# Yamaha Motor (7272.JP)

Canonical: https://gigainvestors.com/s/7272.JP

Analysis as of: 2026-10-15T07:11:17.712Z. Financial observations: FY2012–FY2025.

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 1,824.50 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.10×

- FY2023: 0.10×

- FY2024: 0.07×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: 5.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 6.9%

- Typical minus recent gross margin: -7.7 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 14.0%

- FY2018: 12.3%

- FY2019: 8.5%

- FY2020: 5.9%

- FY2021: 14.4%

- FY2022: 13.6%

- FY2023: 11.3%

- FY2024: 7.1%

- FY2025: 4.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 340B

- Net income, five-year total: JPY 438B

- Return on incremental invested capital: -0.6%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.3 pp

- Working capital / revenue, final three-year average: 24.1%

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

- FY2021: 1.00×

- FY2023: 0.92×

- FY2024: 0.84×

- FY2025: -1.41×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.3% vs 7.1%

- Per-share earnings: 60.28 to 110.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: JPY 227B

- Cumulative retained earnings: JPY 514B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.8%

- Per-share value change: JPY 49.84

- Per-share value, starting three-year median: JPY 60.28

- Per-share value, ending three-year median: JPY 110.12

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 55B

- Cumulative net income, 10 years: JPY 825B

- ROIC, first three-year median: 12.3%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 60.28

- FY2017: JPY 96.98

- FY2018: JPY 89.12

- FY2019: JPY 72.28

- FY2020: JPY 50.63

- FY2021: JPY 148.56

- FY2022: JPY 0

- FY2023: JPY 157.89

- FY2024: JPY 110.12

- FY2025: JPY 16.59

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -1.7%

- FY2018: 2.4%

- FY2019: -1.5%

- FY2020: -3.5%

- FY2021: 0.8%

- FY2022: 0.0%

- FY2023: 2.8%

- FY2024: -2.5%

- FY2025: -4.2%

## Holders

## Price story

Up 50% since Oct 2023 · sales -1.6%

Story as of 2026-10-16T10:00:14.612Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -1.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf; observed 2026-03-23.

- FY2016: JPY 1.50T 

- FY2017: JPY 1.67T 

- FY2018: JPY 1.67T 

- FY2019: JPY 1.66T 

- FY2020: JPY 1.47T 

- FY2021: JPY 1.81T 

- FY2022: JPY 0 

- FY2023: JPY 2.41T 

- FY2024: JPY 2.58T 

- FY2025: JPY 2.53T 

### Gross margin · FY2025

gross margin 31%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf; observed 2026-03-23.

- FY2016: 26.8% 

- FY2017: 27.5% 

- FY2018: 27.2% 

- FY2019: 26.6% 

- FY2020: 25.3% 

- FY2021: 28.0% 

- FY2023: 33.6% 

- FY2024: 31.9% 

- FY2025: 31.0% 

## Owner memo

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

### How it makes money

Annual sales are JPY 2.5 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf (filed 2026-03-23); FY2025: revenue 2534203000000; grossProfit 784544000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31% to 33.6% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2024: grossProfit / revenue = 31.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf (filed 2026-03-23); FY2025: grossProfit / revenue = 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); 10-year return on capital observations [[2016,0.10591656834782945],[2017,0.14047247402857974],[2018,0.12270751012324167],[2019,0.08500954096572613],[2020,0.0589487853576883],[2021,0.14428690352880244],[2022,0.135992221589883],[2023,0.11320963757582815],[2024,0.07127479370329272],[2025,0.04664579385490945]]; median 0.1095631029618288. 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 10 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2016: growth capex 0; upkeep 50445000000; owner earnings 55142000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2017: growth capex 18895000000; upkeep 45457000000; owner earnings 101603000000. Growth capex / owner earnings = 0.18596891824060313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2018: growth capex 648619964.7210236; upkeep 53336380035.27898; owner earnings 86434619964.72102. Growth capex / owner earnings = 0.007504168641983535.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2019: growth capex 0; upkeep 58694000000; owner earnings 66731000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2020: growth capex 0; upkeep 51396000000; owner earnings 49917000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2021: growth capex 15635000000; upkeep 51129000000; owner earnings 155578000000. Growth capex / owner earnings = 0.10049621411767731.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: growth capex 37988000000; upkeep 71041000000; owner earnings 145206000000. Growth capex / owner earnings = 0.26161453383469.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2024: growth capex 32176663632.153168; upkeep 83705336367.84683; owner earnings 91111663632.15317. Growth capex / owner earnings = 0.353156361649378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Dividend observations: [[2016,18162000000],[2017,24100000000],[2018,32832000000],[2019,31439000000],[2020,15721000000],[2021,38447000000],[2022,41932000000],[2023,47093000000],[2024,48406000000],[2025,48684000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf (filed 2026-03-23); FY2025: cash repurchases 9997000000 JPY.

### What the price says

The price is 0.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Closing price 1824.5 JPY; reporting-to-trading FX 1; FY2025 annual sales per share 2609.871982742566; price multiple 0.6990764344244719. FY2025 cash earnings/share -23.34175616115215. Closing-price date 2026-10-15.

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

- 2016-11: JPY 877.00 per share

- 2016-12: JPY 858.00 per share

- 2017-01: JPY 784.67 per share

- 2017-02: JPY 866.33 per share

- 2017-03: JPY 893.67 per share

- 2017-04: JPY 880.33 per share

- 2017-05: JPY 927.00 per share

- 2017-06: JPY 966.00 per share

- 2017-07: JPY 926.67 per share

- 2017-08: JPY 1,036.67 per share

- 2017-09: JPY 1,123.33 per share

- 2017-10: JPY 1,123.33 per share

- 2017-11: JPY 1,173.33 per share

- 2017-12: JPY 1,231.67 per share

- 2018-01: JPY 1,206.67 per share

- 2018-02: JPY 1,135.00 per share

- 2018-03: JPY 1,060.00 per share

- 2018-04: JPY 1,166.67 per share

- 2018-05: JPY 1,050.00 per share

- 2018-06: JPY 928.67 per share

- 2018-07: JPY 980.33 per share

- 2018-08: JPY 939.00 per share

- 2018-09: JPY 1,061.67 per share

- 2018-10: JPY 893.67 per share

- 2018-11: JPY 778.33 per share

- 2018-12: JPY 719.67 per share

- 2019-01: JPY 775.33 per share

- 2019-02: JPY 752.33 per share

- 2019-03: JPY 723.67 per share

- 2019-04: JPY 762.67 per share

- 2019-05: JPY 621.00 per share

- 2019-06: JPY 638.33 per share

- 2019-07: JPY 639.33 per share

- 2019-08: JPY 579.33 per share

- 2019-09: JPY 652.67 per share

- 2019-10: JPY 713.33 per share

- 2019-11: JPY 762.33 per share

- 2019-12: JPY 734.33 per share

- 2020-01: JPY 687.33 per share

- 2020-02: JPY 576.00 per share

- 2020-03: JPY 435.67 per share

- 2020-04: JPY 467.67 per share

- 2020-05: JPY 518.33 per share

- 2020-06: JPY 562.67 per share

- 2020-07: JPY 511.67 per share

- 2020-08: JPY 557.00 per share

- 2020-09: JPY 507.33 per share

- 2020-10: JPY 494.33 per share

- 2020-11: JPY 670.00 per share

- 2020-12: JPY 701.33 per share

- 2021-01: JPY 766.67 per share

- 2021-02: JPY 773.00 per share

- 2021-03: JPY 903.67 per share

- 2021-04: JPY 909.67 per share

- 2021-05: JPY 1,065.00 per share

- 2021-06: JPY 1,006.67 per share

- 2021-07: JPY 908.00 per share

- 2021-08: JPY 933.33 per share

- 2021-09: JPY 1,040.00 per share

- 2021-10: JPY 1,055.00 per share

- 2021-11: JPY 953.00 per share

- 2021-12: JPY 919.67 per share

- 2022-01: JPY 904.33 per share

- 2022-02: JPY 858.67 per share

- 2022-03: JPY 918.67 per share

- 2022-04: JPY 896.67 per share

- 2022-05: JPY 871.00 per share

- 2022-06: JPY 828.67 per share

- 2022-07: JPY 852.67 per share

- 2022-08: JPY 966.33 per share

- 2022-09: JPY 902.33 per share

- 2022-10: JPY 1,023.33 per share

- 2022-11: JPY 1,138.33 per share

- 2022-12: JPY 1,003.33 per share

- 2023-01: JPY 1,061.67 per share

- 2023-02: JPY 1,161.67 per share

- 2023-03: JPY 1,153.33 per share

- 2023-04: JPY 1,166.67 per share

- 2023-05: JPY 1,146.67 per share

- 2023-06: JPY 1,374.00 per share

- 2023-07: JPY 1,386.67 per share

- 2023-08: JPY 1,259.67 per share

- 2023-09: JPY 1,310.33 per share

- 2023-10: JPY 1,212.33 per share

- 2023-11: JPY 1,259.00 per share

- 2023-12: JPY 1,259.50 per share

- 2024-01: JPY 1,407.00 per share

- 2024-02: JPY 1,339.50 per share

- 2024-03: JPY 1,428.00 per share

- 2024-04: JPY 1,476.00 per share

- 2024-05: JPY 1,532.50 per share

- 2024-06: JPY 1,489.00 per share

- 2024-07: JPY 1,415.00 per share

- 2024-08: JPY 1,267.00 per share

- 2024-09: JPY 1,280.00 per share

- 2024-10: JPY 1,354.00 per share

- 2024-11: JPY 1,300.50 per share

- 2024-12: JPY 1,404.50 per share

- 2025-01: JPY 1,304.00 per share

- 2025-02: JPY 1,230.00 per share

- 2025-03: JPY 1,192.00 per share

- 2025-04: JPY 1,122.00 per share

- 2025-05: JPY 1,110.00 per share

- 2025-06: JPY 1,079.50 per share

- 2025-07: JPY 1,093.50 per share

- 2025-08: JPY 1,078.00 per share

- 2025-09: JPY 1,110.00 per share

- 2025-10: JPY 1,115.00 per share

- 2025-11: JPY 1,131.50 per share

- 2025-12: JPY 1,159.50 per share

- 2026-01: JPY 1,163.50 per share

- 2026-02: JPY 1,243.00 per share

- 2026-03: JPY 1,125.50 per share

- 2026-04: JPY 1,106.00 per share

- 2026-05: JPY 1,311.00 per share

- 2026-06: JPY 1,228.00 per share

- 2026-07: JPY 1,343.00 per share

- 2026-08: JPY 1,910.00 per share

- 2026-09: JPY 1,803.00 per share

- 2026-10: JPY 1,871.50 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 783.22 per share, central JPY 879.20 per share, high JPY 1,006.97 per share

- FY2020: low JPY 846.73 per share, central JPY 931.52 per share, high JPY 1,044.39 per share

- FY2021: low JPY 1,206.60 per share, central JPY 1,341.35 per share, high JPY 1,520.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T07:11:17.712Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XRTH.pdf); period 2025-12-31, filed 2026-03-23.

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.