# Lasertec (6920.JP)

Canonical: https://gigainvestors.com/s/6920.JP

Analysis as of: 2026-10-15T07:11:09.567Z. 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 39,220.00 per share; close as of 2026-10-15.

Estimated value: low JPY 11,500.25 per share, central JPY 16,331.88 per share, high JPY 19,026.66 per share. Buy at or below the central value JPY 16,331.88 per share. Valuation as of 2026-10-15T07:11:09.567Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.27×

- FY2019: 0.28×

- FY2020: 0.35×

- FY2021: 0.37×

- FY2022: 0.36×

- FY2023: 0.41×

- FY2024: 0.38×

- FY2025: 0.49×

- FY2026: 0.46×

### moat: pass

- ROIC, median of available years: 50.2%

- ROIC, second-lowest year: 25.8%

- Typical minus recent gross margin: -4.1 pp

- Typical gross margin (annual median): 54.9%

- Recent gross margin (lower of latest and 3-year median): 59.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 48.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 23.8%

- FY2018: 25.8%

- FY2019: 33.6%

- FY2020: 74.7%

- FY2021: 69.7%

- FY2022: 40.6%

- FY2023: 53.5%

- FY2024: 51.8%

- FY2025: 70.3%

- FY2026: 48.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 293B

- Net income, five-year total: JPY 292B

- Return on incremental invested capital: 57.3%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 39.7%

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

- FY2022: 1.00×

- FY2023: 0.87×

- FY2024: 1.02×

- FY2025: 1.03×

- FY2026: 1.04×

### 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: 25.8% vs 51.8%

- Per-share earnings: 78.39 to 862.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.1%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: JPY 4.43T

- Cumulative retained earnings: JPY 230B

- Diluted shares, 10-year annual growth: 7.1%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 35.0%

- Per-share value change: JPY 784.60

- Per-share value, starting three-year median: JPY 78.39

- Per-share value, ending three-year median: JPY 862.99

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 6.2B

- Cumulative net income, 10 years: JPY 336B

- ROIC, first three-year median: 25.8%

- ROIC, last three-year median: 51.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 78.39

- FY2018: JPY 96.84

- FY2019: JPY 65.80

- FY2020: JPY 120.02

- FY2021: JPY 213.47

- FY2022: JPY 275.57

- FY2023: JPY 511.89

- FY2024: JPY 655.05

- FY2025: JPY 938.61

- FY2026: JPY 862.99

### accounting: pass

- Sloan accruals: 8.6%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.1%

- FY2018: 3.8%

- FY2019: 0.3%

- FY2020: -6.9%

- FY2021: 7.4%

- FY2022: 15.9%

- FY2023: 2.1%

- FY2024: 9.5%

- FY2025: 2.1%

- FY2026: 8.6%

## Holders

## Price story

Down 21% since Jun 2026 · sales -8.3%

Story as of 2026-10-16T10:00:14.539Z; price observation 2026-10-15.

Price needs cash profits to grow 19% a year for ten years

### Sales · FY2025–2026

sales -8.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf; observed 2026-09-24.

- FY2017: JPY 17B 

- FY2018: JPY 21B 

- FY2019: JPY 29B 

- FY2020: JPY 43B 

- FY2021: JPY 70B 

- FY2022: JPY 90B 

- FY2023: JPY 153B 

- FY2024: JPY 214B 

- FY2025: JPY 251B 

- FY2026: JPY 230B 

### Gross margin · FY2026

gross margin 59.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf; observed 2026-09-24.

- FY2017: 54.8% 

- FY2018: 56.5% 

- FY2019: 55.3% 

- FY2020: 54.0% 

- FY2021: 52.6% 

- FY2022: 52.9% 

- FY2023: 55.0% 

- FY2024: 50.3% 

- FY2025: 59.0% 

- FY2026: 59.2% 

## Owner memo

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

### How it makes money

Annual sales are JPY 230.5 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf (filed 2026-09-24); FY2026: revenue 230485000000; grossProfit 136479000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 50.3% to 59.2% during 2024–26; it earns 50.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2024: grossProfit / revenue = 50.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: grossProfit / revenue = 59%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf (filed 2026-09-24); FY2026: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); 10-year return on capital observations [[2017,0.2381675796423034],[2018,0.25808576600209915],[2019,0.33603048015420617],[2020,0.7474512416852807],[2021,0.6967260920217666],[2022,0.4059358051979237],[2023,0.5354326487168334],[2024,0.5180279255135768],[2025,0.7032922784117313],[2026,0.4866727215155796]]; median 0.5023503235145782. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 12 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2017: growth capex 193844000; upkeep 418760000; owner earnings 3534748000. Growth capex / owner earnings = 0.0548395529186239.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2018: growth capex 126079000; upkeep 558285000; owner earnings 4366327000. Growth capex / owner earnings = 0.028875299536658613.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2019: growth capex 450300000; upkeep 499561000; owner earnings 5933000000. Growth capex / owner earnings = 0.07589752233271532.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2020: growth capex 917811000; upkeep 881021000; owner earnings 10823000000. Growth capex / owner earnings = 0.0848019033539684.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2021: growth capex 1996123000; upkeep 1642712000; owner earnings 19250000000. Growth capex / owner earnings = 0.1036947012987013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2022: growth capex 1880000000; upkeep 3483000000; owner earnings 24850000000. Growth capex / owner earnings = 0.07565392354124749.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2023: growth capex 11137752252.057404; upkeep 9407247747.942596; owner earnings 40242752252.0574. Growth capex / owner earnings = 0.2767641781132896.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2024: growth capex 0; upkeep 3532000000; owner earnings 60270000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: growth capex 0; upkeep 2323000000; owner earnings 87005000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf (filed 2026-09-24); FY2026: growth capex 0; upkeep 1791000000; owner earnings 80368000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Dividend observations: [[2017,1149784000],[2018,1803569000],[2019,1713385000],[2020,2795516000],[2021,4238361000],[2022,7845000000],[2023,10551000000],[2024,18127000000],[2025,24531000000],[2026,31131000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z32V.pdf (filed 2026-09-24); FY2026: cash repurchases 12003000000 JPY.

### What the price says

The price assumes cash profits grow 19% yearly over ten years; actual growth was 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Ten-year compound average after fade. Initial solved rate 0.35996300714953655. Price 39220; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 70.428064991646 → FY2026 895.0994427308513. Closing-price date 2026-10-15.

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

- 2016-11: JPY 522.75 per share

- 2016-12: JPY 570.75 per share

- 2017-01: JPY 589.00 per share

- 2017-02: JPY 702.75 per share

- 2017-03: JPY 746.00 per share

- 2017-04: JPY 725.50 per share

- 2017-05: JPY 807.50 per share

- 2017-06: JPY 781.50 per share

- 2017-07: JPY 824.00 per share

- 2017-08: JPY 995.00 per share

- 2017-09: JPY 1,155.50 per share

- 2017-10: JPY 1,236.50 per share

- 2017-11: JPY 1,365.00 per share

- 2017-12: JPY 1,423.00 per share

- 2018-01: JPY 1,947.50 per share

- 2018-02: JPY 2,217.50 per share

- 2018-03: JPY 1,955.00 per share

- 2018-04: JPY 1,825.00 per share

- 2018-05: JPY 1,857.50 per share

- 2018-06: JPY 1,560.00 per share

- 2018-07: JPY 1,650.00 per share

- 2018-08: JPY 2,067.50 per share

- 2018-09: JPY 1,892.50 per share

- 2018-10: JPY 1,620.00 per share

- 2018-11: JPY 1,827.50 per share

- 2018-12: JPY 1,401.00 per share

- 2019-01: JPY 1,780.00 per share

- 2019-02: JPY 1,957.50 per share

- 2019-03: JPY 2,312.50 per share

- 2019-04: JPY 2,515.00 per share

- 2019-05: JPY 1,900.00 per share

- 2019-06: JPY 2,135.00 per share

- 2019-07: JPY 2,635.00 per share

- 2019-08: JPY 3,045.00 per share

- 2019-09: JPY 3,380.00 per share

- 2019-10: JPY 3,920.00 per share

- 2019-11: JPY 4,725.00 per share

- 2019-12: JPY 5,560.00 per share

- 2020-01: JPY 5,510.00 per share

- 2020-02: JPY 4,925.00 per share

- 2020-03: JPY 5,060.00 per share

- 2020-04: JPY 7,210.00 per share

- 2020-05: JPY 8,850.00 per share

- 2020-06: JPY 10,160.00 per share

- 2020-07: JPY 9,200.00 per share

- 2020-08: JPY 8,000.00 per share

- 2020-09: JPY 8,610.00 per share

- 2020-10: JPY 9,040.00 per share

- 2020-11: JPY 11,000.00 per share

- 2020-12: JPY 12,110.00 per share

- 2021-01: JPY 14,050.00 per share

- 2021-02: JPY 12,970.00 per share

- 2021-03: JPY 14,520.00 per share

- 2021-04: JPY 19,340.00 per share

- 2021-05: JPY 20,600.00 per share

- 2021-06: JPY 21,590.00 per share

- 2021-07: JPY 20,470.00 per share

- 2021-08: JPY 24,070.00 per share

- 2021-09: JPY 25,590.00 per share

- 2021-10: JPY 25,030.00 per share

- 2021-11: JPY 29,745.00 per share

- 2021-12: JPY 35,290.00 per share

- 2022-01: JPY 25,075.00 per share

- 2022-02: JPY 20,840.00 per share

- 2022-03: JPY 20,785.00 per share

- 2022-04: JPY 17,715.00 per share

- 2022-05: JPY 18,780.00 per share

- 2022-06: JPY 16,150.00 per share

- 2022-07: JPY 19,335.00 per share

- 2022-08: JPY 19,405.00 per share

- 2022-09: JPY 14,695.00 per share

- 2022-10: JPY 21,290.00 per share

- 2022-11: JPY 25,135.00 per share

- 2022-12: JPY 21,745.00 per share

- 2023-01: JPY 25,530.00 per share

- 2023-02: JPY 22,150.00 per share

- 2023-03: JPY 23,280.00 per share

- 2023-04: JPY 18,400.00 per share

- 2023-05: JPY 21,650.00 per share

- 2023-06: JPY 21,575.00 per share

- 2023-07: JPY 21,475.00 per share

- 2023-08: JPY 22,675.00 per share

- 2023-09: JPY 23,270.00 per share

- 2023-10: JPY 25,205.00 per share

- 2023-11: JPY 33,040.00 per share

- 2023-12: JPY 37,170.00 per share

- 2024-01: JPY 39,780.00 per share

- 2024-02: JPY 39,950.00 per share

- 2024-03: JPY 41,900.00 per share

- 2024-04: JPY 34,600.00 per share

- 2024-05: JPY 40,490.00 per share

- 2024-06: JPY 36,090.00 per share

- 2024-07: JPY 26,830.00 per share

- 2024-08: JPY 28,080.00 per share

- 2024-09: JPY 23,605.00 per share

- 2024-10: JPY 23,475.00 per share

- 2024-11: JPY 16,440.00 per share

- 2024-12: JPY 15,185.00 per share

- 2025-01: JPY 15,470.00 per share

- 2025-02: JPY 13,370.00 per share

- 2025-03: JPY 12,680.00 per share

- 2025-04: JPY 13,290.00 per share

- 2025-05: JPY 14,605.00 per share

- 2025-06: JPY 19,410.00 per share

- 2025-07: JPY 15,520.00 per share

- 2025-08: JPY 15,655.00 per share

- 2025-09: JPY 20,305.00 per share

- 2025-10: JPY 28,410.00 per share

- 2025-11: JPY 28,080.00 per share

- 2025-12: JPY 29,645.00 per share

- 2026-01: JPY 36,390.00 per share

- 2026-02: JPY 33,660.00 per share

- 2026-03: JPY 33,350.00 per share

- 2026-04: JPY 42,690.00 per share

- 2026-05: JPY 40,130.00 per share

- 2026-06: JPY 49,700.00 per share

- 2026-07: JPY 37,910.00 per share

- 2026-08: JPY 33,640.00 per share

- 2026-09: JPY 41,130.00 per share

- 2026-10: JPY 46,940.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,328.89 per share, central JPY 1,475.62 per share, high JPY 1,670.94 per share

- FY2021: low JPY 2,049.99 per share, central JPY 2,292.11 per share, high JPY 2,614.41 per share

- FY2022: low JPY 3,025.47 per share, central JPY 3,409.45 per share, high JPY 3,920.62 per share

- FY2023: low JPY 6,362.78 per share, central JPY 8,962.44 per share, high JPY 10,476.22 per share

- FY2024: low JPY 9,195.31 per share, central JPY 12,974.74 per share, high JPY 15,175.50 per share

- FY2025: low JPY 11,321.68 per share, central JPY 15,788.16 per share, high JPY 18,389.00 per share

- FY2026: low JPY 11,489.99 per share, central JPY 16,317.32 per share, high JPY 19,009.70 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/S100Z32V.pdf); period 2026-06-30, filed 2026-09-24.

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.

Lasertec

6920 · JP

Nikkei 225 · TOPIX Large70

A wonderful business at too high a price

Passes the quality tests.

Share price: JPY 39,220.00
Buy up to: JPY 16,331.88
Expected / yr: 5.9% 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 19.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 36.5%
Worst year: 26.8%
Latest · 2026: 45.7%

Capital return excluding acquisitions: median 50.2% (minimum 15%), and the second-worst year 25.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 50.2%
Worst year: 23.8%
Latest · 2026: 48.7%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 1.02×
Latest · 2026: 1.04×

Per-share value rose from 78.39 to 862.99, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 244.52
Worst year: JPY 65.80
Latest · 2026: JPY 862.99

Profits were backed by cash: accruals were 8.6% of assets (limit 10%).

Sloan accruals

10y median: 2.9%
Worst year: 15.9%
Latest · 2026: 8.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 36.5%, three-year average owner earnings per share 842.7 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 522.75; 2016-12 · Price JPY 570.75; 2017-01 · Price JPY 589.00; 2017-02 · Price JPY 702.75; 2017-03 · Price JPY 746.00; 2017-04 · Price JPY 725.50; 2017-05 · Price JPY 807.50; 2017-06 · Price JPY 781.50; 2017-07 · Price JPY 824.00; 2017-08 · Price JPY 995.00; 2017-09 · Price JPY 1155.50; 2017-10 · Price JPY 1236.50; 2017-11 · Price JPY 1365.00; 2017-12 · Price JPY 1423.00; 2018-01 · Price JPY 1947.50; 2018-02 · Price JPY 2217.50; 2018-03 · Price JPY 1955.00; 2018-04 · Price JPY 1825.00; 2018-05 · Price JPY 1857.50; 2018-06 · Price JPY 1560.00; 2018-07 · Price JPY 1650.00; 2018-08 · Price JPY 2067.50; 2018-09 · Price JPY 1892.50; 2018-10 · Price JPY 1620.00; 2018-11 · Price JPY 1827.50; 2018-12 · Price JPY 1401.00; 2019-01 · Price JPY 1780.00; 2019-02 · Price JPY 1957.50; 2019-03 · Price JPY 2312.50; 2019-04 · Price JPY 2515.00; 2019-05 · Price JPY 1900.00; 2019-06 · Price JPY 2135.00; 2019-07 · Price JPY 2635.00; 2019-08 · Price JPY 3045.00; 2019-09 · Price JPY 3380.00; 2019-10 · Price JPY 3920.00; 2019-11 · Price JPY 4725.00; 2019-12 · Price JPY 5560.00; 2020-01 · Price JPY 5510.00 · Value 1475.62 · Buy at or below 1475.62; 2020-02 · Price JPY 4925.00 · Value 1475.62 · Buy at or below 1475.62; 2020-03 · Price JPY 5060.00 · Value 1475.62 · Buy at or below 1475.62; 2020-04 · Price JPY 7210.00 · Value 1475.62 · Buy at or below 1475.62; 2020-05 · Price JPY 8850.00 · Value 1475.62 · Buy at or below 1475.62; 2020-06 · Price JPY 10160.00 · Value 1475.62 · Buy at or below 1475.62; 2020-07 · Price JPY 9200.00 · Value 1475.62 · Buy at or below 1475.62; 2020-08 · Price JPY 8000.00 · Value 1475.62 · Buy at or below 1475.62; 2020-09 · Price JPY 8610.00 · Value 1475.62 · Buy at or below 1475.62; 2020-10 · Price JPY 9040.00 · Value 1475.62 · Buy at or below 1475.62; 2020-11 · Price JPY 11000.00 · Value 1475.62 · Buy at or below 1475.62; 2020-12 · Price JPY 12110.00 · Value 1475.62 · Buy at or below 1475.62; 2021-01 · Price JPY 14050.00 · Value 1475.62 · Buy at or below 1475.62; 2021-02 · Price JPY 12970.00 · Value 2292.11 · Buy at or below 2292.11; 2021-03 · Price JPY 14520.00 · Value 2292.11 · Buy at or below 2292.11; 2021-04 · Price JPY 19340.00 · Value 2292.11 · Buy at or below 2292.11; 2021-05 · Price JPY 20600.00 · Value 2292.11 · Buy at or below 2292.11; 2021-06 · Price JPY 21590.00 · Value 2292.11 · Buy at or below 2292.11; 2021-07 · Price JPY 20470.00 · Value 2292.11 · Buy at or below 2292.11; 2021-08 · Price JPY 24070.00 · Value 2292.11 · Buy at or below 2292.11; 2021-09 · Price JPY 25590.00 · Value 2292.11 · Buy at or below 2292.11; 2021-10 · Price JPY 25030.00 · Value 2292.11 · Buy at or below 2292.11; 2021-11 · Price JPY 29745.00 · Value 2292.11 · Buy at or below 2292.11; 2021-12 · Price JPY 35290.00 · Value 2292.11 · Buy at or below 2292.11; 2022-01 · Price JPY 25075.00 · Value 2292.11 · Buy at or below 2292.11; 2022-02 · Price JPY 20840.00 · Value 3409.45 · Buy at or below 3409.45; 2022-03 · Price JPY 20785.00 · Value 3409.45 · Buy at or below 3409.45; 2022-04 · Price JPY 17715.00 · Value 3409.45 · Buy at or below 3409.45; 2022-05 · Price JPY 18780.00 · Value 3409.45 · Buy at or below 3409.45; 2022-06 · Price JPY 16150.00 · Value 3409.45 · Buy at or below 3409.45; 2022-07 · Price JPY 19335.00 · Value 3409.45 · Buy at or below 3409.45; 2022-08 · Price JPY 19405.00 · Value 3409.45 · Buy at or below 3409.45; 2022-09 · Price JPY 14695.00 · Value 3409.45 · Buy at or below 3409.45; 2022-10 · Price JPY 21290.00 · Value 3409.45 · Buy at or below 3409.45; 2022-11 · Price JPY 25135.00 · Value 3409.45 · Buy at or below 3409.45; 2022-12 · Price JPY 21745.00 · Value 3409.45 · Buy at or below 3409.45; 2023-01 · Price JPY 25530.00 · Value 3409.45 · Buy at or below 3409.45; 2023-02 · Price JPY 22150.00 · Value 8962.44 · Buy at or below 8962.44; 2023-03 · Price JPY 23280.00 · Value 8962.44 · Buy at or below 8962.44; 2023-04 · Price JPY 18400.00 · Value 8962.44 · Buy at or below 8962.44; 2023-05 · Price JPY 21650.00 · Value 8962.44 · Buy at or below 8962.44; 2023-06 · Price JPY 21575.00 · Value 8962.44 · Buy at or below 8962.44; 2023-07 · Price JPY 21475.00 · Value 8962.44 · Buy at or below 8962.44; 2023-08 · Price JPY 22675.00 · Value 8962.44 · Buy at or below 8962.44; 2023-09 · Price JPY 23270.00 · Value 8962.44 · Buy at or below 8962.44; 2023-10 · Price JPY 25205.00 · Value 8962.44 · Buy at or below 8962.44; 2023-11 · Price JPY 33040.00 · Value 8962.44 · Buy at or below 8962.44; 2023-12 · Price JPY 37170.00 · Value 8962.44 · Buy at or below 8962.44; 2024-01 · Price JPY 39780.00 · Value 8962.44 · Buy at or below 8962.44; 2024-02 · Price JPY 39950.00 · Value 12974.74 · Buy at or below 12974.74; 2024-03 · Price JPY 41900.00 · Value 12974.74 · Buy at or below 12974.74; 2024-04 · Price JPY 34600.00 · Value 12974.74 · Buy at or below 12974.74; 2024-05 · Price JPY 40490.00 · Value 12974.74 · Buy at or below 12974.74; 2024-06 · Price JPY 36090.00 · Value 12974.74 · Buy at or below 12974.74; 2024-07 · Price JPY 26830.00 · Value 12974.74 · Buy at or below 12974.74; 2024-08 · Price JPY 28080.00 · Value 12974.74 · Buy at or below 12974.74; 2024-09 · Price JPY 23605.00 · Value 12974.74 · Buy at or below 12974.74; 2024-10 · Price JPY 23475.00 · Value 12974.74 · Buy at or below 12974.74; 2024-11 · Price JPY 16440.00 · Value 12974.74 · Buy at or below 12974.74; 2024-12 · Price JPY 15185.00 · Value 12974.74 · Buy at or below 12974.74; 2025-01 · Price JPY 15470.00 · Value 12974.74 · Buy at or below 12974.74; 2025-02 · Price JPY 13370.00 · Value 15788.16 · Buy at or below 15788.16; 2025-03 · Price JPY 12680.00 · Value 15788.16 · Buy at or below 15788.16; 2025-04 · Price JPY 13290.00 · Value 15788.16 · Buy at or below 15788.16; 2025-05 · Price JPY 14605.00 · Value 15788.16 · Buy at or below 15788.16; 2025-06 · Price JPY 19410.00 · Value 15788.16 · Buy at or below 15788.16; 2025-07 · Price JPY 15520.00 · Value 15788.16 · Buy at or below 15788.16; 2025-08 · Price JPY 15655.00 · Value 15788.16 · Buy at or below 15788.16; 2025-09 · Price JPY 20305.00 · Value 15788.16 · Buy at or below 15788.16; 2025-10 · Price JPY 28410.00 · Value 15788.16 · Buy at or below 15788.16; 2025-11 · Price JPY 28080.00 · Value 15788.16 · Buy at or below 15788.16; 2025-12 · Price JPY 29645.00 · Value 15788.16 · Buy at or below 15788.16; 2026-01 · Price JPY 36390.00 · Value 15788.16 · Buy at or below 15788.16; 2026-02 · Price JPY 33660.00 · Value 16317.32 · Buy at or below 16317.32; 2026-03 · Price JPY 33350.00 · Value 16317.32 · Buy at or below 16317.32; 2026-04 · Price JPY 42690.00 · Value 16317.32 · Buy at or below 16317.32; 2026-05 · Price JPY 40130.00 · Value 16317.32 · Buy at or below 16317.32; 2026-06 · Price JPY 49700.00 · Value 16317.32 · Buy at or below 16317.32; 2026-07 · Price JPY 37910.00 · Value 16317.32 · Buy at or below 16317.32; 2026-08 · Price JPY 33640.00 · Value 16317.32 · Buy at or below 16317.32; 2026-09 · Price JPY 41130.00 · Value 16317.32 · Buy at or below 16317.32; 2026-10 · Price JPY 46940.00 · Value 16317.32 · Buy at or below 16317.32; 2026-10 · Price JPY 39220.00 · Value 16317.32 · Buy at or below 16317.32

JPY per share · annual estimates

Price & return math
Value range	JPY 11,500.25 – JPY 19,026.66
Buy at or below	Central value JPY 16,331.88
Discount to value	1 − 39220.00 / 16331.88 = -140.1%
Return / year	About 5.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 725.29/share; 12.0% growth fades over 10 years to 3.0%; excess cash JPY 968.64/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 230B

Revenue

Owner earningsJPY 80B

Owner earnings

Operating margin45.7%

Operating margin

Net cash / debtJPY 92B

Net cash / debt

Diluted shares90M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·