# Asics (7936.JP)

Canonical: https://gigainvestors.com/s/7936.JP

Analysis as of: 2026-10-15T07:11:35.126Z. 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 4,580.00 per share; close as of 2026-10-15.

Estimated value: low JPY 590.82 per share, central JPY 654.26 per share, high JPY 738.72 per share. Buy at or below the central value JPY 654.26 per share. Valuation as of 2026-10-15T07:11:35.126Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.77×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: -0.01×

- FY2021: 0.05×

- FY2022: 0.07×

- FY2023: 0.10×

- FY2024: 0.15×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: -7.3 pp

- Typical gross margin (annual median): 48.5%

- Recent gross margin (lower of latest and 3-year median): 55.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.5%

- FY2017: 9.6%

- FY2018: 7.0%

- FY2019: 4.9%

- FY2020: -2.4%

- FY2021: 11.7%

- FY2022: 12.4%

- FY2023: 22.7%

- FY2024: 31.6%

- FY2025: 40.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 172B

- Net income, five-year total: JPY 227B

- Return on incremental invested capital: 194.2%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -9.1 pp

- Working capital / revenue, final three-year average: 23.7%

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

- FY2021: 0.60×

- FY2022: 0.78×

- FY2023: 0.50×

- FY2024: 0.77×

- FY2025: 0.85×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 31.6%

- Per-share earnings: 68.33 to 88.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.2%

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

- Market cap gain: JPY 2.57T

- Cumulative retained earnings: JPY 95B

- Diluted shares, 10-year annual growth: 14.2%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.3%

- Per-share value change: JPY 19.97

- Per-share value, starting three-year median: JPY 68.33

- Per-share value, ending three-year median: JPY 88.30

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 104B

- Cumulative net income, 10 years: JPY 226B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 31.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 82.01

- FY2017: JPY 68.33

- FY2018: JPY -107.59

- FY2019: JPY 37.91

- FY2020: JPY -22.04

- FY2021: JPY 12.84

- FY2022: JPY 27.15

- FY2023: JPY 48.13

- FY2024: JPY 88.30

- FY2025: JPY 138.13

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -6.9%

- FY2018: -10.3%

- FY2019: -2.4%

- FY2020: -10.6%

- FY2021: -11.5%

- FY2022: 9.7%

- FY2023: -11.8%

- FY2024: -7.9%

- FY2025: -1.9%

## Holders

## Price story

Price needs cash profits to grow 28.7% a year for ten years · sales +19.5%

Story as of 2026-10-16T10:00:14.661Z; price observation 2026-10-15.

Price needs cash profits to grow 28.7% a year for ten years

### Sales · FY2024–2025

sales +19.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf; observed 2026-03-04.

- FY2016: JPY 399B 

- FY2017: JPY 400B 

- FY2018: JPY 387B 

- FY2019: JPY 378B 

- FY2020: JPY 329B 

- FY2021: JPY 404B 

- FY2022: JPY 485B 

- FY2023: JPY 570B 

- FY2024: JPY 679B 

- FY2025: JPY 811B 

### Gross margin · FY2025

gross margin 56.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf; observed 2026-03-04.

- FY2016: 44.2% 

- FY2017: 45.8% 

- FY2018: 46.7% 

- FY2019: 47.5% 

- FY2020: 46.5% 

- FY2021: 49.5% 

- FY2022: 49.7% 

- FY2023: 52.0% 

- FY2024: 55.8% 

- FY2025: 56.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 810.9 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf (filed 2026-03-04); FY2025: revenue 810916000000; grossProfit 460632000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 52% to 56.8% during 2023–25; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 52%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 55.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf (filed 2026-03-04); FY2025: grossProfit / revenue = 56.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.12468255274773524],[2017,0.09560245898559329],[2018,0.07039584074846189],[2019,0.04922019026630038],[2020,-0.023836882680711397],[2021,0.11697460462814238],[2022,0.12411455876832923],[2023,0.22739281023814398],[2024,0.3159030438479667],[2025,0.40273072036707336]]; median 0.12054458169823581. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 6% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 9170000000; owner earnings 14013000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 100892540.3782196; upkeep 14072107459.62178; owner earnings 7528892540.37822. Growth capex / owner earnings = 0.013400714625308119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 11260000000; owner earnings 1926000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 9573000000; owner earnings 5595000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 11283000000; owner earnings 15467000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 15526000000; owner earnings 17707000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 3482000000; upkeep 20557000000; owner earnings 49338000000. Growth capex / owner earnings = 0.07057440512383964.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf (filed 2026-03-04); FY2025: growth capex 5032000000; upkeep 25266000000; owner earnings 83739000000. Growth capex / owner earnings = 0.06009147470115478.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Incremental return on capital 1.9423180442750838, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,4455000000],[2017,4458000000],[2018,6714000000],[2019,4531000000],[2020,3294000000],[2021,6589000000],[2022,5126000000],[2023,8963000000],[2024,14542000000],[2025,15734000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XOKI.pdf (filed 2026-03-04); FY2025: cash repurchases 50003000000 JPY.

### What the price says

The price assumes cash profits grow 28.7% yearly over ten years; actual growth was 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.40777778756141003. Price 4580; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 49.673338868809225 → FY2025 117.16962357803462. Closing-price date 2026-10-15.

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

- 2016-11: JPY 602.00 per share

- 2016-12: JPY 583.75 per share

- 2017-01: JPY 550.25 per share

- 2017-02: JPY 495.25 per share

- 2017-03: JPY 447.00 per share

- 2017-04: JPY 492.75 per share

- 2017-05: JPY 464.00 per share

- 2017-06: JPY 520.50 per share

- 2017-07: JPY 501.75 per share

- 2017-08: JPY 414.25 per share

- 2017-09: JPY 419.00 per share

- 2017-10: JPY 431.75 per share

- 2017-11: JPY 414.00 per share

- 2017-12: JPY 449.00 per share

- 2018-01: JPY 449.00 per share

- 2018-02: JPY 427.25 per share

- 2018-03: JPY 492.25 per share

- 2018-04: JPY 518.00 per share

- 2018-05: JPY 454.00 per share

- 2018-06: JPY 468.25 per share

- 2018-07: JPY 453.25 per share

- 2018-08: JPY 415.50 per share

- 2018-09: JPY 423.50 per share

- 2018-10: JPY 410.00 per share

- 2018-11: JPY 409.00 per share

- 2018-12: JPY 351.25 per share

- 2019-01: JPY 392.50 per share

- 2019-02: JPY 370.50 per share

- 2019-03: JPY 371.25 per share

- 2019-04: JPY 341.25 per share

- 2019-05: JPY 299.50 per share

- 2019-06: JPY 291.75 per share

- 2019-07: JPY 293.50 per share

- 2019-08: JPY 343.00 per share

- 2019-09: JPY 461.25 per share

- 2019-10: JPY 467.00 per share

- 2019-11: JPY 453.25 per share

- 2019-12: JPY 454.00 per share

- 2020-01: JPY 403.50 per share

- 2020-02: JPY 289.75 per share

- 2020-03: JPY 249.75 per share

- 2020-04: JPY 258.25 per share

- 2020-05: JPY 286.25 per share

- 2020-06: JPY 306.50 per share

- 2020-07: JPY 292.50 per share

- 2020-08: JPY 366.00 per share

- 2020-09: JPY 366.00 per share

- 2020-10: JPY 325.00 per share

- 2020-11: JPY 470.00 per share

- 2020-12: JPY 495.00 per share

- 2021-01: JPY 460.25 per share

- 2021-02: JPY 436.25 per share

- 2021-03: JPY 441.25 per share

- 2021-04: JPY 433.75 per share

- 2021-05: JPY 656.25 per share

- 2021-06: JPY 703.00 per share

- 2021-07: JPY 602.00 per share

- 2021-08: JPY 583.75 per share

- 2021-09: JPY 640.50 per share

- 2021-10: JPY 708.00 per share

- 2021-11: JPY 704.50 per share

- 2021-12: JPY 637.50 per share

- 2022-01: JPY 552.00 per share

- 2022-02: JPY 571.75 per share

- 2022-03: JPY 593.50 per share

- 2022-04: JPY 517.00 per share

- 2022-05: JPY 557.50 per share

- 2022-06: JPY 613.25 per share

- 2022-07: JPY 630.00 per share

- 2022-08: JPY 640.50 per share

- 2022-09: JPY 575.00 per share

- 2022-10: JPY 571.00 per share

- 2022-11: JPY 738.75 per share

- 2022-12: JPY 728.50 per share

- 2023-01: JPY 767.50 per share

- 2023-02: JPY 862.50 per share

- 2023-03: JPY 937.50 per share

- 2023-04: JPY 943.75 per share

- 2023-05: JPY 933.75 per share

- 2023-06: JPY 1,105.25 per share

- 2023-07: JPY 1,119.50 per share

- 2023-08: JPY 1,327.75 per share

- 2023-09: JPY 1,305.75 per share

- 2023-10: JPY 1,182.25 per share

- 2023-11: JPY 1,322.50 per share

- 2023-12: JPY 1,104.50 per share

- 2024-01: JPY 1,132.25 per share

- 2024-02: JPY 1,592.00 per share

- 2024-03: JPY 1,825.00 per share

- 2024-04: JPY 1,690.00 per share

- 2024-05: JPY 2,175.00 per share

- 2024-06: JPY 2,461.00 per share

- 2024-07: JPY 2,475.00 per share

- 2024-08: JPY 2,875.50 per share

- 2024-09: JPY 3,001.00 per share

- 2024-10: JPY 2,714.00 per share

- 2024-11: JPY 3,003.00 per share

- 2024-12: JPY 3,110.00 per share

- 2025-01: JPY 3,486.00 per share

- 2025-02: JPY 3,334.00 per share

- 2025-03: JPY 3,145.00 per share

- 2025-04: JPY 3,084.00 per share

- 2025-05: JPY 3,483.00 per share

- 2025-06: JPY 3,680.00 per share

- 2025-07: JPY 3,568.00 per share

- 2025-08: JPY 3,999.00 per share

- 2025-09: JPY 3,872.00 per share

- 2025-10: JPY 3,943.00 per share

- 2025-11: JPY 3,741.00 per share

- 2025-12: JPY 3,755.00 per share

- 2026-01: JPY 3,715.00 per share

- 2026-02: JPY 4,794.00 per share

- 2026-03: JPY 4,156.00 per share

- 2026-04: JPY 4,432.00 per share

- 2026-05: JPY 4,843.00 per share

- 2026-06: JPY 4,375.00 per share

- 2026-07: JPY 4,754.00 per share

- 2026-08: JPY 4,500.00 per share

- 2026-09: JPY 4,220.00 per share

- 2026-10: JPY 4,641.00 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 584.30 per share, central JPY 641.56 per share, high JPY 717.78 per share

- FY2020: low JPY 127.38 per share, central JPY 130.83 per share, high JPY 135.42 per share

- FY2021: low JPY 151.20 per share, central JPY 155.44 per share, high JPY 161.08 per share

- FY2022: low JPY 115.60 per share, central JPY 120.68 per share, high JPY 127.44 per share

- FY2023: low JPY 257.80 per share, central JPY 274.05 per share, high JPY 295.67 per share

- FY2024: low JPY 475.58 per share, central JPY 519.50 per share, high JPY 577.98 per share

- FY2025: low JPY 530.23 per share, central JPY 584.81 per share, high JPY 657.46 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/S100XOKI.pdf); period 2025-12-31, filed 2026-03-04.

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.

Asics

7936 · JP

TOPIX Large70

Not a wonderful business

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

Share price: JPY 4,580.00
Buy up to: JPY 654.26
Expected / yr: 3.8% 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 76.9% around their average (limit 35%).

Operating margin

10y median: 5.9%
Worst year: -1.2%
Latest · 2025: 17.6%

Capital return excluding acquisitions: median 12.1% (minimum 15%), and the second-worst year 4.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.1%
Worst year: -2.4%
Latest · 2025: 40.3%

Each $1 of profit left $0.76 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.76×
Annual median: 0.77×
Latest · 2025: 0.85×

Per-share value rose from 68.33 to 88.3, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 43.02
Worst year: JPY -107.59
Latest · 2025: JPY 138.13

Profits were backed by cash: accruals were -1.9% of assets (limit 10%).

Sloan accruals

10y median: -7.4%
Worst year: 9.7%
Latest · 2025: -1.9%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 7.0%, three-year average owner earnings per share 69.87 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 602.00; 2016-12 · Price JPY 583.75; 2017-01 · Price JPY 550.25; 2017-02 · Price JPY 495.25; 2017-03 · Price JPY 447.00; 2017-04 · Price JPY 492.75; 2017-05 · Price JPY 464.00; 2017-06 · Price JPY 520.50; 2017-07 · Price JPY 501.75; 2017-08 · Price JPY 414.25; 2017-09 · Price JPY 419.00; 2017-10 · Price JPY 431.75; 2017-11 · Price JPY 414.00; 2017-12 · Price JPY 449.00; 2018-01 · Price JPY 449.00; 2018-02 · Price JPY 427.25; 2018-03 · Price JPY 492.25; 2018-04 · Price JPY 518.00; 2018-05 · Price JPY 454.00; 2018-06 · Price JPY 468.25; 2018-07 · Price JPY 453.25; 2018-08 · Price JPY 415.50; 2018-09 · Price JPY 423.50; 2018-10 · Price JPY 410.00; 2018-11 · Price JPY 409.00; 2018-12 · Price JPY 351.25; 2019-01 · Price JPY 392.50 · Value 641.56 · Buy at or below 641.56; 2019-02 · Price JPY 370.50 · Value 641.56 · Buy at or below 641.56; 2019-03 · Price JPY 371.25 · Value 641.56 · Buy at or below 641.56; 2019-04 · Price JPY 341.25 · Value 641.56 · Buy at or below 641.56; 2019-05 · Price JPY 299.50 · Value 641.56 · Buy at or below 641.56; 2019-06 · Price JPY 291.75 · Value 641.56 · Buy at or below 641.56; 2019-07 · Price JPY 293.50 · Value 641.56 · Buy at or below 641.56; 2019-08 · Price JPY 343.00 · Value 641.56 · Buy at or below 641.56; 2019-09 · Price JPY 461.25 · Value 641.56 · Buy at or below 641.56; 2019-10 · Price JPY 467.00 · Value 641.56 · Buy at or below 641.56; 2019-11 · Price JPY 453.25 · Value 641.56 · Buy at or below 641.56; 2019-12 · Price JPY 454.00 · Value 641.56 · Buy at or below 641.56; 2020-01 · Price JPY 403.50 · Value 641.56 · Buy at or below 641.56; 2020-02 · Price JPY 289.75 · Value 130.83 · Buy at or below 130.83; 2020-03 · Price JPY 249.75 · Value 130.83 · Buy at or below 130.83; 2020-04 · Price JPY 258.25 · Value 130.83 · Buy at or below 130.83; 2020-05 · Price JPY 286.25 · Value 130.83 · Buy at or below 130.83; 2020-06 · Price JPY 306.50 · Value 130.83 · Buy at or below 130.83; 2020-07 · Price JPY 292.50 · Value 130.83 · Buy at or below 130.83; 2020-08 · Price JPY 366.00 · Value 130.83 · Buy at or below 130.83; 2020-09 · Price JPY 366.00 · Value 130.83 · Buy at or below 130.83; 2020-10 · Price JPY 325.00 · Value 130.83 · Buy at or below 130.83; 2020-11 · Price JPY 470.00 · Value 130.83 · Buy at or below 130.83; 2020-12 · Price JPY 495.00 · Value 130.83 · Buy at or below 130.83; 2021-01 · Price JPY 460.25 · Value 130.83 · Buy at or below 130.83; 2021-02 · Price JPY 436.25 · Value 155.44 · Buy at or below 155.44; 2021-03 · Price JPY 441.25 · Value 155.44 · Buy at or below 155.44; 2021-04 · Price JPY 433.75 · Value 155.44 · Buy at or below 155.44; 2021-05 · Price JPY 656.25 · Value 155.44 · Buy at or below 155.44; 2021-06 · Price JPY 703.00 · Value 155.44 · Buy at or below 155.44; 2021-07 · Price JPY 602.00 · Value 155.44 · Buy at or below 155.44; 2021-08 · Price JPY 583.75 · Value 155.44 · Buy at or below 155.44; 2021-09 · Price JPY 640.50 · Value 155.44 · Buy at or below 155.44; 2021-10 · Price JPY 708.00 · Value 155.44 · Buy at or below 155.44; 2021-11 · Price JPY 704.50 · Value 155.44 · Buy at or below 155.44; 2021-12 · Price JPY 637.50 · Value 155.44 · Buy at or below 155.44; 2022-01 · Price JPY 552.00 · Value 155.44 · Buy at or below 155.44; 2022-02 · Price JPY 571.75 · Value 120.68 · Buy at or below 120.68; 2022-03 · Price JPY 593.50 · Value 120.68 · Buy at or below 120.68; 2022-04 · Price JPY 517.00 · Value 120.68 · Buy at or below 120.68; 2022-05 · Price JPY 557.50 · Value 120.68 · Buy at or below 120.68; 2022-06 · Price JPY 613.25 · Value 120.68 · Buy at or below 120.68; 2022-07 · Price JPY 630.00 · Value 120.68 · Buy at or below 120.68; 2022-08 · Price JPY 640.50 · Value 120.68 · Buy at or below 120.68; 2022-09 · Price JPY 575.00 · Value 120.68 · Buy at or below 120.68; 2022-10 · Price JPY 571.00 · Value 120.68 · Buy at or below 120.68; 2022-11 · Price JPY 738.75 · Value 120.68 · Buy at or below 120.68; 2022-12 · Price JPY 728.50 · Value 120.68 · Buy at or below 120.68; 2023-01 · Price JPY 767.50 · Value 120.68 · Buy at or below 120.68; 2023-02 · Price JPY 862.50 · Value 274.05 · Buy at or below 274.05; 2023-03 · Price JPY 937.50 · Value 274.05 · Buy at or below 274.05; 2023-04 · Price JPY 943.75 · Value 274.05 · Buy at or below 274.05; 2023-05 · Price JPY 933.75 · Value 274.05 · Buy at or below 274.05; 2023-06 · Price JPY 1105.25 · Value 274.05 · Buy at or below 274.05; 2023-07 · Price JPY 1119.50 · Value 274.05 · Buy at or below 274.05; 2023-08 · Price JPY 1327.75 · Value 274.05 · Buy at or below 274.05; 2023-09 · Price JPY 1305.75 · Value 274.05 · Buy at or below 274.05; 2023-10 · Price JPY 1182.25 · Value 274.05 · Buy at or below 274.05; 2023-11 · Price JPY 1322.50 · Value 274.05 · Buy at or below 274.05; 2023-12 · Price JPY 1104.50 · Value 274.05 · Buy at or below 274.05; 2024-01 · Price JPY 1132.25 · Value 274.05 · Buy at or below 274.05; 2024-02 · Price JPY 1592.00 · Value 519.50 · Buy at or below 519.50; 2024-03 · Price JPY 1825.00 · Value 519.50 · Buy at or below 519.50; 2024-04 · Price JPY 1690.00 · Value 519.50 · Buy at or below 519.50; 2024-05 · Price JPY 2175.00 · Value 519.50 · Buy at or below 519.50; 2024-06 · Price JPY 2461.00 · Value 519.50 · Buy at or below 519.50; 2024-07 · Price JPY 2475.00 · Value 519.50 · Buy at or below 519.50; 2024-08 · Price JPY 2875.50 · Value 519.50 · Buy at or below 519.50; 2024-09 · Price JPY 3001.00 · Value 519.50 · Buy at or below 519.50; 2024-10 · Price JPY 2714.00 · Value 519.50 · Buy at or below 519.50; 2024-11 · Price JPY 3003.00 · Value 519.50 · Buy at or below 519.50; 2024-12 · Price JPY 3110.00 · Value 519.50 · Buy at or below 519.50; 2025-01 · Price JPY 3486.00 · Value 519.50 · Buy at or below 519.50; 2025-02 · Price JPY 3334.00 · Value 584.81 · Buy at or below 584.81; 2025-03 · Price JPY 3145.00 · Value 584.81 · Buy at or below 584.81; 2025-04 · Price JPY 3084.00 · Value 584.81 · Buy at or below 584.81; 2025-05 · Price JPY 3483.00 · Value 584.81 · Buy at or below 584.81; 2025-06 · Price JPY 3680.00 · Value 584.81 · Buy at or below 584.81; 2025-07 · Price JPY 3568.00 · Value 584.81 · Buy at or below 584.81; 2025-08 · Price JPY 3999.00 · Value 584.81 · Buy at or below 584.81; 2025-09 · Price JPY 3872.00 · Value 584.81 · Buy at or below 584.81; 2025-10 · Price JPY 3943.00 · Value 584.81 · Buy at or below 584.81; 2025-11 · Price JPY 3741.00 · Value 584.81 · Buy at or below 584.81; 2025-12 · Price JPY 3755.00 · Value 584.81 · Buy at or below 584.81; 2026-01 · Price JPY 3715.00 · Value 584.81 · Buy at or below 584.81; 2026-02 · Price JPY 4794.00 · Value 654.26 · Buy at or below 654.26; 2026-03 · Price JPY 4156.00 · Value 654.26 · Buy at or below 654.26; 2026-04 · Price JPY 4432.00 · Value 654.26 · Buy at or below 654.26; 2026-05 · Price JPY 4843.00 · Value 654.26 · Buy at or below 654.26; 2026-06 · Price JPY 4375.00 · Value 654.26 · Buy at or below 654.26; 2026-07 · Price JPY 4754.00 · Value 654.26 · Buy at or below 654.26; 2026-08 · Price JPY 4500.00 · Value 654.26 · Buy at or below 654.26; 2026-09 · Price JPY 4220.00 · Value 654.26 · Buy at or below 654.26; 2026-10 · Price JPY 4641.00 · Value 654.26 · Buy at or below 654.26; 2026-10 · Price JPY 4580.00 · Value 654.26 · Buy at or below 654.26

JPY per share · annual estimates

Price & return math
Value range	JPY 590.82 – JPY 738.72
Buy at or below	Central value JPY 654.26
Discount to value	1 − 4580.00 / 654.26 = -600.0%
Return / year	About 3.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 42.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 130.71/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 811B

Revenue

Owner earningsJPY 84B

Owner earnings

Operating margin17.6%

Operating margin

Net cash / debtJPY 75B

Net cash / debt

Diluted shares715M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·