# Fanuc (6954.JP)

Canonical: https://gigainvestors.com/s/6954.JP

Analysis as of: 2026-10-15T07:11:10.280Z. 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 5,907.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,826.38 per share, central JPY 3,107.22 per share, high JPY 3,481.09 per share. Buy at or below the central value JPY 3,107.22 per share. Valuation as of 2026-10-15T07:11:10.280Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.29×

- FY2018: 0.32×

- FY2019: 0.26×

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.25×

- FY2023: 0.22×

- FY2024: 0.18×

- FY2025: 0.20×

- FY2026: 0.21×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 38.2%

- Recent gross margin (lower of latest and 3-year median): 37.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 13.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.7%

- FY2018: 23.5%

- FY2019: 14.9%

- FY2020: 7.9%

- FY2021: 10.0%

- FY2022: 14.6%

- FY2023: 13.3%

- FY2024: 9.1%

- FY2025: 10.9%

- FY2026: 12.3%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 815B

- Net income, five-year total: JPY 773B

- Return on incremental invested capital: -3.5%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 15.7 pp

- Working capital / revenue, final three-year average: 52.7%

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

- FY2022: 1.08×

- FY2023: 1.01×

- FY2024: 0.96×

- FY2025: 1.04×

- FY2026: 1.16×

### management: fail

- 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: 19.7% vs 10.9%

- Per-share earnings: 163.36 to 157.31 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: JPY 523B

- Cumulative retained earnings: JPY 314B

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.5%

- Per-share value change: JPY -6.05

- Per-share value, starting three-year median: JPY 163.36

- Per-share value, ending three-year median: JPY 157.31

- Buybacks concentrated in cheaper years (correlation): -0.16

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 8.3B

- Cumulative net income, 10 years: JPY 1.40T

- ROIC, first three-year median: 19.7%

- ROIC, last three-year median: 10.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 131.73

- FY2018: JPY 187.73

- FY2019: JPY 159.07

- FY2020: JPY 76.38

- FY2021: JPY 98.02

- FY2022: JPY 161.90

- FY2023: JPY 178.55

- FY2024: JPY 140.23

- FY2025: JPY 157.31

- FY2026: JPY 178.47

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.4%

- FY2018: 0.3%

- FY2019: -1.5%

- FY2020: -4.7%

- FY2021: -1.5%

- FY2022: 1.7%

- FY2023: 3.8%

- FY2024: -2.0%

- FY2025: -5.6%

- FY2026: -4.0%

## Holders

## Price story

Down 25% since May 2026 · sales +7.6%

Story as of 2026-10-16T10:00:14.544Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

### Sales · FY2025–2026

sales +7.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf; observed 2026-06-22.

- FY2017: JPY 537B 

- FY2018: JPY 727B 

- FY2019: JPY 636B 

- FY2020: JPY 508B 

- FY2021: JPY 551B 

- FY2022: JPY 733B 

- FY2023: JPY 852B 

- FY2024: JPY 795B 

- FY2025: JPY 797B 

- FY2026: JPY 858B 

### Gross margin · FY2026

gross margin 38.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf; observed 2026-06-22.

- FY2017: 43.5% 

- FY2018: 45.2% 

- FY2019: 41.8% 

- FY2020: 35.8% 

- FY2021: 36.6% 

- FY2022: 40.3% 

- FY2023: 38.2% 

- FY2024: 34.7% 

- FY2025: 37.0% 

- FY2026: 38.3% 

## Owner memo

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

### How it makes money

Annual sales are JPY 857.8 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf (filed 2026-06-22); FY2026: revenue 857831000000; grossProfit 328466000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.7% to 38.3% during 2024–26; it earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: grossProfit / revenue = 37%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf (filed 2026-06-22); FY2026: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.1970808190023151],[2018,0.23502895527487125],[2019,0.14858841389092883],[2020,0.07947711281786302],[2021,0.10030263592626412],[2022,0.14594486582495578],[2023,0.1331594979249274],[2024,0.09069338716038612],[2025,0.10929596219060339],[2026,0.12316773721858636]]; median 0.12816361757175687. 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 553 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 87509000000; owner earnings 66718000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 68826000000; upkeep 34190000000; owner earnings 181957000000. Growth capex / owner earnings = 0.3782542029160736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 0; upkeep 125324000000; owner earnings 68548000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 75429000000; owner earnings 43855000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 0; upkeep 21768000000; owner earnings 117346000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 0; upkeep 34363000000; owner earnings 167987000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 0; upkeep 47066000000; owner earnings 172710000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: growth capex 0; upkeep 53884000000; owner earnings 128276000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: growth capex 0; upkeep 40805000000; owner earnings 153200000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf (filed 2026-06-22); FY2026: growth capex 0; upkeep 21181000000; owner earnings 193144000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,76505000000],[2018,92003000000],[2019,173571000000],[2020,102546000000],[2021,50484000000],[2022,86799000000],[2023,96485000000],[2024,90096000000],[2025,83133000000],[2026,94459000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdf (filed 2026-06-22); FY2026: cash repurchases 553000000 JPY.

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years; actual growth was 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Ten-year compound average after fade. Initial solved rate 0.14351509966853543. Price 5907; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 80.60191664370694 → FY2026 206.9760342974487. Closing-price date 2026-10-15.

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

- 2016-11: JPY 3,861.00 per share

- 2016-12: JPY 3,963.00 per share

- 2017-01: JPY 4,433.00 per share

- 2017-02: JPY 4,425.00 per share

- 2017-03: JPY 4,564.00 per share

- 2017-04: JPY 4,531.00 per share

- 2017-05: JPY 4,354.00 per share

- 2017-06: JPY 4,331.00 per share

- 2017-07: JPY 4,513.00 per share

- 2017-08: JPY 4,268.00 per share

- 2017-09: JPY 4,558.00 per share

- 2017-10: JPY 5,274.00 per share

- 2017-11: JPY 5,589.00 per share

- 2017-12: JPY 5,412.00 per share

- 2018-01: JPY 5,895.00 per share

- 2018-02: JPY 5,462.00 per share

- 2018-03: JPY 5,392.00 per share

- 2018-04: JPY 4,712.00 per share

- 2018-05: JPY 4,654.00 per share

- 2018-06: JPY 4,401.00 per share

- 2018-07: JPY 4,384.00 per share

- 2018-08: JPY 4,355.00 per share

- 2018-09: JPY 4,284.00 per share

- 2018-10: JPY 3,947.00 per share

- 2018-11: JPY 3,878.00 per share

- 2018-12: JPY 3,334.00 per share

- 2019-01: JPY 3,672.00 per share

- 2019-02: JPY 3,688.00 per share

- 2019-03: JPY 3,776.00 per share

- 2019-04: JPY 4,155.00 per share

- 2019-05: JPY 3,695.00 per share

- 2019-06: JPY 3,986.00 per share

- 2019-07: JPY 3,906.00 per share

- 2019-08: JPY 3,691.00 per share

- 2019-09: JPY 4,068.00 per share

- 2019-10: JPY 4,320.00 per share

- 2019-11: JPY 4,181.00 per share

- 2019-12: JPY 4,066.00 per share

- 2020-01: JPY 4,064.00 per share

- 2020-02: JPY 3,594.00 per share

- 2020-03: JPY 2,931.00 per share

- 2020-04: JPY 3,566.00 per share

- 2020-05: JPY 3,843.00 per share

- 2020-06: JPY 3,852.00 per share

- 2020-07: JPY 3,541.00 per share

- 2020-08: JPY 3,721.00 per share

- 2020-09: JPY 4,024.00 per share

- 2020-10: JPY 4,410.00 per share

- 2020-11: JPY 5,073.00 per share

- 2020-12: JPY 5,072.00 per share

- 2021-01: JPY 5,473.00 per share

- 2021-02: JPY 5,268.00 per share

- 2021-03: JPY 5,237.00 per share

- 2021-04: JPY 5,035.00 per share

- 2021-05: JPY 5,260.00 per share

- 2021-06: JPY 5,359.00 per share

- 2021-07: JPY 4,876.00 per share

- 2021-08: JPY 4,798.00 per share

- 2021-09: JPY 4,913.00 per share

- 2021-10: JPY 4,462.00 per share

- 2021-11: JPY 4,449.00 per share

- 2021-12: JPY 4,876.00 per share

- 2022-01: JPY 4,492.00 per share

- 2022-02: JPY 4,231.00 per share

- 2022-03: JPY 4,329.00 per share

- 2022-04: JPY 4,033.00 per share

- 2022-05: JPY 4,221.00 per share

- 2022-06: JPY 4,248.00 per share

- 2022-07: JPY 4,565.00 per share

- 2022-08: JPY 4,507.00 per share

- 2022-09: JPY 4,052.00 per share

- 2022-10: JPY 3,926.00 per share

- 2022-11: JPY 4,073.00 per share

- 2022-12: JPY 3,967.00 per share

- 2023-01: JPY 4,581.00 per share

- 2023-02: JPY 4,634.00 per share

- 2023-03: JPY 4,760.00 per share

- 2023-04: JPY 4,589.00 per share

- 2023-05: JPY 4,798.00 per share

- 2023-06: JPY 5,032.00 per share

- 2023-07: JPY 4,348.00 per share

- 2023-08: JPY 4,153.00 per share

- 2023-09: JPY 3,893.00 per share

- 2023-10: JPY 3,653.00 per share

- 2023-11: JPY 4,114.00 per share

- 2023-12: JPY 4,147.00 per share

- 2024-01: JPY 4,117.00 per share

- 2024-02: JPY 4,372.00 per share

- 2024-03: JPY 4,187.00 per share

- 2024-04: JPY 4,627.00 per share

- 2024-05: JPY 4,399.00 per share

- 2024-06: JPY 4,409.00 per share

- 2024-07: JPY 4,510.00 per share

- 2024-08: JPY 4,287.00 per share

- 2024-09: JPY 4,190.00 per share

- 2024-10: JPY 4,117.00 per share

- 2024-11: JPY 3,887.00 per share

- 2024-12: JPY 4,175.00 per share

- 2025-01: JPY 4,659.00 per share

- 2025-02: JPY 4,309.00 per share

- 2025-03: JPY 4,060.00 per share

- 2025-04: JPY 3,654.00 per share

- 2025-05: JPY 3,868.00 per share

- 2025-06: JPY 3,940.00 per share

- 2025-07: JPY 4,271.00 per share

- 2025-08: JPY 4,178.00 per share

- 2025-09: JPY 4,262.00 per share

- 2025-10: JPY 4,909.00 per share

- 2025-11: JPY 5,026.00 per share

- 2025-12: JPY 6,084.00 per share

- 2026-01: JPY 6,269.00 per share

- 2026-02: JPY 7,113.00 per share

- 2026-03: JPY 5,302.00 per share

- 2026-04: JPY 6,875.00 per share

- 2026-05: JPY 7,892.00 per share

- 2026-06: JPY 7,355.00 per share

- 2026-07: JPY 7,135.00 per share

- 2026-08: JPY 6,055.00 per share

- 2026-09: JPY 5,943.00 per share

- 2026-10: JPY 6,289.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,262.41 per share, central JPY 1,361.49 per share, high JPY 1,493.38 per share

- FY2021: low JPY 1,380.95 per share, central JPY 1,488.59 per share, high JPY 1,631.87 per share

- FY2022: low JPY 2,389.79 per share, central JPY 2,634.96 per share, high JPY 2,961.34 per share

- FY2023: low JPY 2,848.45 per share, central JPY 3,638.04 per share, high JPY 4,169.18 per share

- FY2024: low JPY 2,746.08 per share, central JPY 3,528.48 per share, high JPY 4,040.16 per share

- FY2025: low JPY 2,581.38 per share, central JPY 2,936.03 per share, high JPY 3,313.60 per share

- FY2026: low JPY 2,826.38 per share, central JPY 3,107.22 per share, high JPY 3,481.09 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/S100YG3Q.pdf); period 2026-03-31, filed 2026-06-22.

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.

Fanuc

6954 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 5,907.00
Buy up to: JPY 3,107.22
Expected / yr: 6.1% 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 19.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 21.9%
Worst year: 17.4%
Latest · 2026: 21.4%

Capital return excluding acquisitions: median 12.8% (minimum 15%), and the second-worst year 9.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.8%
Worst year: 7.9%
Latest · 2026: 12.3%

New investment earned -3.5% (minimum 12%), and working capital rose 15.7% of sales (limit 10%) to 52.7% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.04×
Latest · 2026: 1.16×

Per-share value fell from 163.36 to 157.31, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 158.19
Worst year: JPY 76.38
Latest · 2026: JPY 178.47

Profits were backed by cash: accruals were -4% of assets (limit 10%).

Sloan accruals

10y median: -1.5%
Worst year: 3.8%
Latest · 2026: -4.0%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 23.0%, three-year average owner earnings per share 168.46 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 3861.00; 2016-12 · Price JPY 3963.00; 2017-01 · Price JPY 4433.00; 2017-02 · Price JPY 4425.00; 2017-03 · Price JPY 4564.00; 2017-04 · Price JPY 4531.00; 2017-05 · Price JPY 4354.00; 2017-06 · Price JPY 4331.00; 2017-07 · Price JPY 4513.00; 2017-08 · Price JPY 4268.00; 2017-09 · Price JPY 4558.00; 2017-10 · Price JPY 5274.00; 2017-11 · Price JPY 5589.00; 2017-12 · Price JPY 5412.00; 2018-01 · Price JPY 5895.00; 2018-02 · Price JPY 5462.00; 2018-03 · Price JPY 5392.00; 2018-04 · Price JPY 4712.00; 2018-05 · Price JPY 4654.00; 2018-06 · Price JPY 4401.00; 2018-07 · Price JPY 4384.00; 2018-08 · Price JPY 4355.00; 2018-09 · Price JPY 4284.00; 2018-10 · Price JPY 3947.00; 2018-11 · Price JPY 3878.00; 2018-12 · Price JPY 3334.00; 2019-01 · Price JPY 3672.00; 2019-02 · Price JPY 3688.00; 2019-03 · Price JPY 3776.00; 2019-04 · Price JPY 4155.00; 2019-05 · Price JPY 3695.00; 2019-06 · Price JPY 3986.00; 2019-07 · Price JPY 3906.00; 2019-08 · Price JPY 3691.00; 2019-09 · Price JPY 4068.00; 2019-10 · Price JPY 4320.00; 2019-11 · Price JPY 4181.00; 2019-12 · Price JPY 4066.00; 2020-01 · Price JPY 4064.00 · Value 1361.49 · Buy at or below 1361.49; 2020-02 · Price JPY 3594.00 · Value 1361.49 · Buy at or below 1361.49; 2020-03 · Price JPY 2931.00 · Value 1361.49 · Buy at or below 1361.49; 2020-04 · Price JPY 3566.00 · Value 1361.49 · Buy at or below 1361.49; 2020-05 · Price JPY 3843.00 · Value 1361.49 · Buy at or below 1361.49; 2020-06 · Price JPY 3852.00 · Value 1361.49 · Buy at or below 1361.49; 2020-07 · Price JPY 3541.00 · Value 1361.49 · Buy at or below 1361.49; 2020-08 · Price JPY 3721.00 · Value 1361.49 · Buy at or below 1361.49; 2020-09 · Price JPY 4024.00 · Value 1361.49 · Buy at or below 1361.49; 2020-10 · Price JPY 4410.00 · Value 1361.49 · Buy at or below 1361.49; 2020-11 · Price JPY 5073.00 · Value 1361.49 · Buy at or below 1361.49; 2020-12 · Price JPY 5072.00 · Value 1361.49 · Buy at or below 1361.49; 2021-01 · Price JPY 5473.00 · Value 1361.49 · Buy at or below 1361.49; 2021-02 · Price JPY 5268.00 · Value 1488.59 · Buy at or below 1488.59; 2021-03 · Price JPY 5237.00 · Value 1488.59 · Buy at or below 1488.59; 2021-04 · Price JPY 5035.00 · Value 1488.59 · Buy at or below 1488.59; 2021-05 · Price JPY 5260.00 · Value 1488.59 · Buy at or below 1488.59; 2021-06 · Price JPY 5359.00 · Value 1488.59 · Buy at or below 1488.59; 2021-07 · Price JPY 4876.00 · Value 1488.59 · Buy at or below 1488.59; 2021-08 · Price JPY 4798.00 · Value 1488.59 · Buy at or below 1488.59; 2021-09 · Price JPY 4913.00 · Value 1488.59 · Buy at or below 1488.59; 2021-10 · Price JPY 4462.00 · Value 1488.59 · Buy at or below 1488.59; 2021-11 · Price JPY 4449.00 · Value 1488.59 · Buy at or below 1488.59; 2021-12 · Price JPY 4876.00 · Value 1488.59 · Buy at or below 1488.59; 2022-01 · Price JPY 4492.00 · Value 1488.59 · Buy at or below 1488.59; 2022-02 · Price JPY 4231.00 · Value 2634.96 · Buy at or below 2634.96; 2022-03 · Price JPY 4329.00 · Value 2634.96 · Buy at or below 2634.96; 2022-04 · Price JPY 4033.00 · Value 2634.96 · Buy at or below 2634.96; 2022-05 · Price JPY 4221.00 · Value 2634.96 · Buy at or below 2634.96; 2022-06 · Price JPY 4248.00 · Value 2634.96 · Buy at or below 2634.96; 2022-07 · Price JPY 4565.00 · Value 2634.96 · Buy at or below 2634.96; 2022-08 · Price JPY 4507.00 · Value 2634.96 · Buy at or below 2634.96; 2022-09 · Price JPY 4052.00 · Value 2634.96 · Buy at or below 2634.96; 2022-10 · Price JPY 3926.00 · Value 2634.96 · Buy at or below 2634.96; 2022-11 · Price JPY 4073.00 · Value 2634.96 · Buy at or below 2634.96; 2022-12 · Price JPY 3967.00 · Value 2634.96 · Buy at or below 2634.96; 2023-01 · Price JPY 4581.00 · Value 2634.96 · Buy at or below 2634.96; 2023-02 · Price JPY 4634.00 · Value 3638.04 · Buy at or below 3638.04; 2023-03 · Price JPY 4760.00 · Value 3638.04 · Buy at or below 3638.04; 2023-04 · Price JPY 4589.00 · Value 3638.04 · Buy at or below 3638.04; 2023-05 · Price JPY 4798.00 · Value 3638.04 · Buy at or below 3638.04; 2023-06 · Price JPY 5032.00 · Value 3638.04 · Buy at or below 3638.04; 2023-07 · Price JPY 4348.00 · Value 3638.04 · Buy at or below 3638.04; 2023-08 · Price JPY 4153.00 · Value 3638.04 · Buy at or below 3638.04; 2023-09 · Price JPY 3893.00 · Value 3638.04 · Buy at or below 3638.04; 2023-10 · Price JPY 3653.00 · Value 3638.04 · Buy at or below 3638.04; 2023-11 · Price JPY 4114.00 · Value 3638.04 · Buy at or below 3638.04; 2023-12 · Price JPY 4147.00 · Value 3638.04 · Buy at or below 3638.04; 2024-01 · Price JPY 4117.00 · Value 3638.04 · Buy at or below 3638.04; 2024-02 · Price JPY 4372.00 · Value 3528.48 · Buy at or below 3528.48; 2024-03 · Price JPY 4187.00 · Value 3528.48 · Buy at or below 3528.48; 2024-04 · Price JPY 4627.00 · Value 3528.48 · Buy at or below 3528.48; 2024-05 · Price JPY 4399.00 · Value 3528.48 · Buy at or below 3528.48; 2024-06 · Price JPY 4409.00 · Value 3528.48 · Buy at or below 3528.48; 2024-07 · Price JPY 4510.00 · Value 3528.48 · Buy at or below 3528.48; 2024-08 · Price JPY 4287.00 · Value 3528.48 · Buy at or below 3528.48; 2024-09 · Price JPY 4190.00 · Value 3528.48 · Buy at or below 3528.48; 2024-10 · Price JPY 4117.00 · Value 3528.48 · Buy at or below 3528.48; 2024-11 · Price JPY 3887.00 · Value 3528.48 · Buy at or below 3528.48; 2024-12 · Price JPY 4175.00 · Value 3528.48 · Buy at or below 3528.48; 2025-01 · Price JPY 4659.00 · Value 3528.48 · Buy at or below 3528.48; 2025-02 · Price JPY 4309.00 · Value 2936.03 · Buy at or below 2936.03; 2025-03 · Price JPY 4060.00 · Value 2936.03 · Buy at or below 2936.03; 2025-04 · Price JPY 3654.00 · Value 2936.03 · Buy at or below 2936.03; 2025-05 · Price JPY 3868.00 · Value 2936.03 · Buy at or below 2936.03; 2025-06 · Price JPY 3940.00 · Value 2936.03 · Buy at or below 2936.03; 2025-07 · Price JPY 4271.00 · Value 2936.03 · Buy at or below 2936.03; 2025-08 · Price JPY 4178.00 · Value 2936.03 · Buy at or below 2936.03; 2025-09 · Price JPY 4262.00 · Value 2936.03 · Buy at or below 2936.03; 2025-10 · Price JPY 4909.00 · Value 2936.03 · Buy at or below 2936.03; 2025-11 · Price JPY 5026.00 · Value 2936.03 · Buy at or below 2936.03; 2025-12 · Price JPY 6084.00 · Value 2936.03 · Buy at or below 2936.03; 2026-01 · Price JPY 6269.00 · Value 2936.03 · Buy at or below 2936.03; 2026-02 · Price JPY 7113.00 · Value 3107.22 · Buy at or below 3107.22; 2026-03 · Price JPY 5302.00 · Value 3107.22 · Buy at or below 3107.22; 2026-04 · Price JPY 6875.00 · Value 3107.22 · Buy at or below 3107.22; 2026-05 · Price JPY 7892.00 · Value 3107.22 · Buy at or below 3107.22; 2026-06 · Price JPY 7355.00 · Value 3107.22 · Buy at or below 3107.22; 2026-07 · Price JPY 7135.00 · Value 3107.22 · Buy at or below 3107.22; 2026-08 · Price JPY 6055.00 · Value 3107.22 · Buy at or below 3107.22; 2026-09 · Price JPY 5943.00 · Value 3107.22 · Buy at or below 3107.22; 2026-10 · Price JPY 6289.00 · Value 3107.22 · Buy at or below 3107.22; 2026-10 · Price JPY 5907.00 · Value 3107.22 · Buy at or below 3107.22

JPY per share · annual estimates

Price & return math
Value range	JPY 2,826.38 – JPY 3,481.09
Buy at or below	Central value JPY 3,107.22
Discount to value	1 − 5907.00 / 3107.22 = -90.1%
Return / year	About 6.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 186.35/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 789.47/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 858B

Revenue

Owner earningsJPY 193B

Owner earnings

Operating margin21.4%

Operating margin

Net cash / debtJPY 651B

Net cash / debt

Diluted shares933M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·