# Panasonic Holdings (6752.JP)

Canonical: https://gigainvestors.com/s/6752.JP

Analysis as of: 2026-10-15T07:11:05.459Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 3,963.00 per share; close as of 2026-10-15.

Estimated value: low JPY 878.22 per share, central JPY 963.33 per share, high JPY 1,076.62 per share. Buy at or below the central value JPY 963.33 per share. Valuation as of 2026-10-15T07:11:05.459Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.05×

- FY2026: 0.03×

### moat: pass

- ROIC, median of available years: 26.2%

- ROIC, second-lowest year: 11.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 10.3%

- Typical minus recent gross margin: 1.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: >100%

- FY2019: 39.3%

- FY2020: 36.7%

- FY2021: 26.2%

- FY2022: 27.3%

- FY2023: 14.9%

- FY2024: 16.2%

- FY2025: 11.8%

- FY2026: 5.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 236B

- Net income, five-year total: JPY 1.52T

- Working capital / revenue, annual change: 1.6 pp

- Working capital / revenue, final three-year average: 2.7%

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

- FY2022: 0.89×

- FY2023: 0.76×

- FY2024: 0.31×

- FY2025: -0.45×

- FY2026: -0.89×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 71.30 to 156.87 (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: 0.0%

- Market cap gain: JPY 3.12T

- Cumulative retained earnings: JPY 2.34T

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

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.4%

- Per-share value change: JPY 85.57

- Per-share value, starting three-year median: JPY 71.30

- Per-share value, ending three-year median: JPY 156.87

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 2.58T

- ROIC, last three-year median: 11.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 64.33

- FY2018: JPY 101.20

- FY2019: JPY 121.83

- FY2020: JPY 96.76

- FY2021: JPY 70.75

- FY2022: JPY 109.41

- FY2023: JPY 113.75

- FY2024: JPY 190.21

- FY2025: JPY 156.87

- FY2026: JPY 81.19

### accounting: pass

- Sloan accruals: -4.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.39×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.9%

- FY2018: -3.0%

- FY2019: 1.3%

- FY2020: -3.3%

- FY2021: -5.0%

- FY2022: 0.0%

- FY2023: -3.2%

- FY2024: -4.5%

- FY2025: -4.6%

- FY2026: -4.3%

## Holders

## Price story

Price needs cash profits to grow 22.2% a year for ten years · sales -4.8%

Story as of 2026-10-16T10:00:14.508Z; price observation 2026-10-15.

Price needs cash profits to grow 22.2% a year for ten years

### Sales · FY2025–2026

sales -4.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YETA.pdf; observed 2026-06-19.

- FY2017: JPY 7.34T 

- FY2018: JPY 7.98T 

- FY2019: JPY 8.00T 

- FY2020: JPY 7.49T 

- FY2021: JPY 6.70T 

- FY2022: JPY 7.39T 

- FY2023: JPY 8.38T 

- FY2024: JPY 8.50T 

- FY2025: JPY 8.46T 

- FY2026: JPY 8.05T 

### Gross margin · FY2026

gross margin 31.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YETA.pdf; observed 2026-06-19.

- FY2018: 29.3% 

- FY2019: 28.3% 

- FY2020: 28.7% 

- FY2021: 29.5% 

- FY2022: 28.2% 

- FY2023: 27.0% 

- FY2024: 29.4% 

- FY2025: 31.1% 

- FY2026: 31.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 8 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YETA.pdf (filed 2026-06-19); FY2026: revenue 8048722000000; grossProfit 2526868000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.4% to 31.4% during 2024–26; it earns 26.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 31.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YETA.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2018,1.208245839424496],[2019,0.39298982310328484],[2020,0.36716032290591016],[2021,0.26198280161746546],[2022,0.27305128493908826],[2023,0.14865161530410506],[2024,0.16245433584961536],[2025,0.11760530906569965],[2026,0.055661988461599574]]; median 0.26198280161746546. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 109905290866.23627; upkeep 365697709133.76373; owner earnings 158096290866.23627. Growth capex / owner earnings = 0.6951794394672173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 3472378927.423706; upkeep 395390621072.5763; owner earnings 184799378927.4237. Growth capex / owner earnings = 0.018789992410025436.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 345288000000; owner earnings 158307000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 296427000000; owner earnings 117027000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 297776000000; cash acquisitions 581900000000; owner earnings 227881000000. Growth capex plus acquisitions / owner earnings = 2.5535257436995624.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 0; upkeep 369886000000; cash acquisitions 4886000000; owner earnings 203035000000. Growth capex plus acquisitions / owner earnings = 0.024064816410963627.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 18114325129.830322; upkeep 629084674870.1697; cash acquisitions 0; owner earnings 139171325129.83032. Growth capex plus acquisitions / owner earnings = 0.1301584583816516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,58339000000],[2023,70019000000],[2024,75862000000],[2025,87543000000],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 22.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.31046426481246436. Price 3963; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,164.00 per share

- 2016-12: JPY 1,189.50 per share

- 2017-01: JPY 1,178.50 per share

- 2017-02: JPY 1,233.00 per share

- 2017-03: JPY 1,258.00 per share

- 2017-04: JPY 1,330.50 per share

- 2017-05: JPY 1,420.50 per share

- 2017-06: JPY 1,524.00 per share

- 2017-07: JPY 1,521.00 per share

- 2017-08: JPY 1,465.50 per share

- 2017-09: JPY 1,630.50 per share

- 2017-10: JPY 1,700.50 per share

- 2017-11: JPY 1,668.00 per share

- 2017-12: JPY 1,649.50 per share

- 2018-01: JPY 1,619.00 per share

- 2018-02: JPY 1,677.50 per share

- 2018-03: JPY 1,521.00 per share

- 2018-04: JPY 1,632.00 per share

- 2018-05: JPY 1,489.50 per share

- 2018-06: JPY 1,493.50 per share

- 2018-07: JPY 1,438.00 per share

- 2018-08: JPY 1,326.50 per share

- 2018-09: JPY 1,323.50 per share

- 2018-10: JPY 1,249.50 per share

- 2018-11: JPY 1,164.50 per share

- 2018-12: JPY 990.60 per share

- 2019-01: JPY 1,062.00 per share

- 2019-02: JPY 1,025.00 per share

- 2019-03: JPY 954.20 per share

- 2019-04: JPY 1,021.00 per share

- 2019-05: JPY 864.80 per share

- 2019-06: JPY 897.60 per share

- 2019-07: JPY 924.70 per share

- 2019-08: JPY 820.10 per share

- 2019-09: JPY 875.60 per share

- 2019-10: JPY 916.90 per share

- 2019-11: JPY 1,032.00 per share

- 2019-12: JPY 1,029.50 per share

- 2020-01: JPY 1,102.00 per share

- 2020-02: JPY 1,030.50 per share

- 2020-03: JPY 825.00 per share

- 2020-04: JPY 826.80 per share

- 2020-05: JPY 963.00 per share

- 2020-06: JPY 939.60 per share

- 2020-07: JPY 900.00 per share

- 2020-08: JPY 977.90 per share

- 2020-09: JPY 888.80 per share

- 2020-10: JPY 960.70 per share

- 2020-11: JPY 1,112.50 per share

- 2020-12: JPY 1,190.50 per share

- 2021-01: JPY 1,351.50 per share

- 2021-02: JPY 1,365.50 per share

- 2021-03: JPY 1,423.50 per share

- 2021-04: JPY 1,289.00 per share

- 2021-05: JPY 1,247.00 per share

- 2021-06: JPY 1,285.50 per share

- 2021-07: JPY 1,305.50 per share

- 2021-08: JPY 1,312.00 per share

- 2021-09: JPY 1,390.00 per share

- 2021-10: JPY 1,392.50 per share

- 2021-11: JPY 1,242.50 per share

- 2021-12: JPY 1,265.00 per share

- 2022-01: JPY 1,252.50 per share

- 2022-02: JPY 1,190.00 per share

- 2022-03: JPY 1,188.50 per share

- 2022-04: JPY 1,160.50 per share

- 2022-05: JPY 1,184.00 per share

- 2022-06: JPY 1,096.50 per share

- 2022-07: JPY 1,094.00 per share

- 2022-08: JPY 1,133.00 per share

- 2022-09: JPY 1,014.50 per share

- 2022-10: JPY 1,064.50 per share

- 2022-11: JPY 1,274.00 per share

- 2022-12: JPY 1,110.50 per share

- 2023-01: JPY 1,200.00 per share

- 2023-02: JPY 1,187.00 per share

- 2023-03: JPY 1,182.00 per share

- 2023-04: JPY 1,273.50 per share

- 2023-05: JPY 1,460.50 per share

- 2023-06: JPY 1,753.50 per share

- 2023-07: JPY 1,760.00 per share

- 2023-08: JPY 1,679.50 per share

- 2023-09: JPY 1,682.00 per share

- 2023-10: JPY 1,309.00 per share

- 2023-11: JPY 1,530.00 per share

- 2023-12: JPY 1,396.50 per share

- 2024-01: JPY 1,408.50 per share

- 2024-02: JPY 1,420.50 per share

- 2024-03: JPY 1,446.50 per share

- 2024-04: JPY 1,382.00 per share

- 2024-05: JPY 1,383.50 per share

- 2024-06: JPY 1,317.00 per share

- 2024-07: JPY 1,246.00 per share

- 2024-08: JPY 1,212.50 per share

- 2024-09: JPY 1,243.00 per share

- 2024-10: JPY 1,238.00 per share

- 2024-11: JPY 1,465.50 per share

- 2024-12: JPY 1,643.00 per share

- 2025-01: JPY 1,597.00 per share

- 2025-02: JPY 1,863.50 per share

- 2025-03: JPY 1,771.50 per share

- 2025-04: JPY 1,641.00 per share

- 2025-05: JPY 1,668.00 per share

- 2025-06: JPY 1,555.50 per share

- 2025-07: JPY 1,440.50 per share

- 2025-08: JPY 1,515.00 per share

- 2025-09: JPY 1,610.00 per share

- 2025-10: JPY 1,798.50 per share

- 2025-11: JPY 1,961.50 per share

- 2025-12: JPY 2,023.50 per share

- 2026-01: JPY 2,117.00 per share

- 2026-02: JPY 2,537.00 per share

- 2026-03: JPY 2,585.50 per share

- 2026-04: JPY 3,203.00 per share

- 2026-05: JPY 3,700.00 per share

- 2026-06: JPY 4,502.00 per share

- 2026-07: JPY 4,284.00 per share

- 2026-08: JPY 4,498.00 per share

- 2026-09: JPY 4,490.00 per share

- 2026-10: JPY 4,377.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 1,184.76 per share, central JPY 1,285.60 per share, high JPY 1,419.84 per share

- FY2023: low JPY 1,217.80 per share, central JPY 1,387.49 per share, high JPY 1,568.85 per share

- FY2024: low JPY 1,267.30 per share, central JPY 1,410.03 per share, high JPY 1,573.41 per share

- FY2025: low JPY 998.22 per share, central JPY 1,115.13 per share, high JPY 1,249.38 per share

- FY2026: low JPY 878.22 per share, central JPY 963.33 per share, high JPY 1,076.62 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 2026-10-15T07:11:05.459Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YETA.pdf); period 2026-03-31, filed 2026-06-19.

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.