# NEC (6701.JP)

Canonical: https://gigainvestors.com/s/6701.JP

Analysis as of: 2026-10-15T07:11:04.313Z. 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 5,240.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,915.68 per share, central JPY 2,118.98 per share, high JPY 2,389.63 per share. Buy at or below the central value JPY 2,118.98 per share. Valuation as of 2026-10-15T07:11:04.313Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.07×

- 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: 11.4%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 28.8%

- Recent gross margin (lower of latest and 3-year median): 31.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.7%

- FY2018: 4.7%

- FY2019: 4.1%

- FY2020: 13.1%

- FY2021: 15.0%

- FY2022: 11.1%

- FY2023: 10.3%

- FY2024: 11.7%

- FY2025: 12.0%

- FY2026: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 921B

- Net income, five-year total: JPY 851B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.1 pp

- Working capital / revenue, final three-year average: 17.3%

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

- FY2022: 1.33×

- FY2023: 1.34×

- FY2024: 1.17×

- FY2025: 0.72×

- FY2026: 1.03×

### 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: 4.1% vs 12.0%

- Per-share earnings: 35.31 to 131.50 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: JPY 4.42T

- Cumulative retained earnings: JPY 981B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.9%

- Per-share value change: JPY 96.19

- Per-share value, starting three-year median: JPY 35.31

- Per-share value, ending three-year median: JPY 131.50

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.8%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 693B

- Cumulative net income, 10 years: JPY 1.21T

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 12.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 21.02

- FY2018: JPY 35.31

- FY2019: JPY 30.55

- FY2020: JPY 77.00

- FY2021: JPY 111.44

- FY2022: JPY 103.71

- FY2023: JPY 84.90

- FY2024: JPY 112.25

- FY2025: JPY 131.50

- FY2026: JPY 202.95

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.4%

- FY2018: -3.0%

- FY2019: -0.8%

- FY2020: -5.2%

- FY2021: -3.4%

- FY2022: -0.2%

- FY2023: -0.9%

- FY2024: -2.9%

- FY2025: -3.9%

- FY2026: -3.8%

## Holders

## Price story

Price needs cash profits to grow 14.2% a year for ten years · sales +4.7%

Story as of 2026-10-16T10:00:14.489Z; price observation 2026-10-15.

Price needs cash profits to grow 14.2% a year for ten years

### Sales · FY2025–2026

sales +4.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf; observed 2026-06-18.

- FY2017: JPY 2.67T 

- FY2018: JPY 2.84T 

- FY2019: JPY 2.91T 

- FY2020: JPY 3.10T 

- FY2021: JPY 2.99T 

- FY2022: JPY 3.01T 

- FY2023: JPY 3.31T 

- FY2024: JPY 3.48T 

- FY2025: JPY 3.42T 

- FY2026: JPY 3.58T 

### Gross margin · FY2026

gross margin 33%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf; observed 2026-06-18.

- FY2017: 28.4% 

- FY2018: 28.0% 

- FY2019: 28.5% 

- FY2020: 28.7% 

- FY2021: 28.8% 

- FY2022: 29.4% 

- FY2023: 28.9% 

- FY2024: 28.9% 

- FY2025: 31.0% 

- FY2026: 33.0% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are JPY 3.6 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf (filed 2026-06-18); FY2026: revenue 3582733000000; grossProfit 1181296000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.9% to 33% during 2024–26; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: grossProfit / revenue = 31%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf (filed 2026-06-18); FY2026: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); 10-year return on capital observations [[2017,0.03671368612904468],[2018,0.04665662057532688],[2019,0.041322933386478265],[2020,0.13052945353555934],[2021,0.15007832898172324],[2022,0.11123281462456565],[2023,0.10280597198094969],[2024,0.11709825078092305],[2025,0.12046351738285939],[2026,0.15673789466042365]]; median 0.11416553270274435. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf (filed 2026-06-18); Gross margin observations: [[2021,0.2876340629313803],[2022,0.29408927057707207],[2023,0.2892371849473803]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/NEC1.F.json#2017-03-31 (filed 2026-06-18); FY2017: growth capex 0; upkeep 45089000000; owner earnings 62597000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2018: growth capex 0; upkeep 53387000000; owner earnings 78390828831.22496. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2019: growth capex 0; upkeep 60693000000; owner earnings 69511088965.91565. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2020: growth capex 0; upkeep 89197000000; owner earnings 120846559621.71417. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2021: growth capex 0; upkeep 70936000000; owner earnings 185787941124.1397. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2022: growth capex 0; upkeep 71106000000; owner earnings 188293301857.6543. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2023: growth capex 0; upkeep 77714000000; owner earnings 153420910763.70935. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: growth capex 0; upkeep 99767000000; owner earnings 174337000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: growth capex 0; upkeep 150625000000; owner earnings 126399000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFV.pdf (filed 2026-06-18); FY2026: growth capex 0; upkeep 91556000000; owner earnings 278284000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Dividend observations: [[2017,15592000000],[2018,15586000000],[2019,15586000000],[2020,18177000000],[2021,21296000000],[2022,27259000000],[2023,28522000000],[2024,30655000000],[2025,34682000000],[2026,40043000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 14.2% yearly over ten years; actual growth was 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Ten-year compound average after fade. Initial solved rate 0.19195084225263404. Price 5240; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 102.53767264201888 → FY2026 209.0003175096585. Closing-price date 2026-10-15.

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

- 2016-11: JPY 596.00 per share

- 2016-12: JPY 620.00 per share

- 2017-01: JPY 522.00 per share

- 2017-02: JPY 560.00 per share

- 2017-03: JPY 536.00 per share

- 2017-04: JPY 554.00 per share

- 2017-05: JPY 574.00 per share

- 2017-06: JPY 596.00 per share

- 2017-07: JPY 600.00 per share

- 2017-08: JPY 582.00 per share

- 2017-09: JPY 610.00 per share

- 2017-10: JPY 620.00 per share

- 2017-11: JPY 600.00 per share

- 2017-12: JPY 608.00 per share

- 2018-01: JPY 658.00 per share

- 2018-02: JPY 652.00 per share

- 2018-03: JPY 598.20 per share

- 2018-04: JPY 601.00 per share

- 2018-05: JPY 614.00 per share

- 2018-06: JPY 608.00 per share

- 2018-07: JPY 620.00 per share

- 2018-08: JPY 614.00 per share

- 2018-09: JPY 628.00 per share

- 2018-10: JPY 648.00 per share

- 2018-11: JPY 704.00 per share

- 2018-12: JPY 653.00 per share

- 2019-01: JPY 730.00 per share

- 2019-02: JPY 743.00 per share

- 2019-03: JPY 749.00 per share

- 2019-04: JPY 749.00 per share

- 2019-05: JPY 805.00 per share

- 2019-06: JPY 848.00 per share

- 2019-07: JPY 896.00 per share

- 2019-08: JPY 910.00 per share

- 2019-09: JPY 912.00 per share

- 2019-10: JPY 860.00 per share

- 2019-11: JPY 875.00 per share

- 2019-12: JPY 904.00 per share

- 2020-01: JPY 984.00 per share

- 2020-02: JPY 808.00 per share

- 2020-03: JPY 789.00 per share

- 2020-04: JPY 833.00 per share

- 2020-05: JPY 967.00 per share

- 2020-06: JPY 1,034.00 per share

- 2020-07: JPY 1,178.00 per share

- 2020-08: JPY 1,118.00 per share

- 2020-09: JPY 1,228.00 per share

- 2020-10: JPY 1,050.00 per share

- 2020-11: JPY 1,126.00 per share

- 2020-12: JPY 1,108.00 per share

- 2021-01: JPY 1,140.00 per share

- 2021-02: JPY 1,160.00 per share

- 2021-03: JPY 1,304.00 per share

- 2021-04: JPY 1,272.00 per share

- 2021-05: JPY 1,022.00 per share

- 2021-06: JPY 1,144.00 per share

- 2021-07: JPY 1,108.00 per share

- 2021-08: JPY 1,156.00 per share

- 2021-09: JPY 1,214.00 per share

- 2021-10: JPY 1,164.00 per share

- 2021-11: JPY 1,024.00 per share

- 2021-12: JPY 1,062.00 per share

- 2022-01: JPY 890.00 per share

- 2022-02: JPY 991.00 per share

- 2022-03: JPY 1,030.00 per share

- 2022-04: JPY 1,010.00 per share

- 2022-05: JPY 1,042.00 per share

- 2022-06: JPY 1,054.00 per share

- 2022-07: JPY 979.00 per share

- 2022-08: JPY 1,020.00 per share

- 2022-09: JPY 925.00 per share

- 2022-10: JPY 985.00 per share

- 2022-11: JPY 971.00 per share

- 2022-12: JPY 927.00 per share

- 2023-01: JPY 935.00 per share

- 2023-02: JPY 975.00 per share

- 2023-03: JPY 1,020.00 per share

- 2023-04: JPY 1,042.00 per share

- 2023-05: JPY 1,310.00 per share

- 2023-06: JPY 1,393.00 per share

- 2023-07: JPY 1,436.60 per share

- 2023-08: JPY 1,537.20 per share

- 2023-09: JPY 1,652.20 per share

- 2023-10: JPY 1,441.00 per share

- 2023-11: JPY 1,648.00 per share

- 2023-12: JPY 1,670.00 per share

- 2024-01: JPY 1,940.00 per share

- 2024-02: JPY 2,018.00 per share

- 2024-03: JPY 2,193.00 per share

- 2024-04: JPY 2,300.00 per share

- 2024-05: JPY 2,325.00 per share

- 2024-06: JPY 2,649.00 per share

- 2024-07: JPY 2,600.00 per share

- 2024-08: JPY 2,573.00 per share

- 2024-09: JPY 2,750.00 per share

- 2024-10: JPY 2,647.00 per share

- 2024-11: JPY 2,549.00 per share

- 2024-12: JPY 2,744.00 per share

- 2025-01: JPY 3,105.00 per share

- 2025-02: JPY 2,893.00 per share

- 2025-03: JPY 3,145.00 per share

- 2025-04: JPY 3,476.00 per share

- 2025-05: JPY 3,785.00 per share

- 2025-06: JPY 4,219.00 per share

- 2025-07: JPY 4,399.00 per share

- 2025-08: JPY 4,537.00 per share

- 2025-09: JPY 4,739.00 per share

- 2025-10: JPY 5,618.00 per share

- 2025-11: JPY 5,891.00 per share

- 2025-12: JPY 5,310.00 per share

- 2026-01: JPY 5,210.00 per share

- 2026-02: JPY 4,334.00 per share

- 2026-03: JPY 3,846.00 per share

- 2026-04: JPY 4,101.00 per share

- 2026-05: JPY 4,103.00 per share

- 2026-06: JPY 3,925.00 per share

- 2026-07: JPY 4,740.00 per share

- 2026-08: JPY 4,908.00 per share

- 2026-09: JPY 4,759.00 per share

- 2026-10: JPY 5,251.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 829.24 per share, central JPY 920.18 per share, high JPY 1,041.23 per share

- FY2019: low JPY 805.22 per share, central JPY 898.39 per share, high JPY 1,022.43 per share

- FY2020: low JPY 921.34 per share, central JPY 1,020.36 per share, high JPY 1,152.18 per share

- FY2021: low JPY 990.89 per share, central JPY 1,083.52 per share, high JPY 1,206.82 per share

- FY2022: low JPY 1,189.43 per share, central JPY 1,319.62 per share, high JPY 1,492.93 per share

- FY2023: low JPY 1,484.62 per share, central JPY 1,673.89 per share, high JPY 1,908.15 per share

- FY2024: low JPY 1,736.06 per share, central JPY 1,933.30 per share, high JPY 2,195.87 per share

- FY2025: low JPY 1,795.68 per share, central JPY 1,989.85 per share, high JPY 2,248.33 per share

- FY2026: low JPY 1,915.68 per share, central JPY 2,118.98 per share, high JPY 2,389.63 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/S100YBFV.pdf); period 2026-03-31, filed 2026-06-18.

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.

NEC

6701 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 5,240.00
Buy up to: JPY 2,118.98
Expected / yr: 5.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 49.8% around their average (limit 35%).

Operating margin

10y median: 4.8%
Worst year: 2.0%
Latest · 2026: 10.0%

Capital return excluding acquisitions: median 11.4% (minimum 15%), and the second-worst year 4.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 11.4%
Worst year: 3.7%
Latest · 2026: 15.7%

Each $1 of profit left $1.08 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.08×
Annual median: 1.17×
Latest · 2026: 1.03×

Per-share value rose from 35.31 to 131.5, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 94.31
Worst year: JPY 21.02
Latest · 2026: JPY 202.95

Profits were backed by cash: accruals were -3.8% of assets (limit 10%).

Sloan accruals

10y median: -2.9%
Worst year: -0.2%
Latest · 2026: -3.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.8%, three-year average owner earnings per share 144.92 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 596.00; 2016-12 · Price JPY 620.00; 2017-01 · Price JPY 522.00; 2017-02 · Price JPY 560.00; 2017-03 · Price JPY 536.00; 2017-04 · Price JPY 554.00; 2017-05 · Price JPY 574.00; 2017-06 · Price JPY 596.00; 2017-07 · Price JPY 600.00; 2017-08 · Price JPY 582.00; 2017-09 · Price JPY 610.00; 2017-10 · Price JPY 620.00; 2017-11 · Price JPY 600.00; 2017-12 · Price JPY 608.00; 2018-01 · Price JPY 658.00 · Value 920.18 · Buy at or below 920.18; 2018-02 · Price JPY 652.00 · Value 920.18 · Buy at or below 920.18; 2018-03 · Price JPY 598.20 · Value 920.18 · Buy at or below 920.18; 2018-04 · Price JPY 601.00 · Value 920.18 · Buy at or below 920.18; 2018-05 · Price JPY 614.00 · Value 920.18 · Buy at or below 920.18; 2018-06 · Price JPY 608.00 · Value 920.18 · Buy at or below 920.18; 2018-07 · Price JPY 620.00 · Value 920.18 · Buy at or below 920.18; 2018-08 · Price JPY 614.00 · Value 920.18 · Buy at or below 920.18; 2018-09 · Price JPY 628.00 · Value 920.18 · Buy at or below 920.18; 2018-10 · Price JPY 648.00 · Value 920.18 · Buy at or below 920.18; 2018-11 · Price JPY 704.00 · Value 920.18 · Buy at or below 920.18; 2018-12 · Price JPY 653.00 · Value 920.18 · Buy at or below 920.18; 2019-01 · Price JPY 730.00 · Value 920.18 · Buy at or below 920.18; 2019-02 · Price JPY 743.00 · Value 898.39 · Buy at or below 898.39; 2019-03 · Price JPY 749.00 · Value 898.39 · Buy at or below 898.39; 2019-04 · Price JPY 749.00 · Value 898.39 · Buy at or below 898.39; 2019-05 · Price JPY 805.00 · Value 898.39 · Buy at or below 898.39; 2019-06 · Price JPY 848.00 · Value 898.39 · Buy at or below 898.39; 2019-07 · Price JPY 896.00 · Value 898.39 · Buy at or below 898.39; 2019-08 · Price JPY 910.00 · Value 898.39 · Buy at or below 898.39; 2019-09 · Price JPY 912.00 · Value 898.39 · Buy at or below 898.39; 2019-10 · Price JPY 860.00 · Value 898.39 · Buy at or below 898.39; 2019-11 · Price JPY 875.00 · Value 898.39 · Buy at or below 898.39; 2019-12 · Price JPY 904.00 · Value 898.39 · Buy at or below 898.39; 2020-01 · Price JPY 984.00 · Value 898.39 · Buy at or below 898.39; 2020-02 · Price JPY 808.00 · Value 1020.36 · Buy at or below 1020.36; 2020-03 · Price JPY 789.00 · Value 1020.36 · Buy at or below 1020.36; 2020-04 · Price JPY 833.00 · Value 1020.36 · Buy at or below 1020.36; 2020-05 · Price JPY 967.00 · Value 1020.36 · Buy at or below 1020.36; 2020-06 · Price JPY 1034.00 · Value 1020.36 · Buy at or below 1020.36; 2020-07 · Price JPY 1178.00 · Value 1020.36 · Buy at or below 1020.36; 2020-08 · Price JPY 1118.00 · Value 1020.36 · Buy at or below 1020.36; 2020-09 · Price JPY 1228.00 · Value 1020.36 · Buy at or below 1020.36; 2020-10 · Price JPY 1050.00 · Value 1020.36 · Buy at or below 1020.36; 2020-11 · Price JPY 1126.00 · Value 1020.36 · Buy at or below 1020.36; 2020-12 · Price JPY 1108.00 · Value 1020.36 · Buy at or below 1020.36; 2021-01 · Price JPY 1140.00 · Value 1020.36 · Buy at or below 1020.36; 2021-02 · Price JPY 1160.00 · Value 1083.52 · Buy at or below 1083.52; 2021-03 · Price JPY 1304.00 · Value 1083.52 · Buy at or below 1083.52; 2021-04 · Price JPY 1272.00 · Value 1083.52 · Buy at or below 1083.52; 2021-05 · Price JPY 1022.00 · Value 1083.52 · Buy at or below 1083.52; 2021-06 · Price JPY 1144.00 · Value 1083.52 · Buy at or below 1083.52; 2021-07 · Price JPY 1108.00 · Value 1083.52 · Buy at or below 1083.52; 2021-08 · Price JPY 1156.00 · Value 1083.52 · Buy at or below 1083.52; 2021-09 · Price JPY 1214.00 · Value 1083.52 · Buy at or below 1083.52; 2021-10 · Price JPY 1164.00 · Value 1083.52 · Buy at or below 1083.52; 2021-11 · Price JPY 1024.00 · Value 1083.52 · Buy at or below 1083.52; 2021-12 · Price JPY 1062.00 · Value 1083.52 · Buy at or below 1083.52; 2022-01 · Price JPY 890.00 · Value 1083.52 · Buy at or below 1083.52; 2022-02 · Price JPY 991.00 · Value 1319.62 · Buy at or below 1319.62; 2022-03 · Price JPY 1030.00 · Value 1319.62 · Buy at or below 1319.62; 2022-04 · Price JPY 1010.00 · Value 1319.62 · Buy at or below 1319.62; 2022-05 · Price JPY 1042.00 · Value 1319.62 · Buy at or below 1319.62; 2022-06 · Price JPY 1054.00 · Value 1319.62 · Buy at or below 1319.62; 2022-07 · Price JPY 979.00 · Value 1319.62 · Buy at or below 1319.62; 2022-08 · Price JPY 1020.00 · Value 1319.62 · Buy at or below 1319.62; 2022-09 · Price JPY 925.00 · Value 1319.62 · Buy at or below 1319.62; 2022-10 · Price JPY 985.00 · Value 1319.62 · Buy at or below 1319.62; 2022-11 · Price JPY 971.00 · Value 1319.62 · Buy at or below 1319.62; 2022-12 · Price JPY 927.00 · Value 1319.62 · Buy at or below 1319.62; 2023-01 · Price JPY 935.00 · Value 1319.62 · Buy at or below 1319.62; 2023-02 · Price JPY 975.00 · Value 1673.89 · Buy at or below 1673.89; 2023-03 · Price JPY 1020.00 · Value 1673.89 · Buy at or below 1673.89; 2023-04 · Price JPY 1042.00 · Value 1673.89 · Buy at or below 1673.89; 2023-05 · Price JPY 1310.00 · Value 1673.89 · Buy at or below 1673.89; 2023-06 · Price JPY 1393.00 · Value 1673.89 · Buy at or below 1673.89; 2023-07 · Price JPY 1436.60 · Value 1673.89 · Buy at or below 1673.89; 2023-08 · Price JPY 1537.20 · Value 1673.89 · Buy at or below 1673.89; 2023-09 · Price JPY 1652.20 · Value 1673.89 · Buy at or below 1673.89; 2023-10 · Price JPY 1441.00 · Value 1673.89 · Buy at or below 1673.89; 2023-11 · Price JPY 1648.00 · Value 1673.89 · Buy at or below 1673.89; 2023-12 · Price JPY 1670.00 · Value 1673.89 · Buy at or below 1673.89; 2024-01 · Price JPY 1940.00 · Value 1673.89 · Buy at or below 1673.89; 2024-02 · Price JPY 2018.00 · Value 1933.30 · Buy at or below 1933.30; 2024-03 · Price JPY 2193.00 · Value 1933.30 · Buy at or below 1933.30; 2024-04 · Price JPY 2300.00 · Value 1933.30 · Buy at or below 1933.30; 2024-05 · Price JPY 2325.00 · Value 1933.30 · Buy at or below 1933.30; 2024-06 · Price JPY 2649.00 · Value 1933.30 · Buy at or below 1933.30; 2024-07 · Price JPY 2600.00 · Value 1933.30 · Buy at or below 1933.30; 2024-08 · Price JPY 2573.00 · Value 1933.30 · Buy at or below 1933.30; 2024-09 · Price JPY 2750.00 · Value 1933.30 · Buy at or below 1933.30; 2024-10 · Price JPY 2647.00 · Value 1933.30 · Buy at or below 1933.30; 2024-11 · Price JPY 2549.00 · Value 1933.30 · Buy at or below 1933.30; 2024-12 · Price JPY 2744.00 · Value 1933.30 · Buy at or below 1933.30; 2025-01 · Price JPY 3105.00 · Value 1933.30 · Buy at or below 1933.30; 2025-02 · Price JPY 2893.00 · Value 1989.85 · Buy at or below 1989.85; 2025-03 · Price JPY 3145.00 · Value 1989.85 · Buy at or below 1989.85; 2025-04 · Price JPY 3476.00 · Value 1989.85 · Buy at or below 1989.85; 2025-05 · Price JPY 3785.00 · Value 1989.85 · Buy at or below 1989.85; 2025-06 · Price JPY 4219.00 · Value 1989.85 · Buy at or below 1989.85; 2025-07 · Price JPY 4399.00 · Value 1989.85 · Buy at or below 1989.85; 2025-08 · Price JPY 4537.00 · Value 1989.85 · Buy at or below 1989.85; 2025-09 · Price JPY 4739.00 · Value 1989.85 · Buy at or below 1989.85; 2025-10 · Price JPY 5618.00 · Value 1989.85 · Buy at or below 1989.85; 2025-11 · Price JPY 5891.00 · Value 1989.85 · Buy at or below 1989.85; 2025-12 · Price JPY 5310.00 · Value 1989.85 · Buy at or below 1989.85; 2026-01 · Price JPY 5210.00 · Value 1989.85 · Buy at or below 1989.85; 2026-02 · Price JPY 4334.00 · Value 2118.98 · Buy at or below 2118.98; 2026-03 · Price JPY 3846.00 · Value 2118.98 · Buy at or below 2118.98; 2026-04 · Price JPY 4101.00 · Value 2118.98 · Buy at or below 2118.98; 2026-05 · Price JPY 4103.00 · Value 2118.98 · Buy at or below 2118.98; 2026-06 · Price JPY 3925.00 · Value 2118.98 · Buy at or below 2118.98; 2026-07 · Price JPY 4740.00 · Value 2118.98 · Buy at or below 2118.98; 2026-08 · Price JPY 4908.00 · Value 2118.98 · Buy at or below 2118.98; 2026-09 · Price JPY 4759.00 · Value 2118.98 · Buy at or below 2118.98; 2026-10 · Price JPY 5251.00 · Value 2118.98 · Buy at or below 2118.98; 2026-10 · Price JPY 5240.00 · Value 2118.98 · Buy at or below 2118.98

JPY per share · annual estimates

Price & return math
Value range	JPY 1,915.68 – JPY 2,389.63
Buy at or below	Central value JPY 2,118.98
Discount to value	1 − 5240.00 / 2118.98 = -147.3%
Return / year	About 5.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 134.90/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 441.14/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 3.58T

Revenue

Owner earningsJPY 278B

Owner earnings

Operating margin10.0%

Operating margin

Net cash / debtJPY 332B

Net cash / debt

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·