# Minebea Mitsumi (6479.JP)

Canonical: https://gigainvestors.com/s/6479.JP

Analysis as of: 2026-10-15T07:10:58.829Z. 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 3,252.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,304.36 per share, central JPY 2,962.13 per share, high JPY 3,388.55 per share. Buy at or below the central value JPY 2,962.13 per share. Valuation as of 2026-10-15T07:10:58.829Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.05×

- FY2025: 0.06×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.0%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 17.7%

- Recent gross margin (lower of latest and 3-year median): 17.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.8%

- FY2018: 13.1%

- FY2019: 14.2%

- FY2020: 10.2%

- FY2021: 7.8%

- FY2022: 11.6%

- FY2023: 9.8%

- FY2024: 6.2%

- FY2025: 7.3%

- FY2026: 7.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 286B

- Net income, five-year total: JPY 355B

- Return on incremental invested capital: 6.5%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.5 pp

- Working capital / revenue, final three-year average: 29.4%

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

- FY2022: 0.92×

- FY2023: 0.46×

- FY2024: 0.87×

- FY2025: 0.87×

- FY2026: 0.91×

### 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: 13.1% vs 7.1%

- Per-share earnings: 119.61 to 147.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: JPY 449B

- Cumulative retained earnings: JPY 377B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 2.7%

- Per-share value change: JPY 27.97

- Per-share value, starting three-year median: JPY 119.61

- Per-share value, ending three-year median: JPY 147.58

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 57B

- Cumulative net income, 10 years: JPY 602B

- ROIC, first three-year median: 13.1%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 136.40

- FY2018: JPY 119.61

- FY2019: JPY 143.90

- FY2020: JPY 111.11

- FY2021: JPY 94.95

- FY2022: JPY 170.08

- FY2023: JPY 178.23

- FY2024: JPY 133.05

- FY2025: JPY 147.58

- FY2026: JPY 246.60

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.7%

- FY2018: -6.0%

- FY2019: -5.5%

- FY2020: -4.7%

- FY2021: -5.6%

- FY2022: -0.9%

- FY2023: 2.2%

- FY2024: -3.4%

- FY2025: -4.7%

- FY2026: 0.2%

## Holders

## Price story

Down 32% since Jun 2026 · sales +9.3%

Story as of 2026-10-16T10:00:14.460Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2025–2026

sales +9.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YISS.pdf; observed 2026-06-24.

- FY2017: JPY 634B 

- FY2018: JPY 881B 

- FY2019: JPY 885B 

- FY2020: JPY 978B 

- FY2021: JPY 988B 

- FY2022: JPY 1.12T 

- FY2023: JPY 1.29T 

- FY2024: JPY 1.40T 

- FY2025: JPY 1.52T 

- FY2026: JPY 1.66T 

### Gross margin · FY2026

gross margin 17.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YISS.pdf; observed 2026-06-24.

- FY2017: 19.9% 

- FY2018: 19.8% 

- FY2019: 18.8% 

- FY2020: 17.0% 

- FY2021: 17.0% 

- FY2022: 19.2% 

- FY2023: 17.1% 

- FY2024: 16.5% 

- FY2025: 17.8% 

- FY2026: 17.6% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.7 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YISS.pdf (filed 2026-06-24); FY2026: revenue 1664387000000; grossProfit 293010000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 16.5% to 17.8% during 2024–26; it earns 10% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 17.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YISS.pdf (filed 2026-06-24); FY2026: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.10797643819422574],[2018,0.1310445188189063],[2019,0.1422363464109763],[2020,0.10150529655972028],[2021,0.0781340534974205],[2022,0.11602771733446592],[2023,0.09794932482010572],[2024,0.061661048111435766],[2025,0.07340485414144168],[2026,0.07058087537866514]]; median 0.099727310689913. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 19% of cash earnings; earns 6.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 3115000000; upkeep 28164000000; owner earnings 52215000000. Growth capex / owner earnings = 0.05965718663219381.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2018: growth capex 16649000000; upkeep 30491000000; owner earnings 50201000000. Growth capex / owner earnings = 0.3316467799446226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2019: growth capex 940928047.0559006; upkeep 52449071952.9441; owner earnings 44014928047.0559. Growth capex / owner earnings = 0.021377475524893833.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 2122000000; upkeep 46245000000; owner earnings 42870000000. Growth capex / owner earnings = 0.04949848378819687.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 0; upkeep 45503000000; owner earnings 37740000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 24877000000; upkeep 45231000000; owner earnings 63660000000. Growth capex / owner earnings = 0.3907791391768772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 50499787686.389984; upkeep 86217212313.61002; owner earnings 33310787686.389984. Growth capex / owner earnings = 1.5160190194788767.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 21277000000; upkeep 58359000000; cash acquisitions 0; owner earnings 46944000000. Growth capex plus acquisitions / owner earnings = 0.45324216087252894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 22343000000; upkeep 66206000000; cash acquisitions 3122000000; owner earnings 51561000000. Growth capex plus acquisitions / owner earnings = 0.49388103411493184.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YISS.pdf (filed 2026-06-24); FY2026: growth capex 17141000000; upkeep 70422000000; cash acquisitions 0; owner earnings 90232000000. Growth capex plus acquisitions / owner earnings = 0.18996586576824187.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Incremental return on capital 0.06526709036973265, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,6368000000],[2018,8411000000],[2019,11329000000],[2020,11624000000],[2021,11435000000],[2022,16236000000],[2023,15561000000],[2024,16293000000],[2025,16143000000],[2026,20080000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual growth was 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.08283531807147482. Price 3252; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 96.94191227395152 → FY2026 224.68254538845244. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,134.00 per share

- 2016-12: JPY 1,096.00 per share

- 2017-01: JPY 1,125.00 per share

- 2017-02: JPY 1,384.00 per share

- 2017-03: JPY 1,485.00 per share

- 2017-04: JPY 1,611.00 per share

- 2017-05: JPY 1,807.00 per share

- 2017-06: JPY 1,805.00 per share

- 2017-07: JPY 1,823.00 per share

- 2017-08: JPY 1,807.00 per share

- 2017-09: JPY 1,760.00 per share

- 2017-10: JPY 2,062.00 per share

- 2017-11: JPY 2,215.00 per share

- 2017-12: JPY 2,363.00 per share

- 2018-01: JPY 2,467.00 per share

- 2018-02: JPY 2,460.00 per share

- 2018-03: JPY 2,272.00 per share

- 2018-04: JPY 2,197.00 per share

- 2018-05: JPY 2,068.00 per share

- 2018-06: JPY 1,874.00 per share

- 2018-07: JPY 1,995.00 per share

- 2018-08: JPY 2,086.00 per share

- 2018-09: JPY 2,060.00 per share

- 2018-10: JPY 1,727.00 per share

- 2018-11: JPY 1,842.00 per share

- 2018-12: JPY 1,590.00 per share

- 2019-01: JPY 1,782.00 per share

- 2019-02: JPY 1,786.00 per share

- 2019-03: JPY 1,663.00 per share

- 2019-04: JPY 1,970.00 per share

- 2019-05: JPY 1,596.00 per share

- 2019-06: JPY 1,825.00 per share

- 2019-07: JPY 1,881.00 per share

- 2019-08: JPY 1,641.00 per share

- 2019-09: JPY 1,711.00 per share

- 2019-10: JPY 2,080.00 per share

- 2019-11: JPY 2,124.00 per share

- 2019-12: JPY 2,277.00 per share

- 2020-01: JPY 2,186.00 per share

- 2020-02: JPY 1,904.00 per share

- 2020-03: JPY 1,614.00 per share

- 2020-04: JPY 1,774.00 per share

- 2020-05: JPY 1,891.00 per share

- 2020-06: JPY 1,953.00 per share

- 2020-07: JPY 1,722.00 per share

- 2020-08: JPY 1,839.00 per share

- 2020-09: JPY 1,990.00 per share

- 2020-10: JPY 1,874.00 per share

- 2020-11: JPY 2,174.00 per share

- 2020-12: JPY 2,048.00 per share

- 2021-01: JPY 2,319.00 per share

- 2021-02: JPY 2,615.00 per share

- 2021-03: JPY 2,829.00 per share

- 2021-04: JPY 2,741.00 per share

- 2021-05: JPY 2,980.00 per share

- 2021-06: JPY 2,939.00 per share

- 2021-07: JPY 2,935.00 per share

- 2021-08: JPY 2,833.00 per share

- 2021-09: JPY 2,864.00 per share

- 2021-10: JPY 2,875.00 per share

- 2021-11: JPY 3,000.00 per share

- 2021-12: JPY 3,265.00 per share

- 2022-01: JPY 2,779.00 per share

- 2022-02: JPY 2,496.00 per share

- 2022-03: JPY 2,694.00 per share

- 2022-04: JPY 2,520.00 per share

- 2022-05: JPY 2,410.00 per share

- 2022-06: JPY 2,310.00 per share

- 2022-07: JPY 2,377.00 per share

- 2022-08: JPY 2,418.00 per share

- 2022-09: JPY 2,139.00 per share

- 2022-10: JPY 2,204.00 per share

- 2022-11: JPY 2,243.00 per share

- 2022-12: JPY 1,971.00 per share

- 2023-01: JPY 2,243.00 per share

- 2023-02: JPY 2,362.00 per share

- 2023-03: JPY 2,511.00 per share

- 2023-04: JPY 2,500.00 per share

- 2023-05: JPY 2,689.00 per share

- 2023-06: JPY 2,705.00 per share

- 2023-07: JPY 2,628.00 per share

- 2023-08: JPY 2,475.50 per share

- 2023-09: JPY 2,441.50 per share

- 2023-10: JPY 2,329.50 per share

- 2023-11: JPY 2,813.00 per share

- 2023-12: JPY 2,898.50 per share

- 2024-01: JPY 3,090.00 per share

- 2024-02: JPY 3,095.00 per share

- 2024-03: JPY 2,960.00 per share

- 2024-04: JPY 2,981.50 per share

- 2024-05: JPY 3,288.00 per share

- 2024-06: JPY 3,295.00 per share

- 2024-07: JPY 3,628.00 per share

- 2024-08: JPY 3,059.00 per share

- 2024-09: JPY 2,818.00 per share

- 2024-10: JPY 2,752.00 per share

- 2024-11: JPY 2,449.00 per share

- 2024-12: JPY 2,569.50 per share

- 2025-01: JPY 2,511.00 per share

- 2025-02: JPY 2,301.00 per share

- 2025-03: JPY 2,173.50 per share

- 2025-04: JPY 2,094.00 per share

- 2025-05: JPY 2,033.50 per share

- 2025-06: JPY 2,116.50 per share

- 2025-07: JPY 2,397.00 per share

- 2025-08: JPY 2,547.50 per share

- 2025-09: JPY 2,789.50 per share

- 2025-10: JPY 3,056.00 per share

- 2025-11: JPY 3,171.00 per share

- 2025-12: JPY 3,141.00 per share

- 2026-01: JPY 3,135.00 per share

- 2026-02: JPY 3,364.00 per share

- 2026-03: JPY 2,535.00 per share

- 2026-04: JPY 3,124.00 per share

- 2026-05: JPY 4,562.00 per share

- 2026-06: JPY 4,756.00 per share

- 2026-07: JPY 3,702.00 per share

- 2026-08: JPY 3,380.00 per share

- 2026-09: JPY 3,748.00 per share

- 2026-10: JPY 3,583.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,740.76 per share, central JPY 1,943.73 per share, high JPY 2,213.92 per share

- FY2021: low JPY 1,673.66 per share, central JPY 1,855.20 per share, high JPY 2,096.88 per share

- FY2022: low JPY 1,856.33 per share, central JPY 2,064.28 per share, high JPY 2,341.10 per share

- FY2023: low JPY 2,164.86 per share, central JPY 2,968.50 per share, high JPY 3,436.45 per share

- FY2024: low JPY 2,084.19 per share, central JPY 2,852.16 per share, high JPY 3,299.35 per share

- FY2025: low JPY 2,196.13 per share, central JPY 2,941.72 per share, high JPY 3,375.88 per share

- FY2026: low JPY 2,304.36 per share, central JPY 2,962.13 per share, high JPY 3,388.55 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/S100YISS.pdf); period 2026-03-31, filed 2026-06-24.

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.