¥486.00 ($3.08)

-8.00 (-1.62%)

Weekly Expected Move ±3.6%

¥451 ¥469 ¥486 ¥503 ¥521

JPX · Communication Services · Advertising Agencies · Tech Score Strong Sell · Power 30 · ¥27.3B mcap · 24M float · 1.77% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ETF Exposure

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. 6535.T receives an overall rating of A-. Strongest factors: DCF (5/5), ROE (4/5), ROA (5/5). Areas of concern: D/E (1/5).

Rating Change History

Date	From	To
2026-09-24	None	ADDED
2026-09-23	EXISTED	None
2026-05-07	None	ADDED
2026-05-06	EXISTED	None
2026-03-12	B+	A-
2026-01-05	None	ADDED
2026-01-04	EXISTED	None

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 64 Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. 6535.T scores highest in Balance Sheet (90/100) and lowest in Growth (40/100). An overall grade of A+ places 6535.T among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

2.92

Grey Zone

Piotroski F-Score

4/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

-0.98

Possible Manipulator

Ohlson O-Score

-9.14

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

Score: 72.2/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 1.89x

Accruals: -8.1%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. 6535.T scores 2.92, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. 6535.T scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. 6535.T's score of -0.98 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. 6535.T's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. 6535.T receives an estimated rating of A (score: 72.2/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). 6535.T's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

9.41x

PEG

12.37x

P/S

1.23x

P/B

1.57x

P/FCF

6.48x

P/OCF

4.87x

EV/EBITDA

0.94x

EV/Revenue

0.19x

EV/EBIT

1.01x

EV/FCF

1.02x

Earnings Yield

10.83%

FCF Yield

15.44%

Shareholder Yield

8.56%

Graham Number

$602.47

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 9.4x earnings, 6535.T trades at a deep value multiple. An earnings yield of 10.8% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $602.47 per share, suggesting a potential 24% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.704

NI / EBT

Interest Burden

0.983

EBT / EBIT

EBIT Margin

0.189

EBIT / Rev

Asset Turnover

0.697

Rev / Assets

Equity Multiplier

1.908

Assets / Equity

ROE

17.3%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. 6535.T's ROE of 17.3% is driven by Asset Turnover (0.697), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

9.17%

Fair P/E

26.83x

Intrinsic Value

$1401.04

Price/Value

0.34x

Margin of Safety

65.60%

Premium

-65.60%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with 6535.T's realized 9.2% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. 6535.T trades at a -66% premium to its adjusted intrinsic value of $1401.04, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 26.8x compares to the current market P/E of 9.4x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$486.00

Median 1Y

$482.08

5th Pctile

$231.62

95th Pctile

$1002.44

Ann. Volatility

44.0%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
ROE	19.4%	19.9%	19.6%	19.0%	18.6%	17.0%	15.6%	17.5%	24.7%	17.9%	17.6%	16.3%	11.8%	15.8%	16.4%	18.6%	15.3%	14.4%	14.4%	17.3%	17.35%
ROA	15.8%	13.1%	15.2%	14.4%	14.3%	9.9%	11.0%	12.0%	16.4%	9.4%	11.6%	10.5%	7.2%	7.8%	10.2%	11.4%	7.7%	6.7%	7.8%	9.1%	9.09%
ROIC	-9.6%	-3.6%	4.1%	-3.1%	-3.8%	-1.7%	-1.2%	-1.2%	-5.7%	10.0%	-94.6%	-83.9%	-45.3%	7.4%	-62.4%	-69.3%	26.5%	-1.0%	-39.3%	-54.7%	-54.71%
ROCE	27.3%	27.2%	26.5%	28.2%	26.6%	24.6%	23.4%	24.9%	34.1%	24.7%	24.3%	22.5%	17.2%	22.3%	21.6%	25.1%	20.6%	19.4%	20.5%	24.2%	24.25%
Gross Margin	100.0%	100.0%	99.8%	99.5%	99.4%	100.0%	99.8%	99.9%	99.7%	99.4%	95.9%	99.8%	99.6%	99.5%	97.2%	97.7%	99.2%	98.5%	94.8%	92.6%	92.65%
Operating Margin	34.3%	31.4%	22.8%	5.6%	23.0%	25.3%	16.8%	5.2%	33.8%	17.3%	13.5%	-7.5%	24.4%	22.3%	10.2%	5.6%	0.1%	42.9%	21.0%	27.2%	27.23%
Net Margin	24.7%	21.5%	19.7%	2.7%	16.3%	16.9%	11.5%	4.7%	23.5%	12.2%	9.5%	-7.7%	16.3%	15.4%	15.3%	1.8%	0.4%	29.7%	17.2%	15.4%	15.38%
EBITDA Margin	35.9%	32.0%	24.9%	7.8%	24.9%	25.8%	19.4%	7.4%	34.6%	17.9%	15.8%	-2.8%	25.8%	22.7%	12.7%	7.8%	0.7%	44.1%	24.5%	30.1%	30.12%
FCF Margin	12.5%	17.8%	24.9%	26.5%	20.4%	11.8%	6.5%	2.2%	1.8%	7.1%	11.9%	15.7%	21.4%	16.9%	15.8%	16.4%	13.6%	17.8%	18.6%	18.6%	18.60%
OCF Margin	12.9%	18.2%	25.3%	27.1%	20.8%	12.1%	6.6%	2.2%	1.8%	7.5%	12.9%	17.2%	23.7%	18.9%	18.0%	18.8%	15.8%	20.8%	21.8%	24.7%	24.71%
ROE 3Y Avg	snapshot only																				16.87%
ROE 5Y Avg	snapshot only																				17.53%
ROA 3Y Avg	snapshot only																				9.56%
ROIC Economic	snapshot only																				17.65%
Cash ROA	snapshot only																				15.11%
NOPAT Margin	snapshot only																				13.28%
Pretax Margin	snapshot only																				18.55%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				78.78%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
P/E Ratio	11.27	7.34	8.45	9.22	8.69	8.91	9.90	9.39	7.28	8.68	7.68	10.28	16.13	10.50	11.22	11.71	14.37	11.65	11.81	9.23	9.409
P/S Ratio	1.68	1.25	1.57	1.77	1.54	1.37	1.44	1.37	1.24	1.29	1.12	1.33	1.64	1.29	1.45	1.61	1.20	1.29	1.33	1.20	1.231
P/B Ratio	2.16	1.41	1.61	1.84	1.63	1.52	1.56	1.60	1.71	1.51	1.32	1.59	1.87	1.58	1.76	2.14	2.22	1.69	1.71	1.56	1.573
P/FCF	13.44	6.99	6.31	6.68	7.56	11.62	22.25	61.33	67.65	18.32	9.42	8.46	7.65	7.67	9.16	9.82	8.80	7.21	7.16	6.48	6.477
P/OCF	12.99	6.83	6.21	6.54	7.40	11.35	21.64	61.33	67.65	17.17	8.74	7.71	6.90	6.84	8.04	8.56	7.61	6.19	6.10	4.87	4.875
EV/EBITDA	4.01	1.27	2.38	2.64	2.09	1.62	1.69	1.71	1.87	2.04	0.53	1.65	4.51	2.51	2.17	3.24	8.03	2.59	1.51	0.94	0.938
EV/Revenue	0.89	0.32	0.64	0.75	0.55	0.38	0.39	0.39	0.48	0.45	0.12	0.34	0.76	0.49	0.42	0.66	0.97	0.42	0.26	0.19	0.190
EV/EBIT	4.16	1.31	2.45	2.75	2.19	1.69	1.78	1.80	1.94	2.14	0.56	1.77	4.97	2.69	2.33	3.43	8.64	2.79	1.63	1.01	1.006
EV/FCF	7.10	1.78	2.56	2.82	2.70	3.20	5.97	17.26	26.31	6.43	0.97	2.13	3.54	2.93	2.65	4.01	7.10	2.33	1.40	1.02	1.021
Earnings Yield	8.9%	13.6%	11.8%	10.8%	11.5%	11.2%	10.1%	10.7%	13.7%	11.5%	13.0%	9.7%	6.2%	9.5%	8.9%	8.5%	7.0%	8.6%	8.5%	10.8%	10.83%
FCF Yield	7.4%	14.3%	15.8%	15.0%	13.2%	8.6%	4.5%	1.6%	1.5%	5.5%	10.6%	11.8%	13.1%	13.0%	10.9%	10.2%	11.4%	13.9%	14.0%	15.4%	15.44%
PEG Ratio	snapshot only																				12.367
Price/Tangible Book	snapshot only																				1.597
EV/OCF	snapshot only																				0.768
EV/Gross Profit	snapshot only																				0.194
Acquirers Multiple	snapshot only																				1.006
Shareholder Yield	snapshot only																				8.56%
Graham Number	snapshot only																				$602.47

Leverage & Solvency

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Current Ratio	4.40	2.51	3.74	3.53	3.68	1.97	2.79	2.59	2.24	1.84	2.50	2.45	2.27	1.68	2.22	2.18	1.49	1.60	1.69	1.59	1.593
Quick Ratio	4.40	2.51	3.34	3.53	3.68	1.97	2.79	2.38	2.24	1.84	2.50	2.45	2.27	1.68	2.22	2.18	1.49	1.60	1.69	1.59	1.593
Debt/Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Net Debt/Equity	-1.02	-1.05	-0.95	-1.06	-1.05	-1.10	-1.14	-1.15	-1.04	-0.98	-1.18	-1.19	-1.00	-0.98	-1.25	-1.26	-0.43	-1.14	-1.38	-1.31	-1.314
Debt/Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Debt/EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Net Debt/EBITDA	-3.58	-3.73	-3.48	-3.61	-3.75	-4.26	-4.61	-4.37	-2.94	-3.78	-4.62	-4.90	-5.24	-4.06	-5.32	-4.70	-1.92	-5.43	-6.19	-5.02	-5.016
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity Multiplier	1.27	1.59	1.33	1.36	1.34	1.85	1.49	1.54	1.67	1.94	1.55	1.57	1.63	2.09	1.67	1.69	2.35	2.20	2.02	2.12	2.119
Cash Ratio	snapshot only																				1.183
Defensive Interval	snapshot only																				621.0 days

Efficiency & Turnover

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Asset Turnover	1.06	0.77	0.82	0.75	0.81	0.64	0.76	0.82	0.96	0.63	0.79	0.81	0.71	0.63	0.79	0.83	0.92	0.61	0.69	0.70	0.697
Inventory Turnover	1112.85	250.46	1.62	2.81	13.50	4.29	0.03	0.03	—	152.00	—	0.20	—	—	—	—	—	—	—	—	—
Receivables Turnover	10.30	3.44	11.25	8.82	7.80	2.57	12.56	10.95	6.03	2.59	15.32	12.13	4.05	2.30	13.14	10.75	4.08	1.89	10.54	9.18	9.178
Payables Turnover	3.86	2.19	1.54	0.01	0.03	0.02	0.03	0.03	0.03	0.08	0.19	0.20	0.22	0.24	0.23	0.33	0.48	0.55	0.66	1.08	1.079
DSO	35	106	32	41	47	142	29	33	61	141	24	30	90	159	28	34	90	193	35	40	39.8 days
DIO	0	1	225	130	27	85	11815	11286	-6	2	0	1803	-1	0	0	0	0	0	0	0	0.0 days
DPO	94	167	238	28600	14512	15561	11603	13359	10988	4428	1875	1785	1696	1545	1608	1092	768	666	550	338	338.4 days
Cash Conversion Cycle	-59	-59	20	-28429	-14438	-15334	241	-2040	-10933	-4285	-1851	48	-1607	-1386	-1581	-1058	-678	-473	-516	-299	-298.6 days
Fixed Asset Turnover	snapshot only																				5.539
Cash Velocity	snapshot only																				0.985
Capital Intensity	snapshot only																				1.636

Growth (YoY)

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Revenue	13.8%	-0.7%	-8.6%	-21.9%	-18.7%	-3.3%	3.9%	17.9%	44.2%	11.5%	13.8%	14.1%	-13.5%	14.3%	14.0%	14.9%	58.1%	5.5%	4.9%	2.9%	2.87%
Net Income	32.6%	24.0%	30.8%	16.4%	-3.5%	-12.2%	-19.0%	-10.2%	39.0%	7.8%	14.8%	0.7%	-48.6%	-5.5%	0.6%	22.2%	30.3%	-5.5%	-8.5%	-2.3%	-2.27%
EPS	35.3%	23.2%	30.0%	18.7%	3.2%	-5.8%	-13.1%	-5.1%	46.1%	13.5%	21.1%	4.6%	-48.6%	-6.2%	-0.1%	25.6%	34.0%	-2.4%	-5.7%	-1.0%	-1.03%
FCF	20.6%	1.8%	9.9%	2.0%	32.3%	-35.9%	-73.1%	-90.0%	-87.0%	-33.4%	1.1%	7.0%	9.1%	1.7%	51.2%	19.9%	0.8%	11.5%	23.2%	16.8%	16.79%
EBITDA	46.7%	29.1%	26.5%	15.3%	-3.1%	-9.2%	-11.7%	-6.2%	41.4%	6.0%	8.8%	2.5%	-43.9%	1.4%	1.2%	14.9%	13.8%	-14.2%	-6.3%	2.6%	2.63%
Op. Income	47.6%	27.8%	25.3%	12.1%	-5.3%	-10.4%	-13.3%	-7.1%	42.8%	5.8%	8.9%	0.7%	-47.1%	-0.6%	-1.2%	16.5%	16.6%	-14.8%	-6.7%	1.1%	1.09%
OCF Growth	snapshot only																				35.17%
Asset Growth	snapshot only																				32.47%
Equity Growth	snapshot only																				5.41%
Shares Change	snapshot only																				-1.25%
Dividend Growth	snapshot only																				48.75%

Growth (CAGR)

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Revenue 3Y	-3.3%	-7.2%	-10.6%	-13.0%	-10.2%	-2.9%	1.0%	3.3%	10.1%	2.3%	2.6%	1.7%	0.5%	7.2%	10.5%	15.6%	25.4%	10.4%	10.8%	10.5%	10.47%
Revenue 5Y	37.1%	17.6%	6.3%	-2.3%	-3.8%	-1.2%	-1.6%	-1.8%	1.2%	-3.0%	-3.3%	-2.4%	-2.0%	3.2%	5.9%	7.6%	12.8%	5.3%	5.3%	4.4%	4.43%
EPS 3Y	24.2%	28.6%	20.6%	29.5%	51.0%	30.7%	35.5%	15.3%	26.8%	9.6%	11.0%	5.7%	-8.1%	0.1%	1.6%	7.7%	0.2%	1.3%	4.5%	9.2%	9.17%
EPS 5Y	47.0%	29.5%	21.7%	15.2%	14.3%	15.8%	14.8%	21.8%	23.6%	17.8%	13.0%	16.6%	20.9%	18.9%	24.6%	15.0%	7.0%	3.8%	5.2%	8.0%	7.96%
Net Income 3Y	19.2%	24.0%	16.3%	24.3%	42.4%	25.2%	31.7%	11.6%	21.2%	5.5%	6.8%	1.7%	-11.6%	-3.6%	-2.2%	3.4%	-2.3%	-1.2%	1.8%	6.3%	6.33%
Net Income 5Y	47.0%	26.3%	18.6%	11.7%	9.8%	11.4%	10.4%	16.9%	17.9%	12.5%	7.9%	11.7%	15.6%	14.9%	21.4%	11.3%	3.6%	1.0%	2.3%	4.7%	4.67%
EBITDA 3Y	14.3%	16.5%	8.3%	15.5%	28.4%	20.5%	36.2%	16.9%	26.2%	7.5%	6.7%	3.5%	-8.4%	-0.8%	-1.0%	3.3%	-3.3%	-2.7%	1.0%	6.5%	6.51%
EBITDA 5Y	45.1%	24.1%	16.1%	10.3%	8.7%	11.2%	11.2%	14.4%	15.4%	8.7%	4.1%	8.1%	10.9%	13.5%	22.7%	13.5%	5.1%	1.6%	2.9%	5.5%	5.49%
Gross Profit 3Y	21.9%	14.1%	10.7%	10.9%	15.1%	24.3%	30.8%	31.0%	36.7%	20.0%	18.7%	16.9%	10.9%	14.2%	14.3%	15.3%	25.1%	9.9%	10.3%	9.7%	9.66%
Gross Profit 5Y	62.8%	40.4%	30.3%	23.1%	22.2%	25.0%	23.5%	23.0%	23.5%	14.2%	12.2%	12.7%	13.6%	19.5%	23.6%	23.9%	28.2%	15.6%	14.7%	13.2%	13.19%
Op. Income 3Y	11.2%	9.1%	2.7%	6.3%	13.4%	13.1%	25.4%	16.2%	25.9%	6.6%	5.8%	1.6%	-10.6%	-2.0%	-2.3%	2.9%	-4.1%	-3.6%	0.1%	5.8%	5.83%
Op. Income 5Y	44.4%	23.7%	15.7%	10.0%	8.3%	10.6%	10.5%	10.7%	13.2%	4.2%	0.4%	2.3%	2.0%	8.7%	16.2%	13.0%	4.2%	0.5%	1.8%	4.3%	4.32%
FCF 3Y	5.5%	24.8%	44.6%	28.2%	8.1%	-10.5%	-30.8%	-46.9%	-40.8%	6.7%	83.5%	33.3%	20.2%	5.3%	-5.1%	-1.6%	9.8%	26.6%	57.6%	1.2%	1.24%
FCF 5Y	76.5%	64.8%	60.0%	31.1%	14.8%	0.6%	-14.7%	-29.2%	-27.3%	-3.6%	11.4%	10.9%	10.6%	5.4%	1.0%	7.4%	16.1%	29.9%	63.0%	27.1%	27.12%
OCF 3Y	3.4%	21.1%	38.9%	25.2%	6.7%	-11.1%	-30.8%	-47.6%	-41.7%	6.2%	75.4%	34.7%	23.0%	8.6%	-1.4%	2.4%	14.4%	32.1%	64.7%	1.5%	1.46%
OCF 5Y	53.1%	42.6%	38.3%	21.8%	10.1%	-1.6%	-15.5%	-30.4%	-28.7%	-4.6%	10.0%	10.9%	11.5%	7.0%	3.1%	9.6%	18.4%	31.8%	61.3%	32.9%	32.90%
Assets 3Y	0.3%	9.9%	4.7%	2.5%	3.7%	17.3%	13.8%	12.2%	16.6%	14.7%	11.0%	8.8%	13.5%	14.6%	12.4%	14.6%	25.9%	10.5%	15.7%	18.6%	18.59%
Assets 5Y	6.9%	12.0%	8.0%	5.1%	4.3%	12.3%	7.7%	7.0%	7.7%	11.0%	6.6%	7.7%	9.6%	16.0%	13.8%	12.2%	17.8%	13.0%	14.1%	13.8%	13.79%
Equity 3Y	1.8%	5.3%	4.4%	1.2%	-0.3%	5.1%	4.8%	2.1%	4.1%	3.6%	3.3%	2.0%	4.6%	4.5%	4.3%	6.6%	4.2%	4.2%	4.6%	6.7%	6.69%
Book Value 3Y	6.1%	9.2%	8.2%	5.4%	5.7%	9.7%	7.8%	5.4%	8.9%	7.6%	7.4%	6.0%	8.7%	8.5%	8.4%	11.0%	6.9%	6.9%	7.3%	9.5%	9.54%
Dividend 3Y	—	—	—	—	—	—	—	—	—	-26.4%	-7.2%	—	—	65.2%	31.4%	20.7%	12.8%	17.1%	21.1%	16.7%	16.71%

Growth Quality

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Revenue Stability	0.48	0.35	0.08	0.07	0.29	0.58	0.38	0.18	0.00	0.43	0.37	0.22	0.02	0.32	0.71	0.74	0.59	0.75	0.75	0.66	0.659
Earnings Stability	0.63	0.80	0.57	0.76	0.54	0.71	0.51	0.88	0.80	0.71	0.50	0.68	0.30	0.47	0.54	0.65	0.00	0.00	0.05	0.55	0.547
Margin Stability	0.66	0.65	0.61	0.56	0.56	0.58	0.57	0.56	0.61	0.69	0.71	0.71	0.72	0.74	0.73	0.75	0.76	0.82	0.83	0.84	0.836
Rev. Growth Consistency	0.50	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	0.00	1.00	1.00	1.00	0.50	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	1.00	1.00	0.50	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.87	0.90	0.88	0.93	0.99	0.95	0.92	0.96	0.84	0.97	0.94	1.00	0.81	0.98	1.00	0.91	0.88	0.98	0.97	0.99	0.991
Earnings Smoothness	0.72	0.79	0.73	0.85	0.96	0.87	0.79	0.89	0.67	0.92	0.86	0.99	0.36	0.94	0.99	0.80	0.74	0.94	0.91	0.98	0.977
ROE Trend	0.09	0.06	0.07	0.06	0.02	-0.01	-0.02	-0.01	0.04	-0.01	-0.00	-0.03	-0.10	-0.02	-0.01	0.02	-0.02	-0.02	-0.02	0.00	0.000
Gross Margin Trend	0.24	0.27	0.35	0.43	0.37	0.28	0.23	0.17	0.13	0.09	0.04	-0.01	-0.01	-0.00	-0.00	-0.00	-0.00	-0.01	-0.01	-0.01	-0.015
FCF Margin Trend	0.01	0.07	0.14	0.15	0.08	-0.00	-0.07	-0.15	-0.15	-0.08	-0.04	0.01	0.10	0.07	0.07	0.07	0.02	0.06	0.05	0.03	0.026
Sustainable Growth Rate	19.4%	19.9%	19.6%	15.2%	14.6%	13.3%	12.0%	17.5%	24.7%	16.6%	15.1%	12.4%	6.6%	11.0%	11.8%	12.9%	8.4%	7.6%	7.1%	9.5%	9.45%
Internal Growth Rate	18.8%	15.1%	17.9%	13.0%	12.6%	8.4%	9.3%	13.7%	19.6%	9.6%	11.0%	8.7%	4.2%	5.8%	7.9%	8.6%	4.4%	3.7%	4.0%	5.2%	5.21%

Cash Flow Quality

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
OCF/Net Income	0.87	1.07	1.36	1.41	1.17	0.79	0.46	0.15	0.11	0.51	0.88	1.33	2.34	1.54	1.39	1.37	1.89	1.88	1.93	1.89	1.894
FCF/OCF	0.97	0.98	0.98	0.98	0.98	0.98	0.97	1.00	1.00	0.94	0.93	0.91	0.90	0.89	0.88	0.87	0.86	0.86	0.85	0.75	0.753
FCF/Net Income	snapshot only																				1.425
OCF/EBITDA	snapshot only																				1.222
CapEx/Revenue	0.4%	0.4%	0.4%	0.6%	0.5%	0.3%	0.2%	0.0%	0.0%	0.5%	0.9%	1.5%	2.3%	2.1%	2.2%	2.4%	2.1%	2.9%	3.2%	6.1%	6.11%
CapEx/Depreciation	snapshot only																				4.483
Accruals Ratio	0.02	-0.01	-0.05	-0.06	-0.03	0.02	0.06	0.10	0.15	0.05	0.01	-0.03	-0.10	-0.04	-0.04	-0.04	-0.07	-0.06	-0.07	-0.08	-0.081
Sloan Accruals	snapshot only																				-0.062
Cash Flow Adequacy	snapshot only																				2.050
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Dividend Yield	0.0%	0.0%	0.0%	2.2%	2.5%	2.4%	2.3%	0.0%	0.0%	0.8%	1.8%	2.3%	2.7%	2.9%	2.5%	2.6%	3.1%	4.1%	4.3%	4.9%	5.56%
Dividend/Share	$0.00	$0.00	$0.00	$8.48	$8.86	$8.87	$8.86	$0.00	$0.00	$3.32	$6.65	$9.97	$13.31	$13.26	$13.34	$15.97	$18.19	$20.38	$22.60	$23.76	$27.00
Payout Ratio	0.0%	0.0%	0.0%	20.1%	22.0%	21.3%	22.8%	0.0%	0.0%	7.0%	14.1%	23.8%	43.9%	30.0%	28.3%	30.3%	44.7%	47.2%	50.9%	45.5%	45.50%
FCF Payout Ratio	0.0%	0.0%	0.0%	14.5%	19.1%	27.8%	51.2%	0.0%	0.0%	14.9%	17.3%	19.5%	20.8%	21.9%	23.1%	25.4%	27.4%	29.2%	30.9%	31.9%	31.93%
Total Payout Ratio	49.0%	38.9%	33.9%	66.3%	62.5%	51.0%	44.0%	0.0%	0.0%	19.0%	38.2%	50.6%	81.0%	42.6%	28.3%	39.8%	69.4%	82.0%	96.1%	79.0%	79.01%
Div. Increase Streak	—	—	—	0	0	0	0	—	—	0	0	0	0	0	0	1	1	1	1	1	1
Chowder Number	—	—	—	—	—	—	—	—	—	-0.64	-0.27	—	—	3.06	1.04	0.58	0.36	0.53	0.69	0.52	0.518
Buyback Yield	4.4%	5.3%	4.0%	5.0%	4.7%	3.3%	2.1%	0.0%	0.0%	1.4%	3.1%	2.6%	2.3%	1.2%	0.0%	0.8%	1.7%	3.0%	3.8%	3.6%	3.63%
Net Buyback Yield	4.4%	5.3%	4.0%	5.0%	4.7%	3.3%	2.1%	0.0%	0.0%	1.4%	3.1%	2.6%	2.2%	1.1%	-0.2%	0.6%	1.5%	2.7%	3.5%	3.4%	3.37%
Total Shareholder Return	4.4%	5.3%	4.0%	7.2%	7.2%	5.7%	4.4%	0.0%	0.0%	2.2%	5.0%	4.9%	4.9%	3.9%	2.4%	3.2%	4.6%	6.8%	7.8%	8.3%	8.30%

DuPont Factors

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Tax Burden (NI/EBT)	0.69	0.70	0.70	0.70	0.70	0.70	0.69	0.70	0.70	0.70	0.70	0.70	0.71	0.70	0.71	0.72	0.73	0.73	0.72	0.70	0.704
Interest Burden (EBT/EBIT)	1.01	1.01	1.02	1.01	1.01	0.98	0.96	0.97	0.97	1.00	1.01	0.97	0.94	0.95	1.01	1.00	1.02	1.02	0.98	0.98	0.983
EBIT Margin	0.21	0.24	0.26	0.27	0.25	0.22	0.22	0.21	0.25	0.21	0.21	0.19	0.15	0.18	0.18	0.19	0.11	0.15	0.16	0.19	0.189
Asset Turnover	1.06	0.77	0.82	0.75	0.81	0.64	0.76	0.82	0.96	0.63	0.79	0.81	0.71	0.63	0.79	0.83	0.92	0.61	0.69	0.70	0.697
Equity Multiplier	1.23	1.51	1.29	1.32	1.30	1.72	1.41	1.45	1.51	1.90	1.52	1.56	1.65	2.02	1.61	1.63	1.98	2.15	1.84	1.91	1.908

Per Share

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
EPS (Diluted TTM)	$39.14	$44.15	$44.79	$42.28	$40.38	$41.57	$38.91	$40.14	$58.97	$47.16	$47.11	$42.00	$30.34	$44.23	$47.05	$52.76	$40.65	$43.19	$44.38	$52.22	$52.22
Book Value/Share	$204.07	$229.60	$235.53	$211.60	$214.98	$243.97	$247.50	$235.06	$251.60	$270.19	$274.70	$271.28	$262.41	$293.37	$300.15	$289.42	$262.94	$298.18	$305.59	$308.93	$308.95
Tangible Book/Share	$198.05	$223.75	$230.09	$206.27	$209.73	$239.36	$242.96	$230.51	$246.77	$265.13	$269.74	$266.43	$256.48	$287.70	$293.70	$282.64	$255.80	$291.10	$298.65	$301.87	$301.87
Revenue/Share	$262.42	$259.97	$240.56	$219.95	$228.02	$269.51	$267.95	$274.26	$345.47	$316.28	$321.71	$325.15	$299.10	$358.75	$364.21	$384.11	$486.23	$391.20	$393.61	$400.14	$400.14
FCF/Share	$32.82	$46.33	$59.96	$58.36	$46.41	$31.88	$17.31	$6.14	$6.35	$22.33	$38.39	$51.05	$63.99	$60.53	$57.65	$62.92	$66.36	$69.72	$73.20	$74.42	$0.00
OCF/Share	$33.97	$47.41	$60.97	$59.60	$47.44	$32.63	$17.80	$6.14	$6.35	$23.83	$41.38	$56.03	$70.96	$67.95	$65.61	$72.24	$76.79	$81.25	$85.83	$98.88	$0.00
Cash/Share	$208.15	$241.58	$224.70	$225.24	$225.45	$268.54	$281.92	$270.79	$262.32	$265.48	$324.21	$322.84	$263.12	$287.08	$375.20	$365.69	$112.69	$340.42	$421.24	$406.03	$406.03
EBITDA/Share	$58.07	$64.74	$64.59	$62.43	$60.16	$63.06	$61.10	$61.91	$89.37	$70.31	$70.12	$65.93	$50.17	$70.75	$70.47	$77.89	$58.72	$62.75	$68.05	$80.95	$80.95
Debt/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Debt/Share	$-208.15	$-241.58	$-224.70	$-225.24	$-225.45	$-268.54	$-281.92	$-270.79	$-262.32	$-265.48	$-324.21	$-322.84	$-263.12	$-287.08	$-375.20	$-365.69	$-112.69	$-340.42	$-421.24	$-406.03	$-406.03

Academic Models

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.916
Altman Z-Prime	snapshot only																				5.941
Piotroski F-Score	6	5	5	6	4	3	3	5	6	5	5	5	5	5	5	6	6	5	4	4	4
Beneish M-Score	-2.47	-2.36	-2.63	-2.83	-2.62	-1.98	-2.36	-2.00	-0.23	-2.23	-2.19	-2.50	-3.18	-2.10	-2.22	-2.19	-0.27	-2.39	-1.50	-0.98	-0.980
Ohlson O-Score	snapshot only																				-9.135
ROIC (Greenblatt)	snapshot only																				27.39%
Net-Net WC	snapshot only																				$201.01

Credit

Metric	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Current
Credit Rating	snapshot only																				A
Credit Score	89.00	89.00	89.00	89.00	89.00	82.39	89.00	89.00	89.00	81.72	89.00	89.00	89.00	77.87	89.00	89.00	82.62	78.97	84.44	72.22	72.225
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				-16.775
Implied Spread (bps)	snapshot only																				150.000
Industry Credit Rank	snapshot only																				50
Sector Credit Rank	snapshot only																				53

6535.T JPX

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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