# Marui Group (8252.JP)

Canonical: https://gigainvestors.com/s/8252.JP

Analysis as of: 2026-10-15T07:11:43.299Z. 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 2,773.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,031.64 per share, central JPY 2,274.95 per share, high JPY 2,598.85 per share. Buy at or below the central value JPY 2,274.95 per share. Valuation as of 2026-10-15T07:11:43.299Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% 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: 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: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.16×

- FY2020: 0.17×

- FY2021: 0.07×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.17×

- FY2026: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 3.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 3.1%

- Typical minus recent gross margin: -10.6 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.1%

- FY2018: 3.3%

- FY2019: 3.9%

- FY2020: 3.9%

- FY2021: 1.3%

- FY2022: 3.3%

- FY2023: 3.3%

- FY2024: 3.4%

- FY2025: 3.6%

- FY2026: 3.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 125B

- Net income, five-year total: JPY 119B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -39.7 pp

- Working capital / revenue, final three-year average: -0.0%

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

- FY2022: 1.15×

- FY2023: 1.08×

- FY2024: 1.00×

- FY2025: 1.05×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 3.6%

- Per-share earnings: 80.24 to 143.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.3%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: JPY 196B

- Cumulative retained earnings: JPY -36B

- Diluted shares, 10-year annual growth: -3.3%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.5%

- Per-share value change: JPY 63.00

- Per-share value, starting three-year median: JPY 80.24

- Per-share value, ending three-year median: JPY 143.24

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 3.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 8.7B

- Cumulative net income, 10 years: JPY 212B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 80.24

- FY2018: JPY 93.18

- FY2019: JPY 115.99

- FY2020: JPY 117.58

- FY2021: JPY 10.58

- FY2022: JPY 85.81

- FY2023: JPY 109.37

- FY2024: JPY 130.70

- FY2025: JPY 143.24

- FY2026: JPY 158.35

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.5%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 8.0%

- FY2018: 4.6%

- FY2019: -0.1%

- FY2020: -1.6%

- FY2021: -2.2%

- FY2022: 0.7%

- FY2023: 0.5%

- FY2024: -1.3%

- FY2025: 2.9%

- FY2026: 6.5%

## Holders

## Price story

Price needs cash profits to grow 3.7% a year for ten years · sales +8.8%

Story as of 2026-10-16T10:00:14.725Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

### Sales · FY2025–2026

sales +8.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf; observed 2026-06-19.

- FY2017: JPY 0 

- FY2018: JPY 0 

- FY2019: JPY 251B 

- FY2020: JPY 248B 

- FY2021: JPY 206B 

- FY2022: JPY 209B 

- FY2023: JPY 218B 

- FY2024: JPY 235B 

- FY2025: JPY 254B 

- FY2026: JPY 277B 

### Gross margin · FY2026

gross margin 87.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf; observed 2026-06-19.

- FY2019: 75.8% 

- FY2020: 79.0% 

- FY2021: 86.0% 

- FY2022: 86.5% 

- FY2023: 88.0% 

- FY2024: 87.4% 

- FY2025: 87.6% 

- FY2026: 87.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 276.9 billion.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/8252.T (filed 2026-06-19); FY2026: revenue 276862000000; grossProfit 242276000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 87.4% to 87.6% during 2024–26; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: grossProfit / revenue = 87.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: grossProfit / revenue = 87.6%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: grossProfit / revenue = 87.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on capital observations [[2017,0.03109775004401225],[2018,0.03341287165796749],[2019,0.038504383172790806],[2020,0.03913542298543141],[2021,0.013499802174713835],[2022,0.033018739574047815],[2023,0.03308835821077737],[2024,0.03445719489951262],[2025,0.03632621431438359],[2026,0.03826155387641649]]; median 0.033935033278740055. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 87% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); Gross margin observations: [[2021,0.8601544461475775],[2022,0.86504110871715],[2023,0.8801399102150982]]; range within 2 percentage points.

### Where the cash goes

Spends 5.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2017: growth capex 0; upkeep 18059000000; owner earnings 10786000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2018: growth capex 0; upkeep 9607000000; owner earnings 21574000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2019: growth capex 0; upkeep 8788000000; owner earnings 26464000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2020: growth capex 0; upkeep 10979000000; owner earnings 23608000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2021: growth capex 0; upkeep 10374000000; owner earnings 2375000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2022: growth capex 0; upkeep 8531000000; owner earnings 20481000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2023: growth capex 0; upkeep 9701000000; owner earnings 23271000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2024: growth capex 2215000000; upkeep 12574000000; owner earnings 24667000000. Growth capex / owner earnings = 0.08979608383670491.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); FY2025: growth capex 0; upkeep 13103000000; owner earnings 27879000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: growth capex 1685000000; upkeep 15818000000; owner earnings 28476000000. Growth capex / owner earnings = 0.05917263660626493.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,6386000000],[2018,7953000000],[2019,9452000000],[2020,11731000000],[2021,10102000000],[2022,11017000000],[2023,11005000000],[2024,15208000000],[2025,19540000000],[2026,21410000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf (filed 2026-06-19); FY2026: cash repurchases 7701000000 JPY.

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Ten-year compound average after fade. Initial solved rate 0.03957938300367203. Price 2773; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 73.11408699566711 → FY2026 158.35. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,576.00 per share

- 2016-12: JPY 1,707.00 per share

- 2017-01: JPY 1,616.00 per share

- 2017-02: JPY 1,552.00 per share

- 2017-03: JPY 1,513.00 per share

- 2017-04: JPY 1,526.00 per share

- 2017-05: JPY 1,611.00 per share

- 2017-06: JPY 1,656.00 per share

- 2017-07: JPY 1,502.00 per share

- 2017-08: JPY 1,539.00 per share

- 2017-09: JPY 1,611.00 per share

- 2017-10: JPY 1,725.00 per share

- 2017-11: JPY 1,986.00 per share

- 2017-12: JPY 2,063.00 per share

- 2018-01: JPY 1,986.00 per share

- 2018-02: JPY 2,061.00 per share

- 2018-03: JPY 2,168.00 per share

- 2018-04: JPY 2,275.00 per share

- 2018-05: JPY 2,211.00 per share

- 2018-06: JPY 2,334.00 per share

- 2018-07: JPY 2,216.00 per share

- 2018-08: JPY 2,455.00 per share

- 2018-09: JPY 2,804.00 per share

- 2018-10: JPY 2,430.00 per share

- 2018-11: JPY 2,447.00 per share

- 2018-12: JPY 2,133.00 per share

- 2019-01: JPY 2,206.00 per share

- 2019-02: JPY 1,959.00 per share

- 2019-03: JPY 2,235.00 per share

- 2019-04: JPY 2,257.00 per share

- 2019-05: JPY 2,264.00 per share

- 2019-06: JPY 2,194.00 per share

- 2019-07: JPY 2,362.00 per share

- 2019-08: JPY 2,115.00 per share

- 2019-09: JPY 2,282.00 per share

- 2019-10: JPY 2,417.00 per share

- 2019-11: JPY 2,634.00 per share

- 2019-12: JPY 2,668.00 per share

- 2020-01: JPY 2,543.00 per share

- 2020-02: JPY 2,106.00 per share

- 2020-03: JPY 1,815.00 per share

- 2020-04: JPY 1,772.00 per share

- 2020-05: JPY 1,943.00 per share

- 2020-06: JPY 1,946.00 per share

- 2020-07: JPY 1,523.00 per share

- 2020-08: JPY 1,937.00 per share

- 2020-09: JPY 2,011.00 per share

- 2020-10: JPY 1,874.00 per share

- 2020-11: JPY 1,906.00 per share

- 2020-12: JPY 1,812.00 per share

- 2021-01: JPY 1,868.00 per share

- 2021-02: JPY 2,021.00 per share

- 2021-03: JPY 2,079.00 per share

- 2021-04: JPY 2,046.00 per share

- 2021-05: JPY 2,085.00 per share

- 2021-06: JPY 2,088.00 per share

- 2021-07: JPY 1,909.00 per share

- 2021-08: JPY 1,962.00 per share

- 2021-09: JPY 2,172.00 per share

- 2021-10: JPY 2,229.00 per share

- 2021-11: JPY 2,086.00 per share

- 2021-12: JPY 2,165.00 per share

- 2022-01: JPY 2,205.00 per share

- 2022-02: JPY 2,255.00 per share

- 2022-03: JPY 2,250.00 per share

- 2022-04: JPY 2,243.00 per share

- 2022-05: JPY 2,445.00 per share

- 2022-06: JPY 2,375.00 per share

- 2022-07: JPY 2,418.00 per share

- 2022-08: JPY 2,508.00 per share

- 2022-09: JPY 2,398.00 per share

- 2022-10: JPY 2,454.00 per share

- 2022-11: JPY 2,334.00 per share

- 2022-12: JPY 2,181.00 per share

- 2023-01: JPY 2,206.00 per share

- 2023-02: JPY 2,074.00 per share

- 2023-03: JPY 2,023.00 per share

- 2023-04: JPY 2,160.00 per share

- 2023-05: JPY 2,339.00 per share

- 2023-06: JPY 2,508.00 per share

- 2023-07: JPY 2,545.00 per share

- 2023-08: JPY 2,522.50 per share

- 2023-09: JPY 2,430.00 per share

- 2023-10: JPY 2,369.50 per share

- 2023-11: JPY 2,364.50 per share

- 2023-12: JPY 2,364.50 per share

- 2024-01: JPY 2,452.50 per share

- 2024-02: JPY 2,438.50 per share

- 2024-03: JPY 2,442.00 per share

- 2024-04: JPY 2,419.00 per share

- 2024-05: JPY 2,335.50 per share

- 2024-06: JPY 2,269.00 per share

- 2024-07: JPY 2,436.50 per share

- 2024-08: JPY 2,462.50 per share

- 2024-09: JPY 2,390.50 per share

- 2024-10: JPY 2,408.50 per share

- 2024-11: JPY 2,418.00 per share

- 2024-12: JPY 2,514.50 per share

- 2025-01: JPY 2,593.00 per share

- 2025-02: JPY 2,590.50 per share

- 2025-03: JPY 2,699.50 per share

- 2025-04: JPY 2,828.50 per share

- 2025-05: JPY 2,953.50 per share

- 2025-06: JPY 3,066.00 per share

- 2025-07: JPY 3,081.00 per share

- 2025-08: JPY 3,177.00 per share

- 2025-09: JPY 3,174.00 per share

- 2025-10: JPY 2,956.00 per share

- 2025-11: JPY 3,173.00 per share

- 2025-12: JPY 3,221.00 per share

- 2026-01: JPY 3,026.00 per share

- 2026-02: JPY 3,174.00 per share

- 2026-03: JPY 3,052.00 per share

- 2026-04: JPY 3,004.00 per share

- 2026-05: JPY 2,728.00 per share

- 2026-06: JPY 2,864.50 per share

- 2026-07: JPY 2,967.50 per share

- 2026-08: JPY 2,918.50 per share

- 2026-09: JPY 2,791.50 per share

- 2026-10: JPY 2,743.50 per share

## Annual estimated value (JPY per share)

- FY2023: low JPY 1,431.55 per share, central JPY 1,595.17 per share, high JPY 1,812.98 per share

- FY2024: low JPY 1,650.09 per share, central JPY 1,833.87 per share, high JPY 2,078.53 per share

- FY2025: low JPY 1,808.79 per share, central JPY 2,025.38 per share, high JPY 2,313.71 per share

- FY2026: low JPY 2,031.64 per share, central JPY 2,274.95 per share, high JPY 2,598.85 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 2026-10-15T07:11:43.299Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YEI3.pdf); period 2026-03-31, filed 2026-06-19.

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.

Marui Group

8252 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 2,773.00
Buy up to: JPY 2,274.95
Expected / yr: 8.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 20.7% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

8y median: 17.5%
Worst year: 7.4%
Latest · 2026: 18.1%

Capital return excluding acquisitions: median 3.4% (minimum 15%), and the second-worst year 3.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 3.4%
Worst year: 1.3%
Latest · 2026: 3.8%

Each $1 of profit left $1.05 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.05×
Latest · 2026: 1.00×

Per-share value rose from 80.24 to 143.24, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 112.68
Worst year: JPY 10.58
Latest · 2026: JPY 158.35

Profits lacked the required cash backing.

Sloan accruals

10y median: 0.6%
Worst year: 8.0%
Latest · 2026: 6.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.1%, three-year average owner earnings per share 146.42 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1576.00; 2016-12 · Price JPY 1707.00; 2017-01 · Price JPY 1616.00; 2017-02 · Price JPY 1552.00; 2017-03 · Price JPY 1513.00; 2017-04 · Price JPY 1526.00; 2017-05 · Price JPY 1611.00; 2017-06 · Price JPY 1656.00; 2017-07 · Price JPY 1502.00; 2017-08 · Price JPY 1539.00; 2017-09 · Price JPY 1611.00; 2017-10 · Price JPY 1725.00; 2017-11 · Price JPY 1986.00; 2017-12 · Price JPY 2063.00; 2018-01 · Price JPY 1986.00; 2018-02 · Price JPY 2061.00; 2018-03 · Price JPY 2168.00; 2018-04 · Price JPY 2275.00; 2018-05 · Price JPY 2211.00; 2018-06 · Price JPY 2334.00; 2018-07 · Price JPY 2216.00; 2018-08 · Price JPY 2455.00; 2018-09 · Price JPY 2804.00; 2018-10 · Price JPY 2430.00; 2018-11 · Price JPY 2447.00; 2018-12 · Price JPY 2133.00; 2019-01 · Price JPY 2206.00; 2019-02 · Price JPY 1959.00; 2019-03 · Price JPY 2235.00; 2019-04 · Price JPY 2257.00; 2019-05 · Price JPY 2264.00; 2019-06 · Price JPY 2194.00; 2019-07 · Price JPY 2362.00; 2019-08 · Price JPY 2115.00; 2019-09 · Price JPY 2282.00; 2019-10 · Price JPY 2417.00; 2019-11 · Price JPY 2634.00; 2019-12 · Price JPY 2668.00; 2020-01 · Price JPY 2543.00; 2020-02 · Price JPY 2106.00; 2020-03 · Price JPY 1815.00; 2020-04 · Price JPY 1772.00; 2020-05 · Price JPY 1943.00; 2020-06 · Price JPY 1946.00; 2020-07 · Price JPY 1523.00; 2020-08 · Price JPY 1937.00; 2020-09 · Price JPY 2011.00; 2020-10 · Price JPY 1874.00; 2020-11 · Price JPY 1906.00; 2020-12 · Price JPY 1812.00; 2021-01 · Price JPY 1868.00; 2021-02 · Price JPY 2021.00; 2021-03 · Price JPY 2079.00; 2021-04 · Price JPY 2046.00; 2021-05 · Price JPY 2085.00; 2021-06 · Price JPY 2088.00; 2021-07 · Price JPY 1909.00; 2021-08 · Price JPY 1962.00; 2021-09 · Price JPY 2172.00; 2021-10 · Price JPY 2229.00; 2021-11 · Price JPY 2086.00; 2021-12 · Price JPY 2165.00; 2022-01 · Price JPY 2205.00; 2022-02 · Price JPY 2255.00; 2022-03 · Price JPY 2250.00; 2022-04 · Price JPY 2243.00; 2022-05 · Price JPY 2445.00; 2022-06 · Price JPY 2375.00; 2022-07 · Price JPY 2418.00; 2022-08 · Price JPY 2508.00; 2022-09 · Price JPY 2398.00; 2022-10 · Price JPY 2454.00; 2022-11 · Price JPY 2334.00; 2022-12 · Price JPY 2181.00; 2023-01 · Price JPY 2206.00 · Value 1595.17 · Buy at or below 1595.17; 2023-02 · Price JPY 2074.00 · Value 1595.17 · Buy at or below 1595.17; 2023-03 · Price JPY 2023.00 · Value 1595.17 · Buy at or below 1595.17; 2023-04 · Price JPY 2160.00 · Value 1595.17 · Buy at or below 1595.17; 2023-05 · Price JPY 2339.00 · Value 1595.17 · Buy at or below 1595.17; 2023-06 · Price JPY 2508.00 · Value 1595.17 · Buy at or below 1595.17; 2023-07 · Price JPY 2545.00 · Value 1595.17 · Buy at or below 1595.17; 2023-08 · Price JPY 2522.50 · Value 1595.17 · Buy at or below 1595.17; 2023-09 · Price JPY 2430.00 · Value 1595.17 · Buy at or below 1595.17; 2023-10 · Price JPY 2369.50 · Value 1595.17 · Buy at or below 1595.17; 2023-11 · Price JPY 2364.50 · Value 1595.17 · Buy at or below 1595.17; 2023-12 · Price JPY 2364.50 · Value 1595.17 · Buy at or below 1595.17; 2024-01 · Price JPY 2452.50 · Value 1595.17 · Buy at or below 1595.17; 2024-02 · Price JPY 2438.50 · Value 1833.87 · Buy at or below 1833.87; 2024-03 · Price JPY 2442.00 · Value 1833.87 · Buy at or below 1833.87; 2024-04 · Price JPY 2419.00 · Value 1833.87 · Buy at or below 1833.87; 2024-05 · Price JPY 2335.50 · Value 1833.87 · Buy at or below 1833.87; 2024-06 · Price JPY 2269.00 · Value 1833.87 · Buy at or below 1833.87; 2024-07 · Price JPY 2436.50 · Value 1833.87 · Buy at or below 1833.87; 2024-08 · Price JPY 2462.50 · Value 1833.87 · Buy at or below 1833.87; 2024-09 · Price JPY 2390.50 · Value 1833.87 · Buy at or below 1833.87; 2024-10 · Price JPY 2408.50 · Value 1833.87 · Buy at or below 1833.87; 2024-11 · Price JPY 2418.00 · Value 1833.87 · Buy at or below 1833.87; 2024-12 · Price JPY 2514.50 · Value 1833.87 · Buy at or below 1833.87; 2025-01 · Price JPY 2593.00 · Value 1833.87 · Buy at or below 1833.87; 2025-02 · Price JPY 2590.50 · Value 2025.38 · Buy at or below 2025.38; 2025-03 · Price JPY 2699.50 · Value 2025.38 · Buy at or below 2025.38; 2025-04 · Price JPY 2828.50 · Value 2025.38 · Buy at or below 2025.38; 2025-05 · Price JPY 2953.50 · Value 2025.38 · Buy at or below 2025.38; 2025-06 · Price JPY 3066.00 · Value 2025.38 · Buy at or below 2025.38; 2025-07 · Price JPY 3081.00 · Value 2025.38 · Buy at or below 2025.38; 2025-08 · Price JPY 3177.00 · Value 2025.38 · Buy at or below 2025.38; 2025-09 · Price JPY 3174.00 · Value 2025.38 · Buy at or below 2025.38; 2025-10 · Price JPY 2956.00 · Value 2025.38 · Buy at or below 2025.38; 2025-11 · Price JPY 3173.00 · Value 2025.38 · Buy at or below 2025.38; 2025-12 · Price JPY 3221.00 · Value 2025.38 · Buy at or below 2025.38; 2026-01 · Price JPY 3026.00 · Value 2025.38 · Buy at or below 2025.38; 2026-02 · Price JPY 3174.00 · Value 2274.95 · Buy at or below 2274.95; 2026-03 · Price JPY 3052.00 · Value 2274.95 · Buy at or below 2274.95; 2026-04 · Price JPY 3004.00 · Value 2274.95 · Buy at or below 2274.95; 2026-05 · Price JPY 2728.00 · Value 2274.95 · Buy at or below 2274.95; 2026-06 · Price JPY 2864.50 · Value 2274.95 · Buy at or below 2274.95; 2026-07 · Price JPY 2967.50 · Value 2274.95 · Buy at or below 2274.95; 2026-08 · Price JPY 2918.50 · Value 2274.95 · Buy at or below 2274.95; 2026-09 · Price JPY 2791.50 · Value 2274.95 · Buy at or below 2274.95; 2026-10 · Price JPY 2743.50 · Value 2274.95 · Buy at or below 2274.95; 2026-10 · Price JPY 2773.00 · Value 2274.95 · Buy at or below 2274.95

JPY per share · annual estimates

Price & return math
Value range	JPY 2,031.64 – JPY 2,598.85
Buy at or below	Central value JPY 2,274.95
Discount to value	1 − 2773.00 / 2274.95 = -21.9%
Return / year	About 8.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 161.45/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 266.98/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 277B

Revenue

Owner earningsJPY 28B

Owner earnings

Operating margin18.1%

Operating margin

Net cash / debtJPY -663B

Net cash / debt

Diluted shares180M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·