# Bandai Namco Holdings (7832.JP)

Canonical: https://gigainvestors.com/s/7832.JP

Analysis as of: 2026-10-15T07:11:32.334Z. 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 6,119.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,757.45 per share, central JPY 5,190.65 per share, high JPY 5,990.00 per share. Buy at or below the central value JPY 5,190.65 per share. Valuation as of 2026-10-15T07:11:32.334Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.09×

- FY2025: 0.15×

- FY2026: 0.14×

### moat: pass

- ROIC, median of available years: 28.0%

- ROIC, second-lowest year: 18.6%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 36.7%

- Recent gross margin (lower of latest and 3-year median): 39.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 27.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 32.3%

- FY2018: 27.8%

- FY2019: 28.3%

- FY2020: 23.7%

- FY2021: 18.6%

- FY2022: 29.5%

- FY2023: 22.7%

- FY2024: 17.2%

- FY2025: 31.5%

- FY2026: 31.3%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 555B

- Net income, five-year total: JPY 555B

- Return on incremental invested capital: 75.8%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.0 pp

- Working capital / revenue, final three-year average: 13.5%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.03×

- FY2025: 0.98×

- FY2026: 0.99×

### 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: 28.3% vs 31.3%

- Per-share earnings: 67.01 to 197.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: JPY 1.77T

- Cumulative retained earnings: JPY 458B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.5%

- Per-share value change: JPY 130.87

- Per-share value, starting three-year median: JPY 67.01

- Per-share value, ending three-year median: JPY 197.88

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 27B

- Cumulative net income, 10 years: JPY 823B

- ROIC, first three-year median: 28.3%

- ROIC, last three-year median: 31.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 67.01

- FY2018: JPY 82.10

- FY2019: JPY 96.13

- FY2020: JPY 87.46

- FY2021: JPY 74.19

- FY2022: JPY 140.70

- FY2023: JPY 136.88

- FY2024: JPY 153.85

- FY2025: JPY 197.88

- FY2026: JPY 217.49

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.1%

- FY2018: -0.2%

- FY2019: -2.7%

- FY2020: 2.3%

- FY2021: -1.6%

- FY2022: -3.3%

- FY2023: -0.6%

- FY2024: 1.3%

- FY2025: -5.3%

- FY2026: -2.0%

## Holders

## Price story

Price needs cash profits to grow 9.8% a year for ten years · sales +8.6%

Story as of 2026-10-16T10:00:14.649Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

### Sales · FY2025–2026

sales +8.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf; observed 2026-06-16.

- FY2017: JPY 620B 

- FY2018: JPY 678B 

- FY2019: JPY 732B 

- FY2020: JPY 724B 

- FY2021: JPY 741B 

- FY2022: JPY 889B 

- FY2023: JPY 990B 

- FY2024: JPY 1.05T 

- FY2025: JPY 1.24T 

- FY2026: JPY 1.35T 

### Gross margin · FY2026

gross margin 39.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf; observed 2026-06-16.

- FY2017: 36.1% 

- FY2018: 35.6% 

- FY2019: 35.9% 

- FY2020: 36.0% 

- FY2021: 38.1% 

- FY2022: 40.1% 

- FY2023: 37.2% 

- FY2024: 35.3% 

- FY2025: 39.9% 

- FY2026: 39.4% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf (filed 2026-06-16); FY2026: revenue 1348246000000; grossProfit 531172000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.3% to 39.9% during 2024–26; it earns 28% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 39.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,0.3228354782579127],[2018,0.27769598968218384],[2019,0.2829361936239897],[2020,0.2374885788889627],[2021,0.18564640644285427],[2022,0.29541291848120016],[2023,0.22665370033851068],[2024,0.17150197425929675],[2025,0.31549641216301727],[2026,0.31270946450154136]]; median 0.2803160916530868. 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 24.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2017: growth capex 0; upkeep 14820000000; owner earnings 51131000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 5910750122.515297; upkeep 42331249877.4847; owner earnings 35245750122.5153. Growth capex / owner earnings = 0.1677010732349106.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 0; upkeep 15340000000; owner earnings 69346000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2020: growth capex 0; upkeep 22628000000; owner earnings 57345000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2021: growth capex 0; upkeep 23848000000; owner earnings 48915000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 1071000000; upkeep 25726000000; owner earnings 92752000000. Growth capex / owner earnings = 0.01154692082111437.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 5136000000; upkeep 28671000000; owner earnings 90345000000. Growth capex / owner earnings = 0.05684874647185788.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 0; upkeep 34909000000; owner earnings 104948000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 2220000000; upkeep 40216000000; owner earnings 127060000000. Growth capex / owner earnings = 0.017472060443884777.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf (filed 2026-06-16); FY2026: growth capex 0; upkeep 45821000000; owner earnings 139659000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,11429000000],[2018,18023000000],[2019,28366000000],[2020,32328000000],[2021,29220000000],[2022,25271000000],[2023,47310000000],[2024,45998000000],[2025,39918000000],[2026,53738000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBXE.pdf (filed 2026-06-16); FY2026: cash repurchases 24758000000 JPY.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 14.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate 0.1669968164572952. Price 6119; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 56.05017243539697 → FY2026 215.9560608172. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,088.33 per share

- 2016-12: JPY 1,075.00 per share

- 2017-01: JPY 1,036.67 per share

- 2017-02: JPY 1,078.33 per share

- 2017-03: JPY 1,110.00 per share

- 2017-04: JPY 1,165.00 per share

- 2017-05: JPY 1,318.33 per share

- 2017-06: JPY 1,276.67 per share

- 2017-07: JPY 1,278.33 per share

- 2017-08: JPY 1,228.33 per share

- 2017-09: JPY 1,286.67 per share

- 2017-10: JPY 1,291.67 per share

- 2017-11: JPY 1,216.67 per share

- 2017-12: JPY 1,228.33 per share

- 2018-01: JPY 1,186.67 per share

- 2018-02: JPY 1,155.00 per share

- 2018-03: JPY 1,165.00 per share

- 2018-04: JPY 1,238.33 per share

- 2018-05: JPY 1,543.33 per share

- 2018-06: JPY 1,523.33 per share

- 2018-07: JPY 1,488.33 per share

- 2018-08: JPY 1,436.67 per share

- 2018-09: JPY 1,471.67 per share

- 2018-10: JPY 1,338.33 per share

- 2018-11: JPY 1,590.00 per share

- 2018-12: JPY 1,641.67 per share

- 2019-01: JPY 1,598.33 per share

- 2019-02: JPY 1,580.00 per share

- 2019-03: JPY 1,730.00 per share

- 2019-04: JPY 1,766.67 per share

- 2019-05: JPY 1,780.00 per share

- 2019-06: JPY 1,743.33 per share

- 2019-07: JPY 1,966.67 per share

- 2019-08: JPY 2,083.33 per share

- 2019-09: JPY 2,243.33 per share

- 2019-10: JPY 2,222.67 per share

- 2019-11: JPY 2,212.33 per share

- 2019-12: JPY 2,210.33 per share

- 2020-01: JPY 2,126.00 per share

- 2020-02: JPY 1,790.00 per share

- 2020-03: JPY 1,747.00 per share

- 2020-04: JPY 1,810.33 per share

- 2020-05: JPY 1,998.67 per share

- 2020-06: JPY 1,889.00 per share

- 2020-07: JPY 1,940.33 per share

- 2020-08: JPY 2,195.67 per share

- 2020-09: JPY 2,563.00 per share

- 2020-10: JPY 2,592.00 per share

- 2020-11: JPY 3,176.67 per share

- 2020-12: JPY 2,975.33 per share

- 2021-01: JPY 2,980.33 per share

- 2021-02: JPY 2,715.67 per share

- 2021-03: JPY 2,631.00 per share

- 2021-04: JPY 2,675.33 per share

- 2021-05: JPY 2,613.67 per share

- 2021-06: JPY 2,569.33 per share

- 2021-07: JPY 2,353.67 per share

- 2021-08: JPY 2,547.00 per share

- 2021-09: JPY 2,800.00 per share

- 2021-10: JPY 2,895.67 per share

- 2021-11: JPY 2,945.67 per share

- 2021-12: JPY 2,998.00 per share

- 2022-01: JPY 2,669.00 per share

- 2022-02: JPY 2,790.00 per share

- 2022-03: JPY 3,097.33 per share

- 2022-04: JPY 2,953.00 per share

- 2022-05: JPY 3,208.33 per share

- 2022-06: JPY 3,193.00 per share

- 2022-07: JPY 3,453.33 per share

- 2022-08: JPY 3,495.00 per share

- 2022-09: JPY 3,144.33 per share

- 2022-10: JPY 3,280.67 per share

- 2022-11: JPY 3,015.00 per share

- 2022-12: JPY 2,771.33 per share

- 2023-01: JPY 2,885.33 per share

- 2023-02: JPY 2,804.67 per share

- 2023-03: JPY 2,848.50 per share

- 2023-04: JPY 3,078.00 per share

- 2023-05: JPY 3,271.00 per share

- 2023-06: JPY 3,321.00 per share

- 2023-07: JPY 3,214.00 per share

- 2023-08: JPY 3,382.00 per share

- 2023-09: JPY 3,042.00 per share

- 2023-10: JPY 3,103.00 per share

- 2023-11: JPY 2,943.00 per share

- 2023-12: JPY 2,826.50 per share

- 2024-01: JPY 3,215.00 per share

- 2024-02: JPY 2,893.00 per share

- 2024-03: JPY 2,814.50 per share

- 2024-04: JPY 2,962.00 per share

- 2024-05: JPY 2,862.00 per share

- 2024-06: JPY 3,140.00 per share

- 2024-07: JPY 3,206.00 per share

- 2024-08: JPY 3,127.00 per share

- 2024-09: JPY 3,276.00 per share

- 2024-10: JPY 3,222.00 per share

- 2024-11: JPY 3,160.00 per share

- 2024-12: JPY 3,779.00 per share

- 2025-01: JPY 3,861.00 per share

- 2025-02: JPY 5,000.00 per share

- 2025-03: JPY 5,004.00 per share

- 2025-04: JPY 4,949.00 per share

- 2025-05: JPY 4,596.00 per share

- 2025-06: JPY 5,171.00 per share

- 2025-07: JPY 4,908.00 per share

- 2025-08: JPY 5,095.00 per share

- 2025-09: JPY 4,925.00 per share

- 2025-10: JPY 4,802.00 per share

- 2025-11: JPY 4,577.00 per share

- 2025-12: JPY 4,172.00 per share

- 2026-01: JPY 4,010.00 per share

- 2026-02: JPY 4,244.00 per share

- 2026-03: JPY 3,867.00 per share

- 2026-04: JPY 3,623.00 per share

- 2026-05: JPY 3,641.00 per share

- 2026-06: JPY 3,784.00 per share

- 2026-07: JPY 4,609.00 per share

- 2026-08: JPY 5,720.00 per share

- 2026-09: JPY 5,719.00 per share

- 2026-10: JPY 5,963.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,216.65 per share, central JPY 1,347.72 per share, high JPY 1,522.21 per share

- FY2021: low JPY 1,260.85 per share, central JPY 1,395.04 per share, high JPY 1,573.69 per share

- FY2022: low JPY 1,564.74 per share, central JPY 1,725.76 per share, high JPY 1,940.12 per share

- FY2023: low JPY 2,221.97 per share, central JPY 2,956.75 per share, high JPY 3,401.73 per share

- FY2024: low JPY 2,405.84 per share, central JPY 3,204.91 per share, high JPY 3,683.13 per share

- FY2025: low JPY 3,137.74 per share, central JPY 4,243.86 per share, high JPY 4,887.96 per share

- FY2026: low JPY 3,726.46 per share, central JPY 5,147.83 per share, high JPY 5,940.58 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/S100YBXE.pdf); period 2026-03-31, filed 2026-06-16.

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.