# Murata Manufacturing (6981.JP)

Canonical: https://gigainvestors.com/s/6981.JP

Analysis as of: 2026-10-15T07:11:10.949Z. 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 6,749.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,759.88 per share, central JPY 1,983.52 per share, high JPY 2,250.92 per share. Buy at or below the central value JPY 1,983.52 per share. Valuation as of 2026-10-15T07:11:10.949Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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

- 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: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.12×

- FY2019: 0.17×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.23×

- FY2023: 0.18×

- FY2024: 0.13×

- FY2025: 0.16×

- FY2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.2%

- ROIC, second-lowest year: 10.6%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 38.5%

- Recent gross margin (lower of latest and 3-year median): 41.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.9%

- ROIC including acquisitions, ten-year median: 9.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.2%

- FY2018: 11.8%

- FY2019: 14.4%

- FY2020: 11.7%

- FY2021: 14.5%

- FY2022: 17.2%

- FY2023: 12.6%

- FY2024: 8.8%

- FY2025: 11.4%

- FY2026: 10.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.08T

- Net income, five-year total: JPY 1.22T

- Return on incremental invested capital: 1.0%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 9.3 pp

- Working capital / revenue, final three-year average: 42.5%

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

- FY2022: 1.02×

- FY2023: 0.85×

- FY2024: 0.61×

- FY2025: 0.96×

- FY2026: 0.89×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.2% vs 10.6%

- Per-share earnings: 81.54 to 125.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: JPY 2.88T

- Cumulative retained earnings: JPY 1.29T

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.5%

- Per-share value change: JPY 43.54

- Per-share value, starting three-year median: JPY 81.54

- Per-share value, ending three-year median: JPY 125.08

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 80B

- Cumulative net income, 10 years: JPY 2.15T

- ROIC, first three-year median: 14.2%

- ROIC, last three-year median: 10.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 81.54

- FY2018: JPY 76.21

- FY2019: JPY 107.82

- FY2020: JPY 95.35

- FY2021: JPY 123.50

- FY2022: JPY 163.65

- FY2023: JPY 128.64

- FY2024: JPY 95.72

- FY2025: JPY 125.08

- FY2026: JPY 127.66

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.4%

- FY2018: -4.4%

- FY2019: -3.6%

- FY2020: -7.4%

- FY2021: -5.5%

- FY2022: -3.8%

- FY2023: -0.8%

- FY2024: -10.2%

- FY2025: -7.2%

- FY2026: -6.0%

## Holders

## Price story

Down 41% since Jun 2026 · sales +5%

Story as of 2026-10-16T10:00:14.558Z; price observation 2026-10-15.

Price needs cash profits to grow 18.6% a year for ten years

### Sales · FY2025–2026

sales +5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHPY.pdf; observed 2026-06-24.

- FY2017: JPY 1.14T 

- FY2018: JPY 1.37T 

- FY2019: JPY 1.58T 

- FY2020: JPY 1.53T 

- FY2021: JPY 1.63T 

- FY2022: JPY 1.81T 

- FY2023: JPY 1.69T 

- FY2024: JPY 1.64T 

- FY2025: JPY 1.74T 

- FY2026: JPY 1.83T 

### Gross margin · FY2026

gross margin 42.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHPY.pdf; observed 2026-06-24.

- FY2017: 38.1% 

- FY2018: 32.4% 

- FY2019: 38.1% 

- FY2020: 37.9% 

- FY2021: 38.2% 

- FY2022: 42.4% 

- FY2023: 39.9% 

- FY2024: 38.8% 

- FY2025: 41.2% 

- FY2026: 42.3% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are JPY 1.8 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHPY.pdf (filed 2026-06-24); FY2026: revenue 1830856000000; grossProfit 774826000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38.8% to 42.3% during 2024–26; it earns 12.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = 38.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 41.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHPY.pdf (filed 2026-06-24); FY2026: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.14242613649636274],[2018,0.11782108155517673],[2019,0.14433028500466302],[2020,0.11732311222816424],[2021,0.14503937696222435],[2022,0.17248271233663048],[2023,0.12608649480946477],[2024,0.08773223498548736],[2025,0.1138715250354929],[2026,0.1056117934851933]]; median 0.12195378818232075. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 28.5% of cash earnings; earns 1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 0; upkeep 158579000000; owner earnings 111004000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 0; upkeep 285935000000; owner earnings 37344000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 56802000000; upkeep 143074000000; owner earnings 237057000000. Growth capex / owner earnings = 0.23961325757096394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 0; upkeep 150531000000; cash acquisitions 48802000000; owner earnings 319176000000. Growth capex plus acquisitions / owner earnings = 0.15289996741609646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 0; upkeep 197565000000; cash acquisitions 0; owner earnings 216329000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 0; upkeep 236228000000; owner earnings 110401000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 19507000000; upkeep 173335000000; cash acquisitions 0; owner earnings 223967000000. Growth capex plus acquisitions / owner earnings = 0.08709765277920407.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHPY.pdf (filed 2026-06-24); FY2026: growth capex 59318207103.74231; upkeep 192901792896.2577; cash acquisitions 0; owner earnings 208360207103.7423. Growth capex plus acquisitions / owner earnings = 0.2846906706817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Incremental return on capital 0.010264200529116878, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,46689000000],[2018,51058000000],[2019,57579000000],[2020,59926000000],[2021,67180000000],[2022,76779000000],[2023,92018000000],[2024,94460000000],[2025,101581000000],[2026,110720000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MUR1.F.json#2026-03-31 (filed 2026-06-24); FY2026: cash repurchases 100008000000 JPY.

### What the price says

The price assumes cash profits grow 18.6% yearly over ten years; actual growth was 10.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.2573396335550736. Price 6749; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 41.94056930158606 → FY2026 113.71094407858988. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,713.89 per share

- 2016-12: JPY 1,738.89 per share

- 2017-01: JPY 1,695.00 per share

- 2017-02: JPY 1,794.44 per share

- 2017-03: JPY 1,759.44 per share

- 2017-04: JPY 1,660.56 per share

- 2017-05: JPY 1,705.56 per share

- 2017-06: JPY 1,896.67 per share

- 2017-07: JPY 1,908.89 per share

- 2017-08: JPY 1,871.11 per share

- 2017-09: JPY 1,837.78 per share

- 2017-10: JPY 1,965.56 per share

- 2017-11: JPY 1,685.00 per share

- 2017-12: JPY 1,680.00 per share

- 2018-01: JPY 1,790.00 per share

- 2018-02: JPY 1,665.00 per share

- 2018-03: JPY 1,618.89 per share

- 2018-04: JPY 1,538.89 per share

- 2018-05: JPY 1,798.33 per share

- 2018-06: JPY 2,068.89 per share

- 2018-07: JPY 2,166.67 per share

- 2018-08: JPY 2,131.67 per share

- 2018-09: JPY 1,940.56 per share

- 2018-10: JPY 1,907.22 per share

- 2018-11: JPY 1,923.89 per share

- 2018-12: JPY 1,661.67 per share

- 2019-01: JPY 1,713.33 per share

- 2019-02: JPY 1,925.00 per share

- 2019-03: JPY 1,837.33 per share

- 2019-04: JPY 1,986.67 per share

- 2019-05: JPY 1,568.33 per share

- 2019-06: JPY 1,613.33 per share

- 2019-07: JPY 1,614.33 per share

- 2019-08: JPY 1,486.33 per share

- 2019-09: JPY 1,728.33 per share

- 2019-10: JPY 1,954.33 per share

- 2019-11: JPY 2,114.67 per share

- 2019-12: JPY 2,248.67 per share

- 2020-01: JPY 2,109.33 per share

- 2020-02: JPY 1,907.00 per share

- 2020-03: JPY 1,824.00 per share

- 2020-04: JPY 2,006.33 per share

- 2020-05: JPY 2,005.00 per share

- 2020-06: JPY 2,105.33 per share

- 2020-07: JPY 2,203.00 per share

- 2020-08: JPY 2,093.33 per share

- 2020-09: JPY 2,257.67 per share

- 2020-10: JPY 2,422.33 per share

- 2020-11: JPY 3,043.00 per share

- 2020-12: JPY 3,106.67 per share

- 2021-01: JPY 3,351.67 per share

- 2021-02: JPY 3,027.00 per share

- 2021-03: JPY 2,947.33 per share

- 2021-04: JPY 2,901.00 per share

- 2021-05: JPY 2,759.67 per share

- 2021-06: JPY 2,827.33 per share

- 2021-07: JPY 3,013.33 per share

- 2021-08: JPY 3,039.67 per share

- 2021-09: JPY 3,320.00 per share

- 2021-10: JPY 2,884.33 per share

- 2021-11: JPY 2,793.33 per share

- 2021-12: JPY 3,052.33 per share

- 2022-01: JPY 2,846.33 per share

- 2022-02: JPY 2,595.67 per share

- 2022-03: JPY 2,705.67 per share

- 2022-04: JPY 2,598.00 per share

- 2022-05: JPY 2,766.67 per share

- 2022-06: JPY 2,465.33 per share

- 2022-07: JPY 2,582.33 per share

- 2022-08: JPY 2,518.00 per share

- 2022-09: JPY 2,210.67 per share

- 2022-10: JPY 2,433.33 per share

- 2022-11: JPY 2,488.00 per share

- 2022-12: JPY 2,196.00 per share

- 2023-01: JPY 2,464.67 per share

- 2023-02: JPY 2,440.00 per share

- 2023-03: JPY 2,680.00 per share

- 2023-04: JPY 2,626.67 per share

- 2023-05: JPY 2,733.00 per share

- 2023-06: JPY 2,745.33 per share

- 2023-07: JPY 2,775.00 per share

- 2023-08: JPY 2,728.33 per share

- 2023-09: JPY 2,734.00 per share

- 2023-10: JPY 2,477.50 per share

- 2023-11: JPY 2,883.50 per share

- 2023-12: JPY 2,993.00 per share

- 2024-01: JPY 3,015.00 per share

- 2024-02: JPY 3,023.00 per share

- 2024-03: JPY 2,816.50 per share

- 2024-04: JPY 2,903.50 per share

- 2024-05: JPY 2,966.50 per share

- 2024-06: JPY 3,322.00 per share

- 2024-07: JPY 3,351.00 per share

- 2024-08: JPY 3,033.00 per share

- 2024-09: JPY 2,806.50 per share

- 2024-10: JPY 2,707.00 per share

- 2024-11: JPY 2,510.00 per share

- 2024-12: JPY 2,559.50 per share

- 2025-01: JPY 2,469.50 per share

- 2025-02: JPY 2,550.50 per share

- 2025-03: JPY 2,305.50 per share

- 2025-04: JPY 2,214.00 per share

- 2025-05: JPY 2,132.00 per share

- 2025-06: JPY 2,154.00 per share

- 2025-07: JPY 2,267.50 per share

- 2025-08: JPY 2,432.00 per share

- 2025-09: JPY 2,815.50 per share

- 2025-10: JPY 3,392.00 per share

- 2025-11: JPY 3,213.00 per share

- 2025-12: JPY 3,246.00 per share

- 2026-01: JPY 3,136.00 per share

- 2026-02: JPY 4,108.00 per share

- 2026-03: JPY 3,409.00 per share

- 2026-04: JPY 5,156.00 per share

- 2026-05: JPY 9,625.00 per share

- 2026-06: JPY 11,395.00 per share

- 2026-07: JPY 7,416.00 per share

- 2026-08: JPY 7,191.00 per share

- 2026-09: JPY 7,851.00 per share

- 2026-10: JPY 7,644.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 848.36 per share, central JPY 953.79 per share, high JPY 1,094.13 per share

- FY2019: low JPY 689.04 per share, central JPY 770.66 per share, high JPY 879.31 per share

- FY2020: low JPY 354.19 per share, central JPY 383.51 per share, high JPY 422.54 per share

- FY2021: low JPY 421.39 per share, central JPY 452.55 per share, high JPY 494.03 per share

- FY2022: low JPY 499.14 per share, central JPY 533.78 per share, high JPY 579.90 per share

- FY2023: low JPY 1,712.22 per share, central JPY 2,351.29 per share, high JPY 2,723.41 per share

- FY2024: low JPY 1,528.85 per share, central JPY 1,696.64 per share, high JPY 1,920.01 per share

- FY2025: low JPY 1,625.32 per share, central JPY 1,805.88 per share, high JPY 2,046.25 per share

- FY2026: low JPY 1,759.88 per share, central JPY 1,983.52 per share, high JPY 2,250.92 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/S100YHPY.pdf); period 2026-03-31, filed 2026-06-24.

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.

Murata Manufacturing

6981 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 6,749.00
Buy up to: JPY 1,983.52
Expected / yr: 4.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 18% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 16.7%
Worst year: 11.9%
Latest · 2026: 15.4%

Capital return excluding acquisitions: median 12.2% (minimum 15%).

ROIC excluding acquisitions

10y median: 12.2%
Worst year: 8.8%
Latest · 2026: 10.6%

New investment earned 1% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.89×
Annual median: 0.89×
Latest · 2026: 0.89×

Per-share value rose from 81.54 to 125.08, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 115.66
Worst year: JPY 76.21
Latest · 2026: JPY 127.66

Profits were backed by cash: accruals were -6% of assets (limit 10%).

Sloan accruals

10y median: -5.5%
Worst year: -0.8%
Latest · 2026: -6.0%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.8%, three-year average owner earnings per share 97.32 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1713.89; 2016-12 · Price JPY 1738.89; 2017-01 · Price JPY 1695.00; 2017-02 · Price JPY 1794.44; 2017-03 · Price JPY 1759.44; 2017-04 · Price JPY 1660.56; 2017-05 · Price JPY 1705.56; 2017-06 · Price JPY 1896.67; 2017-07 · Price JPY 1908.89; 2017-08 · Price JPY 1871.11; 2017-09 · Price JPY 1837.78; 2017-10 · Price JPY 1965.56; 2017-11 · Price JPY 1685.00; 2017-12 · Price JPY 1680.00; 2018-01 · Price JPY 1790.00 · Value 953.79 · Buy at or below 953.79; 2018-02 · Price JPY 1665.00 · Value 953.79 · Buy at or below 953.79; 2018-03 · Price JPY 1618.89 · Value 953.79 · Buy at or below 953.79; 2018-04 · Price JPY 1538.89 · Value 953.79 · Buy at or below 953.79; 2018-05 · Price JPY 1798.33 · Value 953.79 · Buy at or below 953.79; 2018-06 · Price JPY 2068.89 · Value 953.79 · Buy at or below 953.79; 2018-07 · Price JPY 2166.67 · Value 953.79 · Buy at or below 953.79; 2018-08 · Price JPY 2131.67 · Value 953.79 · Buy at or below 953.79; 2018-09 · Price JPY 1940.56 · Value 953.79 · Buy at or below 953.79; 2018-10 · Price JPY 1907.22 · Value 953.79 · Buy at or below 953.79; 2018-11 · Price JPY 1923.89 · Value 953.79 · Buy at or below 953.79; 2018-12 · Price JPY 1661.67 · Value 953.79 · Buy at or below 953.79; 2019-01 · Price JPY 1713.33 · Value 953.79 · Buy at or below 953.79; 2019-02 · Price JPY 1925.00 · Value 770.66 · Buy at or below 770.66; 2019-03 · Price JPY 1837.33 · Value 770.66 · Buy at or below 770.66; 2019-04 · Price JPY 1986.67 · Value 770.66 · Buy at or below 770.66; 2019-05 · Price JPY 1568.33 · Value 770.66 · Buy at or below 770.66; 2019-06 · Price JPY 1613.33 · Value 770.66 · Buy at or below 770.66; 2019-07 · Price JPY 1614.33 · Value 770.66 · Buy at or below 770.66; 2019-08 · Price JPY 1486.33 · Value 770.66 · Buy at or below 770.66; 2019-09 · Price JPY 1728.33 · Value 770.66 · Buy at or below 770.66; 2019-10 · Price JPY 1954.33 · Value 770.66 · Buy at or below 770.66; 2019-11 · Price JPY 2114.67 · Value 770.66 · Buy at or below 770.66; 2019-12 · Price JPY 2248.67 · Value 770.66 · Buy at or below 770.66; 2020-01 · Price JPY 2109.33 · Value 770.66 · Buy at or below 770.66; 2020-02 · Price JPY 1907.00 · Value 383.51 · Buy at or below 383.51; 2020-03 · Price JPY 1824.00 · Value 383.51 · Buy at or below 383.51; 2020-04 · Price JPY 2006.33 · Value 383.51 · Buy at or below 383.51; 2020-05 · Price JPY 2005.00 · Value 383.51 · Buy at or below 383.51; 2020-06 · Price JPY 2105.33 · Value 383.51 · Buy at or below 383.51; 2020-07 · Price JPY 2203.00 · Value 383.51 · Buy at or below 383.51; 2020-08 · Price JPY 2093.33 · Value 383.51 · Buy at or below 383.51; 2020-09 · Price JPY 2257.67 · Value 383.51 · Buy at or below 383.51; 2020-10 · Price JPY 2422.33 · Value 383.51 · Buy at or below 383.51; 2020-11 · Price JPY 3043.00 · Value 383.51 · Buy at or below 383.51; 2020-12 · Price JPY 3106.67 · Value 383.51 · Buy at or below 383.51; 2021-01 · Price JPY 3351.67 · Value 383.51 · Buy at or below 383.51; 2021-02 · Price JPY 3027.00 · Value 452.55 · Buy at or below 452.55; 2021-03 · Price JPY 2947.33 · Value 452.55 · Buy at or below 452.55; 2021-04 · Price JPY 2901.00 · Value 452.55 · Buy at or below 452.55; 2021-05 · Price JPY 2759.67 · Value 452.55 · Buy at or below 452.55; 2021-06 · Price JPY 2827.33 · Value 452.55 · Buy at or below 452.55; 2021-07 · Price JPY 3013.33 · Value 452.55 · Buy at or below 452.55; 2021-08 · Price JPY 3039.67 · Value 452.55 · Buy at or below 452.55; 2021-09 · Price JPY 3320.00 · Value 452.55 · Buy at or below 452.55; 2021-10 · Price JPY 2884.33 · Value 452.55 · Buy at or below 452.55; 2021-11 · Price JPY 2793.33 · Value 452.55 · Buy at or below 452.55; 2021-12 · Price JPY 3052.33 · Value 452.55 · Buy at or below 452.55; 2022-01 · Price JPY 2846.33 · Value 452.55 · Buy at or below 452.55; 2022-02 · Price JPY 2595.67 · Value 533.78 · Buy at or below 533.78; 2022-03 · Price JPY 2705.67 · Value 533.78 · Buy at or below 533.78; 2022-04 · Price JPY 2598.00 · Value 533.78 · Buy at or below 533.78; 2022-05 · Price JPY 2766.67 · Value 533.78 · Buy at or below 533.78; 2022-06 · Price JPY 2465.33 · Value 533.78 · Buy at or below 533.78; 2022-07 · Price JPY 2582.33 · Value 533.78 · Buy at or below 533.78; 2022-08 · Price JPY 2518.00 · Value 533.78 · Buy at or below 533.78; 2022-09 · Price JPY 2210.67 · Value 533.78 · Buy at or below 533.78; 2022-10 · Price JPY 2433.33 · Value 533.78 · Buy at or below 533.78; 2022-11 · Price JPY 2488.00 · Value 533.78 · Buy at or below 533.78; 2022-12 · Price JPY 2196.00 · Value 533.78 · Buy at or below 533.78; 2023-01 · Price JPY 2464.67 · Value 533.78 · Buy at or below 533.78; 2023-02 · Price JPY 2440.00 · Value 2351.29 · Buy at or below 2351.29; 2023-03 · Price JPY 2680.00 · Value 2351.29 · Buy at or below 2351.29; 2023-04 · Price JPY 2626.67 · Value 2351.29 · Buy at or below 2351.29; 2023-05 · Price JPY 2733.00 · Value 2351.29 · Buy at or below 2351.29; 2023-06 · Price JPY 2745.33 · Value 2351.29 · Buy at or below 2351.29; 2023-07 · Price JPY 2775.00 · Value 2351.29 · Buy at or below 2351.29; 2023-08 · Price JPY 2728.33 · Value 2351.29 · Buy at or below 2351.29; 2023-09 · Price JPY 2734.00 · Value 2351.29 · Buy at or below 2351.29; 2023-10 · Price JPY 2477.50 · Value 2351.29 · Buy at or below 2351.29; 2023-11 · Price JPY 2883.50 · Value 2351.29 · Buy at or below 2351.29; 2023-12 · Price JPY 2993.00 · Value 2351.29 · Buy at or below 2351.29; 2024-01 · Price JPY 3015.00 · Value 2351.29 · Buy at or below 2351.29; 2024-02 · Price JPY 3023.00 · Value 1696.64 · Buy at or below 1696.64; 2024-03 · Price JPY 2816.50 · Value 1696.64 · Buy at or below 1696.64; 2024-04 · Price JPY 2903.50 · Value 1696.64 · Buy at or below 1696.64; 2024-05 · Price JPY 2966.50 · Value 1696.64 · Buy at or below 1696.64; 2024-06 · Price JPY 3322.00 · Value 1696.64 · Buy at or below 1696.64; 2024-07 · Price JPY 3351.00 · Value 1696.64 · Buy at or below 1696.64; 2024-08 · Price JPY 3033.00 · Value 1696.64 · Buy at or below 1696.64; 2024-09 · Price JPY 2806.50 · Value 1696.64 · Buy at or below 1696.64; 2024-10 · Price JPY 2707.00 · Value 1696.64 · Buy at or below 1696.64; 2024-11 · Price JPY 2510.00 · Value 1696.64 · Buy at or below 1696.64; 2024-12 · Price JPY 2559.50 · Value 1696.64 · Buy at or below 1696.64; 2025-01 · Price JPY 2469.50 · Value 1696.64 · Buy at or below 1696.64; 2025-02 · Price JPY 2550.50 · Value 1805.88 · Buy at or below 1805.88; 2025-03 · Price JPY 2305.50 · Value 1805.88 · Buy at or below 1805.88; 2025-04 · Price JPY 2214.00 · Value 1805.88 · Buy at or below 1805.88; 2025-05 · Price JPY 2132.00 · Value 1805.88 · Buy at or below 1805.88; 2025-06 · Price JPY 2154.00 · Value 1805.88 · Buy at or below 1805.88; 2025-07 · Price JPY 2267.50 · Value 1805.88 · Buy at or below 1805.88; 2025-08 · Price JPY 2432.00 · Value 1805.88 · Buy at or below 1805.88; 2025-09 · Price JPY 2815.50 · Value 1805.88 · Buy at or below 1805.88; 2025-10 · Price JPY 3392.00 · Value 1805.88 · Buy at or below 1805.88; 2025-11 · Price JPY 3213.00 · Value 1805.88 · Buy at or below 1805.88; 2025-12 · Price JPY 3246.00 · Value 1805.88 · Buy at or below 1805.88; 2026-01 · Price JPY 3136.00 · Value 1805.88 · Buy at or below 1805.88; 2026-02 · Price JPY 4108.00 · Value 1983.52 · Buy at or below 1983.52; 2026-03 · Price JPY 3409.00 · Value 1983.52 · Buy at or below 1983.52; 2026-04 · Price JPY 5156.00 · Value 1983.52 · Buy at or below 1983.52; 2026-05 · Price JPY 9625.00 · Value 1983.52 · Buy at or below 1983.52; 2026-06 · Price JPY 11395.00 · Value 1983.52 · Buy at or below 1983.52; 2026-07 · Price JPY 7416.00 · Value 1983.52 · Buy at or below 1983.52; 2026-08 · Price JPY 7191.00 · Value 1983.52 · Buy at or below 1983.52; 2026-09 · Price JPY 7851.00 · Value 1983.52 · Buy at or below 1983.52; 2026-10 · Price JPY 7644.00 · Value 1983.52 · Buy at or below 1983.52; 2026-10 · Price JPY 6749.00 · Value 1983.52 · Buy at or below 1983.52

JPY per share · annual estimates

Price & return math
Value range	JPY 1,759.88 – JPY 2,250.92
Buy at or below	Central value JPY 1,983.52
Discount to value	1 − 6749.00 / 1983.52 = -240.3%
Return / year	About 4.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 128.14/share; 0.6% growth for 5 years, then fades to 3.0%; excess cash JPY 336.77/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 1.83T

Revenue

Owner earningsJPY 208B

Owner earnings

Operating margin15.4%

Operating margin

Net cash / debtJPY 650B

Net cash / debt

Diluted shares1.8B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·