# Takashimaya Company (8233.JP)

Canonical: https://gigainvestors.com/s/8233.JP

Analysis as of: 2026-10-15T07:11:43.062Z. 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 2,191.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,235.56 per share, central JPY 1,373.07 per share, high JPY 1,556.11 per share. Buy at or below the central value JPY 1,373.07 per share. Valuation as of 2026-10-15T07:11:43.062Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.87×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: -0.02×

- FY2022: 0.01×

- FY2023: 0.09×

- FY2024: 0.12×

- FY2025: 0.14×

- FY2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: -26.0 pp

- Typical gross margin (annual median): 25.8%

- Recent gross margin (lower of latest and 3-year median): 51.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: -0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.8%

- FY2018: 4.7%

- FY2019: 3.4%

- FY2020: 3.2%

- FY2021: -2.2%

- FY2022: 0.8%

- FY2023: 5.0%

- FY2024: 6.6%

- FY2025: 5.7%

- FY2026: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.54×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 52B

- Net income, five-year total: JPY 96B

- Return on incremental invested capital: 12.4%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 12.3 pp

- Working capital / revenue, final three-year average: 20.2%

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

- FY2022: -0.55×

- FY2023: 0.90×

- FY2024: 0.87×

- FY2025: 0.88×

- FY2026: 3.91×

### management: fail

- 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: 4.7% vs 5.7%

- Per-share earnings: 135.39 to 100.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.5%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: JPY 414B

- Cumulative retained earnings: JPY 42B

- Diluted shares, 10-year annual growth: 5.5%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -3.7%

- Per-share value change: JPY -35.15

- Per-share value, starting three-year median: JPY 135.39

- Per-share value, ending three-year median: JPY 100.24

- Buybacks concentrated in cheaper years (correlation): 0.24

- Average buyback yield: 2.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 24B

- Cumulative net income, 10 years: JPY 139B

- ROIC, first three-year median: 4.7%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 119.43

- FY2018: JPY 135.39

- FY2019: JPY 94.10

- FY2020: JPY 93.29

- FY2021: JPY -101.87

- FY2022: JPY 16.07

- FY2023: JPY 84.89

- FY2024: JPY 100.24

- FY2025: JPY 126.33

- FY2026: JPY -27.44

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.2%

- FY2018: -1.3%

- FY2019: -4.8%

- FY2020: -2.1%

- FY2021: -6.8%

- FY2022: -1.4%

- FY2023: -0.7%

- FY2024: -2.2%

- FY2025: -2.5%

- FY2026: -4.6%

## Holders

## Price story

Price needs cash profits to grow 7.7% a year for ten years · sales -2.6%

Story as of 2026-10-16T10:00:14.720Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2025–2026

sales -2.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4X5.pdf; observed 2026-05-20.

- FY2017: JPY 861B 

- FY2018: JPY 845B 

- FY2019: JPY 847B 

- FY2020: JPY 848B 

- FY2021: JPY 621B 

- FY2022: JPY 696B 

- FY2023: JPY 369B 

- FY2024: JPY 386B 

- FY2025: JPY 413B 

- FY2026: JPY 402B 

### Gross margin · FY2026

gross margin 52%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4X5.pdf; observed 2026-05-20.

- FY2017: 24.6% 

- FY2018: 25.8% 

- FY2019: 25.7% 

- FY2020: 25.4% 

- FY2021: 24.0% 

- FY2022: 24.1% 

- FY2023: 50.6% 

- FY2024: 51.4% 

- FY2025: 51.8% 

- FY2026: 52.0% 

## Owner memo

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

### How it makes money

Annual sales are JPY 402 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4X5.pdf (filed 2026-05-20); FY2026: revenue 401958000000; grossProfit 209181000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51.4% to 52% during 2024–26; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: grossProfit / revenue = 51.8%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4X5.pdf (filed 2026-05-20); FY2026: grossProfit / revenue = 52%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); 10-year return on capital observations [[2017,0.04809554691818534],[2018,0.047263840754755496],[2019,0.03439054099630673],[2020,0.031807355417207854],[2021,-0.02165135155442466],[2022,0.007899577343781534],[2023,0.05043248540877603],[2024,0.06609454766876305],[2025,0.05663451727115611],[2026,0.05403977539263469]]; median 0.047679693836470416. 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 15 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2017: growth capex 0; upkeep 21792000000; owner earnings 18499000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2023: growth capex 0; upkeep 26014000000; owner earnings 25003000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: growth capex 0; upkeep 27857000000; owner earnings 27479000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: growth capex 0; upkeep 28811000000; owner earnings 34778000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Dividend observations: [[2017,4193000000],[2018,4193000000],[2019,4193000000],[2020,4145000000],[2021,4001000000],[2022,4001000000],[2023,4001000000],[2024,4889000000],[2025,6782000000],[2026,9032000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y4X5.pdf (filed 2026-05-20); FY2026: cash repurchases 15000000000 JPY.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Ten-year compound average after fade. Initial solved rate 0.09771750328711534. Price 2191.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 135.76 → FY2026 -107.28189406883085. Closing-price date 2026-10-15.

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

- 2016-11: JPY 949.00 per share

- 2016-12: JPY 964.00 per share

- 2017-01: JPY 973.00 per share

- 2017-02: JPY 1,011.00 per share

- 2017-03: JPY 974.00 per share

- 2017-04: JPY 1,026.00 per share

- 2017-05: JPY 1,029.00 per share

- 2017-06: JPY 1,069.00 per share

- 2017-07: JPY 1,010.00 per share

- 2017-08: JPY 1,009.00 per share

- 2017-09: JPY 1,054.00 per share

- 2017-10: JPY 1,038.00 per share

- 2017-11: JPY 1,107.00 per share

- 2017-12: JPY 1,186.00 per share

- 2018-01: JPY 1,131.00 per share

- 2018-02: JPY 1,089.00 per share

- 2018-03: JPY 1,021.00 per share

- 2018-04: JPY 940.00 per share

- 2018-05: JPY 909.00 per share

- 2018-06: JPY 948.00 per share

- 2018-07: JPY 934.00 per share

- 2018-08: JPY 897.00 per share

- 2018-09: JPY 959.50 per share

- 2018-10: JPY 890.00 per share

- 2018-11: JPY 825.00 per share

- 2018-12: JPY 702.00 per share

- 2019-01: JPY 738.00 per share

- 2019-02: JPY 732.50 per share

- 2019-03: JPY 737.00 per share

- 2019-04: JPY 624.50 per share

- 2019-05: JPY 575.50 per share

- 2019-06: JPY 590.50 per share

- 2019-07: JPY 626.50 per share

- 2019-08: JPY 595.00 per share

- 2019-09: JPY 629.50 per share

- 2019-10: JPY 631.00 per share

- 2019-11: JPY 646.00 per share

- 2019-12: JPY 614.00 per share

- 2020-01: JPY 588.50 per share

- 2020-02: JPY 504.50 per share

- 2020-03: JPY 486.50 per share

- 2020-04: JPY 488.50 per share

- 2020-05: JPY 517.50 per share

- 2020-06: JPY 450.00 per share

- 2020-07: JPY 350.00 per share

- 2020-08: JPY 418.00 per share

- 2020-09: JPY 415.50 per share

- 2020-10: JPY 388.00 per share

- 2020-11: JPY 401.50 per share

- 2020-12: JPY 442.50 per share

- 2021-01: JPY 496.00 per share

- 2021-02: JPY 541.00 per share

- 2021-03: JPY 590.50 per share

- 2021-04: JPY 602.00 per share

- 2021-05: JPY 622.00 per share

- 2021-06: JPY 604.00 per share

- 2021-07: JPY 564.50 per share

- 2021-08: JPY 550.00 per share

- 2021-09: JPY 625.50 per share

- 2021-10: JPY 526.50 per share

- 2021-11: JPY 497.50 per share

- 2021-12: JPY 535.00 per share

- 2022-01: JPY 543.50 per share

- 2022-02: JPY 561.50 per share

- 2022-03: JPY 581.00 per share

- 2022-04: JPY 590.50 per share

- 2022-05: JPY 640.00 per share

- 2022-06: JPY 665.00 per share

- 2022-07: JPY 712.00 per share

- 2022-08: JPY 771.50 per share

- 2022-09: JPY 855.50 per share

- 2022-10: JPY 919.00 per share

- 2022-11: JPY 893.00 per share

- 2022-12: JPY 921.50 per share

- 2023-01: JPY 907.50 per share

- 2023-02: JPY 948.00 per share

- 2023-03: JPY 966.50 per share

- 2023-04: JPY 1,002.00 per share

- 2023-05: JPY 937.00 per share

- 2023-06: JPY 1,006.50 per share

- 2023-07: JPY 1,033.00 per share

- 2023-08: JPY 1,093.50 per share

- 2023-09: JPY 1,094.00 per share

- 2023-10: JPY 1,021.50 per share

- 2023-11: JPY 996.25 per share

- 2023-12: JPY 960.75 per share

- 2024-01: JPY 1,030.00 per share

- 2024-02: JPY 1,127.00 per share

- 2024-03: JPY 1,223.75 per share

- 2024-04: JPY 1,117.50 per share

- 2024-05: JPY 1,302.75 per share

- 2024-06: JPY 1,353.75 per share

- 2024-07: JPY 1,406.50 per share

- 2024-08: JPY 1,115.50 per share

- 2024-09: JPY 1,143.00 per share

- 2024-10: JPY 1,220.50 per share

- 2024-11: JPY 1,195.00 per share

- 2024-12: JPY 1,264.00 per share

- 2025-01: JPY 1,320.50 per share

- 2025-02: JPY 1,231.50 per share

- 2025-03: JPY 1,210.00 per share

- 2025-04: JPY 1,099.00 per share

- 2025-05: JPY 1,153.50 per share

- 2025-06: JPY 1,128.50 per share

- 2025-07: JPY 1,166.50 per share

- 2025-08: JPY 1,306.00 per share

- 2025-09: JPY 1,695.00 per share

- 2025-10: JPY 1,652.50 per share

- 2025-11: JPY 1,681.00 per share

- 2025-12: JPY 1,641.50 per share

- 2026-01: JPY 1,930.00 per share

- 2026-02: JPY 1,979.00 per share

- 2026-03: JPY 1,877.50 per share

- 2026-04: JPY 1,863.00 per share

- 2026-05: JPY 1,993.00 per share

- 2026-06: JPY 2,503.50 per share

- 2026-07: JPY 2,275.50 per share

- 2026-08: JPY 2,343.50 per share

- 2026-09: JPY 2,106.50 per share

- 2026-10: JPY 2,119.00 per share

## Annual estimated value (JPY per share)

- FY2025: low JPY 1,240.45 per share, central JPY 1,375.22 per share, high JPY 1,554.63 per share

- FY2026: low JPY 1,235.56 per share, central JPY 1,373.07 per share, high JPY 1,556.11 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/S100Y4X5.pdf); period 2026-02-28, filed 2026-05-20.

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.