# Keyence (6861.JP)

Canonical: https://gigainvestors.com/s/6861.JP

Analysis as of: 2026-10-15T07:11:08.091Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 78,970.00 per share; close as of 2026-10-15.

Estimated value: low JPY 32,498.89 per share, central JPY 44,626.87 per share, high JPY 51,391.09 per share. Buy at or below the central value JPY 44,626.87 per share. Valuation as of 2026-10-15T07:11:08.091Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.54×

- FY2018: 0.56×

- FY2019: 0.54×

- FY2020: 0.50×

- FY2021: 0.51×

- FY2022: 0.55×

- FY2023: 0.54×

- FY2024: 0.51×

- FY2025: 0.52×

- FY2026: 0.51×

### moat: pass

- ROIC, median of available years: 23.0%

- ROIC, second-lowest year: 20.7%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 82.2%

- Recent gross margin (lower of latest and 3-year median): 83.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 22.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 23.3%

- FY2018: 36.0%

- FY2019: 31.0%

- FY2020: 24.1%

- FY2021: 19.4%

- FY2022: 25.2%

- FY2023: 22.8%

- FY2024: 21.1%

- FY2025: 20.7%

- FY2026: 21.1%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.86T

- Net income, five-year total: JPY 1.88T

- Return on incremental invested capital: 106.2%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 37.8%

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

- FY2022: 1.01×

- FY2023: 0.95×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 0.99×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 31.0% vs 21.1%

- Per-share earnings: 497.56 to 1643.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: JPY 7.90T

- Cumulative retained earnings: JPY 2.24T

- Diluted shares, 10-year annual growth: -0.0%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.1%

- Per-share value change: JPY 1K

- Per-share value, starting three-year median: JPY 497.56

- Per-share value, ending three-year median: JPY 2K

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 30B

- Cumulative net income, 10 years: JPY 2.83T

- ROIC, first three-year median: 31.0%

- ROIC, last three-year median: 21.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 497.56

- FY2018: JPY 868.33

- FY2019: JPY 932.46

- FY2020: JPY 816.91

- FY2021: JPY 813.47

- FY2022: JPY 1K

- FY2023: JPY 1K

- FY2024: JPY 2K

- FY2025: JPY 2K

- FY2026: JPY 2K

### accounting: pass

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.1%

- FY2018: 0.5%

- FY2019: 1.0%

- FY2020: -0.3%

- FY2021: 0.2%

- FY2022: 1.4%

- FY2023: 2.3%

- FY2024: -0.6%

- FY2025: -0.3%

- FY2026: 0.4%

## Holders

## Price story

Price needs cash profits to grow 15.5% a year for ten years · sales +10.4%

Story as of 2026-10-16T10:00:14.532Z; price observation 2026-10-15.

Price needs cash profits to grow 15.5% a year for ten years

### Sales · FY2025–2026

sales +10.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf; observed 2026-06-15.

- FY2017: JPY 316B 

- FY2018: JPY 527B 

- FY2019: JPY 587B 

- FY2020: JPY 552B 

- FY2021: JPY 538B 

- FY2022: JPY 755B 

- FY2023: JPY 922B 

- FY2024: JPY 967B 

- FY2025: JPY 1.06T 

- FY2026: JPY 1.17T 

### Gross margin · FY2026

gross margin 83%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf; observed 2026-06-15.

- FY2017: 80.9% 

- FY2018: 82.1% 

- FY2019: 82.3% 

- FY2020: 81.8% 

- FY2021: 81.9% 

- FY2022: 82.3% 

- FY2023: 81.8% 

- FY2024: 83.0% 

- FY2025: 83.8% 

- FY2026: 83.0% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.2 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf (filed 2026-06-15); FY2026: revenue 1169289000000; grossProfit 970737000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 83% to 83.8% during 2024–26; it earns 23% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2024: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2025: grossProfit / revenue = 83.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf (filed 2026-06-15); FY2026: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); 10-year return on capital observations [[2017,0.2328086041915214],[2018,0.359985058411025],[2019,0.3099398413995878],[2020,0.24113499839126334],[2021,0.1938431624753307],[2022,0.25156123258552926],[2023,0.22764323230562325],[2024,0.21056223200920232],[2025,0.2067800883880326],[2026,0.21095359098446925]]; median 0.23022591824857233. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 82% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf (filed 2026-06-15); Gross margin observations: [[2021,0.819282929530563],[2022,0.8225786375060582],[2023,0.8182068510941847]]; range within 2 percentage points.

### Where the cash goes

Spends 1.7% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2017: growth capex 836000000; upkeep 2754000000; owner earnings 120680000000. Growth capex / owner earnings = 0.006927411335764004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2018: growth capex 2193000000; upkeep 4577000000; owner earnings 210595000000. Growth capex / owner earnings = 0.010413352643699993.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2019: growth capex 1073000000; upkeep 6288000000; owner earnings 226147000000. Growth capex / owner earnings = 0.004744701455248135.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2020: growth capex 0; upkeep 8243000000; owner earnings 197876000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2021: growth capex 0; upkeep 4358000000; owner earnings 200486000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2022: growth capex 0; upkeep 6162000000; owner earnings 305819000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2023: growth capex 8030547265.272255; upkeep 31314452734.727745; owner earnings 343171547265.2723. Growth capex / owner earnings = 0.023400970532864794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2024: growth capex 0; upkeep 12492000000; owner earnings 370917000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2025: growth capex 0; upkeep 14342000000; owner earnings 399507000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAHE.pdf (filed 2026-06-15); FY2026: growth capex 7489119702.174198; upkeep 20881880297.8258; owner earnings 441530119702.1742. Growth capex / owner earnings = 0.01696174138069186.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); Incremental return on capital 1.0622936085776817, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); Dividend observations: [[2017,3031000000],[2018,15158000000],[2019,18189000000],[2020,24252000000],[2021,48505000000],[2022,48505000000],[2023,60631000000],[2024,72757000000],[2025,78820000000],[2026,109136000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 15.5% yearly over ten years; actual growth was 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); Ten-year compound average after fade. Initial solved rate 0.2851363126994595. Price 78970; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 133.81991131639722 → FY2026 1820.5598428269193. Closing-price date 2026-10-15.

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

- 2016-11: JPY 19,557.50 per share

- 2016-12: JPY 20,050.00 per share

- 2017-01: JPY 21,935.00 per share

- 2017-02: JPY 21,730.00 per share

- 2017-03: JPY 22,290.00 per share

- 2017-04: JPY 22,400.00 per share

- 2017-05: JPY 25,155.00 per share

- 2017-06: JPY 24,670.00 per share

- 2017-07: JPY 25,510.00 per share

- 2017-08: JPY 28,630.00 per share

- 2017-09: JPY 29,875.00 per share

- 2017-10: JPY 31,415.00 per share

- 2017-11: JPY 32,455.00 per share

- 2017-12: JPY 31,560.00 per share

- 2018-01: JPY 33,215.00 per share

- 2018-02: JPY 32,635.00 per share

- 2018-03: JPY 33,020.00 per share

- 2018-04: JPY 33,485.00 per share

- 2018-05: JPY 33,415.00 per share

- 2018-06: JPY 31,280.00 per share

- 2018-07: JPY 29,455.00 per share

- 2018-08: JPY 31,445.00 per share

- 2018-09: JPY 32,990.00 per share

- 2018-10: JPY 27,650.00 per share

- 2018-11: JPY 30,800.00 per share

- 2018-12: JPY 27,840.00 per share

- 2019-01: JPY 27,930.00 per share

- 2019-02: JPY 32,465.00 per share

- 2019-03: JPY 34,485.00 per share

- 2019-04: JPY 34,560.00 per share

- 2019-05: JPY 30,755.00 per share

- 2019-06: JPY 33,065.00 per share

- 2019-07: JPY 31,565.00 per share

- 2019-08: JPY 31,450.00 per share

- 2019-09: JPY 33,450.00 per share

- 2019-10: JPY 34,410.00 per share

- 2019-11: JPY 37,440.00 per share

- 2019-12: JPY 38,490.00 per share

- 2020-01: JPY 37,370.00 per share

- 2020-02: JPY 34,410.00 per share

- 2020-03: JPY 34,830.00 per share

- 2020-04: JPY 38,770.00 per share

- 2020-05: JPY 44,350.00 per share

- 2020-06: JPY 45,030.00 per share

- 2020-07: JPY 44,220.00 per share

- 2020-08: JPY 43,680.00 per share

- 2020-09: JPY 48,980.00 per share

- 2020-10: JPY 47,250.00 per share

- 2020-11: JPY 53,290.00 per share

- 2020-12: JPY 58,000.00 per share

- 2021-01: JPY 56,140.00 per share

- 2021-02: JPY 50,560.00 per share

- 2021-03: JPY 50,270.00 per share

- 2021-04: JPY 52,520.00 per share

- 2021-05: JPY 53,870.00 per share

- 2021-06: JPY 56,070.00 per share

- 2021-07: JPY 60,740.00 per share

- 2021-08: JPY 66,130.00 per share

- 2021-09: JPY 67,000.00 per share

- 2021-10: JPY 68,510.00 per share

- 2021-11: JPY 70,330.00 per share

- 2021-12: JPY 72,280.00 per share

- 2022-01: JPY 58,230.00 per share

- 2022-02: JPY 53,780.00 per share

- 2022-03: JPY 57,250.00 per share

- 2022-04: JPY 52,850.00 per share

- 2022-05: JPY 51,590.00 per share

- 2022-06: JPY 46,380.00 per share

- 2022-07: JPY 52,430.00 per share

- 2022-08: JPY 52,840.00 per share

- 2022-09: JPY 47,900.00 per share

- 2022-10: JPY 56,320.00 per share

- 2022-11: JPY 57,140.00 per share

- 2022-12: JPY 51,420.00 per share

- 2023-01: JPY 59,280.00 per share

- 2023-02: JPY 58,890.00 per share

- 2023-03: JPY 64,450.00 per share

- 2023-04: JPY 61,100.00 per share

- 2023-05: JPY 67,800.00 per share

- 2023-06: JPY 67,850.00 per share

- 2023-07: JPY 63,760.00 per share

- 2023-08: JPY 60,520.00 per share

- 2023-09: JPY 55,500.00 per share

- 2023-10: JPY 58,150.00 per share

- 2023-11: JPY 63,350.00 per share

- 2023-12: JPY 62,120.00 per share

- 2024-01: JPY 66,580.00 per share

- 2024-02: JPY 70,040.00 per share

- 2024-03: JPY 69,670.00 per share

- 2024-04: JPY 70,300.00 per share

- 2024-05: JPY 70,690.00 per share

- 2024-06: JPY 70,550.00 per share

- 2024-07: JPY 65,890.00 per share

- 2024-08: JPY 69,610.00 per share

- 2024-09: JPY 68,360.00 per share

- 2024-10: JPY 69,780.00 per share

- 2024-11: JPY 64,720.00 per share

- 2024-12: JPY 64,630.00 per share

- 2025-01: JPY 67,250.00 per share

- 2025-02: JPY 59,410.00 per share

- 2025-03: JPY 58,480.00 per share

- 2025-04: JPY 59,840.00 per share

- 2025-05: JPY 60,740.00 per share

- 2025-06: JPY 57,840.00 per share

- 2025-07: JPY 55,200.00 per share

- 2025-08: JPY 56,780.00 per share

- 2025-09: JPY 55,180.00 per share

- 2025-10: JPY 57,370.00 per share

- 2025-11: JPY 53,140.00 per share

- 2025-12: JPY 56,680.00 per share

- 2026-01: JPY 56,440.00 per share

- 2026-02: JPY 66,060.00 per share

- 2026-03: JPY 54,860.00 per share

- 2026-04: JPY 71,300.00 per share

- 2026-05: JPY 80,110.00 per share

- 2026-06: JPY 81,060.00 per share

- 2026-07: JPY 81,150.00 per share

- 2026-08: JPY 83,660.00 per share

- 2026-09: JPY 80,480.00 per share

- 2026-10: JPY 80,270.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 13,334.94 per share, central JPY 14,643.07 per share, high JPY 16,384.46 per share

- FY2021: low JPY 13,042.12 per share, central JPY 14,317.76 per share, high JPY 16,015.90 per share

- FY2022: low JPY 17,189.73 per share, central JPY 18,997.30 per share, high JPY 21,403.56 per share

- FY2023: low JPY 20,741.77 per share, central JPY 24,980.67 per share, high JPY 28,520.64 per share

- FY2024: low JPY 24,791.98 per share, central JPY 33,448.60 per share, high JPY 38,489.37 per share

- FY2025: low JPY 26,243.07 per share, central JPY 33,843.24 per share, high JPY 38,810.66 per share

- FY2026: low JPY 32,499.00 per share, central JPY 44,627.01 per share, high JPY 51,391.26 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/S100YAHE.pdf); period 2026-03-20, filed 2026-06-15.

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.

Keyence

6861 · JP

Nikkei 225 · TOPIX Core30

A wonderful business at too high a price

Passes the quality tests.

Share price: JPY 78,970.00
Buy up to: JPY 44,626.87
Expected / yr: 6.8% 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 3.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 52.8%
Worst year: 50.3%
Latest · 2026: 51.0%

Capital return excluding acquisitions: median 23% (minimum 15%), and the second-worst year 20.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 23.0%
Worst year: 19.4%
Latest · 2026: 21.1%

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: 1.00×
Latest · 2026: 0.99×

Per-share value rose from 497.56 to 1643.77, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 1K
Worst year: JPY 497.56
Latest · 2026: JPY 2K

Profits were backed by cash: accruals were 0.4% of assets (limit 10%).

Sloan accruals

10y median: 0.3%
Worst year: 2.3%
Latest · 2026: 0.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 52.9%, three-year average owner earnings per share 1,665.75 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 19557.50; 2016-12 · Price JPY 20050.00; 2017-01 · Price JPY 21935.00; 2017-02 · Price JPY 21730.00; 2017-03 · Price JPY 22290.00; 2017-04 · Price JPY 22400.00; 2017-05 · Price JPY 25155.00; 2017-06 · Price JPY 24670.00; 2017-07 · Price JPY 25510.00; 2017-08 · Price JPY 28630.00; 2017-09 · Price JPY 29875.00; 2017-10 · Price JPY 31415.00; 2017-11 · Price JPY 32455.00; 2017-12 · Price JPY 31560.00; 2018-01 · Price JPY 33215.00; 2018-02 · Price JPY 32635.00; 2018-03 · Price JPY 33020.00; 2018-04 · Price JPY 33485.00; 2018-05 · Price JPY 33415.00; 2018-06 · Price JPY 31280.00; 2018-07 · Price JPY 29455.00; 2018-08 · Price JPY 31445.00; 2018-09 · Price JPY 32990.00; 2018-10 · Price JPY 27650.00; 2018-11 · Price JPY 30800.00; 2018-12 · Price JPY 27840.00; 2019-01 · Price JPY 27930.00; 2019-02 · Price JPY 32465.00; 2019-03 · Price JPY 34485.00; 2019-04 · Price JPY 34560.00; 2019-05 · Price JPY 30755.00; 2019-06 · Price JPY 33065.00; 2019-07 · Price JPY 31565.00; 2019-08 · Price JPY 31450.00; 2019-09 · Price JPY 33450.00; 2019-10 · Price JPY 34410.00; 2019-11 · Price JPY 37440.00; 2019-12 · Price JPY 38490.00; 2020-01 · Price JPY 37370.00 · Value 14643.07 · Buy at or below 14643.07; 2020-02 · Price JPY 34410.00 · Value 14643.07 · Buy at or below 14643.07; 2020-03 · Price JPY 34830.00 · Value 14643.07 · Buy at or below 14643.07; 2020-04 · Price JPY 38770.00 · Value 14643.07 · Buy at or below 14643.07; 2020-05 · Price JPY 44350.00 · Value 14643.07 · Buy at or below 14643.07; 2020-06 · Price JPY 45030.00 · Value 14643.07 · Buy at or below 14643.07; 2020-07 · Price JPY 44220.00 · Value 14643.07 · Buy at or below 14643.07; 2020-08 · Price JPY 43680.00 · Value 14643.07 · Buy at or below 14643.07; 2020-09 · Price JPY 48980.00 · Value 14643.07 · Buy at or below 14643.07; 2020-10 · Price JPY 47250.00 · Value 14643.07 · Buy at or below 14643.07; 2020-11 · Price JPY 53290.00 · Value 14643.07 · Buy at or below 14643.07; 2020-12 · Price JPY 58000.00 · Value 14643.07 · Buy at or below 14643.07; 2021-01 · Price JPY 56140.00 · Value 14643.07 · Buy at or below 14643.07; 2021-02 · Price JPY 50560.00 · Value 14317.76 · Buy at or below 14317.76; 2021-03 · Price JPY 50270.00 · Value 14317.76 · Buy at or below 14317.76; 2021-04 · Price JPY 52520.00 · Value 14317.76 · Buy at or below 14317.76; 2021-05 · Price JPY 53870.00 · Value 14317.76 · Buy at or below 14317.76; 2021-06 · Price JPY 56070.00 · Value 14317.76 · Buy at or below 14317.76; 2021-07 · Price JPY 60740.00 · Value 14317.76 · Buy at or below 14317.76; 2021-08 · Price JPY 66130.00 · Value 14317.76 · Buy at or below 14317.76; 2021-09 · Price JPY 67000.00 · Value 14317.76 · Buy at or below 14317.76; 2021-10 · Price JPY 68510.00 · Value 14317.76 · Buy at or below 14317.76; 2021-11 · Price JPY 70330.00 · Value 14317.76 · Buy at or below 14317.76; 2021-12 · Price JPY 72280.00 · Value 14317.76 · Buy at or below 14317.76; 2022-01 · Price JPY 58230.00 · Value 14317.76 · Buy at or below 14317.76; 2022-02 · Price JPY 53780.00 · Value 18997.30 · Buy at or below 18997.30; 2022-03 · Price JPY 57250.00 · Value 18997.30 · Buy at or below 18997.30; 2022-04 · Price JPY 52850.00 · Value 18997.30 · Buy at or below 18997.30; 2022-05 · Price JPY 51590.00 · Value 18997.30 · Buy at or below 18997.30; 2022-06 · Price JPY 46380.00 · Value 18997.30 · Buy at or below 18997.30; 2022-07 · Price JPY 52430.00 · Value 18997.30 · Buy at or below 18997.30; 2022-08 · Price JPY 52840.00 · Value 18997.30 · Buy at or below 18997.30; 2022-09 · Price JPY 47900.00 · Value 18997.30 · Buy at or below 18997.30; 2022-10 · Price JPY 56320.00 · Value 18997.30 · Buy at or below 18997.30; 2022-11 · Price JPY 57140.00 · Value 18997.30 · Buy at or below 18997.30; 2022-12 · Price JPY 51420.00 · Value 18997.30 · Buy at or below 18997.30; 2023-01 · Price JPY 59280.00 · Value 18997.30 · Buy at or below 18997.30; 2023-02 · Price JPY 58890.00 · Value 24980.67 · Buy at or below 24980.67; 2023-03 · Price JPY 64450.00 · Value 24980.67 · Buy at or below 24980.67; 2023-04 · Price JPY 61100.00 · Value 24980.67 · Buy at or below 24980.67; 2023-05 · Price JPY 67800.00 · Value 24980.67 · Buy at or below 24980.67; 2023-06 · Price JPY 67850.00 · Value 24980.67 · Buy at or below 24980.67; 2023-07 · Price JPY 63760.00 · Value 24980.67 · Buy at or below 24980.67; 2023-08 · Price JPY 60520.00 · Value 24980.67 · Buy at or below 24980.67; 2023-09 · Price JPY 55500.00 · Value 24980.67 · Buy at or below 24980.67; 2023-10 · Price JPY 58150.00 · Value 24980.67 · Buy at or below 24980.67; 2023-11 · Price JPY 63350.00 · Value 24980.67 · Buy at or below 24980.67; 2023-12 · Price JPY 62120.00 · Value 24980.67 · Buy at or below 24980.67; 2024-01 · Price JPY 66580.00 · Value 24980.67 · Buy at or below 24980.67; 2024-02 · Price JPY 70040.00 · Value 33448.60 · Buy at or below 33448.60; 2024-03 · Price JPY 69670.00 · Value 33448.60 · Buy at or below 33448.60; 2024-04 · Price JPY 70300.00 · Value 33448.60 · Buy at or below 33448.60; 2024-05 · Price JPY 70690.00 · Value 33448.60 · Buy at or below 33448.60; 2024-06 · Price JPY 70550.00 · Value 33448.60 · Buy at or below 33448.60; 2024-07 · Price JPY 65890.00 · Value 33448.60 · Buy at or below 33448.60; 2024-08 · Price JPY 69610.00 · Value 33448.60 · Buy at or below 33448.60; 2024-09 · Price JPY 68360.00 · Value 33448.60 · Buy at or below 33448.60; 2024-10 · Price JPY 69780.00 · Value 33448.60 · Buy at or below 33448.60; 2024-11 · Price JPY 64720.00 · Value 33448.60 · Buy at or below 33448.60; 2024-12 · Price JPY 64630.00 · Value 33448.60 · Buy at or below 33448.60; 2025-01 · Price JPY 67250.00 · Value 33448.60 · Buy at or below 33448.60; 2025-02 · Price JPY 59410.00 · Value 33843.24 · Buy at or below 33843.24; 2025-03 · Price JPY 58480.00 · Value 33843.24 · Buy at or below 33843.24; 2025-04 · Price JPY 59840.00 · Value 33843.24 · Buy at or below 33843.24; 2025-05 · Price JPY 60740.00 · Value 33843.24 · Buy at or below 33843.24; 2025-06 · Price JPY 57840.00 · Value 33843.24 · Buy at or below 33843.24; 2025-07 · Price JPY 55200.00 · Value 33843.24 · Buy at or below 33843.24; 2025-08 · Price JPY 56780.00 · Value 33843.24 · Buy at or below 33843.24; 2025-09 · Price JPY 55180.00 · Value 33843.24 · Buy at or below 33843.24; 2025-10 · Price JPY 57370.00 · Value 33843.24 · Buy at or below 33843.24; 2025-11 · Price JPY 53140.00 · Value 33843.24 · Buy at or below 33843.24; 2025-12 · Price JPY 56680.00 · Value 33843.24 · Buy at or below 33843.24; 2026-01 · Price JPY 56440.00 · Value 33843.24 · Buy at or below 33843.24; 2026-02 · Price JPY 66060.00 · Value 44627.01 · Buy at or below 44627.01; 2026-03 · Price JPY 54860.00 · Value 44627.01 · Buy at or below 44627.01; 2026-04 · Price JPY 71300.00 · Value 44627.01 · Buy at or below 44627.01; 2026-05 · Price JPY 80110.00 · Value 44627.01 · Buy at or below 44627.01; 2026-06 · Price JPY 81060.00 · Value 44627.01 · Buy at or below 44627.01; 2026-07 · Price JPY 81150.00 · Value 44627.01 · Buy at or below 44627.01; 2026-08 · Price JPY 83660.00 · Value 44627.01 · Buy at or below 44627.01; 2026-09 · Price JPY 80480.00 · Value 44627.01 · Buy at or below 44627.01; 2026-10 · Price JPY 80270.00 · Value 44627.01 · Buy at or below 44627.01; 2026-10 · Price JPY 78970.00 · Value 44627.01 · Buy at or below 44627.01

JPY per share · annual estimates

Price & return math
Value range	JPY 32,498.89 – JPY 51,391.09
Buy at or below	Central value JPY 44,626.87
Discount to value	1 − 78970.00 / 44626.87 = -77.0%
Return / year	About 6.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 1820.55/share; 12.0% growth fades over 10 years to 3.0%; excess cash JPY 6063.30/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.17T

Revenue

Owner earningsJPY 442B

Owner earnings

Operating margin51.0%

Operating margin

Net cash / debtJPY 1.35T

Net cash / debt

Diluted shares243M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·