# Unicharm (8113.JP)

Canonical: https://gigainvestors.com/s/8113.JP

Analysis as of: 2026-10-15T07:11:40.248Z. 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 1,000.00 per share; close as of 2026-10-15.

Estimated value: low JPY 658.73 per share, central JPY 784.64 per share, high JPY 895.51 per share. Buy at or below the central value JPY 784.64 per share. Valuation as of 2026-10-15T07:11:40.248Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2018: 0.13×

- FY2019: 0.10×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 22.6%

- ROIC, second-lowest year: 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 14.7%

- Typical minus recent gross margin: 1.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.7%

- FY2018: 22.7%

- FY2019: 16.1%

- FY2020: 22.6%

- FY2021: 23.1%

- FY2022: 20.8%

- FY2023: 23.6%

- FY2024: 19.9%

- FY2025: 14.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 383B

- Net income, five-year total: JPY 373B

- Return on incremental invested capital: 7.1%

- Working capital / revenue, annual change: 0.8 pp

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

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

- FY2021: 0.98×

- FY2022: 1.04×

- FY2023: 0.98×

- FY2024: 1.00×

- FY2025: 1.16×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 26.35 to 46.41 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

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

- Market cap gain: JPY 45B

- Diluted shares, 10-year annual growth: -0.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.3%

- Per-share value change: JPY 20.06

- Per-share value, starting three-year median: JPY 26.35

- Per-share value, ending three-year median: JPY 46.41

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 633B

- ROIC, last three-year median: 19.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 26.35

- FY2017: JPY 29.95

- FY2018: JPY 34.58

- FY2019: JPY 25.84

- FY2020: JPY 29.20

- FY2021: JPY 40.59

- FY2022: JPY 37.87

- FY2023: JPY 48.47

- FY2024: JPY 46.41

- FY2025: JPY 37.30

### accounting: pass

- Sloan accruals: -5.4%

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.5%

- FY2017: -6.2%

- FY2018: -6.2%

- FY2019: -4.5%

- FY2020: -11.0%

- FY2021: -3.3%

- FY2022: -2.3%

- FY2023: -6.7%

- FY2024: -4.5%

- FY2025: -5.4%

## Holders

## Price story

Down 48% since Aug 2023 · sales -4.4%

Story as of 2026-10-16T10:00:14.716Z; price observation 2026-10-15.

Price needs cash profits to grow 6.4% a year for ten years

### Sales · FY2024–2025

sales -4.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.pdf; observed 2026-03-23.

- FY2016: JPY 605B 

- FY2017: JPY 642B 

- FY2018: JPY 688B 

- FY2019: JPY 714B 

- FY2020: JPY 727B 

- FY2021: JPY 783B 

- FY2022: JPY 898B 

- FY2023: JPY 942B 

- FY2024: JPY 989B 

- FY2025: JPY 945B 

### Gross margin · FY2025

gross margin 39.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.pdf; observed 2026-03-23.

- FY2016: 55.3% 

- FY2018: 38.5% 

- FY2019: 37.3% 

- FY2020: 40.2% 

- FY2021: 40.1% 

- FY2022: 36.6% 

- FY2023: 37.3% 

- FY2024: 39.4% 

- FY2025: 39.1% 

## Owner memo

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

### How it makes money

Annual sales are JPY 945.3 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.pdf (filed 2026-03-23); FY2025: revenue 945268000000; grossProfit 369558000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 37.3% to 39.4% during 2023–25; it earns 22.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2024: grossProfit / revenue = 39.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.pdf (filed 2026-03-23); FY2025: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); 10-year return on capital observations [[2016,0.2769562862252676],[2018,0.22658809567005958],[2019,0.16080255179184033],[2020,0.22570281370965234],[2021,0.23094866720199944],[2022,0.20832939574869105],[2023,0.2359681365717362],[2024,0.19871385016353335],[2025,0.14433669575911795]]; median 0.22570281370965234. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.5% of cash earnings; earns 7.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2016: growth capex 0; upkeep 37861000000; owner earnings 36254914808.42676. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2018: growth capex 12950000000; upkeep 30353000000; owner earnings 61308306667.65777. Growth capex / owner earnings = 0.21122749434591004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2019: growth capex 5341000000; upkeep 38676000000; owner earnings 40918115809.87119. Growth capex / owner earnings = 0.13052898195061863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2020: growth capex 0; upkeep 35507000000; owner earnings 48587577756.47172. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2021: growth capex 0; upkeep 34671000000; owner earnings 71022195143.83112. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2022: growth capex 0; upkeep 32950000000; cash acquisitions 0; owner earnings 70105290717.70335. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: growth capex 0; upkeep 38412000000; cash acquisitions 11117000000; owner earnings 84395736308.70976. Growth capex plus acquisitions / owner earnings = 0.1317246639016847.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2024: growth capex 0; upkeep 39326000000; cash acquisitions 0; owner earnings 81857469940.24803. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.pdf (filed 2026-03-23); FY2025: growth capex 0; upkeep 28627000000; cash acquisitions 1127000000; owner earnings 75930041039.82613. Growth capex plus acquisitions / owner earnings = 0.014842610178610022.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Incremental return on capital 0.0709464597230507, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Dividend observations: [[2016,9173000000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,22053000000],[2023,23095000000],[2024,24704000000],[2025,28646000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/8113.T (filed 2026-03-23); FY2025: cash repurchases 22002000000 JPY.

### What the price says

The price assumes cash profits grow 6.4% yearly over ten years; actual growth was 6.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Ten-year compound average after fade. Initial solved rate 0.078315156870438. Price 1000; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 22.516666666666666 → FY2025 43.43051172768071. Closing-price date 2026-10-15.

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

- 2016-11: JPY 811.50 per share

- 2016-12: JPY 852.50 per share

- 2017-01: JPY 846.67 per share

- 2017-02: JPY 841.67 per share

- 2017-03: JPY 889.17 per share

- 2017-04: JPY 902.83 per share

- 2017-05: JPY 998.67 per share

- 2017-06: JPY 940.67 per share

- 2017-07: JPY 943.17 per share

- 2017-08: JPY 862.33 per share

- 2017-09: JPY 858.67 per share

- 2017-10: JPY 857.50 per share

- 2017-11: JPY 981.00 per share

- 2017-12: JPY 976.50 per share

- 2018-01: JPY 971.67 per share

- 2018-02: JPY 1,001.00 per share

- 2018-03: JPY 1,009.67 per share

- 2018-04: JPY 1,025.00 per share

- 2018-05: JPY 1,127.00 per share

- 2018-06: JPY 1,111.00 per share

- 2018-07: JPY 1,132.33 per share

- 2018-08: JPY 1,210.67 per share

- 2018-09: JPY 1,252.67 per share

- 2018-10: JPY 1,024.00 per share

- 2018-11: JPY 1,184.67 per share

- 2018-12: JPY 1,186.33 per share

- 2019-01: JPY 1,118.00 per share

- 2019-02: JPY 1,181.67 per share

- 2019-03: JPY 1,221.00 per share

- 2019-04: JPY 1,216.33 per share

- 2019-05: JPY 1,086.33 per share

- 2019-06: JPY 1,081.33 per share

- 2019-07: JPY 1,032.67 per share

- 2019-08: JPY 1,088.33 per share

- 2019-09: JPY 1,140.00 per share

- 2019-10: JPY 1,229.67 per share

- 2019-11: JPY 1,195.00 per share

- 2019-12: JPY 1,233.33 per share

- 2020-01: JPY 1,257.33 per share

- 2020-02: JPY 1,166.00 per share

- 2020-03: JPY 1,350.33 per share

- 2020-04: JPY 1,316.67 per share

- 2020-05: JPY 1,336.67 per share

- 2020-06: JPY 1,473.33 per share

- 2020-07: JPY 1,586.00 per share

- 2020-08: JPY 1,538.00 per share

- 2020-09: JPY 1,570.67 per share

- 2020-10: JPY 1,613.33 per share

- 2020-11: JPY 1,687.67 per share

- 2020-12: JPY 1,630.67 per share

- 2021-01: JPY 1,566.67 per share

- 2021-02: JPY 1,405.33 per share

- 2021-03: JPY 1,548.33 per share

- 2021-04: JPY 1,414.67 per share

- 2021-05: JPY 1,441.00 per share

- 2021-06: JPY 1,490.00 per share

- 2021-07: JPY 1,460.67 per share

- 2021-08: JPY 1,634.67 per share

- 2021-09: JPY 1,649.67 per share

- 2021-10: JPY 1,530.67 per share

- 2021-11: JPY 1,629.33 per share

- 2021-12: JPY 1,666.33 per share

- 2022-01: JPY 1,475.67 per share

- 2022-02: JPY 1,440.00 per share

- 2022-03: JPY 1,453.00 per share

- 2022-04: JPY 1,509.00 per share

- 2022-05: JPY 1,474.00 per share

- 2022-06: JPY 1,513.33 per share

- 2022-07: JPY 1,609.33 per share

- 2022-08: JPY 1,617.00 per share

- 2022-09: JPY 1,583.33 per share

- 2022-10: JPY 1,510.67 per share

- 2022-11: JPY 1,694.33 per share

- 2022-12: JPY 1,689.33 per share

- 2023-01: JPY 1,650.00 per share

- 2023-02: JPY 1,681.00 per share

- 2023-03: JPY 1,813.67 per share

- 2023-04: JPY 1,825.33 per share

- 2023-05: JPY 1,769.67 per share

- 2023-06: JPY 1,780.33 per share

- 2023-07: JPY 1,755.67 per share

- 2023-08: JPY 1,937.33 per share

- 2023-09: JPY 1,763.67 per share

- 2023-10: JPY 1,707.00 per share

- 2023-11: JPY 1,587.67 per share

- 2023-12: JPY 1,699.33 per share

- 2024-01: JPY 1,696.00 per share

- 2024-02: JPY 1,658.67 per share

- 2024-03: JPY 1,600.00 per share

- 2024-04: JPY 1,565.67 per share

- 2024-05: JPY 1,683.67 per share

- 2024-06: JPY 1,722.33 per share

- 2024-07: JPY 1,672.67 per share

- 2024-08: JPY 1,693.00 per share

- 2024-09: JPY 1,727.67 per share

- 2024-10: JPY 1,637.00 per share

- 2024-11: JPY 1,297.00 per share

- 2024-12: JPY 1,302.50 per share

- 2025-01: JPY 1,215.00 per share

- 2025-02: JPY 1,129.50 per share

- 2025-03: JPY 1,189.50 per share

- 2025-04: JPY 1,325.50 per share

- 2025-05: JPY 1,147.50 per share

- 2025-06: JPY 1,040.50 per share

- 2025-07: JPY 1,046.00 per share

- 2025-08: JPY 983.60 per share

- 2025-09: JPY 959.40 per share

- 2025-10: JPY 953.50 per share

- 2025-11: JPY 915.80 per share

- 2025-12: JPY 895.00 per share

- 2026-01: JPY 939.40 per share

- 2026-02: JPY 1,069.50 per share

- 2026-03: JPY 930.50 per share

- 2026-04: JPY 912.10 per share

- 2026-05: JPY 948.20 per share

- 2026-06: JPY 943.60 per share

- 2026-07: JPY 1,006.50 per share

- 2026-08: JPY 997.10 per share

- 2026-09: JPY 938.10 per share

- 2026-10: JPY 986.30 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 525.47 per share, central JPY 584.65 per share, high JPY 663.43 per share

- FY2023: low JPY 630.82 per share, central JPY 786.09 per share, high JPY 899.64 per share

- FY2024: low JPY 719.04 per share, central JPY 935.24 per share, high JPY 1,075.86 per share

- FY2025: low JPY 651.17 per share, central JPY 774.10 per share, high JPY 882.34 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 2026-10-15T07:11:40.248Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XSEU.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.