# Fast Retailing (9983.JP)

Canonical: https://gigainvestors.com/s/9983.JP

Analysis as of: 2026-10-15T07:12:10.736Z. Financial observations: FY2012–FY2025.

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 76,400.00 per share; close as of 2026-10-15.

Estimated value: low JPY 15,966.73 per share, central JPY 17,799.69 per share, high JPY 20,239.75 per share. Buy at or below the central value JPY 17,799.69 per share. Valuation as of 2026-10-15T07:12:10.736Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% 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: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.07×

- FY2021: 0.12×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.17×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 20.2%

- ROIC, second-lowest year: 14.7%

- Years with nonpositive capital: 4

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 24.7%

- Typical minus recent gross margin: -3.2 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 19.1%

- FY2019: 19.4%

- FY2020: 10.1%

- FY2021: 14.7%

- FY2022: >100%

- FY2023: 30.1%

- FY2024: 27.4%

- FY2025: 21.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 1.28T

- Net income, five-year total: JPY 1.54T

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, final three-year average: 17.1%

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

- FY2021: 0.73×

- FY2022: 0.87×

- FY2023: 0.83×

- FY2024: 0.88×

- FY2025: 0.80×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 1079.42 to 1212.88 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.6%

- Ordinary dilution, 5-year annual growth: 24.6%

- Market cap gain: JPY 13.20T

- Cumulative retained earnings: JPY 1.36T

- Diluted shares, 10-year annual growth: 11.6%

- Diluted shares, 5-year annual growth: 24.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.5%

- Per-share value change: JPY 133.46

- Per-share value, starting three-year median: JPY 1K

- Per-share value, ending three-year median: JPY 1K

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: JPY 2.12T

- ROIC, last three-year median: 27.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 471.31

- FY2017: JPY 1K

- FY2018: JPY 2K

- FY2019: JPY 2K

- FY2020: JPY 885.15

- FY2021: JPY 2K

- FY2022: JPY 891.77

- FY2023: JPY 966.09

- FY2024: JPY 1K

- FY2025: JPY 1K

### accounting: pass

- Sloan accruals: -3.8%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1.1%

- FY2019: -6.9%

- FY2020: -7.2%

- FY2021: -10.3%

- FY2022: -4.9%

- FY2023: -5.1%

- FY2024: -7.8%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to grow 21.2% a year for ten years · sales +9.6%

Story as of 2026-10-16T10:00:14.947Z; price observation 2026-10-15.

Price needs cash profits to grow 21.2% a year for ten years

### Sales · FY2024–2025

sales +9.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf; observed 2025-11-28.

- FY2016: JPY 1.79T 

- FY2017: JPY 1.86T 

- FY2018: JPY 2.13T 

- FY2019: JPY 2.29T 

- FY2020: JPY 2.01T 

- FY2021: JPY 2.13T 

- FY2022: JPY 2.30T 

- FY2023: JPY 2.77T 

- FY2024: JPY 3.10T 

- FY2025: JPY 3.40T 

### Gross margin · FY2025

gross margin 53.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf; observed 2025-11-28.

- FY2018: 49.3% 

- FY2019: 48.9% 

- FY2020: 48.6% 

- FY2021: 50.3% 

- FY2022: 52.4% 

- FY2023: 51.9% 

- FY2024: 53.9% 

- FY2025: 53.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 3.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf (filed 2025-11-28); FY2025: revenue 3400539000000; grossProfit 1828858000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51.9% to 53.9% during 2023–25; it earns 20.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2023: grossProfit / revenue = 51.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2024: grossProfit / revenue = 53.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf (filed 2025-11-28); FY2025: grossProfit / revenue = 53.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); 10-year return on capital observations [[2018,0.19104677307080026],[2019,0.19358902280194715],[2020,0.1014838034544546],[2021,0.1473756172687101],[2022,1.048335645706203],[2023,0.301387504581653],[2024,0.27366746434655415],[2025,0.21123557171796759]]; median 0.20241229725995735. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3.8% of cash earnings; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2018: growth capex 3439000000; upkeep 45055000000; owner earnings 148893000000. Growth capex / owner earnings = 0.023097123437636424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2019: growth capex 11520603068.318718; upkeep 54223396931.68128; owner earnings 156830603068.31873. Growth capex / owner earnings = 0.07345889668804054.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2020: growth capex 0; upkeep 67508000000; owner earnings 59481000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2021: growth capex 0; upkeep 76124000000; owner earnings 123385000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2022: growth capex 0; upkeep 79606000000; cash acquisitions 0; owner earnings 237115000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2023: growth capex 0; upkeep 95306000000; owner earnings 247149000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2024: growth capex 0; upkeep 103988000000; cash acquisitions 0; owner earnings 325996000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf (filed 2025-11-28); FY2025: growth capex 0; upkeep 162864000000; cash acquisitions 13087000000; owner earnings 346154000000. Growth capex plus acquisitions / owner earnings = 0.03780687208583463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); Dividend observations: [[2018,38244000000],[2019,48975000000],[2020,48995000000],[2021,48993000000],[2022,53091000000],[2023,73064000000],[2024,104263000000],[2025,142630000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 21.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); Ten-year compound average after fade. Initial solved rate 0.2949310391651526. Price 76400; 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 13,190.00 per share

- 2016-12: JPY 13,943.33 per share

- 2017-01: JPY 11,860.00 per share

- 2017-02: JPY 11,830.00 per share

- 2017-03: JPY 11,640.00 per share

- 2017-04: JPY 12,120.00 per share

- 2017-05: JPY 12,366.67 per share

- 2017-06: JPY 12,473.33 per share

- 2017-07: JPY 11,040.00 per share

- 2017-08: JPY 10,490.00 per share

- 2017-09: JPY 11,063.33 per share

- 2017-10: JPY 12,536.67 per share

- 2017-11: JPY 14,503.33 per share

- 2017-12: JPY 14,970.00 per share

- 2018-01: JPY 16,230.00 per share

- 2018-02: JPY 14,190.00 per share

- 2018-03: JPY 14,413.33 per share

- 2018-04: JPY 16,070.00 per share

- 2018-05: JPY 15,910.00 per share

- 2018-06: JPY 16,970.00 per share

- 2018-07: JPY 16,250.00 per share

- 2018-08: JPY 17,270.00 per share

- 2018-09: JPY 19,306.67 per share

- 2018-10: JPY 19,023.33 per share

- 2018-11: JPY 19,680.00 per share

- 2018-12: JPY 18,790.00 per share

- 2019-01: JPY 16,610.00 per share

- 2019-02: JPY 17,386.67 per share

- 2019-03: JPY 17,343.33 per share

- 2019-04: JPY 21,420.00 per share

- 2019-05: JPY 20,923.33 per share

- 2019-06: JPY 21,710.00 per share

- 2019-07: JPY 21,850.00 per share

- 2019-08: JPY 20,746.67 per share

- 2019-09: JPY 21,403.33 per share

- 2019-10: JPY 22,350.00 per share

- 2019-11: JPY 22,230.00 per share

- 2019-12: JPY 21,666.67 per share

- 2020-01: JPY 19,780.00 per share

- 2020-02: JPY 17,813.33 per share

- 2020-03: JPY 14,730.00 per share

- 2020-04: JPY 17,166.67 per share

- 2020-05: JPY 20,176.67 per share

- 2020-06: JPY 20,566.67 per share

- 2020-07: JPY 18,683.33 per share

- 2020-08: JPY 21,093.33 per share

- 2020-09: JPY 21,953.33 per share

- 2020-10: JPY 24,236.67 per share

- 2020-11: JPY 28,646.67 per share

- 2020-12: JPY 30,823.33 per share

- 2021-01: JPY 29,940.00 per share

- 2021-02: JPY 35,000.00 per share

- 2021-03: JPY 29,376.67 per share

- 2021-04: JPY 29,903.33 per share

- 2021-05: JPY 29,723.33 per share

- 2021-06: JPY 27,876.67 per share

- 2021-07: JPY 24,640.00 per share

- 2021-08: JPY 24,173.33 per share

- 2021-09: JPY 27,493.33 per share

- 2021-10: JPY 25,170.00 per share

- 2021-11: JPY 22,466.67 per share

- 2021-12: JPY 21,770.00 per share

- 2022-01: JPY 22,330.00 per share

- 2022-02: JPY 20,610.00 per share

- 2022-03: JPY 20,996.67 per share

- 2022-04: JPY 20,053.33 per share

- 2022-05: JPY 20,650.00 per share

- 2022-06: JPY 23,693.33 per share

- 2022-07: JPY 26,733.33 per share

- 2022-08: JPY 27,316.67 per share

- 2022-09: JPY 25,570.00 per share

- 2022-10: JPY 27,663.33 per share

- 2022-11: JPY 26,936.67 per share

- 2022-12: JPY 26,843.33 per share

- 2023-01: JPY 26,140.00 per share

- 2023-02: JPY 26,900.00 per share

- 2023-03: JPY 28,880.00 per share

- 2023-04: JPY 32,010.00 per share

- 2023-05: JPY 32,680.00 per share

- 2023-06: JPY 36,720.00 per share

- 2023-07: JPY 35,560.00 per share

- 2023-08: JPY 33,480.00 per share

- 2023-09: JPY 32,590.00 per share

- 2023-10: JPY 33,020.00 per share

- 2023-11: JPY 37,490.00 per share

- 2023-12: JPY 34,990.00 per share

- 2024-01: JPY 39,740.00 per share

- 2024-02: JPY 43,260.00 per share

- 2024-03: JPY 46,940.00 per share

- 2024-04: JPY 41,550.00 per share

- 2024-05: JPY 40,210.00 per share

- 2024-06: JPY 40,560.00 per share

- 2024-07: JPY 41,650.00 per share

- 2024-08: JPY 46,650.00 per share

- 2024-09: JPY 47,420.00 per share

- 2024-10: JPY 49,520.00 per share

- 2024-11: JPY 51,110.00 per share

- 2024-12: JPY 53,820.00 per share

- 2025-01: JPY 51,030.00 per share

- 2025-02: JPY 45,470.00 per share

- 2025-03: JPY 44,060.00 per share

- 2025-04: JPY 46,980.00 per share

- 2025-05: JPY 48,350.00 per share

- 2025-06: JPY 49,520.00 per share

- 2025-07: JPY 46,380.00 per share

- 2025-08: JPY 46,520.00 per share

- 2025-09: JPY 45,040.00 per share

- 2025-10: JPY 56,660.00 per share

- 2025-11: JPY 57,140.00 per share

- 2025-12: JPY 56,940.00 per share

- 2026-01: JPY 58,800.00 per share

- 2026-02: JPY 69,030.00 per share

- 2026-03: JPY 61,630.00 per share

- 2026-04: JPY 73,590.00 per share

- 2026-05: JPY 82,330.00 per share

- 2026-06: JPY 82,810.00 per share

- 2026-07: JPY 78,190.00 per share

- 2026-08: JPY 72,450.00 per share

- 2026-09: JPY 70,860.00 per share

- 2026-10: JPY 74,730.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 9,899.83 per share, central JPY 10,674.49 per share, high JPY 11,705.74 per share

- FY2023: low JPY 9,517.70 per share, central JPY 10,448.69 per share, high JPY 11,688.04 per share

- FY2024: low JPY 13,570.66 per share, central JPY 14,933.11 per share, high JPY 16,746.81 per share

- FY2025: low JPY 15,022.81 per share, central JPY 16,723.25 per share, high JPY 18,986.89 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 2026-10-15T07:12:10.736Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100X6X6.pdf); period 2025-08-31, filed 2025-11-28.

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.