# Konami Group (9766.JP)

Canonical: https://gigainvestors.com/s/9766.JP

Analysis as of: 2026-10-15T07:12:06.430Z. 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 24,015.00 per share; close as of 2026-10-15.

Estimated value: low JPY 9,305.73 per share, central JPY 12,069.87 per share, high JPY 13,757.14 per share. Buy at or below the central value JPY 12,069.87 per share. Valuation as of 2026-10-15T07:12:06.430Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.12×

- FY2021: 0.13×

- FY2022: 0.25×

- FY2023: 0.15×

- FY2024: 0.22×

- FY2025: 0.24×

- FY2026: 0.28×

### moat: pass

- ROIC, median of available years: 28.9%

- ROIC, second-lowest year: 17.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.1%

- ROIC including acquisitions, ten-year median: 20.7%

- Typical minus recent gross margin: 0.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 28.5%

- FY2019: 28.9%

- FY2020: 12.7%

- FY2021: 21.3%

- FY2022: 36.2%

- FY2023: 17.0%

- FY2024: 29.1%

- FY2025: 31.6%

- FY2026: 37.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 259B

- Net income, five-year total: JPY 324B

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, final three-year average: 4.3%

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

- FY2022: 0.82×

- FY2023: 0.39×

- FY2024: 0.88×

- FY2025: 0.74×

- FY2026: 0.93×

### management: pass

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

- buybacks unrelated to price (informational)

- Per-share earnings: 191.89 to 551.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: JPY 1.98T

- Cumulative retained earnings: JPY 303B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.1%

- Per-share value change: JPY 359.11

- Per-share value, starting three-year median: JPY 191.89

- Per-share value, ending three-year median: JPY 551.00

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 466B

- ROIC, last three-year median: 31.6%

- Average buyback yield: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 191.89

- FY2018: JPY 225.59

- FY2019: JPY 252.86

- FY2020: JPY 147.26

- FY2021: JPY 242.17

- FY2022: JPY 410.80

- FY2023: JPY 258.81

- FY2024: JPY 436.50

- FY2025: JPY 551.00

- FY2026: JPY 737.80

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.3%

- FY2018: -6.5%

- FY2019: -4.0%

- FY2020: -7.5%

- FY2021: -7.7%

- FY2022: -7.9%

- FY2023: -0.2%

- FY2024: -7.2%

- FY2025: -6.0%

- FY2026: -4.8%

## Holders

## Price story

Price needs cash profits to grow 16.1% a year for ten years · sales +17.1%

Story as of 2026-10-16T10:00:14.939Z; price observation 2026-10-15.

Price needs cash profits to grow 16.1% a year for ten years

### Sales · FY2025–2026

sales +17.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf; observed 2026-06-26.

- FY2017: JPY 230B 

- FY2018: JPY 239B 

- FY2019: JPY 263B 

- FY2020: JPY 263B 

- FY2021: JPY 273B 

- FY2022: JPY 300B 

- FY2023: JPY 314B 

- FY2024: JPY 360B 

- FY2025: JPY 422B 

- FY2026: JPY 494B 

### Gross margin · FY2026

gross margin 49.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf; observed 2026-06-26.

- FY2018: 40.6% 

- FY2019: 40.8% 

- FY2020: 38.0% 

- FY2021: 41.6% 

- FY2022: 45.0% 

- FY2023: 38.9% 

- FY2024: 44.4% 

- FY2025: 47.2% 

- FY2026: 49.3% 

## Owner memo

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

### How it makes money

Annual sales are JPY 493.7 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf (filed 2026-06-26); FY2026: revenue 493677000000; grossProfit 243179000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.4% to 49.3% during 2024–26; it earns 28.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2024: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: grossProfit / revenue = 47.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf (filed 2026-06-26); FY2026: grossProfit / revenue = 49.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); 10-year return on capital observations [[2018,0.2852442418078614],[2019,0.2891284888258447],[2020,0.12720190990530075],[2021,0.21264287735782952],[2022,0.3621903928316706],[2023,0.17006056142900264],[2024,0.2905753255394506],[2025,0.31590519402704986],[2026,0.37010751114442675]]; median 0.2891284888258447. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 23.1% of cash earnings on expansion; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2018: growth capex 3161468724.0341225; upkeep 14469531275.965878; owner earnings 26661468724.034122. Growth capex / owner earnings = 0.1185781907500167.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2019: growth capex 7416059810.377281; upkeep 16392940189.622719; owner earnings 29436059810.37728. Growth capex / owner earnings = 0.25193792437406487.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2021: growth capex 3633332805.4885445; upkeep 19927667194.511456; owner earnings 21020332805.488544. Growth capex / owner earnings = 0.1728484909877287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2022: growth capex 5195000000; upkeep 17933000000; owner earnings 45017000000. Growth capex / owner earnings = 0.11540084856831863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2023: growth capex 6230834370.307732; upkeep 37548165629.69227; owner earnings 13732834370.307732. Growth capex / owner earnings = 0.4537180164190758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2024: growth capex 6049000000; upkeep 23267000000; owner earnings 51776000000. Growth capex / owner earnings = 0.11683019159456119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); FY2025: growth capex 26536206277.04767; upkeep 40325793722.95233; owner earnings 55372206277.04767. Growth capex / owner earnings = 0.4792333204907385.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf (filed 2026-06-26); FY2026: growth capex 21490000000; upkeep 34190000000; owner earnings 92843000000. Growth capex / owner earnings = 0.23146602328662366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Dividend observations: [[2018,9590000000],[2019,13303000000],[2020,13984000000],[2021,3929000000],[2022,11593000000],[2023,20000000000],[2024,16796000000],[2025,18288000000],[2026,24719000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 16.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Ten-year compound average after fade. Initial solved rate 0.22084607029412184. Price 24015; 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 3,870.00 per share

- 2016-12: JPY 4,720.00 per share

- 2017-01: JPY 4,520.00 per share

- 2017-02: JPY 4,740.00 per share

- 2017-03: JPY 4,725.00 per share

- 2017-04: JPY 4,635.00 per share

- 2017-05: JPY 5,440.00 per share

- 2017-06: JPY 6,240.00 per share

- 2017-07: JPY 5,750.00 per share

- 2017-08: JPY 5,730.00 per share

- 2017-09: JPY 5,410.00 per share

- 2017-10: JPY 5,500.00 per share

- 2017-11: JPY 5,930.00 per share

- 2017-12: JPY 6,200.00 per share

- 2018-01: JPY 6,240.00 per share

- 2018-02: JPY 5,650.00 per share

- 2018-03: JPY 5,590.00 per share

- 2018-04: JPY 5,380.00 per share

- 2018-05: JPY 5,110.00 per share

- 2018-06: JPY 5,640.00 per share

- 2018-07: JPY 5,250.00 per share

- 2018-08: JPY 4,655.00 per share

- 2018-09: JPY 4,450.00 per share

- 2018-10: JPY 4,310.00 per share

- 2018-11: JPY 5,080.00 per share

- 2018-12: JPY 4,805.00 per share

- 2019-01: JPY 5,010.00 per share

- 2019-02: JPY 4,595.00 per share

- 2019-03: JPY 4,805.00 per share

- 2019-04: JPY 5,060.00 per share

- 2019-05: JPY 5,120.00 per share

- 2019-06: JPY 5,050.00 per share

- 2019-07: JPY 4,640.00 per share

- 2019-08: JPY 4,815.00 per share

- 2019-09: JPY 5,220.00 per share

- 2019-10: JPY 4,770.00 per share

- 2019-11: JPY 4,820.00 per share

- 2019-12: JPY 4,485.00 per share

- 2020-01: JPY 4,240.00 per share

- 2020-02: JPY 3,895.00 per share

- 2020-03: JPY 3,315.00 per share

- 2020-04: JPY 3,405.00 per share

- 2020-05: JPY 3,785.00 per share

- 2020-06: JPY 3,590.00 per share

- 2020-07: JPY 3,215.00 per share

- 2020-08: JPY 4,085.00 per share

- 2020-09: JPY 4,540.00 per share

- 2020-10: JPY 4,070.00 per share

- 2020-11: JPY 5,470.00 per share

- 2020-12: JPY 5,800.00 per share

- 2021-01: JPY 6,400.00 per share

- 2021-02: JPY 6,830.00 per share

- 2021-03: JPY 6,590.00 per share

- 2021-04: JPY 6,520.00 per share

- 2021-05: JPY 7,020.00 per share

- 2021-06: JPY 6,670.00 per share

- 2021-07: JPY 6,040.00 per share

- 2021-08: JPY 6,980.00 per share

- 2021-09: JPY 7,030.00 per share

- 2021-10: JPY 6,260.00 per share

- 2021-11: JPY 5,810.00 per share

- 2021-12: JPY 5,520.00 per share

- 2022-01: JPY 6,130.00 per share

- 2022-02: JPY 6,480.00 per share

- 2022-03: JPY 7,750.00 per share

- 2022-04: JPY 8,040.00 per share

- 2022-05: JPY 8,800.00 per share

- 2022-06: JPY 7,510.00 per share

- 2022-07: JPY 7,840.00 per share

- 2022-08: JPY 7,080.00 per share

- 2022-09: JPY 6,680.00 per share

- 2022-10: JPY 6,530.00 per share

- 2022-11: JPY 6,450.00 per share

- 2022-12: JPY 5,970.00 per share

- 2023-01: JPY 6,370.00 per share

- 2023-02: JPY 6,010.00 per share

- 2023-03: JPY 6,070.00 per share

- 2023-04: JPY 6,690.00 per share

- 2023-05: JPY 7,390.00 per share

- 2023-06: JPY 7,521.00 per share

- 2023-07: JPY 7,969.00 per share

- 2023-08: JPY 8,456.00 per share

- 2023-09: JPY 7,887.00 per share

- 2023-10: JPY 7,754.00 per share

- 2023-11: JPY 7,315.00 per share

- 2023-12: JPY 7,383.00 per share

- 2024-01: JPY 9,126.00 per share

- 2024-02: JPY 10,080.00 per share

- 2024-03: JPY 10,260.00 per share

- 2024-04: JPY 9,554.00 per share

- 2024-05: JPY 10,965.00 per share

- 2024-06: JPY 11,580.00 per share

- 2024-07: JPY 11,410.00 per share

- 2024-08: JPY 13,145.00 per share

- 2024-09: JPY 14,545.00 per share

- 2024-10: JPY 14,090.00 per share

- 2024-11: JPY 14,775.00 per share

- 2024-12: JPY 14,800.00 per share

- 2025-01: JPY 14,320.00 per share

- 2025-02: JPY 18,295.00 per share

- 2025-03: JPY 17,580.00 per share

- 2025-04: JPY 20,350.00 per share

- 2025-05: JPY 19,655.00 per share

- 2025-06: JPY 22,815.00 per share

- 2025-07: JPY 20,520.00 per share

- 2025-08: JPY 22,405.00 per share

- 2025-09: JPY 21,350.00 per share

- 2025-10: JPY 25,740.00 per share

- 2025-11: JPY 23,835.00 per share

- 2025-12: JPY 21,330.00 per share

- 2026-01: JPY 22,470.00 per share

- 2026-02: JPY 20,830.00 per share

- 2026-03: JPY 19,335.00 per share

- 2026-04: JPY 18,900.00 per share

- 2026-05: JPY 18,930.00 per share

- 2026-06: JPY 17,665.00 per share

- 2026-07: JPY 20,640.00 per share

- 2026-08: JPY 22,105.00 per share

- 2026-09: JPY 21,400.00 per share

- 2026-10: JPY 24,035.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 4,566.09 per share, central JPY 4,942.74 per share, high JPY 5,444.14 per share

- FY2023: low JPY 3,749.48 per share, central JPY 4,320.47 per share, high JPY 4,780.27 per share

- FY2024: low JPY 4,451.99 per share, central JPY 5,121.65 per share, high JPY 5,651.91 per share

- FY2025: low JPY 7,448.97 per share, central JPY 9,436.88 per share, high JPY 10,701.02 per share

- FY2026: low JPY 9,305.78 per share, central JPY 12,069.94 per share, high JPY 13,757.21 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 2026-10-15T07:12:06.430Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YKX5.pdf); period 2026-03-31, filed 2026-06-26.

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.