# Advantest (6857.JP)

Canonical: https://gigainvestors.com/s/6857.JP

Analysis as of: 2026-10-15T07:11:07.960Z. 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 34,340.00 per share; close as of 2026-10-15.

Estimated value: low JPY 4,739.55 per share, central JPY 6,423.77 per share, high JPY 7,461.23 per share. Buy at or below the central value JPY 6,423.77 per share. Valuation as of 2026-10-15T07:11:07.960Z; 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.12×

- FY2019: 0.23×

- FY2020: 0.21×

- FY2021: 0.23×

- FY2022: 0.28×

- FY2023: 0.30×

- FY2024: 0.17×

- FY2025: 0.29×

- FY2026: 0.44×

### moat: pass

- ROIC, median of available years: 71.9%

- ROIC, second-lowest year: 50.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 48.9%

- Typical minus recent gross margin: -1.3 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: >100%

- FY2019: >100%

- FY2020: 94.4%

- FY2021: 71.9%

- FY2022: 59.2%

- FY2023: 50.4%

- FY2024: 19.5%

- FY2025: 59.2%

- FY2026: 88.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 809B

- Net income, five-year total: JPY 817B

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, final three-year average: 33.4%

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

- FY2022: 0.97×

- FY2023: 0.98×

- FY2024: 1.01×

- FY2025: 1.01×

- FY2026: 0.99×

### management: fail

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

- buybacks unrelated to price (informational)

- Per-share earnings: 81.07 to 218.67 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.4%

- Ordinary dilution, 5-year annual growth: 29.9%

- Market cap gain: JPY 14.72T

- Cumulative retained earnings: JPY 545B

- Diluted shares, 10-year annual growth: 13.4%

- Diluted shares, 5-year annual growth: 29.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.2%

- Per-share value change: JPY 137.60

- Per-share value, starting three-year median: JPY 81.07

- Per-share value, ending three-year median: JPY 218.67

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 1.03T

- ROIC, last three-year median: 59.2%

- Average buyback yield: 16.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 81.07

- FY2018: JPY 101.94

- FY2019: JPY 302.35

- FY2020: JPY 270.12

- FY2021: JPY 353.87

- FY2022: JPY 449.56

- FY2023: JPY 174.35

- FY2024: JPY 84.45

- FY2025: JPY 218.67

- FY2026: JPY 515.15

### accounting: pass

- Sloan accruals: 3.4%

- Receivables to sales index (DSRI): 1.40×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.7%

- FY2018: -4.0%

- FY2019: 4.0%

- FY2020: -3.6%

- FY2021: 0.5%

- FY2022: 1.7%

- FY2023: 10.0%

- FY2024: 4.4%

- FY2025: -14.6%

- FY2026: 3.4%

## Holders

## Price story

Price needs cash profits to grow 28.5% a year for ten years · sales +44.7%

Story as of 2026-10-16T10:00:14.526Z; price observation 2026-10-15.

Price needs cash profits to grow 28.5% a year for ten years

### Sales · FY2025–2026

sales +44.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf; observed 2026-06-26.

- FY2017: JPY 156B 

- FY2018: JPY 207B 

- FY2019: JPY 282B 

- FY2020: JPY 276B 

- FY2021: JPY 313B 

- FY2022: JPY 417B 

- FY2023: JPY 560B 

- FY2024: JPY 487B 

- FY2025: JPY 780B 

- FY2026: JPY 1.13T 

### Gross margin · FY2026

gross margin 64.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf; observed 2026-06-26.

- FY2018: 51.4% 

- FY2019: 54.5% 

- FY2020: 56.7% 

- FY2021: 53.8% 

- FY2022: 56.6% 

- FY2023: 57.0% 

- FY2024: 50.6% 

- FY2025: 57.1% 

- FY2026: 64.3% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.1 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf (filed 2026-06-26); FY2026: revenue 1128610000000; grossProfit 726107000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 50.6% to 64.3% during 2024–26; it earns 71.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2024: grossProfit / revenue = 50.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: grossProfit / revenue = 57.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf (filed 2026-06-26); FY2026: grossProfit / revenue = 64.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); 10-year return on capital observations [[2018,2.807294170730069],[2019,1.0318617420262708],[2020,0.9441222135175472],[2021,0.7185629959259147],[2022,0.591912306266129],[2023,0.5037921251536113],[2024,0.19453446897191556],[2025,0.5920491955193947],[2026,0.8837477061216658]]; median 0.7185629959259147. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.8% of cash earnings on expansion; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2018: growth capex 0; upkeep 4728000000; cash acquisitions 0; owner earnings 18399000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2019: growth capex 1436000000; upkeep 4967000000; cash acquisitions 11098000000; owner earnings 56993000000. Growth capex plus acquisitions / owner earnings = 0.2199217447756742.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2020: growth capex 0; upkeep 8882000000; cash acquisitions 0; owner earnings 53469000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2021: growth capex 1521000000; upkeep 11756000000; owner earnings 67579000000. Growth capex / owner earnings = 0.022506991816984567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2022: growth capex 3251000000; upkeep 14968000000; owner earnings 84746000000. Growth capex / owner earnings = 0.03836169258726076.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2023: growth capex 2192000000; upkeep 21396000000; owner earnings 127260000000. Growth capex / owner earnings = 0.017224579600817226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2024: growth capex 0; upkeep 20543000000; owner earnings 62644000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: growth capex 0; upkeep 19431000000; owner earnings 163498000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf (filed 2026-06-26); FY2026: growth capex 10418000000; upkeep 25612000000; owner earnings 370371000000. Growth capex / owner earnings = 0.02812855218146129.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Dividend observations: [[2018,3718000000],[2019,13786000000],[2020,16427000000],[2021,15594000000],[2022,25456000000],[2023,25418000000],[2024,24881000000],[2025,27320000000],[2026,35754000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 28.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Ten-year compound average after fade. Initial solved rate 0.40517888559715065. Price 34340; 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 387.75 per share

- 2016-12: JPY 492.00 per share

- 2017-01: JPY 527.75 per share

- 2017-02: JPY 493.50 per share

- 2017-03: JPY 520.00 per share

- 2017-04: JPY 520.25 per share

- 2017-05: JPY 494.75 per share

- 2017-06: JPY 480.50 per share

- 2017-07: JPY 506.75 per share

- 2017-08: JPY 458.25 per share

- 2017-09: JPY 526.25 per share

- 2017-10: JPY 642.25 per share

- 2017-11: JPY 558.75 per share

- 2017-12: JPY 522.75 per share

- 2018-01: JPY 580.50 per share

- 2018-02: JPY 566.75 per share

- 2018-03: JPY 557.25 per share

- 2018-04: JPY 655.00 per share

- 2018-05: JPY 639.25 per share

- 2018-06: JPY 577.00 per share

- 2018-07: JPY 661.00 per share

- 2018-08: JPY 666.00 per share

- 2018-09: JPY 598.25 per share

- 2018-10: JPY 520.25 per share

- 2018-11: JPY 609.00 per share

- 2018-12: JPY 561.00 per share

- 2019-01: JPY 618.25 per share

- 2019-02: JPY 657.25 per share

- 2019-03: JPY 643.25 per share

- 2019-04: JPY 785.00 per share

- 2019-05: JPY 637.75 per share

- 2019-06: JPY 741.25 per share

- 2019-07: JPY 1,067.50 per share

- 2019-08: JPY 1,091.25 per share

- 2019-09: JPY 1,193.75 per share

- 2019-10: JPY 1,236.25 per share

- 2019-11: JPY 1,337.50 per share

- 2019-12: JPY 1,540.00 per share

- 2020-01: JPY 1,467.50 per share

- 2020-02: JPY 1,228.75 per share

- 2020-03: JPY 1,085.00 per share

- 2020-04: JPY 1,317.50 per share

- 2020-05: JPY 1,330.00 per share

- 2020-06: JPY 1,530.00 per share

- 2020-07: JPY 1,425.00 per share

- 2020-08: JPY 1,267.50 per share

- 2020-09: JPY 1,272.50 per share

- 2020-10: JPY 1,507.50 per share

- 2020-11: JPY 1,815.00 per share

- 2020-12: JPY 1,932.50 per share

- 2021-01: JPY 2,072.50 per share

- 2021-02: JPY 2,187.50 per share

- 2021-03: JPY 2,420.00 per share

- 2021-04: JPY 2,595.00 per share

- 2021-05: JPY 2,472.50 per share

- 2021-06: JPY 2,502.50 per share

- 2021-07: JPY 2,402.50 per share

- 2021-08: JPY 2,380.00 per share

- 2021-09: JPY 2,507.50 per share

- 2021-10: JPY 2,332.50 per share

- 2021-11: JPY 2,497.50 per share

- 2021-12: JPY 2,725.00 per share

- 2022-01: JPY 2,392.50 per share

- 2022-02: JPY 2,267.50 per share

- 2022-03: JPY 2,417.50 per share

- 2022-04: JPY 2,247.50 per share

- 2022-05: JPY 2,225.00 per share

- 2022-06: JPY 1,815.00 per share

- 2022-07: JPY 1,962.50 per share

- 2022-08: JPY 2,000.00 per share

- 2022-09: JPY 1,675.00 per share

- 2022-10: JPY 1,965.00 per share

- 2022-11: JPY 2,282.50 per share

- 2022-12: JPY 2,120.00 per share

- 2023-01: JPY 2,300.00 per share

- 2023-02: JPY 2,702.50 per share

- 2023-03: JPY 3,040.00 per share

- 2023-04: JPY 2,635.00 per share

- 2023-05: JPY 4,477.50 per share

- 2023-06: JPY 4,787.50 per share

- 2023-07: JPY 4,881.25 per share

- 2023-08: JPY 4,577.50 per share

- 2023-09: JPY 4,181.00 per share

- 2023-10: JPY 3,815.00 per share

- 2023-11: JPY 4,681.00 per share

- 2023-12: JPY 4,797.00 per share

- 2024-01: JPY 5,823.00 per share

- 2024-02: JPY 6,910.00 per share

- 2024-03: JPY 6,793.00 per share

- 2024-04: JPY 4,996.00 per share

- 2024-05: JPY 5,313.00 per share

- 2024-06: JPY 6,425.00 per share

- 2024-07: JPY 6,029.00 per share

- 2024-08: JPY 6,641.00 per share

- 2024-09: JPY 6,741.00 per share

- 2024-10: JPY 9,148.00 per share

- 2024-11: JPY 8,240.00 per share

- 2024-12: JPY 9,198.00 per share

- 2025-01: JPY 8,659.00 per share

- 2025-02: JPY 8,116.00 per share

- 2025-03: JPY 6,472.00 per share

- 2025-04: JPY 5,863.00 per share

- 2025-05: JPY 7,367.00 per share

- 2025-06: JPY 10,655.00 per share

- 2025-07: JPY 10,350.00 per share

- 2025-08: JPY 11,675.00 per share

- 2025-09: JPY 14,650.00 per share

- 2025-10: JPY 23,135.00 per share

- 2025-11: JPY 20,575.00 per share

- 2025-12: JPY 19,635.00 per share

- 2026-01: JPY 25,505.00 per share

- 2026-02: JPY 26,850.00 per share

- 2026-03: JPY 20,330.00 per share

- 2026-04: JPY 28,260.00 per share

- 2026-05: JPY 26,170.00 per share

- 2026-06: JPY 32,340.00 per share

- 2026-07: JPY 32,500.00 per share

- 2026-08: JPY 33,690.00 per share

- 2026-09: JPY 34,260.00 per share

- 2026-10: JPY 40,880.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 5,292.21 per share, central JPY 5,945.04 per share, high JPY 6,814.09 per share

- FY2023: low JPY 1,763.55 per share, central JPY 1,993.01 per share, high JPY 2,298.45 per share

- FY2024: low JPY 1,607.54 per share, central JPY 1,823.85 per share, high JPY 2,097.66 per share

- FY2025: low JPY 2,759.57 per share, central JPY 3,093.86 per share, high JPY 3,538.88 per share

- FY2026: low JPY 4,739.55 per share, central JPY 6,423.77 per share, high JPY 7,461.23 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 2026-10-15T07:11:07.960Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKTA.pdf); period 2026-03-31, filed 2026-06-26.

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.

Advantest

6857 · JP

Nikkei 225 · TOPIX Core30

Not a wonderful business

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

Share price: JPY 34,340.00
Buy up to: JPY 6,423.77
Expected / yr: 4.3% 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

Margins varied 34.7% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

9y median: 22.9%
Worst year: 11.8%
Latest · 2026: 44.2%

Capital return excluding acquisitions: median 71.9% (minimum 15%), and the second-worst year 50.4% (minimum 10%).

ROIC excluding acquisitions

9y median: 71.9%
Worst year: 19.5%
Latest · 2026: 88.4%

Each $1 of profit left $0.99 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.99×
Annual median: 0.99×
Latest · 2026: 0.99×

Share growth was 13.4% over ten years and 29.9% over five (either must be at most 1% a year).

Earnings per share

10y median: JPY 244.39
Worst year: JPY 81.07
Latest · 2026: JPY 515.15

Profits were backed by cash: accruals were 3.4% of assets (limit 10%).

Sloan accruals

10y median: 1.1%
Worst year: 10.0%
Latest · 2026: 3.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 25.1%, three-year average owner earnings per share 271.69 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 387.75; 2016-12 · Price JPY 492.00; 2017-01 · Price JPY 527.75; 2017-02 · Price JPY 493.50; 2017-03 · Price JPY 520.00; 2017-04 · Price JPY 520.25; 2017-05 · Price JPY 494.75; 2017-06 · Price JPY 480.50; 2017-07 · Price JPY 506.75; 2017-08 · Price JPY 458.25; 2017-09 · Price JPY 526.25; 2017-10 · Price JPY 642.25; 2017-11 · Price JPY 558.75; 2017-12 · Price JPY 522.75; 2018-01 · Price JPY 580.50; 2018-02 · Price JPY 566.75; 2018-03 · Price JPY 557.25; 2018-04 · Price JPY 655.00; 2018-05 · Price JPY 639.25; 2018-06 · Price JPY 577.00; 2018-07 · Price JPY 661.00; 2018-08 · Price JPY 666.00; 2018-09 · Price JPY 598.25; 2018-10 · Price JPY 520.25; 2018-11 · Price JPY 609.00; 2018-12 · Price JPY 561.00; 2019-01 · Price JPY 618.25; 2019-02 · Price JPY 657.25; 2019-03 · Price JPY 643.25; 2019-04 · Price JPY 785.00; 2019-05 · Price JPY 637.75; 2019-06 · Price JPY 741.25; 2019-07 · Price JPY 1067.50; 2019-08 · Price JPY 1091.25; 2019-09 · Price JPY 1193.75; 2019-10 · Price JPY 1236.25; 2019-11 · Price JPY 1337.50; 2019-12 · Price JPY 1540.00; 2020-01 · Price JPY 1467.50; 2020-02 · Price JPY 1228.75; 2020-03 · Price JPY 1085.00; 2020-04 · Price JPY 1317.50; 2020-05 · Price JPY 1330.00; 2020-06 · Price JPY 1530.00; 2020-07 · Price JPY 1425.00; 2020-08 · Price JPY 1267.50; 2020-09 · Price JPY 1272.50; 2020-10 · Price JPY 1507.50; 2020-11 · Price JPY 1815.00; 2020-12 · Price JPY 1932.50; 2021-01 · Price JPY 2072.50; 2021-02 · Price JPY 2187.50; 2021-03 · Price JPY 2420.00; 2021-04 · Price JPY 2595.00; 2021-05 · Price JPY 2472.50; 2021-06 · Price JPY 2502.50; 2021-07 · Price JPY 2402.50; 2021-08 · Price JPY 2380.00; 2021-09 · Price JPY 2507.50; 2021-10 · Price JPY 2332.50; 2021-11 · Price JPY 2497.50; 2021-12 · Price JPY 2725.00; 2022-01 · Price JPY 2392.50 · Value 5945.04 · Buy at or below 5945.04; 2022-02 · Price JPY 2267.50 · Value 5945.04 · Buy at or below 5945.04; 2022-03 · Price JPY 2417.50 · Value 5945.04 · Buy at or below 5945.04; 2022-04 · Price JPY 2247.50 · Value 5945.04 · Buy at or below 5945.04; 2022-05 · Price JPY 2225.00 · Value 5945.04 · Buy at or below 5945.04; 2022-06 · Price JPY 1815.00 · Value 5945.04 · Buy at or below 5945.04; 2022-07 · Price JPY 1962.50 · Value 5945.04 · Buy at or below 5945.04; 2022-08 · Price JPY 2000.00 · Value 5945.04 · Buy at or below 5945.04; 2022-09 · Price JPY 1675.00 · Value 5945.04 · Buy at or below 5945.04; 2022-10 · Price JPY 1965.00 · Value 5945.04 · Buy at or below 5945.04; 2022-11 · Price JPY 2282.50 · Value 5945.04 · Buy at or below 5945.04; 2022-12 · Price JPY 2120.00 · Value 5945.04 · Buy at or below 5945.04; 2023-01 · Price JPY 2300.00 · Value 5945.04 · Buy at or below 5945.04; 2023-02 · Price JPY 2702.50 · Value 1993.01 · Buy at or below 1993.01; 2023-03 · Price JPY 3040.00 · Value 1993.01 · Buy at or below 1993.01; 2023-04 · Price JPY 2635.00 · Value 1993.01 · Buy at or below 1993.01; 2023-05 · Price JPY 4477.50 · Value 1993.01 · Buy at or below 1993.01; 2023-06 · Price JPY 4787.50 · Value 1993.01 · Buy at or below 1993.01; 2023-07 · Price JPY 4881.25 · Value 1993.01 · Buy at or below 1993.01; 2023-08 · Price JPY 4577.50 · Value 1993.01 · Buy at or below 1993.01; 2023-09 · Price JPY 4181.00 · Value 1993.01 · Buy at or below 1993.01; 2023-10 · Price JPY 3815.00 · Value 1993.01 · Buy at or below 1993.01; 2023-11 · Price JPY 4681.00 · Value 1993.01 · Buy at or below 1993.01; 2023-12 · Price JPY 4797.00 · Value 1993.01 · Buy at or below 1993.01; 2024-01 · Price JPY 5823.00 · Value 1993.01 · Buy at or below 1993.01; 2024-02 · Price JPY 6910.00 · Value 1823.85 · Buy at or below 1823.85; 2024-03 · Price JPY 6793.00 · Value 1823.85 · Buy at or below 1823.85; 2024-04 · Price JPY 4996.00 · Value 1823.85 · Buy at or below 1823.85; 2024-05 · Price JPY 5313.00 · Value 1823.85 · Buy at or below 1823.85; 2024-06 · Price JPY 6425.00 · Value 1823.85 · Buy at or below 1823.85; 2024-07 · Price JPY 6029.00 · Value 1823.85 · Buy at or below 1823.85; 2024-08 · Price JPY 6641.00 · Value 1823.85 · Buy at or below 1823.85; 2024-09 · Price JPY 6741.00 · Value 1823.85 · Buy at or below 1823.85; 2024-10 · Price JPY 9148.00 · Value 1823.85 · Buy at or below 1823.85; 2024-11 · Price JPY 8240.00 · Value 1823.85 · Buy at or below 1823.85; 2024-12 · Price JPY 9198.00 · Value 1823.85 · Buy at or below 1823.85; 2025-01 · Price JPY 8659.00 · Value 1823.85 · Buy at or below 1823.85; 2025-02 · Price JPY 8116.00 · Value 3093.86 · Buy at or below 3093.86; 2025-03 · Price JPY 6472.00 · Value 3093.86 · Buy at or below 3093.86; 2025-04 · Price JPY 5863.00 · Value 3093.86 · Buy at or below 3093.86; 2025-05 · Price JPY 7367.00 · Value 3093.86 · Buy at or below 3093.86; 2025-06 · Price JPY 10655.00 · Value 3093.86 · Buy at or below 3093.86; 2025-07 · Price JPY 10350.00 · Value 3093.86 · Buy at or below 3093.86; 2025-08 · Price JPY 11675.00 · Value 3093.86 · Buy at or below 3093.86; 2025-09 · Price JPY 14650.00 · Value 3093.86 · Buy at or below 3093.86; 2025-10 · Price JPY 23135.00 · Value 3093.86 · Buy at or below 3093.86; 2025-11 · Price JPY 20575.00 · Value 3093.86 · Buy at or below 3093.86; 2025-12 · Price JPY 19635.00 · Value 3093.86 · Buy at or below 3093.86; 2026-01 · Price JPY 25505.00 · Value 3093.86 · Buy at or below 3093.86; 2026-02 · Price JPY 26850.00 · Value 6423.77 · Buy at or below 6423.77; 2026-03 · Price JPY 20330.00 · Value 6423.77 · Buy at or below 6423.77; 2026-04 · Price JPY 28260.00 · Value 6423.77 · Buy at or below 6423.77; 2026-05 · Price JPY 26170.00 · Value 6423.77 · Buy at or below 6423.77; 2026-06 · Price JPY 32340.00 · Value 6423.77 · Buy at or below 6423.77; 2026-07 · Price JPY 32500.00 · Value 6423.77 · Buy at or below 6423.77; 2026-08 · Price JPY 33690.00 · Value 6423.77 · Buy at or below 6423.77; 2026-09 · Price JPY 34260.00 · Value 6423.77 · Buy at or below 6423.77; 2026-10 · Price JPY 40880.00 · Value 6423.77 · Buy at or below 6423.77; 2026-10 · Price JPY 34340.00 · Value 6423.77 · Buy at or below 6423.77

JPY per share · annual estimates

Price & return math
Value range	JPY 4,739.55 – JPY 7,461.23
Buy at or below	Central value JPY 6,423.77
Discount to value	1 − 34340.00 / 6423.77 = -434.6%
Return / year	About 4.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 324.80/share; 7.1% growth for 5 years, then fades to 3.0%; excess cash JPY 435.60/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.13T

Revenue

Owner earningsJPY 370B

Owner earnings

Operating margin44.2%

Operating margin

Net cash / debtJPY 340B

Net cash / debt

Diluted shares729M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·