# Nitori Holdings (9843.JP)

Canonical: https://gigainvestors.com/s/9843.JP

Analysis as of: 2026-10-15T07:12:07.897Z. 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 3,262.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,606.88 per share, central JPY 3,351.20 per share, high JPY 3,882.71 per share. Buy at or below the central value JPY 3,351.20 per share. Valuation as of 2026-10-15T07:12:07.897Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 3.1% + 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.17×

- FY2024: 0.14×

- FY2025: 0.13×

- FY2026: 0.14×

### moat: fail

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

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 8.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 12.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.1%

- FY2018: 16.7%

- FY2019: 16.8%

- FY2020: 17.9%

- FY2021: 19.2%

- FY2022: 14.2%

- FY2023: 12.5%

- FY2024: 10.7%

- FY2025: 8.6%

- FY2026: 8.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 317B

- Net income, five-year total: JPY 359B

- Return on incremental invested capital: 23.1%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 12.7%

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

- FY2022: 0.72×

- FY2024: 1.24×

- FY2025: 1.30×

- FY2026: 1.34×

### 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: 16.8% vs 8.8%

- Per-share earnings: 108.19 to 157.98 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: JPY -28B

- Cumulative retained earnings: JPY 573B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.8%

- Per-share value change: JPY 49.79

- Per-share value, starting three-year median: JPY 108.19

- Per-share value, ending three-year median: JPY 157.98

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 30B

- Cumulative net income, 10 years: JPY 715B

- ROIC, first three-year median: 16.8%

- ROIC, last three-year median: 8.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 108.19

- FY2018: JPY 114.90

- FY2019: JPY 121.61

- FY2020: JPY 127.08

- FY2021: JPY 163.40

- FY2022: JPY 171.34

- FY2023: JPY 0

- FY2024: JPY 159.56

- FY2025: JPY 146.08

- FY2026: JPY 157.98

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.7%

- FY2018: -2.3%

- FY2019: -2.2%

- FY2020: -4.1%

- FY2021: -6.3%

- FY2022: 1.1%

- FY2023: 0.0%

- FY2024: -6.4%

- FY2025: -4.0%

- FY2026: -3.8%

## Holders

## Price story

Down 30% since Mar 2024 · sales -1.8%

Story as of 2026-10-16T10:00:14.943Z; price observation 2026-10-15.

Price needs cash profits to grow 4% a year for ten years

### Sales · FY2025–2026

sales -1.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIMF.pdf; observed 2026-06-24.

- FY2017: JPY 513B 

- FY2018: JPY 572B 

- FY2019: JPY 608B 

- FY2020: JPY 642B 

- FY2021: JPY 717B 

- FY2022: JPY 812B 

- FY2023: JPY 0 

- FY2024: JPY 897B 

- FY2025: JPY 929B 

- FY2026: JPY 912B 

### Gross margin · FY2026

gross margin 53.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIMF.pdf; observed 2026-06-24.

- FY2017: 54.2% 

- FY2018: 55.0% 

- FY2019: 54.5% 

- FY2020: 55.2% 

- FY2021: 57.4% 

- FY2022: 52.5% 

- FY2024: 51.0% 

- FY2025: 51.0% 

- FY2026: 53.2% 

## Owner memo

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

### How it makes money

Annual sales are JPY 912.2 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIMF.pdf (filed 2026-06-24); FY2026: revenue 912248000000; grossProfit 485413000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51% to 53.2% during 2024–26; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = 51%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 51%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIMF.pdf (filed 2026-06-24); FY2026: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.18114129400504658],[2018,0.16672382554008822],[2019,0.16839820878228642],[2020,0.1789257135870856],[2021,0.19153390559675829],[2022,0.14175467972534228],[2023,0.1253437408851817],[2024,0.10680612154059588],[2025,0.08589099593694444],[2026,0.0876793418413975]]; median 0.15423925263271526. 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 2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 26709271525.06222; upkeep 12411728474.937778; owner earnings 59711271525.062225. Growth capex / owner earnings = 0.4473070300278518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2018: growth capex 29230064148.545547; upkeep 34741935851.45445; owner earnings 42320064148.54555. Growth capex / owner earnings = 0.690690449947017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2019: growth capex 13933000000; upkeep 14218000000; owner earnings 67993000000. Growth capex / owner earnings = 0.20491815333931435.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 10471000000; upkeep 16561000000; owner earnings 70013000000. Growth capex / owner earnings = 0.14955793923985544.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 2408000000; upkeep 17831000000; owner earnings 90526000000. Growth capex / owner earnings = 0.026600092791021365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 53932837649.33466; upkeep 49229162350.66534; owner earnings 69628837649.33466. Growth capex / owner earnings = 0.7745761593917693.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 0; upkeep 3284000000; owner earnings 112140000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 0; upkeep 3876000000; owner earnings 107494000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIMF.pdf (filed 2026-06-24); FY2026: growth capex 0; upkeep 3000000000; owner earnings 119713000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,7753000000],[2018,10272000000],[2019,10527000000],[2020,11663000000],[2021,12497000000],[2022,15360000000],[2023,16064000000],[2024,16713000000],[2025,16715000000],[2026,17280000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9843.T (filed 2026-06-24); FY2026: cash repurchases 2000000 JPY.

### What the price says

The price assumes cash profits grow 4% yearly over ten years; actual growth was 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.044666658896157174. Price 3262; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 84.67969554386937 → FY2026 211.85459549680743. Closing-price date 2026-10-15.

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

- 2016-11: JPY 2,388.00 per share

- 2016-12: JPY 2,672.00 per share

- 2017-01: JPY 2,524.00 per share

- 2017-02: JPY 2,616.00 per share

- 2017-03: JPY 2,814.00 per share

- 2017-04: JPY 2,902.00 per share

- 2017-05: JPY 3,238.00 per share

- 2017-06: JPY 3,008.00 per share

- 2017-07: JPY 3,112.00 per share

- 2017-08: JPY 3,396.00 per share

- 2017-09: JPY 3,218.00 per share

- 2017-10: JPY 3,291.00 per share

- 2017-11: JPY 3,667.00 per share

- 2017-12: JPY 3,213.00 per share

- 2018-01: JPY 3,477.00 per share

- 2018-02: JPY 3,603.00 per share

- 2018-03: JPY 3,761.00 per share

- 2018-04: JPY 3,696.00 per share

- 2018-05: JPY 3,743.00 per share

- 2018-06: JPY 3,456.00 per share

- 2018-07: JPY 3,373.00 per share

- 2018-08: JPY 3,374.00 per share

- 2018-09: JPY 3,259.00 per share

- 2018-10: JPY 2,947.00 per share

- 2018-11: JPY 3,041.00 per share

- 2018-12: JPY 2,746.00 per share

- 2019-01: JPY 2,832.00 per share

- 2019-02: JPY 2,777.00 per share

- 2019-03: JPY 2,860.00 per share

- 2019-04: JPY 2,650.00 per share

- 2019-05: JPY 2,585.00 per share

- 2019-06: JPY 2,856.00 per share

- 2019-07: JPY 2,946.00 per share

- 2019-08: JPY 3,065.00 per share

- 2019-09: JPY 3,162.00 per share

- 2019-10: JPY 3,302.00 per share

- 2019-11: JPY 3,430.00 per share

- 2019-12: JPY 3,445.00 per share

- 2020-01: JPY 3,397.00 per share

- 2020-02: JPY 2,993.00 per share

- 2020-03: JPY 2,916.00 per share

- 2020-04: JPY 3,304.00 per share

- 2020-05: JPY 3,907.00 per share

- 2020-06: JPY 4,225.00 per share

- 2020-07: JPY 4,634.00 per share

- 2020-08: JPY 4,436.00 per share

- 2020-09: JPY 4,370.00 per share

- 2020-10: JPY 4,310.00 per share

- 2020-11: JPY 4,446.00 per share

- 2020-12: JPY 4,324.00 per share

- 2021-01: JPY 4,158.00 per share

- 2021-02: JPY 3,975.00 per share

- 2021-03: JPY 4,285.00 per share

- 2021-04: JPY 3,922.00 per share

- 2021-05: JPY 3,793.00 per share

- 2021-06: JPY 3,932.00 per share

- 2021-07: JPY 4,161.00 per share

- 2021-08: JPY 4,116.00 per share

- 2021-09: JPY 4,422.00 per share

- 2021-10: JPY 4,171.00 per share

- 2021-11: JPY 3,606.00 per share

- 2021-12: JPY 3,445.00 per share

- 2022-01: JPY 3,280.00 per share

- 2022-02: JPY 3,449.00 per share

- 2022-03: JPY 3,072.00 per share

- 2022-04: JPY 2,670.00 per share

- 2022-05: JPY 2,602.00 per share

- 2022-06: JPY 2,579.00 per share

- 2022-07: JPY 2,812.00 per share

- 2022-08: JPY 2,678.00 per share

- 2022-09: JPY 2,438.00 per share

- 2022-10: JPY 2,707.00 per share

- 2022-11: JPY 3,113.00 per share

- 2022-12: JPY 3,410.00 per share

- 2023-01: JPY 3,420.00 per share

- 2023-02: JPY 3,080.00 per share

- 2023-03: JPY 3,186.00 per share

- 2023-04: JPY 3,473.00 per share

- 2023-05: JPY 3,399.00 per share

- 2023-06: JPY 3,221.00 per share

- 2023-07: JPY 3,491.00 per share

- 2023-08: JPY 3,324.00 per share

- 2023-09: JPY 3,342.00 per share

- 2023-10: JPY 3,282.00 per share

- 2023-11: JPY 3,412.00 per share

- 2023-12: JPY 3,776.00 per share

- 2024-01: JPY 3,853.00 per share

- 2024-02: JPY 4,396.00 per share

- 2024-03: JPY 4,669.00 per share

- 2024-04: JPY 4,249.00 per share

- 2024-05: JPY 3,474.00 per share

- 2024-06: JPY 3,398.00 per share

- 2024-07: JPY 3,573.00 per share

- 2024-08: JPY 4,344.00 per share

- 2024-09: JPY 4,359.00 per share

- 2024-10: JPY 3,850.00 per share

- 2024-11: JPY 3,845.00 per share

- 2024-12: JPY 3,727.00 per share

- 2025-01: JPY 3,634.00 per share

- 2025-02: JPY 3,103.00 per share

- 2025-03: JPY 2,966.00 per share

- 2025-04: JPY 3,415.00 per share

- 2025-05: JPY 2,874.00 per share

- 2025-06: JPY 2,784.00 per share

- 2025-07: JPY 2,589.00 per share

- 2025-08: JPY 2,711.00 per share

- 2025-09: JPY 2,853.50 per share

- 2025-10: JPY 2,500.00 per share

- 2025-11: JPY 2,702.00 per share

- 2025-12: JPY 2,742.50 per share

- 2026-01: JPY 2,655.00 per share

- 2026-02: JPY 3,128.00 per share

- 2026-03: JPY 2,517.50 per share

- 2026-04: JPY 2,216.50 per share

- 2026-05: JPY 2,618.50 per share

- 2026-06: JPY 2,414.50 per share

- 2026-07: JPY 2,538.50 per share

- 2026-08: JPY 3,048.00 per share

- 2026-09: JPY 2,940.00 per share

- 2026-10: JPY 3,207.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,622.67 per share, central JPY 1,810.48 per share, high JPY 2,060.50 per share

- FY2021: low JPY 1,823.82 per share, central JPY 2,038.10 per share, high JPY 2,323.35 per share

- FY2022: low JPY 1,915.26 per share, central JPY 2,151.44 per share, high JPY 2,465.84 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/S100YIMF.pdf); period 2026-03-31, filed 2026-06-24.

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.