# Nippon Yusen Kabushiki Kaisha (9101.JP)

Canonical: https://gigainvestors.com/s/9101.JP

Analysis as of: 2026-10-15T07:11:54.373Z. Financial observations: FY2017–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 7,292.00 per share; close as of 2026-10-15.

Estimated value: low JPY 11,418.13 per share, central JPY 12,937.84 per share, high JPY 14,960.89 per share. Buy at or below the central value JPY 12,937.84 per share. Valuation as of 2026-10-15T07:11:54.373Z; scenarios are not confidence intervals.

Expected annual return: 16.0% at the stated quote. About 16.0% 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: 0.81×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.01×

- FY2018: 0.01×

- FY2019: 0.01×

- FY2020: 0.02×

- FY2021: 0.04×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.07×

- FY2025: 0.08×

- FY2026: 0.06×

### 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: 0.6%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 15.9%

- Recent gross margin (lower of latest and 3-year median): 17.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -1.1%

- FY2018: 1.3%

- FY2019: 0.6%

- FY2020: 2.5%

- FY2021: 4.5%

- FY2022: 12.1%

- FY2023: 9.8%

- FY2024: 3.9%

- FY2025: 5.7%

- FY2026: 2.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 2.49T

- Net income, five-year total: JPY 2.94T

- Return on incremental invested capital: 17.8%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: 2.0%

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

- FY2022: 0.98×

- FY2023: 0.98×

- FY2024: 0.03×

- FY2025: 0.95×

- FY2026: 0.25×

### management: fail

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

- ROIC first 3 years vs last 3 years: 0.6% vs 3.9%

- Per-share earnings: -263.80 to 504.85 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 20.0%

- Market cap gain: JPY 2.29T

- Cumulative retained earnings: JPY 1.92T

- Diluted shares, 5-year annual growth: 20.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: JPY 768.65

- Per-share value, starting three-year median: JPY -263.80

- Per-share value, ending three-year median: JPY 504.85

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 276B

- Cumulative net income, 10 years: JPY 2.82T

- ROIC, first three-year median: 0.6%

- ROIC, last three-year median: 3.9%

- Per-share value growth: 27.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY -2K

- FY2018: JPY 119.57

- FY2019: JPY -263.80

- FY2020: JPY 184.39

- FY2021: JPY 824.55

- FY2022: JPY 2K

- FY2023: JPY 2K

- FY2024: JPY 468.13

- FY2025: JPY 1K

- FY2026: JPY 504.85

### accounting: pass

- Sloan accruals: -5.0%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -14.4%

- FY2018: -3.3%

- FY2019: -4.5%

- FY2020: -4.4%

- FY2021: -0.9%

- FY2022: 16.3%

- FY2023: 5.0%

- FY2024: -4.1%

- FY2025: -0.8%

- FY2026: -5.0%

## Holders

## Price story

Price needs cash profits to shrink 6.6% a year for ten years · sales -6.4%

Story as of 2026-10-16T10:00:14.867Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.6% a year for ten years

### Sales · FY2025–2026

sales -6.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf; observed 2026-06-16.

- FY2017: JPY 1.92T 

- FY2018: JPY 2.18T 

- FY2019: JPY 1.83T 

- FY2020: JPY 1.67T 

- FY2021: JPY 1.61T 

- FY2022: JPY 2.28T 

- FY2023: JPY 2.62T 

- FY2024: JPY 2.39T 

- FY2025: JPY 2.59T 

- FY2026: JPY 2.42T 

### Gross margin · FY2026

gross margin 17.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf; observed 2026-06-16.

- FY2017: 9.7% 

- FY2018: 10.6% 

- FY2019: 10.7% 

- FY2020: 12.4% 

- FY2021: 14.5% 

- FY2022: 19.9% 

- FY2023: 19.5% 

- FY2024: 17.3% 

- FY2025: 18.1% 

- FY2026: 17.7% 

## Owner memo

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

### How it makes money

Annual sales are JPY 2.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf (filed 2026-06-16); FY2026: revenue 2423689000000; grossProfit 429393000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 17.3% to 18.1% during 2024–26; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 18.1%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,-0.011027460512579763],[2018,0.012944109212163981],[2019,0.00617950966991667],[2020,0.024619147119222272],[2021,0.045108809339927045],[2022,0.12121601009554667],[2023,0.09829069965417077],[2024,0.03926621946917433],[2025,0.05715091060686623],[2026,0.028361040662767744]]; median 0.03381363006597104. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 17.8% on new investment; paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 111401000000; upkeep 87839000000; owner earnings 20167000000. Growth capex / owner earnings = 5.523925224376456.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2021: growth capex 0; upkeep 102087000000; owner earnings 116041000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 91130000000; upkeep 101596000000; owner earnings 988716000000. Growth capex / owner earnings = 0.09217004680818354.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 76702000000; upkeep 121658000000; cash acquisitions 12850000000; owner earnings 988297000000. Growth capex plus acquisitions / owner earnings = 0.09061243735435805.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 0; upkeep 336281000000; cash acquisitions 0; owner earnings 6890000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 51874000000; upkeep 154632000000; cash acquisitions 0; owner earnings 451752000000. Growth capex plus acquisitions / owner earnings = 0.11482848996794702.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf (filed 2026-06-16); FY2026: growth capex 0; upkeep 304502000000; cash acquisitions 263061000000; owner earnings 53025000000. Growth capex plus acquisitions / owner earnings = 4.961074964639321.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Incremental return on capital 0.1777190216643168, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,3391000000],[2018,0],[2019,6783000000],[2020,5087000000],[2021,6782000000],[2022,64430000000],[2023,389957000000],[2024,115964000000],[2025,95121000000],[2026,132974000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf (filed 2026-06-16); FY2026: cash repurchases 144060000000 JPY.

### What the price says

The price assumes cash profits shrink 6.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate -0.10588301179028298. Price 7292; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: JPY 706.67 per share

- 2016-12: JPY 723.33 per share

- 2017-01: JPY 800.00 per share

- 2017-02: JPY 826.67 per share

- 2017-03: JPY 783.33 per share

- 2017-04: JPY 746.67 per share

- 2017-05: JPY 670.00 per share

- 2017-06: JPY 696.67 per share

- 2017-07: JPY 703.33 per share

- 2017-08: JPY 726.67 per share

- 2017-09: JPY 779.67 per share

- 2017-10: JPY 794.33 per share

- 2017-11: JPY 872.67 per share

- 2017-12: JPY 916.33 per share

- 2018-01: JPY 910.33 per share

- 2018-02: JPY 777.33 per share

- 2018-03: JPY 716.00 per share

- 2018-04: JPY 778.00 per share

- 2018-05: JPY 739.67 per share

- 2018-06: JPY 733.00 per share

- 2018-07: JPY 716.33 per share

- 2018-08: JPY 698.67 per share

- 2018-09: JPY 712.33 per share

- 2018-10: JPY 608.33 per share

- 2018-11: JPY 642.33 per share

- 2018-12: JPY 563.67 per share

- 2019-01: JPY 606.00 per share

- 2019-02: JPY 585.00 per share

- 2019-03: JPY 540.67 per share

- 2019-04: JPY 632.00 per share

- 2019-05: JPY 547.67 per share

- 2019-06: JPY 576.33 per share

- 2019-07: JPY 607.67 per share

- 2019-08: JPY 528.67 per share

- 2019-09: JPY 601.67 per share

- 2019-10: JPY 654.33 per share

- 2019-11: JPY 626.33 per share

- 2019-12: JPY 660.33 per share

- 2020-01: JPY 591.33 per share

- 2020-02: JPY 514.67 per share

- 2020-03: JPY 428.67 per share

- 2020-04: JPY 476.67 per share

- 2020-05: JPY 517.67 per share

- 2020-06: JPY 505.33 per share

- 2020-07: JPY 453.33 per share

- 2020-08: JPY 552.67 per share

- 2020-09: JPY 605.67 per share

- 2020-10: JPY 638.33 per share

- 2020-11: JPY 758.67 per share

- 2020-12: JPY 800.67 per share

- 2021-01: JPY 802.00 per share

- 2021-02: JPY 1,018.33 per share

- 2021-03: JPY 1,258.33 per share

- 2021-04: JPY 1,430.00 per share

- 2021-05: JPY 1,505.00 per share

- 2021-06: JPY 1,876.67 per share

- 2021-07: JPY 1,960.00 per share

- 2021-08: JPY 2,956.67 per share

- 2021-09: JPY 2,816.67 per share

- 2021-10: JPY 2,726.67 per share

- 2021-11: JPY 2,466.67 per share

- 2021-12: JPY 2,920.00 per share

- 2022-01: JPY 2,966.67 per share

- 2022-02: JPY 3,556.67 per share

- 2022-03: JPY 3,586.67 per share

- 2022-04: JPY 3,153.33 per share

- 2022-05: JPY 3,566.67 per share

- 2022-06: JPY 3,090.00 per share

- 2022-07: JPY 3,466.67 per share

- 2022-08: JPY 3,563.33 per share

- 2022-09: JPY 2,467.00 per share

- 2022-10: JPY 2,699.00 per share

- 2022-11: JPY 3,037.00 per share

- 2022-12: JPY 3,110.00 per share

- 2023-01: JPY 3,075.00 per share

- 2023-02: JPY 3,532.00 per share

- 2023-03: JPY 3,089.00 per share

- 2023-04: JPY 3,203.00 per share

- 2023-05: JPY 2,972.50 per share

- 2023-06: JPY 3,190.00 per share

- 2023-07: JPY 3,448.00 per share

- 2023-08: JPY 3,886.00 per share

- 2023-09: JPY 3,886.00 per share

- 2023-10: JPY 3,677.00 per share

- 2023-11: JPY 3,974.00 per share

- 2023-12: JPY 4,371.00 per share

- 2024-01: JPY 5,098.00 per share

- 2024-02: JPY 4,772.00 per share

- 2024-03: JPY 4,068.00 per share

- 2024-04: JPY 4,466.00 per share

- 2024-05: JPY 4,985.00 per share

- 2024-06: JPY 4,682.00 per share

- 2024-07: JPY 4,899.00 per share

- 2024-08: JPY 5,273.00 per share

- 2024-09: JPY 5,220.00 per share

- 2024-10: JPY 5,138.00 per share

- 2024-11: JPY 4,796.00 per share

- 2024-12: JPY 5,273.00 per share

- 2025-01: JPY 4,884.00 per share

- 2025-02: JPY 5,269.00 per share

- 2025-03: JPY 4,921.00 per share

- 2025-04: JPY 4,650.00 per share

- 2025-05: JPY 5,271.00 per share

- 2025-06: JPY 5,188.00 per share

- 2025-07: JPY 5,301.00 per share

- 2025-08: JPY 5,333.00 per share

- 2025-09: JPY 5,051.00 per share

- 2025-10: JPY 5,331.00 per share

- 2025-11: JPY 4,950.00 per share

- 2025-12: JPY 5,078.00 per share

- 2026-01: JPY 5,072.00 per share

- 2026-02: JPY 5,369.00 per share

- 2026-03: JPY 5,768.00 per share

- 2026-04: JPY 5,669.00 per share

- 2026-05: JPY 5,313.00 per share

- 2026-06: JPY 5,216.00 per share

- 2026-07: JPY 6,110.00 per share

- 2026-08: JPY 7,040.00 per share

- 2026-09: JPY 7,212.00 per share

- 2026-10: JPY 7,543.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 824.21 per share, central JPY 886.87 per share, high JPY 970.27 per share

- FY2023: low JPY 4,362.36 per share, central JPY 4,922.43 per share, high JPY 5,668.01 per share

- FY2024: low JPY 4,077.02 per share, central JPY 4,608.54 per share, high JPY 5,316.10 per share

- FY2025: low JPY 11,296.78 per share, central JPY 12,822.16 per share, high JPY 14,852.76 per share

- FY2026: low JPY 11,418.13 per share, central JPY 12,937.84 per share, high JPY 14,960.89 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 2026-10-15T07:11:54.373Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBT6.pdf); period 2026-03-31, filed 2026-06-16.

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.