# Olympus (7733.JP)

Canonical: https://gigainvestors.com/s/7733.JP

Analysis as of: 2026-10-15T07:11:29.998Z. 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 1,721.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,487.48 per share, central JPY 1,671.75 per share, high JPY 1,917.06 per share. Buy at or below the central value JPY 1,671.75 per share. Valuation as of 2026-10-15T07:11:29.998Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.04×

- FY2020: 0.12×

- FY2021: 0.11×

- FY2022: 0.19×

- FY2023: 0.21×

- FY2024: 0.06×

- FY2025: 0.16×

- FY2026: 0.10×

### moat: fail

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

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 65.6%

- Recent gross margin (lower of latest and 3-year median): 64.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.5%

- FY2018: 15.0%

- FY2019: 4.5%

- FY2020: 16.5%

- FY2021: 17.3%

- FY2022: 26.6%

- FY2023: 23.8%

- FY2024: 7.7%

- FY2025: 22.0%

- FY2026: 10.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 584B

- Net income, five-year total: JPY 688B

- Return on incremental invested capital: -12.4%

- Working capital / revenue, annual change: 0.6 pp

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

- Working capital / revenue, final three-year average: 34.7%

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

- FY2022: 0.87×

- FY2023: 0.85×

- FY2024: 0.92×

- FY2025: 0.85×

- FY2026: 0.54×

### 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: 15.0% vs 10.5%

- Per-share earnings: 41.71 to 102.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -2.9%

- Market cap gain: JPY 190B

- Cumulative retained earnings: JPY 177B

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.0%

- Per-share value change: JPY 61.28

- Per-share value, starting three-year median: JPY 41.71

- Per-share value, ending three-year median: JPY 102.99

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 190B

- Cumulative net income, 10 years: JPY 860B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 10.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 31.25

- FY2018: JPY 41.71

- FY2019: JPY 5.97

- FY2020: JPY 39.37

- FY2021: JPY 10.05

- FY2022: JPY 90.22

- FY2023: JPY 113.22

- FY2024: JPY 199.91

- FY2025: JPY 102.99

- FY2026: JPY 61.32

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.2%

- FY2018: -3.9%

- FY2019: -6.3%

- FY2020: -8.1%

- FY2021: -9.4%

- FY2022: -4.0%

- FY2023: 3.0%

- FY2024: 13.0%

- FY2025: -5.1%

- FY2026: -2.1%

## Holders

## Price story

Down 45% since Oct 2022 · sales +1.3%

Story as of 2026-10-16T10:00:14.631Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2025–2026

sales +1.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDN3.pdf; observed 2026-06-18.

- FY2017: JPY 741B 

- FY2018: JPY 786B 

- FY2019: JPY 794B 

- FY2020: JPY 755B 

- FY2021: JPY 731B 

- FY2022: JPY 750B 

- FY2023: JPY 882B 

- FY2024: JPY 926B 

- FY2025: JPY 997B 

- FY2026: JPY 1.01T 

### Gross margin · FY2026

gross margin 64.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDN3.pdf; observed 2026-06-18.

- FY2017: 66.3% 

- FY2018: 64.9% 

- FY2019: 64.2% 

- FY2020: 63.9% 

- FY2021: 62.9% 

- FY2022: 67.5% 

- FY2023: 67.7% 

- FY2024: 66.8% 

- FY2025: 68.6% 

- FY2026: 64.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDN3.pdf (filed 2026-06-18); FY2026: revenue 1010676000000; grossProfit 654090000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.7% to 68.6% during 2024–26; it earns 16.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: grossProfit / revenue = 66.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: grossProfit / revenue = 68.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDN3.pdf (filed 2026-06-18); FY2026: grossProfit / revenue = 64.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); 10-year return on capital observations [[2017,0.18540381154991611],[2018,0.1499847051582657],[2019,0.04519097687430705],[2020,0.16508980315030145],[2021,0.17318903855477855],[2022,0.26589791716013594],[2023,0.23808338322637193],[2024,0.0771508596984529],[2025,0.2196636190173398],[2026,0.1052368397729043]]; median 0.16913942085254. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 10.3% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2017: growth capex 0; upkeep 47250000000; owner earnings 40191000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2018: growth capex 9979635534.930984; upkeep 53429364465.069016; owner earnings 56547635534.930984. Growth capex / owner earnings = 0.17648192431965254.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2019: growth capex 1610247898.8042145; upkeep 59855752101.195786; owner earnings 6960247898.8042145. Growth capex / owner earnings = 0.23134921661064092.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2020: growth capex 0; upkeep 65929000000; owner earnings 38446000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2022: growth capex 0; upkeep 61771000000; owner earnings 100895000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2023: growth capex 3882000000; upkeep 66741000000; owner earnings 122518000000. Growth capex / owner earnings = 0.031685140142672916.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2024: growth capex 0; upkeep 64624000000; owner earnings 224364000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); FY2025: growth capex 0; upkeep 65209000000; owner earnings 99800000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDN3.pdf (filed 2026-06-18); FY2026: growth capex 3814142597.811981; upkeep 78608857402.18802; owner earnings 36869142597.81198. Growth capex / owner earnings = 0.10345080815734331.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Dividend observations: [[2017,5818000000],[2018,9583000000],[2019,9559000000],[2020,10243000000],[2021,12856000000],[2022,15428000000],[2023,17822000000],[2024,20057000000],[2025,20981000000],[2026,22556000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years; actual decline was 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-18); Ten-year compound average after fade. Initial solved rate 0.0056732966943807694. Price 1721; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 39.695224045992944 → FY2026 33.1634076174651. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,005.00 per share

- 2016-12: JPY 1,010.00 per share

- 2017-01: JPY 973.75 per share

- 2017-02: JPY 993.75 per share

- 2017-03: JPY 1,070.00 per share

- 2017-04: JPY 1,072.50 per share

- 2017-05: JPY 1,011.25 per share

- 2017-06: JPY 1,025.00 per share

- 2017-07: JPY 1,002.50 per share

- 2017-08: JPY 948.75 per share

- 2017-09: JPY 952.50 per share

- 2017-10: JPY 1,047.50 per share

- 2017-11: JPY 1,152.50 per share

- 2017-12: JPY 1,080.00 per share

- 2018-01: JPY 1,048.75 per share

- 2018-02: JPY 1,076.25 per share

- 2018-03: JPY 1,010.00 per share

- 2018-04: JPY 1,021.25 per share

- 2018-05: JPY 965.00 per share

- 2018-06: JPY 1,037.50 per share

- 2018-07: JPY 1,131.25 per share

- 2018-08: JPY 1,131.25 per share

- 2018-09: JPY 1,108.75 per share

- 2018-10: JPY 942.50 per share

- 2018-11: JPY 798.75 per share

- 2018-12: JPY 843.75 per share

- 2019-01: JPY 1,117.50 per share

- 2019-02: JPY 1,231.25 per share

- 2019-03: JPY 1,202.00 per share

- 2019-04: JPY 1,244.00 per share

- 2019-05: JPY 1,285.00 per share

- 2019-06: JPY 1,196.00 per share

- 2019-07: JPY 1,193.00 per share

- 2019-08: JPY 1,244.00 per share

- 2019-09: JPY 1,456.00 per share

- 2019-10: JPY 1,480.00 per share

- 2019-11: JPY 1,624.00 per share

- 2019-12: JPY 1,689.00 per share

- 2020-01: JPY 1,784.50 per share

- 2020-02: JPY 1,962.00 per share

- 2020-03: JPY 1,562.00 per share

- 2020-04: JPY 1,725.50 per share

- 2020-05: JPY 1,871.50 per share

- 2020-06: JPY 2,075.50 per share

- 2020-07: JPY 1,883.50 per share

- 2020-08: JPY 2,099.00 per share

- 2020-09: JPY 2,182.00 per share

- 2020-10: JPY 1,989.00 per share

- 2020-11: JPY 2,256.50 per share

- 2020-12: JPY 2,256.50 per share

- 2021-01: JPY 1,889.50 per share

- 2021-02: JPY 2,230.00 per share

- 2021-03: JPY 2,291.00 per share

- 2021-04: JPY 2,247.50 per share

- 2021-05: JPY 2,351.00 per share

- 2021-06: JPY 2,208.00 per share

- 2021-07: JPY 2,245.50 per share

- 2021-08: JPY 2,311.50 per share

- 2021-09: JPY 2,456.50 per share

- 2021-10: JPY 2,460.50 per share

- 2021-11: JPY 2,539.00 per share

- 2021-12: JPY 2,649.50 per share

- 2022-01: JPY 2,546.50 per share

- 2022-02: JPY 2,299.50 per share

- 2022-03: JPY 2,339.00 per share

- 2022-04: JPY 2,309.00 per share

- 2022-05: JPY 2,690.50 per share

- 2022-06: JPY 2,726.50 per share

- 2022-07: JPY 2,818.00 per share

- 2022-08: JPY 3,010.00 per share

- 2022-09: JPY 2,778.50 per share

- 2022-10: JPY 3,140.00 per share

- 2022-11: JPY 2,806.00 per share

- 2022-12: JPY 2,352.00 per share

- 2023-01: JPY 2,428.50 per share

- 2023-02: JPY 2,294.00 per share

- 2023-03: JPY 2,318.50 per share

- 2023-04: JPY 2,367.50 per share

- 2023-05: JPY 2,117.50 per share

- 2023-06: JPY 2,266.00 per share

- 2023-07: JPY 2,316.50 per share

- 2023-08: JPY 1,970.50 per share

- 2023-09: JPY 1,941.50 per share

- 2023-10: JPY 1,999.00 per share

- 2023-11: JPY 2,166.00 per share

- 2023-12: JPY 2,040.50 per share

- 2024-01: JPY 2,200.00 per share

- 2024-02: JPY 2,132.00 per share

- 2024-03: JPY 2,215.50 per share

- 2024-04: JPY 2,200.50 per share

- 2024-05: JPY 2,473.50 per share

- 2024-06: JPY 2,593.50 per share

- 2024-07: JPY 2,604.00 per share

- 2024-08: JPY 2,659.50 per share

- 2024-09: JPY 2,718.50 per share

- 2024-10: JPY 2,710.50 per share

- 2024-11: JPY 2,360.00 per share

- 2024-12: JPY 2,370.50 per share

- 2025-01: JPY 2,367.00 per share

- 2025-02: JPY 2,047.00 per share

- 2025-03: JPY 1,947.50 per share

- 2025-04: JPY 1,865.50 per share

- 2025-05: JPY 1,855.00 per share

- 2025-06: JPY 1,715.00 per share

- 2025-07: JPY 1,811.50 per share

- 2025-08: JPY 1,722.50 per share

- 2025-09: JPY 1,871.00 per share

- 2025-10: JPY 1,899.50 per share

- 2025-11: JPY 2,100.00 per share

- 2025-12: JPY 1,984.50 per share

- 2026-01: JPY 1,841.00 per share

- 2026-02: JPY 1,528.00 per share

- 2026-03: JPY 1,488.50 per share

- 2026-04: JPY 1,546.50 per share

- 2026-05: JPY 1,785.50 per share

- 2026-06: JPY 1,699.00 per share

- 2026-07: JPY 1,820.00 per share

- 2026-08: JPY 2,105.50 per share

- 2026-09: JPY 2,014.50 per share

- 2026-10: JPY 1,756.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 453.83 per share, central JPY 500.89 per share, high JPY 563.55 per share

- FY2021: low JPY 474.07 per share, central JPY 517.67 per share, high JPY 575.72 per share

- FY2022: low JPY 549.50 per share, central JPY 594.36 per share, high JPY 654.08 per share

- FY2023: low JPY 535.66 per share, central JPY 589.06 per share, high JPY 660.16 per share

- FY2024: low JPY 1,387.39 per share, central JPY 1,542.05 per share, high JPY 1,747.93 per share

- FY2025: low JPY 1,654.17 per share, central JPY 2,084.14 per share, high JPY 2,402.53 per share

- FY2026: low JPY 1,487.48 per share, central JPY 1,671.75 per share, high JPY 1,917.06 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/S100YDN3.pdf); period 2026-03-31, filed 2026-06-18.

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.