# Yamato Holdings (9064.JP)

Canonical: https://gigainvestors.com/s/9064.JP

Analysis as of: 2026-10-15T07:11:53.553Z. 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 2,088.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,255.89 per share, central JPY 2,479.34 per share, high JPY 2,776.80 per share. Buy at or below the central value JPY 2,479.34 per share. Valuation as of 2026-10-15T07:11:53.553Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.04×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.01×

- FY2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 3.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.7%

- FY2018: 4.7%

- FY2019: 8.2%

- FY2020: 6.4%

- FY2021: 16.2%

- FY2022: 12.9%

- FY2023: 11.0%

- FY2024: 6.6%

- FY2025: 1.8%

- FY2026: 3.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 189B

- Net income, five-year total: JPY 191B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.3 pp

- Working capital / revenue, final three-year average: 2.8%

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

- FY2022: 0.90×

- FY2023: 1.01×

- FY2024: 1.18×

- FY2025: 0.69×

- FY2026: 1.57×

### 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: 4.7% vs 3.5%

- Per-share earnings: 46.24 to 107.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.5%

- Ordinary dilution, 5-year annual growth: -3.2%

- Market cap gain: JPY -375B

- Cumulative retained earnings: JPY 61B

- Diluted shares, 10-year annual growth: -2.5%

- Diluted shares, 5-year annual growth: -3.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.1%

- Per-share value change: JPY 60.99

- Per-share value, starting three-year median: JPY 46.24

- Per-share value, ending three-year median: JPY 107.23

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 61B

- Cumulative net income, 10 years: JPY 332B

- ROIC, first three-year median: 4.7%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 45.37

- FY2018: JPY 46.24

- FY2019: JPY 65.14

- FY2020: JPY 56.78

- FY2021: JPY 151.55

- FY2022: JPY 151.03

- FY2023: JPY 126.64

- FY2024: JPY 107.23

- FY2025: JPY 111.87

- FY2026: JPY 43.07

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.0%

- FY2018: -3.0%

- FY2019: -8.2%

- FY2020: -4.7%

- FY2021: -6.2%

- FY2022: 0.4%

- FY2023: -4.0%

- FY2024: -2.3%

- FY2025: -0.8%

- FY2026: -4.6%

## Holders

## Price story

Down 25% since Oct 2021 · sales +5.8%

Story as of 2026-10-16T10:00:14.858Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.1% a year for ten years

### Sales · FY2025–2026

sales +5.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAYL.pdf; observed 2026-06-12.

- FY2017: JPY 1.47T 

- FY2018: JPY 1.54T 

- FY2019: JPY 1.63T 

- FY2020: JPY 1.63T 

- FY2021: JPY 1.70T 

- FY2022: JPY 1.79T 

- FY2023: JPY 1.80T 

- FY2024: JPY 1.76T 

- FY2025: JPY 1.76T 

- FY2026: JPY 1.87T 

### Gross margin · FY2026

gross margin 4.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAYL.pdf; observed 2026-06-12.

- FY2023: 6.3% 

- FY2024: 5.4% 

- FY2025: 4.0% 

- FY2026: 4.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.9 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAYL.pdf (filed 2026-06-12); FY2026: revenue 1865675000000; grossProfit 88740000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 4% to 5.4% during 2024–26; it earns 6.5% on its capital.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9064.T (filed 2026-06-12); FY2024: grossProfit / revenue = 5.4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9064.T (filed 2026-06-12); FY2025: grossProfit / revenue = 4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9064.T (filed 2026-06-12); FY2026: grossProfit / revenue = 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); 10-year return on capital observations [[2017,0.04724738813900476],[2018,0.047036117752267625],[2019,0.08241052007118845],[2020,0.06351697573707993],[2021,0.16234095622822595],[2022,0.1285578723441435],[2023,0.11042618375594754],[2024,0.06637531145856108],[2025,0.018465119492221158],[2026,0.034895820490691655]]; median 0.0649461435978205. 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 18.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2017: growth capex 0; upkeep 43986000000; owner earnings 17316000000. 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 36671000000; owner earnings 25425000000. 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 48058000000; owner earnings 26160000000. 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 54852000000; owner earnings 18210000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2021: growth capex 0; upkeep 32074000000; owner earnings 67620000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2022: growth capex 5208000000; upkeep 35570000000; owner earnings 50294000000. Growth capex / owner earnings = 0.1035511194178232.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2023: growth capex 0; upkeep 35435000000; cash acquisitions 0; owner earnings 46400000000. 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 31956000000; cash acquisitions 0; owner earnings 44334000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: growth capex 1019926554.8435287; upkeep 53972073445.15647; cash acquisitions 35091000000; owner earnings 26066926554.84353. Growth capex plus acquisitions / owner earnings = 1.3853158514437027.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAYL.pdf (filed 2026-06-12); FY2026: growth capex 0; upkeep 37598000000; cash acquisitions 0; owner earnings 21432000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Dividend observations: [[2017,11155000000],[2018,10640000000],[2019,11035000000],[2020,11431000000],[2021,15950000000],[2022,19670000000],[2023,16770000000],[2024,16431000000],[2025,15793000000],[2026,14804000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YAYL.pdf (filed 2026-06-12); FY2026: cash repurchases 18925000000 JPY.

### What the price says

The price assumes cash profits shrink 2.1% yearly over ten years; actual decline was 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Ten-year compound average after fade. Initial solved rate -0.04230919065096356. Price 2088; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 111.42979276582793 → FY2026 67.56523495827844. Closing-price date 2026-10-15.

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

- 2016-11: JPY 2,291.50 per share

- 2016-12: JPY 2,376.50 per share

- 2017-01: JPY 2,279.50 per share

- 2017-02: JPY 2,454.50 per share

- 2017-03: JPY 2,332.50 per share

- 2017-04: JPY 2,408.50 per share

- 2017-05: JPY 2,406.00 per share

- 2017-06: JPY 2,278.50 per share

- 2017-07: JPY 2,215.00 per share

- 2017-08: JPY 2,344.00 per share

- 2017-09: JPY 2,271.50 per share

- 2017-10: JPY 2,311.50 per share

- 2017-11: JPY 2,275.50 per share

- 2017-12: JPY 2,267.50 per share

- 2018-01: JPY 2,812.00 per share

- 2018-02: JPY 2,678.00 per share

- 2018-03: JPY 2,668.50 per share

- 2018-04: JPY 2,817.50 per share

- 2018-05: JPY 3,124.00 per share

- 2018-06: JPY 3,264.00 per share

- 2018-07: JPY 3,233.00 per share

- 2018-08: JPY 3,304.00 per share

- 2018-09: JPY 3,488.00 per share

- 2018-10: JPY 3,090.00 per share

- 2018-11: JPY 2,998.50 per share

- 2018-12: JPY 3,024.00 per share

- 2019-01: JPY 2,896.50 per share

- 2019-02: JPY 2,899.00 per share

- 2019-03: JPY 2,859.00 per share

- 2019-04: JPY 2,412.50 per share

- 2019-05: JPY 2,201.00 per share

- 2019-06: JPY 2,191.00 per share

- 2019-07: JPY 2,143.50 per share

- 2019-08: JPY 1,839.00 per share

- 2019-09: JPY 1,626.00 per share

- 2019-10: JPY 1,824.00 per share

- 2019-11: JPY 1,872.00 per share

- 2019-12: JPY 1,867.00 per share

- 2020-01: JPY 1,775.00 per share

- 2020-02: JPY 1,702.00 per share

- 2020-03: JPY 1,697.00 per share

- 2020-04: JPY 1,888.00 per share

- 2020-05: JPY 2,384.00 per share

- 2020-06: JPY 2,330.00 per share

- 2020-07: JPY 2,695.00 per share

- 2020-08: JPY 2,772.00 per share

- 2020-09: JPY 2,761.00 per share

- 2020-10: JPY 2,754.00 per share

- 2020-11: JPY 2,637.00 per share

- 2020-12: JPY 2,631.00 per share

- 2021-01: JPY 2,601.00 per share

- 2021-02: JPY 2,802.00 per share

- 2021-03: JPY 3,035.00 per share

- 2021-04: JPY 3,085.00 per share

- 2021-05: JPY 3,010.00 per share

- 2021-06: JPY 3,160.00 per share

- 2021-07: JPY 3,150.00 per share

- 2021-08: JPY 2,800.00 per share

- 2021-09: JPY 2,830.00 per share

- 2021-10: JPY 2,797.00 per share

- 2021-11: JPY 2,504.00 per share

- 2021-12: JPY 2,703.00 per share

- 2022-01: JPY 2,436.00 per share

- 2022-02: JPY 2,248.00 per share

- 2022-03: JPY 2,293.00 per share

- 2022-04: JPY 2,445.00 per share

- 2022-05: JPY 2,226.00 per share

- 2022-06: JPY 2,170.00 per share

- 2022-07: JPY 2,321.00 per share

- 2022-08: JPY 2,180.00 per share

- 2022-09: JPY 2,177.00 per share

- 2022-10: JPY 2,204.00 per share

- 2022-11: JPY 2,293.00 per share

- 2022-12: JPY 2,087.00 per share

- 2023-01: JPY 2,264.00 per share

- 2023-02: JPY 2,301.00 per share

- 2023-03: JPY 2,269.00 per share

- 2023-04: JPY 2,334.00 per share

- 2023-05: JPY 2,553.00 per share

- 2023-06: JPY 2,603.00 per share

- 2023-07: JPY 2,662.00 per share

- 2023-08: JPY 2,736.50 per share

- 2023-09: JPY 2,435.00 per share

- 2023-10: JPY 2,504.00 per share

- 2023-11: JPY 2,628.50 per share

- 2023-12: JPY 2,605.50 per share

- 2024-01: JPY 2,556.50 per share

- 2024-02: JPY 2,275.00 per share

- 2024-03: JPY 2,158.00 per share

- 2024-04: JPY 2,087.00 per share

- 2024-05: JPY 1,802.00 per share

- 2024-06: JPY 1,768.50 per share

- 2024-07: JPY 1,827.00 per share

- 2024-08: JPY 1,692.00 per share

- 2024-09: JPY 1,634.00 per share

- 2024-10: JPY 1,620.50 per share

- 2024-11: JPY 1,727.50 per share

- 2024-12: JPY 1,773.00 per share

- 2025-01: JPY 1,862.50 per share

- 2025-02: JPY 1,913.50 per share

- 2025-03: JPY 1,961.50 per share

- 2025-04: JPY 2,027.00 per share

- 2025-05: JPY 2,003.00 per share

- 2025-06: JPY 1,930.00 per share

- 2025-07: JPY 2,195.00 per share

- 2025-08: JPY 2,494.00 per share

- 2025-09: JPY 2,366.00 per share

- 2025-10: JPY 2,252.00 per share

- 2025-11: JPY 2,248.00 per share

- 2025-12: JPY 2,209.00 per share

- 2026-01: JPY 2,020.50 per share

- 2026-02: JPY 1,914.00 per share

- 2026-03: JPY 1,744.50 per share

- 2026-04: JPY 1,764.50 per share

- 2026-05: JPY 1,818.00 per share

- 2026-06: JPY 1,834.50 per share

- 2026-07: JPY 2,069.50 per share

- 2026-08: JPY 1,951.00 per share

- 2026-09: JPY 2,027.00 per share

- 2026-10: JPY 2,087.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,148.13 per share, central JPY 1,248.71 per share, high JPY 1,382.59 per share

- FY2021: low JPY 1,352.33 per share, central JPY 1,462.28 per share, high JPY 1,608.64 per share

- FY2022: low JPY 1,270.43 per share, central JPY 1,390.98 per share, high JPY 1,551.45 per share

- FY2023: low JPY 2,025.83 per share, central JPY 2,544.05 per share, high JPY 2,907.25 per share

- FY2024: low JPY 2,048.67 per share, central JPY 2,513.37 per share, high JPY 2,861.27 per share

- FY2025: low JPY 1,975.33 per share, central JPY 2,177.19 per share, high JPY 2,445.90 per share

- FY2026: low JPY 2,255.89 per share, central JPY 2,479.34 per share, high JPY 2,776.80 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/S100YAYL.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.