# Omron (6645.JP)

Canonical: https://gigainvestors.com/s/6645.JP

Analysis as of: 2026-10-15T07:11:03.281Z. 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 5,879.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.12×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.04×

- FY2025: 0.08×

- 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: 11.7%

- ROIC, second-lowest year: 7.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.0%

- FY2018: 17.3%

- FY2022: 12.9%

- FY2023: 11.7%

- FY2024: 5.4%

- FY2025: 8.0%

- FY2026: 7.7%

### economics: fail

- Cash conversion uses consolidated free cash flow after all capital expenditure and consolidated net income (informational).

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.26×

- Cash conversion uses consolidated totals: Yes

- Owner earnings, five-year total: JPY 51B

- Net income, five-year total: JPY 193B

- Return on incremental invested capital: -1.1%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, final three-year average: 32.0%

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 218.95 to 82.63 (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: -0.9%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: JPY -173B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -11.5%

- Per-share value change: JPY -136.32

- Per-share value, starting three-year median: JPY 218.95

- Per-share value, ending three-year median: JPY 82.63

- Buybacks concentrated in cheaper years (correlation): 0.76

- Average buyback yield: 1.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 470B

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 215.09

- FY2018: JPY 296.85

- FY2019: JPY 260.78

- FY2020: JPY 365.26

- FY2021: JPY 214.72

- FY2022: JPY 305.65

- FY2023: JPY 372.19

- FY2024: JPY 41.17

- FY2025: JPY 82.63

- FY2026: JPY 144.80

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.60×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.6%

- FY2018: -1.4%

- FY2019: -2.3%

- FY2020: -2.0%

- FY2021: -6.2%

- FY2022: -0.6%

- FY2023: 2.0%

- FY2024: -2.7%

- FY2025: -2.9%

- FY2026: -2.1%

## Holders

## Price story

Down 49% since Dec 2021 · sales +7.3%

Story as of 2026-10-16T10:00:14.485Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +7.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG81.pdf; observed 2026-06-22.

- FY2017: JPY 794B 

- FY2018: JPY 732B 

- FY2019: JPY 733B 

- FY2020: JPY 678B 

- FY2021: JPY 656B 

- FY2022: JPY 763B 

- FY2023: JPY 876B 

- FY2024: JPY 819B 

- FY2025: JPY 715B 

- FY2026: JPY 767B 

### Gross margin · FY2026

gross margin 45.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG81.pdf; observed 2026-06-22.

- FY2017: 39.3% 

- FY2018: 48.8% 

- FY2022: 45.5% 

- FY2023: 45.0% 

- FY2024: 42.3% 

- FY2025: 46.2% 

- FY2026: 45.7% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are JPY 767.4 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG81.pdf (filed 2026-06-22); FY2026: revenue 767351000000; grossProfit 351001000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 42.3% to 46.2% during 2024–26; it earns 11.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/OMR1.F.json#2024-03-31 (filed 2026-06-22); FY2024: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/api/fundamentals/OMR1.F.json#2025-03-31 (filed 2026-06-22); FY2025: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/api/fundamentals/OMR1.F.json#2026-03-31 (filed 2026-06-22); FY2026: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.1504420988418087],[2018,0.17296274950880897],[2022,0.12921856638139664],[2023,0.11746346954209616],[2024,0.05382610130341528],[2025,0.07992530607660339],[2026,0.0765400780079787]]; median 0.11746346954209616. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back JPY 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 25816000000; owner earnings 49137000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 0; upkeep 38542000000; owner earnings 54082000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 0; upkeep 39045000000; owner earnings 32200000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 37629000000; owner earnings 65871000000. 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 26662000000; owner earnings 39401000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 9990000000; upkeep 23367000000; owner earnings 61400000000. Growth capex / owner earnings = 0.16270358306188926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 18431000000; upkeep 26587000000; cash acquisitions 0; owner earnings 73861000000. Growth capex plus acquisitions / owner earnings = 0.24953629114146844.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG81.pdf (filed 2026-06-22); FY2026: growth capex 11379789915.514923; upkeep 41725210084.48508; cash acquisitions 14641000000; owner earnings 21248704329.803806. Growth capex plus acquisitions / owner earnings = 1.224582426845561.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,14539000000],[2018,15378000000],[2022,17754000000],[2023,18912000000],[2024,19885000000],[2025,20474000000],[2026,20462000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/OMR1.F.json#2026-03-31 (filed 2026-06-22); FY2026: cash repurchases 1322000000 JPY.

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Closing price 5879 JPY; reporting-to-trading FX 1; FY2026 annual sales per share 3900.4607294555412; price multiple 1.5072578363891487. FY2026 cash earnings/share 108.00759598959495. Closing-price date 2026-10-15.

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

- 2016-11: JPY 4,220.00 per share

- 2016-12: JPY 4,485.00 per share

- 2017-01: JPY 4,635.00 per share

- 2017-02: JPY 4,830.00 per share

- 2017-03: JPY 4,885.00 per share

- 2017-04: JPY 4,665.00 per share

- 2017-05: JPY 4,630.00 per share

- 2017-06: JPY 4,875.00 per share

- 2017-07: JPY 5,510.00 per share

- 2017-08: JPY 5,520.00 per share

- 2017-09: JPY 5,730.00 per share

- 2017-10: JPY 6,320.00 per share

- 2017-11: JPY 6,630.00 per share

- 2017-12: JPY 6,720.00 per share

- 2018-01: JPY 6,810.00 per share

- 2018-02: JPY 6,360.00 per share

- 2018-03: JPY 6,260.00 per share

- 2018-04: JPY 5,940.00 per share

- 2018-05: JPY 5,730.00 per share

- 2018-06: JPY 5,170.00 per share

- 2018-07: JPY 5,040.00 per share

- 2018-08: JPY 4,975.00 per share

- 2018-09: JPY 4,800.00 per share

- 2018-10: JPY 4,580.00 per share

- 2018-11: JPY 4,990.00 per share

- 2018-12: JPY 4,000.00 per share

- 2019-01: JPY 4,450.00 per share

- 2019-02: JPY 4,805.00 per share

- 2019-03: JPY 5,180.00 per share

- 2019-04: JPY 5,950.00 per share

- 2019-05: JPY 5,160.00 per share

- 2019-06: JPY 5,620.00 per share

- 2019-07: JPY 5,240.00 per share

- 2019-08: JPY 5,260.00 per share

- 2019-09: JPY 5,910.00 per share

- 2019-10: JPY 6,400.00 per share

- 2019-11: JPY 6,430.00 per share

- 2019-12: JPY 6,420.00 per share

- 2020-01: JPY 6,410.00 per share

- 2020-02: JPY 5,840.00 per share

- 2020-03: JPY 5,630.00 per share

- 2020-04: JPY 6,360.00 per share

- 2020-05: JPY 7,140.00 per share

- 2020-06: JPY 7,220.00 per share

- 2020-07: JPY 7,530.00 per share

- 2020-08: JPY 7,770.00 per share

- 2020-09: JPY 8,180.00 per share

- 2020-10: JPY 7,500.00 per share

- 2020-11: JPY 9,430.00 per share

- 2020-12: JPY 9,200.00 per share

- 2021-01: JPY 9,240.00 per share

- 2021-02: JPY 8,580.00 per share

- 2021-03: JPY 8,640.00 per share

- 2021-04: JPY 8,290.00 per share

- 2021-05: JPY 8,620.00 per share

- 2021-06: JPY 8,810.00 per share

- 2021-07: JPY 9,320.00 per share

- 2021-08: JPY 10,380.00 per share

- 2021-09: JPY 11,100.00 per share

- 2021-10: JPY 10,870.00 per share

- 2021-11: JPY 10,965.00 per share

- 2021-12: JPY 11,460.00 per share

- 2022-01: JPY 8,305.00 per share

- 2022-02: JPY 7,760.00 per share

- 2022-03: JPY 8,214.00 per share

- 2022-04: JPY 7,726.00 per share

- 2022-05: JPY 7,426.00 per share

- 2022-06: JPY 6,891.00 per share

- 2022-07: JPY 7,395.00 per share

- 2022-08: JPY 7,390.00 per share

- 2022-09: JPY 6,616.00 per share

- 2022-10: JPY 6,956.00 per share

- 2022-11: JPY 7,044.00 per share

- 2022-12: JPY 6,405.00 per share

- 2023-01: JPY 7,460.00 per share

- 2023-02: JPY 7,312.00 per share

- 2023-03: JPY 7,707.00 per share

- 2023-04: JPY 7,942.00 per share

- 2023-05: JPY 8,425.00 per share

- 2023-06: JPY 8,768.00 per share

- 2023-07: JPY 7,622.00 per share

- 2023-08: JPY 7,038.00 per share

- 2023-09: JPY 6,667.00 per share

- 2023-10: JPY 5,347.00 per share

- 2023-11: JPY 6,199.00 per share

- 2023-12: JPY 6,583.00 per share

- 2024-01: JPY 6,710.00 per share

- 2024-02: JPY 5,552.00 per share

- 2024-03: JPY 5,433.00 per share

- 2024-04: JPY 5,460.00 per share

- 2024-05: JPY 5,138.00 per share

- 2024-06: JPY 5,529.00 per share

- 2024-07: JPY 5,571.00 per share

- 2024-08: JPY 6,026.00 per share

- 2024-09: JPY 6,547.00 per share

- 2024-10: JPY 6,100.00 per share

- 2024-11: JPY 4,766.00 per share

- 2024-12: JPY 5,353.00 per share

- 2025-01: JPY 5,140.00 per share

- 2025-02: JPY 4,507.00 per share

- 2025-03: JPY 4,212.00 per share

- 2025-04: JPY 4,230.00 per share

- 2025-05: JPY 3,745.00 per share

- 2025-06: JPY 3,894.00 per share

- 2025-07: JPY 3,919.00 per share

- 2025-08: JPY 3,792.00 per share

- 2025-09: JPY 4,070.00 per share

- 2025-10: JPY 4,310.00 per share

- 2025-11: JPY 3,999.00 per share

- 2025-12: JPY 3,960.00 per share

- 2026-01: JPY 3,917.00 per share

- 2026-02: JPY 5,552.00 per share

- 2026-03: JPY 4,432.00 per share

- 2026-04: JPY 5,573.00 per share

- 2026-05: JPY 5,744.00 per share

- 2026-06: JPY 5,800.00 per share

- 2026-07: JPY 5,430.00 per share

- 2026-08: JPY 6,661.00 per share

- 2026-09: JPY 6,436.00 per share

- 2026-10: JPY 6,407.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 2,741.41 per share, central JPY 3,055.64 per share, high JPY 3,473.95 per share

- FY2019: low JPY 2,355.78 per share, central JPY 2,615.48 per share, high JPY 2,961.20 per share

- FY2020: low JPY 2,721.09 per share, central JPY 3,029.39 per share, high JPY 3,439.80 per share

- FY2021: low JPY 2,693.31 per share, central JPY 2,996.36 per share, high JPY 3,399.77 per share

- FY2022: low JPY 3,763.74 per share, central JPY 4,186.43 per share, high JPY 4,749.13 per share

- FY2023: low JPY 4,785.32 per share, central JPY 5,999.86 per share, high JPY 6,936.43 per share

- FY2024: low JPY 4,357.48 per share, central JPY 5,105.54 per share, high JPY 5,858.72 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/S100YG81.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.

## Reported holder observations