# Sumitomo (8053.JP)

Canonical: https://gigainvestors.com/s/8053.JP

Analysis as of: 2026-10-15T07:11:38.649Z. 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 1,712.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,642.87 per share, central JPY 1,844.78 per share, high JPY 2,113.56 per share. Buy at or below the central value JPY 1,844.78 per share. Valuation as of 2026-10-15T07:11:38.649Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% 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: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: -0.01×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.09×

- FY2025: 0.11×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 18.9%

- Recent gross margin (lower of latest and 3-year median): 19.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 2.7%

- FY2018: 7.2%

- FY2019: 7.2%

- FY2020: 4.2%

- FY2021: -1.1%

- FY2022: 9.5%

- FY2023: 10.5%

- FY2024: 7.3%

- FY2025: 9.2%

- FY2026: 9.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 2.77T

- Net income, five-year total: JPY 2.58T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.1 pp

- Working capital / revenue, final three-year average: 24.5%

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

- FY2022: 1.07×

- FY2023: 1.07×

- FY2024: 1.08×

- FY2025: 1.07×

- FY2026: 1.07×

### 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: 7.2% vs 9.2%

- Per-share earnings: 136.91 to 463.66 (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: -0.8%

- Market cap gain: JPY 1.27T

- Cumulative retained earnings: JPY 1.66T

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

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.5%

- Per-share value change: JPY 326.75

- Per-share value, starting three-year median: JPY 136.91

- Per-share value, ending three-year median: JPY 463.66

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 4.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 417B

- Cumulative net income, 10 years: JPY 3.40T

- ROIC, first three-year median: 7.2%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 136.91

- FY2018: JPY 247.13

- FY2019: JPY 256.68

- FY2020: JPY 137.18

- FY2021: JPY -122.42

- FY2022: JPY 370.79

- FY2023: JPY 452.63

- FY2024: JPY 315.87

- FY2025: JPY 463.66

- FY2026: JPY 499.09

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.3%

- FY2018: 0.2%

- FY2019: 0.7%

- FY2020: -1.9%

- FY2021: -7.7%

- FY2022: 2.8%

- FY2023: 3.3%

- FY2024: -2.0%

- FY2025: -0.4%

- FY2026: -1.6%

## Holders

## Price story

Price needs cash profits to shrink 0.1% a year for ten years · sales +0.6%

Story as of 2026-10-16T10:00:14.705Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

### Sales · FY2025–2026

sales +0.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf; observed 2026-06-12.

- FY2017: JPY 4.00T 

- FY2018: JPY 4.83T 

- FY2019: JPY 5.34T 

- FY2020: JPY 5.30T 

- FY2021: JPY 4.65T 

- FY2022: JPY 5.50T 

- FY2023: JPY 6.82T 

- FY2024: JPY 6.91T 

- FY2025: JPY 7.29T 

- FY2026: JPY 7.34T 

### Gross margin · FY2026

gross margin 20.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf; observed 2026-06-12.

- FY2017: 21.1% 

- FY2018: 19.8% 

- FY2019: 17.3% 

- FY2020: 16.5% 

- FY2021: 15.7% 

- FY2022: 18.4% 

- FY2023: 18.1% 

- FY2024: 19.4% 

- FY2025: 19.8% 

- FY2026: 20.6% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are JPY 7.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf (filed 2026-06-12); FY2026: revenue 7337259000000; grossProfit 1509657000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.4% to 20.6% during 2024–26; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: grossProfit / revenue = 19.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf (filed 2026-06-12); FY2026: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); 10-year return on capital observations [[2017,0.027064278955686354],[2018,0.07236259776128122],[2019,0.07193136824278012],[2020,0.041593728132993155],[2021,-0.01060868411029908],[2022,0.09467995679351966],[2023,0.10535422672804656],[2024,0.0727519083519063],[2025,0.09213921239808444],[2026,0.0928770586010654]]; median 0.07255725305659376. 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 80 billion of shares.

- Source: https://eodhd.com/api/fundamentals/SUMA.F.json#2017-03-31 (filed 2026-06-12); FY2017: growth capex 0; upkeep 73004000000; owner earnings 203104000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2018: growth capex 0; upkeep 97762000000; owner earnings 329666000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2019: growth capex 0; upkeep 110028000000; owner earnings 322333000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2020: growth capex 0; upkeep 76935000000; owner earnings 259764000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2022: growth capex 0; upkeep 69716000000; owner earnings 495976000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2023: growth capex 0; upkeep 70295000000; cash acquisitions 0; owner earnings 607278000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: growth capex 0; upkeep 93380000000; cash acquisitions 58764000000; owner earnings 418434000000. Growth capex plus acquisitions / owner earnings = 0.14043791852478527.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: growth capex 0; upkeep 102799000000; cash acquisitions 269378000000; owner earnings 601289000000. Growth capex plus acquisitions / owner earnings = 0.44800087811351946.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf (filed 2026-06-12); FY2026: growth capex 0; upkeep 105910000000; cash acquisitions 0; owner earnings 644620000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Dividend observations: [[2017,62407000000],[2018,66160000000],[2019,88653000000],[2020,103675000000],[2021,87461000000],[2022,99985000000],[2023,153139000000],[2024,147326000000],[2025,155019000000],[2026,162876000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YARD.pdf (filed 2026-06-12); FY2026: cash repurchases 80011000000 JPY.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years; actual growth was 3.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Ten-year compound average after fade. Initial solved rate -0.014698976620715787. Price 1712.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 384.0119950097926 → FY2026 535.9073379152272. Closing-price date 2026-10-15.

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

- 2016-11: JPY 341.25 per share

- 2016-12: JPY 343.88 per share

- 2017-01: JPY 354.00 per share

- 2017-02: JPY 377.38 per share

- 2017-03: JPY 374.38 per share

- 2017-04: JPY 372.13 per share

- 2017-05: JPY 353.13 per share

- 2017-06: JPY 365.50 per share

- 2017-07: JPY 372.88 per share

- 2017-08: JPY 389.13 per share

- 2017-09: JPY 404.63 per share

- 2017-10: JPY 408.38 per share

- 2017-11: JPY 435.88 per share

- 2017-12: JPY 478.75 per share

- 2018-01: JPY 469.75 per share

- 2018-02: JPY 472.25 per share

- 2018-03: JPY 447.75 per share

- 2018-04: JPY 492.38 per share

- 2018-05: JPY 456.88 per share

- 2018-06: JPY 455.00 per share

- 2018-07: JPY 458.75 per share

- 2018-08: JPY 450.88 per share

- 2018-09: JPY 473.63 per share

- 2018-10: JPY 428.38 per share

- 2018-11: JPY 435.88 per share

- 2018-12: JPY 390.38 per share

- 2019-01: JPY 420.38 per share

- 2019-02: JPY 400.13 per share

- 2019-03: JPY 382.75 per share

- 2019-04: JPY 397.38 per share

- 2019-05: JPY 392.13 per share

- 2019-06: JPY 408.13 per share

- 2019-07: JPY 405.88 per share

- 2019-08: JPY 398.13 per share

- 2019-09: JPY 422.00 per share

- 2019-10: JPY 440.75 per share

- 2019-11: JPY 412.25 per share

- 2019-12: JPY 406.00 per share

- 2020-01: JPY 409.50 per share

- 2020-02: JPY 386.13 per share

- 2020-03: JPY 309.75 per share

- 2020-04: JPY 307.13 per share

- 2020-05: JPY 324.50 per share

- 2020-06: JPY 308.63 per share

- 2020-07: JPY 292.50 per share

- 2020-08: JPY 343.63 per share

- 2020-09: JPY 314.63 per share

- 2020-10: JPY 286.13 per share

- 2020-11: JPY 321.63 per share

- 2020-12: JPY 341.38 per share

- 2021-01: JPY 346.75 per share

- 2021-02: JPY 385.13 per share

- 2021-03: JPY 394.25 per share

- 2021-04: JPY 372.00 per share

- 2021-05: JPY 382.00 per share

- 2021-06: JPY 372.00 per share

- 2021-07: JPY 370.75 per share

- 2021-08: JPY 388.63 per share

- 2021-09: JPY 395.38 per share

- 2021-10: JPY 404.25 per share

- 2021-11: JPY 386.50 per share

- 2021-12: JPY 425.13 per share

- 2022-01: JPY 442.75 per share

- 2022-02: JPY 468.50 per share

- 2022-03: JPY 529.75 per share

- 2022-04: JPY 515.38 per share

- 2022-05: JPY 462.50 per share

- 2022-06: JPY 464.25 per share

- 2022-07: JPY 466.13 per share

- 2022-08: JPY 491.25 per share

- 2022-09: JPY 450.63 per share

- 2022-10: JPY 473.88 per share

- 2022-11: JPY 561.75 per share

- 2022-12: JPY 549.00 per share

- 2023-01: JPY 580.75 per share

- 2023-02: JPY 580.75 per share

- 2023-03: JPY 585.25 per share

- 2023-04: JPY 606.75 per share

- 2023-05: JPY 659.13 per share

- 2023-06: JPY 760.25 per share

- 2023-07: JPY 761.75 per share

- 2023-08: JPY 749.75 per share

- 2023-09: JPY 746.00 per share

- 2023-10: JPY 734.63 per share

- 2023-11: JPY 775.00 per share

- 2023-12: JPY 769.00 per share

- 2024-01: JPY 853.75 per share

- 2024-02: JPY 876.75 per share

- 2024-03: JPY 915.75 per share

- 2024-04: JPY 1,038.75 per share

- 2024-05: JPY 1,020.25 per share

- 2024-06: JPY 1,004.25 per share

- 2024-07: JPY 944.50 per share

- 2024-08: JPY 861.50 per share

- 2024-09: JPY 798.50 per share

- 2024-10: JPY 811.25 per share

- 2024-11: JPY 802.00 per share

- 2024-12: JPY 857.00 per share

- 2025-01: JPY 841.00 per share

- 2025-02: JPY 838.50 per share

- 2025-03: JPY 843.00 per share

- 2025-04: JPY 874.50 per share

- 2025-05: JPY 925.50 per share

- 2025-06: JPY 932.25 per share

- 2025-07: JPY 965.00 per share

- 2025-08: JPY 1,036.75 per share

- 2025-09: JPY 1,072.00 per share

- 2025-10: JPY 1,121.50 per share

- 2025-11: JPY 1,224.50 per share

- 2025-12: JPY 1,353.00 per share

- 2026-01: JPY 1,562.25 per share

- 2026-02: JPY 1,665.75 per share

- 2026-03: JPY 1,445.00 per share

- 2026-04: JPY 1,460.00 per share

- 2026-05: JPY 1,774.75 per share

- 2026-06: JPY 1,549.00 per share

- 2026-07: JPY 1,670.00 per share

- 2026-08: JPY 1,791.50 per share

- 2026-09: JPY 1,770.00 per share

- 2026-10: JPY 1,734.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 2,604.72 per share, central JPY 2,900.83 per share, high JPY 3,295.02 per share

- FY2019: low JPY 3,264.73 per share, central JPY 3,653.74 per share, high JPY 4,171.60 per share

- FY2020: low JPY 3,283.45 per share, central JPY 3,669.46 per share, high JPY 4,183.32 per share

- FY2021: low JPY 2,468.16 per share, central JPY 2,752.65 per share, high JPY 3,131.38 per share

- FY2022: low JPY 3,398.40 per share, central JPY 3,798.18 per share, high JPY 4,330.36 per share

- FY2023: low JPY 4,896.89 per share, central JPY 6,816.75 per share, high JPY 7,934.68 per share

- FY2024: low JPY 4,172.25 per share, central JPY 4,687.81 per share, high JPY 5,374.13 per share

- FY2025: low JPY 5,774.11 per share, central JPY 6,521.90 per share, high JPY 7,517.37 per share

- FY2026: low JPY 6,571.48 per share, central JPY 7,379.12 per share, high JPY 8,454.25 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/S100YARD.pdf); period 2026-03-31, filed 2026-06-12.

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.

Sumitomo

8053 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 1,712.50
Buy up to: JPY 1,844.78
Expected / yr: 10.6% 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 49.6% around their average (limit 35%).

Operating margin

10y median: 9.1%
Worst year: -1.4%
Latest · 2026: 10.9%

Capital return excluding acquisitions: median 7.3% (minimum 15%), and the second-worst year 2.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 7.3%
Worst year: -1.1%
Latest · 2026: 9.3%

Each $1 of profit left $1.07 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.07×
Annual median: 1.07×
Latest · 2026: 1.07×

Per-share value rose from 136.91 to 463.66, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 286.28
Worst year: JPY -122.42
Latest · 2026: JPY 499.09

Profits were backed by cash: accruals were -1.6% of assets (limit 10%).

Sloan accruals

10y median: -1.0%
Worst year: 3.3%
Latest · 2026: -1.6%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 7.9%, three-year average owner earnings per share 458.07 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 341.25; 2016-12 · Price JPY 343.88; 2017-01 · Price JPY 354.00; 2017-02 · Price JPY 377.38; 2017-03 · Price JPY 374.38; 2017-04 · Price JPY 372.13; 2017-05 · Price JPY 353.13; 2017-06 · Price JPY 365.50; 2017-07 · Price JPY 372.88; 2017-08 · Price JPY 389.13; 2017-09 · Price JPY 404.63; 2017-10 · Price JPY 408.38; 2017-11 · Price JPY 435.88; 2017-12 · Price JPY 478.75; 2018-01 · Price JPY 469.75 · Value 2900.83 · Buy at or below 2900.83; 2018-02 · Price JPY 472.25 · Value 2900.83 · Buy at or below 2900.83; 2018-03 · Price JPY 447.75 · Value 2900.83 · Buy at or below 2900.83; 2018-04 · Price JPY 492.38 · Value 2900.83 · Buy at or below 2900.83; 2018-05 · Price JPY 456.88 · Value 2900.83 · Buy at or below 2900.83; 2018-06 · Price JPY 455.00 · Value 2900.83 · Buy at or below 2900.83; 2018-07 · Price JPY 458.75 · Value 2900.83 · Buy at or below 2900.83; 2018-08 · Price JPY 450.88 · Value 2900.83 · Buy at or below 2900.83; 2018-09 · Price JPY 473.63 · Value 2900.83 · Buy at or below 2900.83; 2018-10 · Price JPY 428.38 · Value 2900.83 · Buy at or below 2900.83; 2018-11 · Price JPY 435.88 · Value 2900.83 · Buy at or below 2900.83; 2018-12 · Price JPY 390.38 · Value 2900.83 · Buy at or below 2900.83; 2019-01 · Price JPY 420.38 · Value 2900.83 · Buy at or below 2900.83; 2019-02 · Price JPY 400.13 · Value 3653.74 · Buy at or below 3653.74; 2019-03 · Price JPY 382.75 · Value 3653.74 · Buy at or below 3653.74; 2019-04 · Price JPY 397.38 · Value 3653.74 · Buy at or below 3653.74; 2019-05 · Price JPY 392.13 · Value 3653.74 · Buy at or below 3653.74; 2019-06 · Price JPY 408.13 · Value 3653.74 · Buy at or below 3653.74; 2019-07 · Price JPY 405.88 · Value 3653.74 · Buy at or below 3653.74; 2019-08 · Price JPY 398.13 · Value 3653.74 · Buy at or below 3653.74; 2019-09 · Price JPY 422.00 · Value 3653.74 · Buy at or below 3653.74; 2019-10 · Price JPY 440.75 · Value 3653.74 · Buy at or below 3653.74; 2019-11 · Price JPY 412.25 · Value 3653.74 · Buy at or below 3653.74; 2019-12 · Price JPY 406.00 · Value 3653.74 · Buy at or below 3653.74; 2020-01 · Price JPY 409.50 · Value 3653.74 · Buy at or below 3653.74; 2020-02 · Price JPY 386.13 · Value 3669.46 · Buy at or below 3669.46; 2020-03 · Price JPY 309.75 · Value 3669.46 · Buy at or below 3669.46; 2020-04 · Price JPY 307.13 · Value 3669.46 · Buy at or below 3669.46; 2020-05 · Price JPY 324.50 · Value 3669.46 · Buy at or below 3669.46; 2020-06 · Price JPY 308.63 · Value 3669.46 · Buy at or below 3669.46; 2020-07 · Price JPY 292.50 · Value 3669.46 · Buy at or below 3669.46; 2020-08 · Price JPY 343.63 · Value 3669.46 · Buy at or below 3669.46; 2020-09 · Price JPY 314.63 · Value 3669.46 · Buy at or below 3669.46; 2020-10 · Price JPY 286.13 · Value 3669.46 · Buy at or below 3669.46; 2020-11 · Price JPY 321.63 · Value 3669.46 · Buy at or below 3669.46; 2020-12 · Price JPY 341.38 · Value 3669.46 · Buy at or below 3669.46; 2021-01 · Price JPY 346.75 · Value 3669.46 · Buy at or below 3669.46; 2021-02 · Price JPY 385.13 · Value 2752.65 · Buy at or below 2752.65; 2021-03 · Price JPY 394.25 · Value 2752.65 · Buy at or below 2752.65; 2021-04 · Price JPY 372.00 · Value 2752.65 · Buy at or below 2752.65; 2021-05 · Price JPY 382.00 · Value 2752.65 · Buy at or below 2752.65; 2021-06 · Price JPY 372.00 · Value 2752.65 · Buy at or below 2752.65; 2021-07 · Price JPY 370.75 · Value 2752.65 · Buy at or below 2752.65; 2021-08 · Price JPY 388.63 · Value 2752.65 · Buy at or below 2752.65; 2021-09 · Price JPY 395.38 · Value 2752.65 · Buy at or below 2752.65; 2021-10 · Price JPY 404.25 · Value 2752.65 · Buy at or below 2752.65; 2021-11 · Price JPY 386.50 · Value 2752.65 · Buy at or below 2752.65; 2021-12 · Price JPY 425.13 · Value 2752.65 · Buy at or below 2752.65; 2022-01 · Price JPY 442.75 · Value 2752.65 · Buy at or below 2752.65; 2022-02 · Price JPY 468.50 · Value 3798.18 · Buy at or below 3798.18; 2022-03 · Price JPY 529.75 · Value 3798.18 · Buy at or below 3798.18; 2022-04 · Price JPY 515.38 · Value 3798.18 · Buy at or below 3798.18; 2022-05 · Price JPY 462.50 · Value 3798.18 · Buy at or below 3798.18; 2022-06 · Price JPY 464.25 · Value 3798.18 · Buy at or below 3798.18; 2022-07 · Price JPY 466.13 · Value 3798.18 · Buy at or below 3798.18; 2022-08 · Price JPY 491.25 · Value 3798.18 · Buy at or below 3798.18; 2022-09 · Price JPY 450.63 · Value 3798.18 · Buy at or below 3798.18; 2022-10 · Price JPY 473.88 · Value 3798.18 · Buy at or below 3798.18; 2022-11 · Price JPY 561.75 · Value 3798.18 · Buy at or below 3798.18; 2022-12 · Price JPY 549.00 · Value 3798.18 · Buy at or below 3798.18; 2023-01 · Price JPY 580.75 · Value 3798.18 · Buy at or below 3798.18; 2023-02 · Price JPY 580.75 · Value 6816.75 · Buy at or below 6816.75; 2023-03 · Price JPY 585.25 · Value 6816.75 · Buy at or below 6816.75; 2023-04 · Price JPY 606.75 · Value 6816.75 · Buy at or below 6816.75; 2023-05 · Price JPY 659.13 · Value 6816.75 · Buy at or below 6816.75; 2023-06 · Price JPY 760.25 · Value 6816.75 · Buy at or below 6816.75; 2023-07 · Price JPY 761.75 · Value 6816.75 · Buy at or below 6816.75; 2023-08 · Price JPY 749.75 · Value 6816.75 · Buy at or below 6816.75; 2023-09 · Price JPY 746.00 · Value 6816.75 · Buy at or below 6816.75; 2023-10 · Price JPY 734.63 · Value 6816.75 · Buy at or below 6816.75; 2023-11 · Price JPY 775.00 · Value 6816.75 · Buy at or below 6816.75; 2023-12 · Price JPY 769.00 · Value 6816.75 · Buy at or below 6816.75; 2024-01 · Price JPY 853.75 · Value 6816.75 · Buy at or below 6816.75; 2024-02 · Price JPY 876.75 · Value 4687.81 · Buy at or below 4687.81; 2024-03 · Price JPY 915.75 · Value 4687.81 · Buy at or below 4687.81; 2024-04 · Price JPY 1038.75 · Value 4687.81 · Buy at or below 4687.81; 2024-05 · Price JPY 1020.25 · Value 4687.81 · Buy at or below 4687.81; 2024-06 · Price JPY 1004.25 · Value 4687.81 · Buy at or below 4687.81; 2024-07 · Price JPY 944.50 · Value 4687.81 · Buy at or below 4687.81; 2024-08 · Price JPY 861.50 · Value 4687.81 · Buy at or below 4687.81; 2024-09 · Price JPY 798.50 · Value 4687.81 · Buy at or below 4687.81; 2024-10 · Price JPY 811.25 · Value 4687.81 · Buy at or below 4687.81; 2024-11 · Price JPY 802.00 · Value 4687.81 · Buy at or below 4687.81; 2024-12 · Price JPY 857.00 · Value 4687.81 · Buy at or below 4687.81; 2025-01 · Price JPY 841.00 · Value 4687.81 · Buy at or below 4687.81; 2025-02 · Price JPY 838.50 · Value 6521.90 · Buy at or below 6521.90; 2025-03 · Price JPY 843.00 · Value 6521.90 · Buy at or below 6521.90; 2025-04 · Price JPY 874.50 · Value 6521.90 · Buy at or below 6521.90; 2025-05 · Price JPY 925.50 · Value 6521.90 · Buy at or below 6521.90; 2025-06 · Price JPY 932.25 · Value 6521.90 · Buy at or below 6521.90; 2025-07 · Price JPY 965.00 · Value 6521.90 · Buy at or below 6521.90; 2025-08 · Price JPY 1036.75 · Value 6521.90 · Buy at or below 6521.90; 2025-09 · Price JPY 1072.00 · Value 6521.90 · Buy at or below 6521.90; 2025-10 · Price JPY 1121.50 · Value 6521.90 · Buy at or below 6521.90; 2025-11 · Price JPY 1224.50 · Value 6521.90 · Buy at or below 6521.90; 2025-12 · Price JPY 1353.00 · Value 6521.90 · Buy at or below 6521.90; 2026-01 · Price JPY 1562.25 · Value 6521.90 · Buy at or below 6521.90; 2026-02 · Price JPY 1665.75 · Value 7379.12 · Buy at or below 7379.12; 2026-03 · Price JPY 1445.00 · Value 7379.12 · Buy at or below 7379.12; 2026-04 · Price JPY 1460.00 · Value 7379.12 · Buy at or below 7379.12; 2026-05 · Price JPY 1774.75 · Value 7379.12 · Buy at or below 7379.12; 2026-06 · Price JPY 1549.00 · Value 7379.12 · Buy at or below 7379.12; 2026-07 · Price JPY 1670.00 · Value 7379.12 · Buy at or below 7379.12; 2026-08 · Price JPY 1791.50 · Value 7379.12 · Buy at or below 7379.12; 2026-09 · Price JPY 1770.00 · Value 7379.12 · Buy at or below 7379.12; 2026-10 · Price JPY 1734.00 · Value 7379.12 · Buy at or below 7379.12; 2026-10 · Price JPY 1712.50 · Value 7379.12 · Buy at or below 7379.12

JPY per share · annual estimates

Price & return math
Value range	JPY 1,642.87 – JPY 2,113.56
Buy at or below	Central value JPY 1,844.78
Discount to value	1 − 1712.50 / 1844.78 = 7.2%
Return / year	About 10.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 133.98/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 178.47/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 7.34T

Revenue

Owner earningsJPY 645B

Owner earnings

Operating margin10.9%

Operating margin

Net cash / debtJPY -3.17T

Net cash / debt

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·