# Toho (9602.JP)

Canonical: https://gigainvestors.com/s/9602.JP

Analysis as of: 2026-10-15T07:12:02.986Z. 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 1,562.50 per share; close as of 2026-10-15.

Estimated value: low JPY 851.48 per share, central JPY 1,062.62 per share, high JPY 1,221.19 per share. Buy at or below the central value JPY 1,062.62 per share. Valuation as of 2026-10-15T07:12:02.986Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.20×

- FY2019: 0.18×

- FY2020: 0.20×

- FY2021: 0.12×

- FY2022: 0.17×

- FY2023: 0.18×

- FY2024: 0.21×

- FY2025: 0.21×

- FY2026: 0.19×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.2%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 44.1%

- Recent gross margin (lower of latest and 3-year median): 44.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.4%

- FY2018: 11.4%

- FY2019: 10.6%

- FY2020: 12.0%

- FY2021: 5.1%

- FY2022: 8.9%

- FY2023: 9.7%

- FY2024: 10.9%

- FY2025: 11.5%

- FY2026: 12.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 203B

- Net income, five-year total: JPY 203B

- Return on incremental invested capital: 21.1%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: 11.5%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.4% vs 11.5%

- Per-share earnings: 36.54 to 51.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: JPY 745B

- Cumulative retained earnings: JPY 183B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.5%

- Per-share value change: JPY 15.37

- Per-share value, starting three-year median: JPY 36.54

- Per-share value, ending three-year median: JPY 51.91

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 67B

- Cumulative net income, 10 years: JPY 352B

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 36.54

- FY2018: JPY 37.19

- FY2019: JPY 33.58

- FY2020: JPY 40.75

- FY2021: JPY 16.51

- FY2022: JPY 33.45

- FY2023: JPY 38.07

- FY2024: JPY 51.91

- FY2025: JPY 50.95

- FY2026: JPY 61.20

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: -2.2%

- FY2019: -1.6%

- FY2020: -3.9%

- FY2021: 0.5%

- FY2022: -4.8%

- FY2023: -2.2%

- FY2024: 0.3%

- FY2025: -1.3%

- FY2026: -1.9%

## Holders

## Price story

Price needs cash profits to grow 9.4% a year for ten years · sales +15.2%

Story as of 2026-10-16T10:00:14.930Z; price observation 2026-10-15.

Price needs cash profits to grow 9.4% a year for ten years

### Sales · FY2025–2026

sales +15.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf; observed 2026-05-25.

- FY2017: JPY 234B 

- FY2018: JPY 243B 

- FY2019: JPY 246B 

- FY2020: JPY 263B 

- FY2021: JPY 192B 

- FY2022: JPY 228B 

- FY2023: JPY 244B 

- FY2024: JPY 283B 

- FY2025: JPY 313B 

- FY2026: JPY 361B 

### Gross margin · FY2026

gross margin 44.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf; observed 2026-05-25.

- FY2017: 45.3% 

- FY2018: 44.0% 

- FY2019: 42.4% 

- FY2020: 43.2% 

- FY2021: 35.7% 

- FY2022: 41.5% 

- FY2023: 44.5% 

- FY2024: 46.1% 

- FY2025: 46.2% 

- FY2026: 44.2% 

## Owner memo

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

### How it makes money

Operates in entertainment; annual sales are JPY 360.7 billion.

- Source: https://eodhd.com/api/fundamentals/TOH.F.json#2026-02-28 (filed 2026-05-25); FY2026: revenue 360663000000; grossProfit 159593000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.2% to 46.2% during 2024–26; it earns 11.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2024: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2025: grossProfit / revenue = 46.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf (filed 2026-05-25); FY2026: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); 10-year return on capital observations [[2017,0.12433540214527534],[2018,0.11427431016236486],[2019,0.10598477690390311],[2020,0.11954638530355398],[2021,0.05114272457369724],[2022,0.08858163787050036],[2023,0.0973270644320797],[2024,0.10873091602478367],[2025,0.11537452947503386],[2026,0.122439892065417]]; median 0.11150261309357426. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3% of cash earnings on expansion; earns 21.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2017: growth capex 0; upkeep 7699000000; owner earnings 35343000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2018: growth capex 0; upkeep 6915000000; owner earnings 36306000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2019: growth capex 1068000000; upkeep 9526000000; owner earnings 30189000000. Growth capex / owner earnings = 0.03537712411805625.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2020: growth capex 620000000; upkeep 10069000000; owner earnings 36603000000. Growth capex / owner earnings = 0.016938502308553944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2021: growth capex 0; upkeep 9517000000; owner earnings 13953000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2022: growth capex 17991000000; upkeep 8951000000; cash acquisitions 92000000; owner earnings 29553000000. Growth capex plus acquisitions / owner earnings = 0.6118837343078537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2023: growth capex 7408000000; upkeep 9514000000; cash acquisitions 842000000; owner earnings 33415000000. Growth capex plus acquisitions / owner earnings = 0.2468951069878797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2024: growth capex 11429000000; upkeep 10256000000; cash acquisitions 42709000000; owner earnings 45137000000. Growth capex plus acquisitions / owner earnings = 1.1994151139863083.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); FY2025: growth capex 18169000000; upkeep 14363000000; cash acquisitions 23747000000; owner earnings 43341000000. Growth capex plus acquisitions / owner earnings = 0.9671212016335572.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf (filed 2026-05-25); FY2026: growth capex 1566000000; upkeep 13872000000; owner earnings 51663000000. Growth capex / owner earnings = 0.030311828581383194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Incremental return on capital 0.21137432057584968, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Dividend observations: [[2017,5504000000],[2018,8145000000],[2019,9002000000],[2020,8100000000],[2021,9860000000],[2022,6208000000],[2023,8383000000],[2024,10490000000],[2025,17188000000],[2026,15663000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf (filed 2026-05-25); FY2026: cash repurchases 14969000000 JPY.

### What could break it

"① 映画、アニメ、演劇各事業の不確実性によるリスク" (9602 filing, May 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y5O3.pdf (filed 2026-05-25); ① 映画、アニメ、演劇各事業の不確実性によるリスク

### What the price says

The price assumes cash profits grow 9.4% yearly over ten years; actual growth was 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-25); Ten-year compound average after fade. Initial solved rate 0.1214777351552257. Price 1562.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 28.02229999613108 → FY2026 61.0758692628651. Closing-price date 2026-10-15.

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

- 2016-11: JPY 657.00 per share

- 2016-12: JPY 661.00 per share

- 2017-01: JPY 651.00 per share

- 2017-02: JPY 636.00 per share

- 2017-03: JPY 590.20 per share

- 2017-04: JPY 639.00 per share

- 2017-05: JPY 655.00 per share

- 2017-06: JPY 692.00 per share

- 2017-07: JPY 795.00 per share

- 2017-08: JPY 817.00 per share

- 2017-09: JPY 785.00 per share

- 2017-10: JPY 750.00 per share

- 2017-11: JPY 759.00 per share

- 2017-12: JPY 781.00 per share

- 2018-01: JPY 738.00 per share

- 2018-02: JPY 695.00 per share

- 2018-03: JPY 706.00 per share

- 2018-04: JPY 732.00 per share

- 2018-05: JPY 756.00 per share

- 2018-06: JPY 743.00 per share

- 2018-07: JPY 666.00 per share

- 2018-08: JPY 682.00 per share

- 2018-09: JPY 713.00 per share

- 2018-10: JPY 737.00 per share

- 2018-11: JPY 790.00 per share

- 2018-12: JPY 796.00 per share

- 2019-01: JPY 793.00 per share

- 2019-02: JPY 796.00 per share

- 2019-03: JPY 889.00 per share

- 2019-04: JPY 931.00 per share

- 2019-05: JPY 932.00 per share

- 2019-06: JPY 916.00 per share

- 2019-07: JPY 850.00 per share

- 2019-08: JPY 901.00 per share

- 2019-09: JPY 947.00 per share

- 2019-10: JPY 874.00 per share

- 2019-11: JPY 889.00 per share

- 2019-12: JPY 909.00 per share

- 2020-01: JPY 809.00 per share

- 2020-02: JPY 665.00 per share

- 2020-03: JPY 660.00 per share

- 2020-04: JPY 708.00 per share

- 2020-05: JPY 792.00 per share

- 2020-06: JPY 779.00 per share

- 2020-07: JPY 627.00 per share

- 2020-08: JPY 806.00 per share

- 2020-09: JPY 867.00 per share

- 2020-10: JPY 826.00 per share

- 2020-11: JPY 884.00 per share

- 2020-12: JPY 870.00 per share

- 2021-01: JPY 809.00 per share

- 2021-02: JPY 800.00 per share

- 2021-03: JPY 898.00 per share

- 2021-04: JPY 870.00 per share

- 2021-05: JPY 907.00 per share

- 2021-06: JPY 916.00 per share

- 2021-07: JPY 952.00 per share

- 2021-08: JPY 952.00 per share

- 2021-09: JPY 1,054.00 per share

- 2021-10: JPY 1,070.00 per share

- 2021-11: JPY 1,010.00 per share

- 2021-12: JPY 985.00 per share

- 2022-01: JPY 885.00 per share

- 2022-02: JPY 957.00 per share

- 2022-03: JPY 927.00 per share

- 2022-04: JPY 966.00 per share

- 2022-05: JPY 1,018.00 per share

- 2022-06: JPY 981.00 per share

- 2022-07: JPY 1,054.00 per share

- 2022-08: JPY 1,062.00 per share

- 2022-09: JPY 1,050.00 per share

- 2022-10: JPY 1,060.00 per share

- 2022-11: JPY 1,058.00 per share

- 2022-12: JPY 1,016.00 per share

- 2023-01: JPY 957.00 per share

- 2023-02: JPY 948.00 per share

- 2023-03: JPY 1,014.00 per share

- 2023-04: JPY 1,078.00 per share

- 2023-05: JPY 1,098.00 per share

- 2023-06: JPY 1,094.20 per share

- 2023-07: JPY 1,108.00 per share

- 2023-08: JPY 1,111.00 per share

- 2023-09: JPY 1,020.40 per share

- 2023-10: JPY 1,026.20 per share

- 2023-11: JPY 1,026.20 per share

- 2023-12: JPY 953.80 per share

- 2024-01: JPY 963.40 per share

- 2024-02: JPY 972.40 per share

- 2024-03: JPY 990.40 per share

- 2024-04: JPY 1,057.20 per share

- 2024-05: JPY 992.60 per share

- 2024-06: JPY 940.80 per share

- 2024-07: JPY 1,083.60 per share

- 2024-08: JPY 1,120.20 per share

- 2024-09: JPY 1,162.60 per share

- 2024-10: JPY 1,165.40 per share

- 2024-11: JPY 1,308.60 per share

- 2024-12: JPY 1,230.80 per share

- 2025-01: JPY 1,401.40 per share

- 2025-02: JPY 1,417.20 per share

- 2025-03: JPY 1,480.40 per share

- 2025-04: JPY 1,632.00 per share

- 2025-05: JPY 1,523.00 per share

- 2025-06: JPY 1,702.00 per share

- 2025-07: JPY 1,907.40 per share

- 2025-08: JPY 1,871.60 per share

- 2025-09: JPY 1,900.00 per share

- 2025-10: JPY 1,811.20 per share

- 2025-11: JPY 1,799.00 per share

- 2025-12: JPY 1,596.00 per share

- 2026-01: JPY 1,575.40 per share

- 2026-02: JPY 1,565.00 per share

- 2026-03: JPY 1,667.00 per share

- 2026-04: JPY 1,456.50 per share

- 2026-05: JPY 1,229.00 per share

- 2026-06: JPY 1,300.50 per share

- 2026-07: JPY 1,522.00 per share

- 2026-08: JPY 1,579.00 per share

- 2026-09: JPY 1,555.50 per share

- 2026-10: JPY 1,508.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 404.26 per share, central JPY 453.94 per share, high JPY 520.07 per share

- FY2019: low JPY 428.74 per share, central JPY 479.33 per share, high JPY 546.69 per share

- FY2020: low JPY 516.66 per share, central JPY 578.07 per share, high JPY 659.81 per share

- FY2021: low JPY 410.27 per share, central JPY 455.56 per share, high JPY 515.85 per share

- FY2022: low JPY 448.91 per share, central JPY 499.29 per share, high JPY 566.37 per share

- FY2023: low JPY 489.58 per share, central JPY 543.84 per share, high JPY 616.07 per share

- FY2024: low JPY 621.62 per share, central JPY 762.92 per share, high JPY 876.63 per share

- FY2025: low JPY 701.46 per share, central JPY 869.02 per share, high JPY 1,000.27 per share

- FY2026: low JPY 851.48 per share, central JPY 1,062.62 per share, high JPY 1,221.19 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/S100Y5O3.pdf); period 2026-02-28, filed 2026-05-25.

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.

Toho

9602 · JP

Nikkei 225

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 1,562.50
Buy up to: JPY 1,062.62
Expected / yr: 7.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 14.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 19.2%
Worst year: 11.7%
Latest · 2026: 18.8%

Capital return excluding acquisitions: median 11.2% (minimum 15%), and the second-worst year 8.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 11.2%
Worst year: 5.1%
Latest · 2026: 12.2%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

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

Per-share value rose from 36.54 to 51.91, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 37.63
Worst year: JPY 16.51
Latest · 2026: JPY 61.20

Profits were backed by cash: accruals were -1.9% of assets (limit 10%).

Sloan accruals

10y median: -2.0%
Worst year: 0.5%
Latest · 2026: -1.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 18.7%, three-year average owner earnings per share 54.58 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 657.00; 2016-12 · Price JPY 661.00; 2017-01 · Price JPY 651.00; 2017-02 · Price JPY 636.00; 2017-03 · Price JPY 590.20; 2017-04 · Price JPY 639.00; 2017-05 · Price JPY 655.00; 2017-06 · Price JPY 692.00; 2017-07 · Price JPY 795.00; 2017-08 · Price JPY 817.00; 2017-09 · Price JPY 785.00; 2017-10 · Price JPY 750.00; 2017-11 · Price JPY 759.00; 2017-12 · Price JPY 781.00; 2018-01 · Price JPY 738.00 · Value 453.94 · Buy at or below 453.94; 2018-02 · Price JPY 695.00 · Value 453.94 · Buy at or below 453.94; 2018-03 · Price JPY 706.00 · Value 453.94 · Buy at or below 453.94; 2018-04 · Price JPY 732.00 · Value 453.94 · Buy at or below 453.94; 2018-05 · Price JPY 756.00 · Value 453.94 · Buy at or below 453.94; 2018-06 · Price JPY 743.00 · Value 453.94 · Buy at or below 453.94; 2018-07 · Price JPY 666.00 · Value 453.94 · Buy at or below 453.94; 2018-08 · Price JPY 682.00 · Value 453.94 · Buy at or below 453.94; 2018-09 · Price JPY 713.00 · Value 453.94 · Buy at or below 453.94; 2018-10 · Price JPY 737.00 · Value 453.94 · Buy at or below 453.94; 2018-11 · Price JPY 790.00 · Value 453.94 · Buy at or below 453.94; 2018-12 · Price JPY 796.00 · Value 453.94 · Buy at or below 453.94; 2019-01 · Price JPY 793.00 · Value 453.94 · Buy at or below 453.94; 2019-02 · Price JPY 796.00 · Value 479.33 · Buy at or below 479.33; 2019-03 · Price JPY 889.00 · Value 479.33 · Buy at or below 479.33; 2019-04 · Price JPY 931.00 · Value 479.33 · Buy at or below 479.33; 2019-05 · Price JPY 932.00 · Value 479.33 · Buy at or below 479.33; 2019-06 · Price JPY 916.00 · Value 479.33 · Buy at or below 479.33; 2019-07 · Price JPY 850.00 · Value 479.33 · Buy at or below 479.33; 2019-08 · Price JPY 901.00 · Value 479.33 · Buy at or below 479.33; 2019-09 · Price JPY 947.00 · Value 479.33 · Buy at or below 479.33; 2019-10 · Price JPY 874.00 · Value 479.33 · Buy at or below 479.33; 2019-11 · Price JPY 889.00 · Value 479.33 · Buy at or below 479.33; 2019-12 · Price JPY 909.00 · Value 479.33 · Buy at or below 479.33; 2020-01 · Price JPY 809.00 · Value 479.33 · Buy at or below 479.33; 2020-02 · Price JPY 665.00 · Value 578.07 · Buy at or below 578.07; 2020-03 · Price JPY 660.00 · Value 578.07 · Buy at or below 578.07; 2020-04 · Price JPY 708.00 · Value 578.07 · Buy at or below 578.07; 2020-05 · Price JPY 792.00 · Value 578.07 · Buy at or below 578.07; 2020-06 · Price JPY 779.00 · Value 578.07 · Buy at or below 578.07; 2020-07 · Price JPY 627.00 · Value 578.07 · Buy at or below 578.07; 2020-08 · Price JPY 806.00 · Value 578.07 · Buy at or below 578.07; 2020-09 · Price JPY 867.00 · Value 578.07 · Buy at or below 578.07; 2020-10 · Price JPY 826.00 · Value 578.07 · Buy at or below 578.07; 2020-11 · Price JPY 884.00 · Value 578.07 · Buy at or below 578.07; 2020-12 · Price JPY 870.00 · Value 578.07 · Buy at or below 578.07; 2021-01 · Price JPY 809.00 · Value 578.07 · Buy at or below 578.07; 2021-02 · Price JPY 800.00 · Value 455.56 · Buy at or below 455.56; 2021-03 · Price JPY 898.00 · Value 455.56 · Buy at or below 455.56; 2021-04 · Price JPY 870.00 · Value 455.56 · Buy at or below 455.56; 2021-05 · Price JPY 907.00 · Value 455.56 · Buy at or below 455.56; 2021-06 · Price JPY 916.00 · Value 455.56 · Buy at or below 455.56; 2021-07 · Price JPY 952.00 · Value 455.56 · Buy at or below 455.56; 2021-08 · Price JPY 952.00 · Value 455.56 · Buy at or below 455.56; 2021-09 · Price JPY 1054.00 · Value 455.56 · Buy at or below 455.56; 2021-10 · Price JPY 1070.00 · Value 455.56 · Buy at or below 455.56; 2021-11 · Price JPY 1010.00 · Value 455.56 · Buy at or below 455.56; 2021-12 · Price JPY 985.00 · Value 455.56 · Buy at or below 455.56; 2022-01 · Price JPY 885.00 · Value 455.56 · Buy at or below 455.56; 2022-02 · Price JPY 957.00 · Value 499.29 · Buy at or below 499.29; 2022-03 · Price JPY 927.00 · Value 499.29 · Buy at or below 499.29; 2022-04 · Price JPY 966.00 · Value 499.29 · Buy at or below 499.29; 2022-05 · Price JPY 1018.00 · Value 499.29 · Buy at or below 499.29; 2022-06 · Price JPY 981.00 · Value 499.29 · Buy at or below 499.29; 2022-07 · Price JPY 1054.00 · Value 499.29 · Buy at or below 499.29; 2022-08 · Price JPY 1062.00 · Value 499.29 · Buy at or below 499.29; 2022-09 · Price JPY 1050.00 · Value 499.29 · Buy at or below 499.29; 2022-10 · Price JPY 1060.00 · Value 499.29 · Buy at or below 499.29; 2022-11 · Price JPY 1058.00 · Value 499.29 · Buy at or below 499.29; 2022-12 · Price JPY 1016.00 · Value 499.29 · Buy at or below 499.29; 2023-01 · Price JPY 957.00 · Value 499.29 · Buy at or below 499.29; 2023-02 · Price JPY 948.00 · Value 543.84 · Buy at or below 543.84; 2023-03 · Price JPY 1014.00 · Value 543.84 · Buy at or below 543.84; 2023-04 · Price JPY 1078.00 · Value 543.84 · Buy at or below 543.84; 2023-05 · Price JPY 1098.00 · Value 543.84 · Buy at or below 543.84; 2023-06 · Price JPY 1094.20 · Value 543.84 · Buy at or below 543.84; 2023-07 · Price JPY 1108.00 · Value 543.84 · Buy at or below 543.84; 2023-08 · Price JPY 1111.00 · Value 543.84 · Buy at or below 543.84; 2023-09 · Price JPY 1020.40 · Value 543.84 · Buy at or below 543.84; 2023-10 · Price JPY 1026.20 · Value 543.84 · Buy at or below 543.84; 2023-11 · Price JPY 1026.20 · Value 543.84 · Buy at or below 543.84; 2023-12 · Price JPY 953.80 · Value 543.84 · Buy at or below 543.84; 2024-01 · Price JPY 963.40 · Value 543.84 · Buy at or below 543.84; 2024-02 · Price JPY 972.40 · Value 762.92 · Buy at or below 762.92; 2024-03 · Price JPY 990.40 · Value 762.92 · Buy at or below 762.92; 2024-04 · Price JPY 1057.20 · Value 762.92 · Buy at or below 762.92; 2024-05 · Price JPY 992.60 · Value 762.92 · Buy at or below 762.92; 2024-06 · Price JPY 940.80 · Value 762.92 · Buy at or below 762.92; 2024-07 · Price JPY 1083.60 · Value 762.92 · Buy at or below 762.92; 2024-08 · Price JPY 1120.20 · Value 762.92 · Buy at or below 762.92; 2024-09 · Price JPY 1162.60 · Value 762.92 · Buy at or below 762.92; 2024-10 · Price JPY 1165.40 · Value 762.92 · Buy at or below 762.92; 2024-11 · Price JPY 1308.60 · Value 762.92 · Buy at or below 762.92; 2024-12 · Price JPY 1230.80 · Value 762.92 · Buy at or below 762.92; 2025-01 · Price JPY 1401.40 · Value 762.92 · Buy at or below 762.92; 2025-02 · Price JPY 1417.20 · Value 869.02 · Buy at or below 869.02; 2025-03 · Price JPY 1480.40 · Value 869.02 · Buy at or below 869.02; 2025-04 · Price JPY 1632.00 · Value 869.02 · Buy at or below 869.02; 2025-05 · Price JPY 1523.00 · Value 869.02 · Buy at or below 869.02; 2025-06 · Price JPY 1702.00 · Value 869.02 · Buy at or below 869.02; 2025-07 · Price JPY 1907.40 · Value 869.02 · Buy at or below 869.02; 2025-08 · Price JPY 1871.60 · Value 869.02 · Buy at or below 869.02; 2025-09 · Price JPY 1900.00 · Value 869.02 · Buy at or below 869.02; 2025-10 · Price JPY 1811.20 · Value 869.02 · Buy at or below 869.02; 2025-11 · Price JPY 1799.00 · Value 869.02 · Buy at or below 869.02; 2025-12 · Price JPY 1596.00 · Value 869.02 · Buy at or below 869.02; 2026-01 · Price JPY 1575.40 · Value 869.02 · Buy at or below 869.02; 2026-02 · Price JPY 1565.00 · Value 1062.62 · Buy at or below 1062.62; 2026-03 · Price JPY 1667.00 · Value 1062.62 · Buy at or below 1062.62; 2026-04 · Price JPY 1456.50 · Value 1062.62 · Buy at or below 1062.62; 2026-05 · Price JPY 1229.00 · Value 1062.62 · Buy at or below 1062.62; 2026-06 · Price JPY 1300.50 · Value 1062.62 · Buy at or below 1062.62; 2026-07 · Price JPY 1522.00 · Value 1062.62 · Buy at or below 1062.62; 2026-08 · Price JPY 1579.00 · Value 1062.62 · Buy at or below 1062.62; 2026-09 · Price JPY 1555.50 · Value 1062.62 · Buy at or below 1062.62; 2026-10 · Price JPY 1508.00 · Value 1062.62 · Buy at or below 1062.62; 2026-10 · Price JPY 1562.50 · Value 1062.62 · Buy at or below 1062.62

JPY per share · annual estimates

Price & return math
Value range	JPY 851.48 – JPY 1,221.19
Buy at or below	Central value JPY 1,062.62
Discount to value	1 − 1562.50 / 1062.62 = -47.0%
Return / year	About 7.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 59.01/share; 4.4% growth for 5 years, then fades to 3.0%; excess cash JPY 124.36/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 361B

Revenue

Owner earningsJPY 52B

Owner earnings

Operating margin18.8%

Operating margin

Net cash / debtJPY 147B

Net cash / debt

Diluted shares846M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·