# Sharp (6753.JP)

Canonical: https://gigainvestors.com/s/6753.JP

Analysis as of: 2026-10-15T07:11:05.505Z. 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 581.50 per share; close as of 2026-10-15.

Estimated value: low JPY 706.61 per share, central JPY 761.44 per share, high JPY 834.43 per share. Buy at or below the central value JPY 761.44 per share. Valuation as of 2026-10-15T07:11:05.505Z; scenarios are not confidence intervals.

Expected annual return: 14.8% at the stated quote. About 14.8% 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

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 3

- Operating margin variation: 0.79×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: -0.01×

- FY2024: -0.01×

- FY2025: 0.01×

- FY2026: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.4%

- ROIC, second-lowest year: -3.1%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.8%

- FY2018: 12.2%

- FY2019: 11.4%

- FY2020: 4.1%

- FY2021: 8.9%

- FY2022: 8.8%

- FY2023: -3.1%

- FY2024: -3.3%

- FY2025: 4.7%

- FY2026: 7.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY -218B

- Net income, five-year total: JPY -253B

- Return on incremental invested capital: 118.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 16.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: JPY 83B

- FY2023: JPY -228B

- FY2024: JPY -146B

- FY2025: JPY 27B

- FY2026: JPY 46B

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.4% vs 4.7%

- Per-share earnings: -68.56 to 55.59 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -8.9%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: JPY -1.33T

- Cumulative retained earnings: JPY 142B

- Diluted shares, 10-year annual growth: -8.9%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: JPY 124.15

- Per-share value, starting three-year median: JPY -68.56

- Per-share value, ending three-year median: JPY 55.59

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 5.3%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 16B

- Cumulative net income, 10 years: JPY -77B

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 4.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY -68.56

- FY2018: JPY 106.07

- FY2019: JPY 100.08

- FY2020: JPY 22.47

- FY2021: JPY 87.20

- FY2022: JPY 121.14

- FY2023: JPY -407.31

- FY2024: JPY -230.99

- FY2025: JPY 55.59

- FY2026: JPY 73.05

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 3.3%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.00×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.6%

- FY2018: -1.8%

- FY2019: -0.8%

- FY2020: -3.0%

- FY2021: -7.9%

- FY2022: -0.1%

- FY2023: -15.5%

- FY2024: -17.3%

- FY2025: 2.6%

- FY2026: 3.3%

## Holders

## Price story

Down 57% since Oct 2021 · sales -12.4%

Story as of 2026-10-16T10:00:14.512Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.5% a year for ten years

### Sales · FY2025–2026

sales -12.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHZV.pdf; observed 2026-06-23.

- FY2017: JPY 2.05T 

- FY2018: JPY 2.43T 

- FY2019: JPY 2.39T 

- FY2020: JPY 2.26T 

- FY2021: JPY 2.43T 

- FY2022: JPY 2.50T 

- FY2023: JPY 2.55T 

- FY2024: JPY 2.32T 

- FY2025: JPY 2.16T 

- FY2026: JPY 1.89T 

### Gross margin · FY2026

gross margin 22.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHZV.pdf; observed 2026-06-23.

- FY2017: 18.7% 

- FY2018: 16.7% 

- FY2019: 17.7% 

- FY2020: 17.9% 

- FY2021: 17.4% 

- FY2022: 17.3% 

- FY2023: 13.0% 

- FY2024: 15.0% 

- FY2025: 18.8% 

- FY2026: 22.2% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.9 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHZV.pdf (filed 2026-06-23); FY2026: revenue 1892811000000; grossProfit 420763000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15% to 22.2% during 2024–26; it earns 8.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: grossProfit / revenue = 18.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHZV.pdf (filed 2026-06-23); FY2026: grossProfit / revenue = 22.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.10822136190653754],[2018,0.12196274352315546],[2019,0.11373635580392248],[2020,0.041416128612904626],[2021,0.08908468392863765],[2022,0.08837517554659148],[2023,-0.030521362539770287],[2024,-0.0332414336597292],[2025,0.04696677917437583],[2026,0.07882421798928088]]; median 0.08359969676793619. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 40512000000; upkeep 76116000000; owner earnings 70225000000. Growth capex / owner earnings = 0.5768885724457102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2019: growth capex 0; upkeep 142848000000; owner earnings 13000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2021: growth capex 0; upkeep 51382000000; owner earnings 73823000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 0; upkeep 63073000000; owner earnings 83315000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 0; upkeep 39018000000; owner earnings 26962000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHZV.pdf (filed 2026-06-23); FY2026: growth capex 0; upkeep 33526000000; owner earnings 46035000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Dividend observations: [[2017,0],[2018,0],[2019,21076000000],[2020,15028000000],[2021,10980000000],[2022,18312000000],[2023,24425000000],[2024,25000000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits shrink 5.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate -0.0897491485550242. Price 581.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -136.29865641554545 → FY2026 70.89549163047602. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,890.00 per share

- 2016-12: JPY 2,700.00 per share

- 2017-01: JPY 3,040.00 per share

- 2017-02: JPY 3,330.00 per share

- 2017-03: JPY 4,700.00 per share

- 2017-04: JPY 4,020.00 per share

- 2017-05: JPY 4,050.00 per share

- 2017-06: JPY 4,170.00 per share

- 2017-07: JPY 3,880.00 per share

- 2017-08: JPY 3,300.00 per share

- 2017-09: JPY 3,395.00 per share

- 2017-10: JPY 3,585.00 per share

- 2017-11: JPY 3,535.00 per share

- 2017-12: JPY 3,870.00 per share

- 2018-01: JPY 4,075.00 per share

- 2018-02: JPY 3,750.00 per share

- 2018-03: JPY 3,180.00 per share

- 2018-04: JPY 3,215.00 per share

- 2018-05: JPY 2,896.00 per share

- 2018-06: JPY 2,700.00 per share

- 2018-07: JPY 2,585.00 per share

- 2018-08: JPY 2,633.00 per share

- 2018-09: JPY 2,309.00 per share

- 2018-10: JPY 1,731.00 per share

- 2018-11: JPY 1,684.00 per share

- 2018-12: JPY 1,102.00 per share

- 2019-01: JPY 1,153.00 per share

- 2019-02: JPY 1,302.00 per share

- 2019-03: JPY 1,218.00 per share

- 2019-04: JPY 1,236.00 per share

- 2019-05: JPY 988.00 per share

- 2019-06: JPY 1,182.00 per share

- 2019-07: JPY 1,379.00 per share

- 2019-08: JPY 1,096.00 per share

- 2019-09: JPY 1,195.00 per share

- 2019-10: JPY 1,259.00 per share

- 2019-11: JPY 1,654.00 per share

- 2019-12: JPY 1,685.00 per share

- 2020-01: JPY 1,522.00 per share

- 2020-02: JPY 1,260.00 per share

- 2020-03: JPY 1,135.00 per share

- 2020-04: JPY 1,199.00 per share

- 2020-05: JPY 1,167.00 per share

- 2020-06: JPY 1,146.00 per share

- 2020-07: JPY 1,030.00 per share

- 2020-08: JPY 1,317.00 per share

- 2020-09: JPY 1,298.00 per share

- 2020-10: JPY 1,200.00 per share

- 2020-11: JPY 1,400.00 per share

- 2020-12: JPY 1,564.00 per share

- 2021-01: JPY 2,174.00 per share

- 2021-02: JPY 2,013.00 per share

- 2021-03: JPY 1,910.00 per share

- 2021-04: JPY 1,847.00 per share

- 2021-05: JPY 1,998.00 per share

- 2021-06: JPY 1,833.00 per share

- 2021-07: JPY 1,672.00 per share

- 2021-08: JPY 1,453.00 per share

- 2021-09: JPY 1,417.00 per share

- 2021-10: JPY 1,341.00 per share

- 2021-11: JPY 1,270.00 per share

- 2021-12: JPY 1,321.00 per share

- 2022-01: JPY 1,269.00 per share

- 2022-02: JPY 1,083.00 per share

- 2022-03: JPY 1,149.00 per share

- 2022-04: JPY 1,100.00 per share

- 2022-05: JPY 1,049.00 per share

- 2022-06: JPY 1,049.00 per share

- 2022-07: JPY 1,066.00 per share

- 2022-08: JPY 1,003.00 per share

- 2022-09: JPY 863.00 per share

- 2022-10: JPY 891.00 per share

- 2022-11: JPY 973.00 per share

- 2022-12: JPY 945.00 per share

- 2023-01: JPY 1,074.00 per share

- 2023-02: JPY 940.00 per share

- 2023-03: JPY 933.00 per share

- 2023-04: JPY 966.00 per share

- 2023-05: JPY 800.00 per share

- 2023-06: JPY 803.90 per share

- 2023-07: JPY 845.00 per share

- 2023-08: JPY 896.90 per share

- 2023-09: JPY 932.00 per share

- 2023-10: JPY 939.70 per share

- 2023-11: JPY 925.60 per share

- 2023-12: JPY 1,005.50 per share

- 2024-01: JPY 997.00 per share

- 2024-02: JPY 815.50 per share

- 2024-03: JPY 835.80 per share

- 2024-04: JPY 831.00 per share

- 2024-05: JPY 970.20 per share

- 2024-06: JPY 930.10 per share

- 2024-07: JPY 878.20 per share

- 2024-08: JPY 998.40 per share

- 2024-09: JPY 949.80 per share

- 2024-10: JPY 937.70 per share

- 2024-11: JPY 960.70 per share

- 2024-12: JPY 984.90 per share

- 2025-01: JPY 934.60 per share

- 2025-02: JPY 983.10 per share

- 2025-03: JPY 944.00 per share

- 2025-04: JPY 845.00 per share

- 2025-05: JPY 740.10 per share

- 2025-06: JPY 701.40 per share

- 2025-07: JPY 717.80 per share

- 2025-08: JPY 889.80 per share

- 2025-09: JPY 829.90 per share

- 2025-10: JPY 857.50 per share

- 2025-11: JPY 778.50 per share

- 2025-12: JPY 770.80 per share

- 2026-01: JPY 701.70 per share

- 2026-02: JPY 644.10 per share

- 2026-03: JPY 576.00 per share

- 2026-04: JPY 559.50 per share

- 2026-05: JPY 621.50 per share

- 2026-06: JPY 651.30 per share

- 2026-07: JPY 618.40 per share

- 2026-08: JPY 663.80 per share

- 2026-09: JPY 644.70 per share

- 2026-10: JPY 579.70 per share

## Annual estimated value (JPY per share)

- FY2021: low JPY 480.58 per share, central JPY 480.61 per share, high JPY 480.65 per share

- FY2022: low JPY 1,680.83 per share, central JPY 1,858.97 per share, high JPY 2,096.13 per share

- FY2023: low JPY 329.91 per share, central JPY 330.01 per share, high JPY 330.07 per share

- FY2025: low JPY 817.49 per share, central JPY 880.07 per share, high JPY 963.38 per share

- FY2026: low JPY 706.61 per share, central JPY 761.44 per share, high JPY 834.43 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/S100YHZV.pdf); period 2026-03-31, filed 2026-06-23.

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.

Sharp

6753 · JP

Nikkei 225

Not a wonderful business

5 quality tests fail. A lower price would not fix the business.

Share price: JPY 581.50
Buy up to: JPY 761.44
Expected / yr: 14.8% 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

Sales fell in 6 years (limit 5), and 3 loss years were recorded (limit 2), and margins varied 79.1% around their average (limit 35%).

Operating margin

10y median: 2.8%
Worst year: -1.0%
Latest · 2026: 2.6%

Capital return excluding acquisitions: median 8.4% (minimum 15%), and the second-worst year -3.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.4%
Worst year: -3.3%
Latest · 2026: 7.9%

Owners received -218.1 billion over five years (must be positive).

Owner earnings · five years

5y median: JPY 27B
Worst year: JPY -228B
Latest · 2026: JPY 46B

Acquisitions used -20.6% of profits (limit 50%) while returns fell to 4.7% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: JPY 64.32
Worst year: JPY -407.31
Latest · 2026: JPY 73.05

Profits lacked the required cash backing.

Sloan accruals

10y median: -2.4%
Worst year: 3.3%
Latest · 2026: 3.3%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 2.1%, three-year average owner earnings per share -37.69 JPY. 3 loss years in the last 10; at most 2 allowed. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1890.00; 2016-12 · Price JPY 2700.00; 2017-01 · Price JPY 3040.00; 2017-02 · Price JPY 3330.00; 2017-03 · Price JPY 4700.00; 2017-04 · Price JPY 4020.00; 2017-05 · Price JPY 4050.00; 2017-06 · Price JPY 4170.00; 2017-07 · Price JPY 3880.00; 2017-08 · Price JPY 3300.00; 2017-09 · Price JPY 3395.00; 2017-10 · Price JPY 3585.00; 2017-11 · Price JPY 3535.00; 2017-12 · Price JPY 3870.00; 2018-01 · Price JPY 4075.00; 2018-02 · Price JPY 3750.00; 2018-03 · Price JPY 3180.00; 2018-04 · Price JPY 3215.00; 2018-05 · Price JPY 2896.00; 2018-06 · Price JPY 2700.00; 2018-07 · Price JPY 2585.00; 2018-08 · Price JPY 2633.00; 2018-09 · Price JPY 2309.00; 2018-10 · Price JPY 1731.00; 2018-11 · Price JPY 1684.00; 2018-12 · Price JPY 1102.00; 2019-01 · Price JPY 1153.00; 2019-02 · Price JPY 1302.00; 2019-03 · Price JPY 1218.00; 2019-04 · Price JPY 1236.00; 2019-05 · Price JPY 988.00; 2019-06 · Price JPY 1182.00; 2019-07 · Price JPY 1379.00; 2019-08 · Price JPY 1096.00; 2019-09 · Price JPY 1195.00; 2019-10 · Price JPY 1259.00; 2019-11 · Price JPY 1654.00; 2019-12 · Price JPY 1685.00; 2020-01 · Price JPY 1522.00; 2020-02 · Price JPY 1260.00; 2020-03 · Price JPY 1135.00; 2020-04 · Price JPY 1199.00; 2020-05 · Price JPY 1167.00; 2020-06 · Price JPY 1146.00; 2020-07 · Price JPY 1030.00; 2020-08 · Price JPY 1317.00; 2020-09 · Price JPY 1298.00; 2020-10 · Price JPY 1200.00; 2020-11 · Price JPY 1400.00; 2020-12 · Price JPY 1564.00; 2021-01 · Price JPY 2174.00 · Value 480.61 · Buy at or below 480.61; 2021-02 · Price JPY 2013.00 · Value 480.61 · Buy at or below 480.61; 2021-03 · Price JPY 1910.00 · Value 480.61 · Buy at or below 480.61; 2021-04 · Price JPY 1847.00 · Value 480.61 · Buy at or below 480.61; 2021-05 · Price JPY 1998.00 · Value 480.61 · Buy at or below 480.61; 2021-06 · Price JPY 1833.00 · Value 480.61 · Buy at or below 480.61; 2021-07 · Price JPY 1672.00 · Value 480.61 · Buy at or below 480.61; 2021-08 · Price JPY 1453.00 · Value 480.61 · Buy at or below 480.61; 2021-09 · Price JPY 1417.00 · Value 480.61 · Buy at or below 480.61; 2021-10 · Price JPY 1341.00 · Value 480.61 · Buy at or below 480.61; 2021-11 · Price JPY 1270.00 · Value 480.61 · Buy at or below 480.61; 2021-12 · Price JPY 1321.00 · Value 480.61 · Buy at or below 480.61; 2022-01 · Price JPY 1269.00 · Value 480.61 · Buy at or below 480.61; 2022-02 · Price JPY 1083.00 · Value 1858.97 · Buy at or below 1858.97; 2022-03 · Price JPY 1149.00 · Value 1858.97 · Buy at or below 1858.97; 2022-04 · Price JPY 1100.00 · Value 1858.97 · Buy at or below 1858.97; 2022-05 · Price JPY 1049.00 · Value 1858.97 · Buy at or below 1858.97; 2022-06 · Price JPY 1049.00 · Value 1858.97 · Buy at or below 1858.97; 2022-07 · Price JPY 1066.00 · Value 1858.97 · Buy at or below 1858.97; 2022-08 · Price JPY 1003.00 · Value 1858.97 · Buy at or below 1858.97; 2022-09 · Price JPY 863.00 · Value 1858.97 · Buy at or below 1858.97; 2022-10 · Price JPY 891.00 · Value 1858.97 · Buy at or below 1858.97; 2022-11 · Price JPY 973.00 · Value 1858.97 · Buy at or below 1858.97; 2022-12 · Price JPY 945.00 · Value 1858.97 · Buy at or below 1858.97; 2023-01 · Price JPY 1074.00 · Value 1858.97 · Buy at or below 1858.97; 2023-02 · Price JPY 940.00 · Value 330.01 · Buy at or below 330.01; 2023-03 · Price JPY 933.00 · Value 330.01 · Buy at or below 330.01; 2023-04 · Price JPY 966.00 · Value 330.01 · Buy at or below 330.01; 2023-05 · Price JPY 800.00 · Value 330.01 · Buy at or below 330.01; 2023-06 · Price JPY 803.90 · Value 330.01 · Buy at or below 330.01; 2023-07 · Price JPY 845.00 · Value 330.01 · Buy at or below 330.01; 2023-08 · Price JPY 896.90 · Value 330.01 · Buy at or below 330.01; 2023-09 · Price JPY 932.00 · Value 330.01 · Buy at or below 330.01; 2023-10 · Price JPY 939.70 · Value 330.01 · Buy at or below 330.01; 2023-11 · Price JPY 925.60 · Value 330.01 · Buy at or below 330.01; 2023-12 · Price JPY 1005.50 · Value 330.01 · Buy at or below 330.01; 2024-01 · Price JPY 997.00 · Value 330.01 · Buy at or below 330.01; 2024-02 · Price JPY 815.50; 2024-03 · Price JPY 835.80; 2024-04 · Price JPY 831.00; 2024-05 · Price JPY 970.20; 2024-06 · Price JPY 930.10; 2024-07 · Price JPY 878.20; 2024-08 · Price JPY 998.40; 2024-09 · Price JPY 949.80; 2024-10 · Price JPY 937.70; 2024-11 · Price JPY 960.70; 2024-12 · Price JPY 984.90; 2025-01 · Price JPY 934.60 · Value 880.07 · Buy at or below 880.07; 2025-02 · Price JPY 983.10 · Value 880.07 · Buy at or below 880.07; 2025-03 · Price JPY 944.00 · Value 880.07 · Buy at or below 880.07; 2025-04 · Price JPY 845.00 · Value 880.07 · Buy at or below 880.07; 2025-05 · Price JPY 740.10 · Value 880.07 · Buy at or below 880.07; 2025-06 · Price JPY 701.40 · Value 880.07 · Buy at or below 880.07; 2025-07 · Price JPY 717.80 · Value 880.07 · Buy at or below 880.07; 2025-08 · Price JPY 889.80 · Value 880.07 · Buy at or below 880.07; 2025-09 · Price JPY 829.90 · Value 880.07 · Buy at or below 880.07; 2025-10 · Price JPY 857.50 · Value 880.07 · Buy at or below 880.07; 2025-11 · Price JPY 778.50 · Value 880.07 · Buy at or below 880.07; 2025-12 · Price JPY 770.80 · Value 880.07 · Buy at or below 880.07; 2026-01 · Price JPY 701.70 · Value 880.07 · Buy at or below 880.07; 2026-02 · Price JPY 644.10 · Value 761.44 · Buy at or below 761.44; 2026-03 · Price JPY 576.00 · Value 761.44 · Buy at or below 761.44; 2026-04 · Price JPY 559.50 · Value 761.44 · Buy at or below 761.44; 2026-05 · Price JPY 621.50 · Value 761.44 · Buy at or below 761.44; 2026-06 · Price JPY 651.30 · Value 761.44 · Buy at or below 761.44; 2026-07 · Price JPY 618.40 · Value 761.44 · Buy at or below 761.44; 2026-08 · Price JPY 663.80 · Value 761.44 · Buy at or below 761.44; 2026-09 · Price JPY 644.70 · Value 761.44 · Buy at or below 761.44; 2026-10 · Price JPY 579.70 · Value 761.44 · Buy at or below 761.44; 2026-10 · Price JPY 581.50 · Value 761.44 · Buy at or below 761.44

JPY per share · annual estimates

Price & return math
Value range	JPY 706.61 – JPY 834.43
Buy at or below	Central value JPY 761.44
Discount to value	1 − 581.50 / 761.44 = 23.6%
Return / year	About 14.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 36.38/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 308.92/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.89T

Revenue

Owner earningsJPY 46B

Owner earnings

Operating margin2.6%

Operating margin

Net cash / debtJPY -202B

Net cash / debt

Diluted shares649M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·