 · Price JPY 981.00 · Value 1281.91 · Buy at or below 1281.91; 2022-10 · Price JPY 1047.00 · Value 1281.91 · Buy at or below 1281.91; 2022-11 · Price JPY 1098.00 · Value 1281.91 · Buy at or below 1281.91; 2022-12 · Price JPY 1034.00 · Value 1281.91 · Buy at or below 1281.91; 2023-01 · Price JPY 1162.00 · Value 1281.91 · Buy at or below 1281.91; 2023-02 · Price JPY 1239.00 · Value 1988.90 · Buy at or below 1988.90; 2023-03 · Price JPY 1238.00 · Value 1988.90 · Buy at or below 1988.90; 2023-04 · Price JPY 1264.00 · Value 1988.90 · Buy at or below 1988.90; 2023-05 · Price JPY 1333.00 · Value 1988.90 · Buy at or below 1988.90; 2023-06 · Price JPY 1413.00 · Value 1988.90 · Buy at or below 1988.90; 2023-07 · Price JPY 1397.50 · Value 1988.90 · Buy at or below 1988.90; 2023-08 · Price JPY 1544.00 · Value 1988.90 · Buy at or below 1988.90; 2023-09 · Price JPY 1504.50 · Value 1988.90 · Buy at or below 1988.90; 2023-10 · Price JPY 1450.00 · Value 1988.90 · Buy at or below 1988.90; 2023-11 · Price JPY 1482.50 · Value 1988.90 · Buy at or below 1988.90; 2023-12 · Price JPY 1470.00 · Value 1988.90 · Buy at or below 1988.90; 2024-01 · Price JPY 1605.00 · Value 1988.90 · Buy at or below 1988.90; 2024-02 · Price JPY 1662.50 · Value 1989.71 · Buy at or below 1989.71; 2024-03 · Price JPY 1721.50 · Value 1989.71 · Buy at or below 1989.71; 2024-04 · Price JPY 1727.50 · Value 1989.71 · Buy at or below 1989.71; 2024-05 · Price JPY 1771.00 · Value 1989.71 · Buy at or below 1989.71; 2024-06 · Price JPY 1777.00 · Value 1989.71 · Buy at or below 1989.71; 2024-07 · Price JPY 1787.50 · Value 1989.71 · Buy at or below 1989.71; 2024-08 · Price JPY 1500.00 · Value 1989.71 · Buy at or below 1989.71; 2024-09 · Price JPY 1457.50 · Value 1989.71 · Buy at or below 1989.71; 2024-10 · Price JPY 1517.00 · Value 1989.71 · Buy at or below 1989.71; 2024-11 · Price JPY 1442.50 · Value 1989.71 · Buy at or below 1989.71; 2024-12 · Price JPY 1537.00 · Value 1989.71 · Buy at or below 1989.71; 2025-01 · Price JPY 1606.00 · Value 1989.71 · Buy at or below 1989.71; 2025-02 · Price JPY 1432.50 · Value 2029.93 · Buy at or below 2029.93; 2025-03 · Price JPY 1447.50 · Value 2029.93 · Buy at or below 2029.93; 2025-04 · Price JPY 1426.00 · Value 2029.93 · Buy at or below 2029.93; 2025-05 · Price JPY 1481.50 · Value 2029.93 · Buy at or below 2029.93; 2025-06 · Price JPY 1575.50 · Value 2029.93 · Buy at or below 2029.93; 2025-07 · Price JPY 1706.50 · Value 2029.93 · Buy at or below 2029.93; 2025-08 · Price JPY 1891.50 · Value 2029.93 · Buy at or below 2029.93; 2025-09 · Price JPY 1820.50 · Value 2029.93 · Buy at or below 2029.93; 2025-10 · Price JPY 1843.00 · Value 2029.93 · Buy at or below 2029.93; 2025-11 · Price JPY 1858.00 · Value 2029.93 · Buy at or below 2029.93; 2025-12 · Price JPY 1852.00 · Value 2029.93 · Buy at or below 2029.93; 2026-01 · Price JPY 1979.50 · Value 2029.93 · Buy at or below 2029.93; 2026-02 · Price JPY 2602.50 · Value 2132.83 · Buy at or below 2132.83; 2026-03 · Price JPY 2161.00 · Value 2132.83 · Buy at or below 2132.83; 2026-04 · Price JPY 2629.00 · Value 2132.83 · Buy at or below 2132.83; 2026-05 · Price JPY 3014.00 · Value 2132.83 · Buy at or below 2132.83; 2026-06 · Price JPY 2951.50 · Value 2132.83 · Buy at or below 2132.83; 2026-07 · Price JPY 2787.00 · Value 2132.83 · Buy at or below 2132.83; 2026-08 · Price JPY 2587.50 · Value 2132.83 · Buy at or below 2132.83; 2026-09 · Price JPY 2553.50 · Value 2132.83 · Buy at or below 2132.83; 2026-10 · Price JPY 2635.50 · Value 2132.83 · Buy at or below 2132.83; 2026-10 · Price JPY 2409.50 · Value 2132.83 · Buy at or below 2132.83

JPY per share · annual estimates

Price & return math
Value range	JPY 1,893.47 – JPY 2,405.60
Buy at or below	Central value JPY 2,132.83
Discount to value	1 − 2409.50 / 2132.83 = -13.0%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 128.21/share; 0.9% growth for 5 years, then fades to 3.0%; excess cash JPY 458.38/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 437B

Revenue

Owner earningsJPY 41B

Owner earnings

Operating margin10.2%

Operating margin

Net cash / debtJPY 73B

Net cash / debt

Diluted shares316M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·