# Disco (6146.JP)

Canonical: https://gigainvestors.com/s/6146.JP

Analysis as of: 2026-10-15T07:10:49.341Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 53,180.00 per share; close as of 2026-10-15.

Estimated value: low JPY 19,396.67 per share, central JPY 26,828.87 per share, high JPY 31,075.28 per share. Buy at or below the central value JPY 26,828.87 per share. Valuation as of 2026-10-15T07:10:49.341Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: 0.30×

- FY2019: 0.26×

- FY2020: 0.26×

- FY2021: 0.29×

- FY2022: 0.36×

- FY2023: 0.39×

- FY2024: 0.40×

- FY2025: 0.42×

- FY2026: 0.42×

### moat: pass

- ROIC, median of available years: 36.3%

- ROIC, second-lowest year: 22.3%

- Typical minus recent gross margin: -9.8 pp

- Typical gross margin (annual median): 60.4%

- Recent gross margin (lower of latest and 3-year median): 70.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.0%

- ROIC including acquisitions, ten-year median: 35.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 22.3%

- FY2018: 33.2%

- FY2019: 22.9%

- FY2020: 19.2%

- FY2021: 27.5%

- FY2022: 39.4%

- FY2023: 44.2%

- FY2024: 47.1%

- FY2025: 47.0%

- FY2026: 45.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 484B

- Net income, five-year total: JPY 493B

- Return on incremental invested capital: 37.8%

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

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 45.9%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.93×

- FY2026: 1.00×

### 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: 22.9% vs 47.0%

- Per-share earnings: 225.27 to 1143.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: JPY 6.03T

- Cumulative retained earnings: JPY 386B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 22.5%

- Per-share value change: JPY 917.99

- Per-share value, starting three-year median: JPY 225.27

- Per-share value, ending three-year median: JPY 1K

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 113M

- Cumulative net income, 10 years: JPY 650B

- ROIC, first three-year median: 22.9%

- ROIC, last three-year median: 47.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 225.27

- FY2018: JPY 345.22

- FY2019: JPY 267.45

- FY2020: JPY 256.52

- FY2021: JPY 361.82

- FY2022: JPY 611.67

- FY2023: JPY 765.47

- FY2024: JPY 777.29

- FY2025: JPY 1K

- FY2026: JPY 1K

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.9%

- FY2018: -5.3%

- FY2019: 0.6%

- FY2020: -1.3%

- FY2021: -5.4%

- FY2022: -4.3%

- FY2023: 0.2%

- FY2024: -2.4%

- FY2025: 0.5%

- FY2026: 0.3%

## Holders

## Price story

Down 35% since Jun 2026 · sales +11.1%

Story as of 2026-10-16T10:00:14.410Z; price observation 2026-10-15.

Price needs cash profits to grow 16.4% a year for ten years

### Sales · FY2025–2026

sales +11.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6I.pdf; observed 2026-06-16.

- FY2017: JPY 134B 

- FY2018: JPY 167B 

- FY2019: JPY 148B 

- FY2020: JPY 141B 

- FY2021: JPY 183B 

- FY2022: JPY 254B 

- FY2023: JPY 284B 

- FY2024: JPY 308B 

- FY2025: JPY 393B 

- FY2026: JPY 437B 

### Gross margin · FY2026

gross margin 70.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6I.pdf; observed 2026-06-16.

- FY2017: 55.5% 

- FY2018: 59.2% 

- FY2019: 58.9% 

- FY2020: 60.1% 

- FY2021: 58.5% 

- FY2022: 60.7% 

- FY2023: 64.9% 

- FY2024: 67.8% 

- FY2025: 70.6% 

- FY2026: 70.1% 

## Owner memo

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

### How it makes money

Annual sales are JPY 436.9 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6I.pdf (filed 2026-06-16); FY2026: revenue 436889000000; grossProfit 306477000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 67.8% to 70.6% during 2024–26; it earns 36.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 67.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 70.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6I.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 70.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,0.22260899385115193],[2018,0.3321045166119718],[2019,0.22873470424648656],[2020,0.19169617365633487],[2021,0.2751721669854988],[2022,0.3938208483865949],[2023,0.44175232083641275],[2024,0.4706034369218],[2025,0.46987735449463536],[2026,0.4518975266885316]]; median 0.3629626824992834. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 15.1% of cash earnings on expansion; earns 37.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2017: growth capex 3178779641.4922094; upkeep 7184220358.507791; owner earnings 23005779641.49221. Growth capex / owner earnings = 0.1381730891553487.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 5552000000; upkeep 6053000000; owner earnings 37171000000. Growth capex / owner earnings = 0.14936375131150628.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 0; upkeep 14515000000; owner earnings 20404000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2020: growth capex 0; upkeep 24962000000; owner earnings 9303000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2021: growth capex 14298000000; upkeep 6815000000; owner earnings 39091000000. Growth capex / owner earnings = 0.36576194008851143.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 35081000000; upkeep 8551000000; owner earnings 66206000000. Growth capex / owner earnings = 0.5298764462435429.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 3880000000; upkeep 10371000000; owner earnings 82891000000. Growth capex / owner earnings = 0.04680845930197488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 5220000000; upkeep 11031000000; owner earnings 84205000000. Growth capex / owner earnings = 0.061991568196662905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 45959583216.39807; upkeep 20970416783.60193; owner earnings 115118583216.39807. Growth capex / owner earnings = 0.3992368732509849.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6I.pdf (filed 2026-06-16); FY2026: growth capex 20406000000; upkeep 14821000000; owner earnings 135521000000. Growth capex / owner earnings = 0.15057444971628015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Incremental return on capital 0.3779799422943166, 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: [[2017,11198000000],[2018,15492000000],[2019,13001000000],[2020,10741000000],[2021,16653000000],[2022,27401000000],[2023,32154000000],[2024,31115000000],[2025,38467000000],[2026,45309000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 16.4% yearly over ten years; actual growth was 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate 0.3048537849409694. Price 53180; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 206.297130948188 → FY2026 1249.84. Closing-price date 2026-10-15.

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

- 2016-11: JPY 4,520.00 per share

- 2016-12: JPY 4,720.00 per share

- 2017-01: JPY 4,813.33 per share

- 2017-02: JPY 5,630.00 per share

- 2017-03: JPY 5,643.33 per share

- 2017-04: JPY 5,873.33 per share

- 2017-05: JPY 6,366.67 per share

- 2017-06: JPY 5,973.33 per share

- 2017-07: JPY 6,523.33 per share

- 2017-08: JPY 6,570.00 per share

- 2017-09: JPY 7,630.00 per share

- 2017-10: JPY 8,710.00 per share

- 2017-11: JPY 8,286.67 per share

- 2017-12: JPY 8,356.67 per share

- 2018-01: JPY 8,513.33 per share

- 2018-02: JPY 8,403.33 per share

- 2018-03: JPY 7,650.00 per share

- 2018-04: JPY 6,426.67 per share

- 2018-05: JPY 6,850.00 per share

- 2018-06: JPY 6,303.33 per share

- 2018-07: JPY 6,323.33 per share

- 2018-08: JPY 6,626.67 per share

- 2018-09: JPY 6,340.00 per share

- 2018-10: JPY 5,990.00 per share

- 2018-11: JPY 5,516.67 per share

- 2018-12: JPY 4,283.33 per share

- 2019-01: JPY 5,360.00 per share

- 2019-02: JPY 5,113.33 per share

- 2019-03: JPY 5,256.67 per share

- 2019-04: JPY 6,360.00 per share

- 2019-05: JPY 5,056.67 per share

- 2019-06: JPY 5,893.33 per share

- 2019-07: JPY 6,743.33 per share

- 2019-08: JPY 6,433.33 per share

- 2019-09: JPY 6,820.00 per share

- 2019-10: JPY 7,960.00 per share

- 2019-11: JPY 7,873.33 per share

- 2019-12: JPY 8,633.33 per share

- 2020-01: JPY 8,613.33 per share

- 2020-02: JPY 7,293.33 per share

- 2020-03: JPY 7,120.00 per share

- 2020-04: JPY 8,116.67 per share

- 2020-05: JPY 8,020.00 per share

- 2020-06: JPY 8,696.67 per share

- 2020-07: JPY 8,390.00 per share

- 2020-08: JPY 8,243.33 per share

- 2020-09: JPY 8,470.00 per share

- 2020-10: JPY 9,343.33 per share

- 2020-11: JPY 11,083.33 per share

- 2020-12: JPY 11,583.33 per share

- 2021-01: JPY 11,350.00 per share

- 2021-02: JPY 11,133.33 per share

- 2021-03: JPY 11,583.33 per share

- 2021-04: JPY 11,800.00 per share

- 2021-05: JPY 11,200.00 per share

- 2021-06: JPY 11,316.67 per share

- 2021-07: JPY 10,383.33 per share

- 2021-08: JPY 10,683.33 per share

- 2021-09: JPY 10,450.00 per share

- 2021-10: JPY 10,200.00 per share

- 2021-11: JPY 10,866.67 per share

- 2021-12: JPY 11,716.67 per share

- 2022-01: JPY 10,366.67 per share

- 2022-02: JPY 10,716.67 per share

- 2022-03: JPY 11,466.67 per share

- 2022-04: JPY 10,700.00 per share

- 2022-05: JPY 11,700.00 per share

- 2022-06: JPY 10,733.33 per share

- 2022-07: JPY 10,766.67 per share

- 2022-08: JPY 11,400.00 per share

- 2022-09: JPY 10,666.67 per share

- 2022-10: JPY 11,900.00 per share

- 2022-11: JPY 13,533.33 per share

- 2022-12: JPY 12,583.33 per share

- 2023-01: JPY 12,900.00 per share

- 2023-02: JPY 14,233.33 per share

- 2023-03: JPY 15,300.00 per share

- 2023-04: JPY 15,410.00 per share

- 2023-05: JPY 20,350.00 per share

- 2023-06: JPY 22,610.00 per share

- 2023-07: JPY 26,640.00 per share

- 2023-08: JPY 28,745.00 per share

- 2023-09: JPY 27,580.00 per share

- 2023-10: JPY 26,155.00 per share

- 2023-11: JPY 32,090.00 per share

- 2023-12: JPY 34,980.00 per share

- 2024-01: JPY 40,380.00 per share

- 2024-02: JPY 48,260.00 per share

- 2024-03: JPY 57,120.00 per share

- 2024-04: JPY 45,800.00 per share

- 2024-05: JPY 61,490.00 per share

- 2024-06: JPY 61,040.00 per share

- 2024-07: JPY 49,460.00 per share

- 2024-08: JPY 42,660.00 per share

- 2024-09: JPY 37,490.00 per share

- 2024-10: JPY 44,470.00 per share

- 2024-11: JPY 40,600.00 per share

- 2024-12: JPY 42,730.00 per share

- 2025-01: JPY 44,740.00 per share

- 2025-02: JPY 37,570.00 per share

- 2025-03: JPY 29,895.00 per share

- 2025-04: JPY 27,620.00 per share

- 2025-05: JPY 32,870.00 per share

- 2025-06: JPY 42,630.00 per share

- 2025-07: JPY 45,550.00 per share

- 2025-08: JPY 41,350.00 per share

- 2025-09: JPY 46,510.00 per share

- 2025-10: JPY 51,610.00 per share

- 2025-11: JPY 43,730.00 per share

- 2025-12: JPY 48,170.00 per share

- 2026-01: JPY 66,190.00 per share

- 2026-02: JPY 75,500.00 per share

- 2026-03: JPY 61,240.00 per share

- 2026-04: JPY 74,010.00 per share

- 2026-05: JPY 65,090.00 per share

- 2026-06: JPY 81,260.00 per share

- 2026-07: JPY 58,480.00 per share

- 2026-08: JPY 58,120.00 per share

- 2026-09: JPY 57,450.00 per share

- 2026-10: JPY 59,620.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 3,241.50 per share, central JPY 3,579.60 per share, high JPY 4,029.69 per share

- FY2021: low JPY 4,153.76 per share, central JPY 4,591.01 per share, high JPY 5,173.07 per share

- FY2022: low JPY 6,593.75 per share, central JPY 7,349.14 per share, high JPY 8,354.72 per share

- FY2023: low JPY 9,079.15 per share, central JPY 12,347.03 per share, high JPY 14,249.92 per share

- FY2024: low JPY 12,001.31 per share, central JPY 16,316.11 per share, high JPY 18,828.62 per share

- FY2025: low JPY 15,551.67 per share, central JPY 21,340.82 per share, high JPY 24,711.86 per share

- FY2026: low JPY 19,403.30 per share, central JPY 26,838.03 per share, high JPY 31,085.90 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/S100YC6I.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.

Disco

6146 · JP

Nikkei 225 · TOPIX Large70

A wonderful business at too high a price

Passes the quality tests.

Share price: JPY 53,180.00
Buy up to: JPY 26,828.87
Expected / yr: 6.4% 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 20.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 33.3%
Worst year: 23.4%
Latest · 2026: 42.3%

Capital return excluding acquisitions: median 36.3% (minimum 15%), and the second-worst year 22.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 36.3%
Worst year: 19.2%
Latest · 2026: 45.2%

Each $1 of profit left $0.98 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 1.00×
Latest · 2026: 1.00×

Per-share value rose from 225.27 to 1143.26, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 486.75
Worst year: JPY 225.27
Latest · 2026: JPY 1K

Profits were backed by cash: accruals were 0.3% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: 0.6%
Latest · 2026: 0.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 33.4%, three-year average owner earnings per share 1,029.81 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 4520.00; 2016-12 · Price JPY 4720.00; 2017-01 · Price JPY 4813.33; 2017-02 · Price JPY 5630.00; 2017-03 · Price JPY 5643.33; 2017-04 · Price JPY 5873.33; 2017-05 · Price JPY 6366.67; 2017-06 · Price JPY 5973.33; 2017-07 · Price JPY 6523.33; 2017-08 · Price JPY 6570.00; 2017-09 · Price JPY 7630.00; 2017-10 · Price JPY 8710.00; 2017-11 · Price JPY 8286.67; 2017-12 · Price JPY 8356.67; 2018-01 · Price JPY 8513.33; 2018-02 · Price JPY 8403.33; 2018-03 · Price JPY 7650.00; 2018-04 · Price JPY 6426.67; 2018-05 · Price JPY 6850.00; 2018-06 · Price JPY 6303.33; 2018-07 · Price JPY 6323.33; 2018-08 · Price JPY 6626.67; 2018-09 · Price JPY 6340.00; 2018-10 · Price JPY 5990.00; 2018-11 · Price JPY 5516.67; 2018-12 · Price JPY 4283.33; 2019-01 · Price JPY 5360.00; 2019-02 · Price JPY 5113.33; 2019-03 · Price JPY 5256.67; 2019-04 · Price JPY 6360.00; 2019-05 · Price JPY 5056.67; 2019-06 · Price JPY 5893.33; 2019-07 · Price JPY 6743.33; 2019-08 · Price JPY 6433.33; 2019-09 · Price JPY 6820.00; 2019-10 · Price JPY 7960.00; 2019-11 · Price JPY 7873.33; 2019-12 · Price JPY 8633.33; 2020-01 · Price JPY 8613.33 · Value 3579.60 · Buy at or below 3579.60; 2020-02 · Price JPY 7293.33 · Value 3579.60 · Buy at or below 3579.60; 2020-03 · Price JPY 7120.00 · Value 3579.60 · Buy at or below 3579.60; 2020-04 · Price JPY 8116.67 · Value 3579.60 · Buy at or below 3579.60; 2020-05 · Price JPY 8020.00 · Value 3579.60 · Buy at or below 3579.60; 2020-06 · Price JPY 8696.67 · Value 3579.60 · Buy at or below 3579.60; 2020-07 · Price JPY 8390.00 · Value 3579.60 · Buy at or below 3579.60; 2020-08 · Price JPY 8243.33 · Value 3579.60 · Buy at or below 3579.60; 2020-09 · Price JPY 8470.00 · Value 3579.60 · Buy at or below 3579.60; 2020-10 · Price JPY 9343.33 · Value 3579.60 · Buy at or below 3579.60; 2020-11 · Price JPY 11083.33 · Value 3579.60 · Buy at or below 3579.60; 2020-12 · Price JPY 11583.33 · Value 3579.60 · Buy at or below 3579.60; 2021-01 · Price JPY 11350.00 · Value 3579.60 · Buy at or below 3579.60; 2021-02 · Price JPY 11133.33 · Value 4591.01 · Buy at or below 4591.01; 2021-03 · Price JPY 11583.33 · Value 4591.01 · Buy at or below 4591.01; 2021-04 · Price JPY 11800.00 · Value 4591.01 · Buy at or below 4591.01; 2021-05 · Price JPY 11200.00 · Value 4591.01 · Buy at or below 4591.01; 2021-06 · Price JPY 11316.67 · Value 4591.01 · Buy at or below 4591.01; 2021-07 · Price JPY 10383.33 · Value 4591.01 · Buy at or below 4591.01; 2021-08 · Price JPY 10683.33 · Value 4591.01 · Buy at or below 4591.01; 2021-09 · Price JPY 10450.00 · Value 4591.01 · Buy at or below 4591.01; 2021-10 · Price JPY 10200.00 · Value 4591.01 · Buy at or below 4591.01; 2021-11 · Price JPY 10866.67 · Value 4591.01 · Buy at or below 4591.01; 2021-12 · Price JPY 11716.67 · Value 4591.01 · Buy at or below 4591.01; 2022-01 · Price JPY 10366.67 · Value 4591.01 · Buy at or below 4591.01; 2022-02 · Price JPY 10716.67 · Value 7349.14 · Buy at or below 7349.14; 2022-03 · Price JPY 11466.67 · Value 7349.14 · Buy at or below 7349.14; 2022-04 · Price JPY 10700.00 · Value 7349.14 · Buy at or below 7349.14; 2022-05 · Price JPY 11700.00 · Value 7349.14 · Buy at or below 7349.14; 2022-06 · Price JPY 10733.33 · Value 7349.14 · Buy at or below 7349.14; 2022-07 · Price JPY 10766.67 · Value 7349.14 · Buy at or below 7349.14; 2022-08 · Price JPY 11400.00 · Value 7349.14 · Buy at or below 7349.14; 2022-09 · Price JPY 10666.67 · Value 7349.14 · Buy at or below 7349.14; 2022-10 · Price JPY 11900.00 · Value 7349.14 · Buy at or below 7349.14; 2022-11 · Price JPY 13533.33 · Value 7349.14 · Buy at or below 7349.14; 2022-12 · Price JPY 12583.33 · Value 7349.14 · Buy at or below 7349.14; 2023-01 · Price JPY 12900.00 · Value 7349.14 · Buy at or below 7349.14; 2023-02 · Price JPY 14233.33 · Value 12347.03 · Buy at or below 12347.03; 2023-03 · Price JPY 15300.00 · Value 12347.03 · Buy at or below 12347.03; 2023-04 · Price JPY 15410.00 · Value 12347.03 · Buy at or below 12347.03; 2023-05 · Price JPY 20350.00 · Value 12347.03 · Buy at or below 12347.03; 2023-06 · Price JPY 22610.00 · Value 12347.03 · Buy at or below 12347.03; 2023-07 · Price JPY 26640.00 · Value 12347.03 · Buy at or below 12347.03; 2023-08 · Price JPY 28745.00 · Value 12347.03 · Buy at or below 12347.03; 2023-09 · Price JPY 27580.00 · Value 12347.03 · Buy at or below 12347.03; 2023-10 · Price JPY 26155.00 · Value 12347.03 · Buy at or below 12347.03; 2023-11 · Price JPY 32090.00 · Value 12347.03 · Buy at or below 12347.03; 2023-12 · Price JPY 34980.00 · Value 12347.03 · Buy at or below 12347.03; 2024-01 · Price JPY 40380.00 · Value 12347.03 · Buy at or below 12347.03; 2024-02 · Price JPY 48260.00 · Value 16316.11 · Buy at or below 16316.11; 2024-03 · Price JPY 57120.00 · Value 16316.11 · Buy at or below 16316.11; 2024-04 · Price JPY 45800.00 · Value 16316.11 · Buy at or below 16316.11; 2024-05 · Price JPY 61490.00 · Value 16316.11 · Buy at or below 16316.11; 2024-06 · Price JPY 61040.00 · Value 16316.11 · Buy at or below 16316.11; 2024-07 · Price JPY 49460.00 · Value 16316.11 · Buy at or below 16316.11; 2024-08 · Price JPY 42660.00 · Value 16316.11 · Buy at or below 16316.11; 2024-09 · Price JPY 37490.00 · Value 16316.11 · Buy at or below 16316.11; 2024-10 · Price JPY 44470.00 · Value 16316.11 · Buy at or below 16316.11; 2024-11 · Price JPY 40600.00 · Value 16316.11 · Buy at or below 16316.11; 2024-12 · Price JPY 42730.00 · Value 16316.11 · Buy at or below 16316.11; 2025-01 · Price JPY 44740.00 · Value 16316.11 · Buy at or below 16316.11; 2025-02 · Price JPY 37570.00 · Value 21340.82 · Buy at or below 21340.82; 2025-03 · Price JPY 29895.00 · Value 21340.82 · Buy at or below 21340.82; 2025-04 · Price JPY 27620.00 · Value 21340.82 · Buy at or below 21340.82; 2025-05 · Price JPY 32870.00 · Value 21340.82 · Buy at or below 21340.82; 2025-06 · Price JPY 42630.00 · Value 21340.82 · Buy at or below 21340.82; 2025-07 · Price JPY 45550.00 · Value 21340.82 · Buy at or below 21340.82; 2025-08 · Price JPY 41350.00 · Value 21340.82 · Buy at or below 21340.82; 2025-09 · Price JPY 46510.00 · Value 21340.82 · Buy at or below 21340.82; 2025-10 · Price JPY 51610.00 · Value 21340.82 · Buy at or below 21340.82; 2025-11 · Price JPY 43730.00 · Value 21340.82 · Buy at or below 21340.82; 2025-12 · Price JPY 48170.00 · Value 21340.82 · Buy at or below 21340.82; 2026-01 · Price JPY 66190.00 · Value 21340.82 · Buy at or below 21340.82; 2026-02 · Price JPY 75500.00 · Value 26838.03 · Buy at or below 26838.03; 2026-03 · Price JPY 61240.00 · Value 26838.03 · Buy at or below 26838.03; 2026-04 · Price JPY 74010.00 · Value 26838.03 · Buy at or below 26838.03; 2026-05 · Price JPY 65090.00 · Value 26838.03 · Buy at or below 26838.03; 2026-06 · Price JPY 81260.00 · Value 26838.03 · Buy at or below 26838.03; 2026-07 · Price JPY 58480.00 · Value 26838.03 · Buy at or below 26838.03; 2026-08 · Price JPY 58120.00 · Value 26838.03 · Buy at or below 26838.03; 2026-09 · Price JPY 57450.00 · Value 26838.03 · Buy at or below 26838.03; 2026-10 · Price JPY 59620.00 · Value 26838.03 · Buy at or below 26838.03; 2026-10 · Price JPY 53180.00 · Value 26838.03 · Buy at or below 26838.03

JPY per share · annual estimates

Price & return math
Value range	JPY 19,396.67 – JPY 31,075.28
Buy at or below	Central value JPY 26,828.87
Discount to value	1 − 53180.00 / 26828.87 = -98.2%
Return / year	About 6.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 1175.04/share; 11.4% growth fades over 10 years to 3.0%; excess cash JPY 2543.03/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 437B

Revenue

Owner earningsJPY 136B

Owner earnings

Operating margin42.3%

Operating margin

Net cash / debtJPY 185B

Net cash / debt

Diluted shares108M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·