¥598.00 ($3.79)

-2.00 (-0.33%)

Weekly Expected Move ±0.7%

¥592 ¥596 ¥600 ¥604 ¥608

JPX · Consumer Cyclical · Gambling, Resorts & Casinos · Tech Score Sell · Power 43 · ¥6.2B mcap · 5M float · 0.111% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers

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. 9656.T receives an overall rating of A-. Strongest factors: DCF (4/5), ROA (4/5), P/E (4/5), P/B (5/5). Areas of concern: ROE (2/5), D/E (1/5).

Rating Change History

Date	From	To
2026-09-24	None	ADDED
2026-09-23	EXISTED	None
2026-09-03	B+	A-
2026-08-21	A-	B+
2026-08-14	B+	A-
2026-08-13	A-	B+
2026-06-18	A	A-
2026-06-17	A-	A
2026-06-16	A	A-
2026-06-16	A-	A

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.

★ ★ ★ ★ ★ 24 Grade B

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. 9656.T scores highest in Earnings Quality (93/100) and lowest in Safety (15/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

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

Altman Z-Score

0.65

Distress Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✓ ✗

Beneish M-Score

-2.68

Unlikely Manipulator

Ohlson O-Score

-7.53

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

B+

Score: 33.4/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.78x

Accruals: -1.6%

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. 9656.T scores 0.65, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. 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. 9656.T scores 5/9, 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. 9656.T's score of -2.68 falls below this threshold, suggesting earnings are unlikely to be manipulated. 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. 9656.T's implied 0.1% 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. 9656.T receives an estimated rating of B+ (score: 33.4/100), 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). 9656.T's score of 100/100 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

12.60x

PEG

-1.32x

P/S

0.96x

P/B

0.58x

P/FCF

-61.80x

P/OCF

8.51x

EV/EBITDA

14.86x

EV/Revenue

2.04x

EV/EBIT

25.81x

EV/FCF

-122.20x

Earnings Yield

6.59%

FCF Yield

-1.62%

Shareholder Yield

2.48%

Graham Number

$959.23

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 12.6x earnings, 9656.T trades at a reasonable valuation. An earnings yield of 6.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $959.23 per share, suggesting a potential 60% 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

0.987

NI / EBT

Interest Burden

0.871

EBT / EBIT

EBIT Margin

0.079

EBIT / Rev

Asset Turnover

0.308

Rev / Assets

Equity Multiplier

1.872

Assets / Equity

ROE

3.9%

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. 9656.T's ROE of 3.9% is driven by Asset Turnover (0.308), indicating efficient use of assets to generate revenue. A tax burden ratio of 0.99 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

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

15.00%

Fair P/E

38.50x

Intrinsic Value

$1522.12

Price/Value

0.39x

Margin of Safety

60.58%

Premium

-60.58%

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 9656.T's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. 9656.T actually compounded EPS at 27.0% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. 9656.T trades at a -61% premium to its adjusted intrinsic value of $1522.12, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 12.6x.

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

$600.00

Median 1Y

$615.19

5th Pctile

$430.35

95th Pctile

$883.03

Ann. Volatility

21.3%

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	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
ROE	2.6%	2.1%	3.5%	5.2%	5.6%	4.8%	4.1%	3.6%	3.4%	5.3%	5.3%	5.4%	3.6%	3.9%	3.92%
ROA	1.3%	1.0%	1.7%	2.6%	2.8%	2.4%	2.1%	1.8%	1.8%	2.8%	2.8%	2.9%	1.9%	2.1%	2.09%
ROIC	1.6%	2.0%	2.8%	3.9%	4.2%	3.7%	3.3%	3.0%	2.8%	3.6%	3.5%	3.6%	2.7%	2.7%	2.73%
ROCE	2.5%	2.6%	4.0%	5.7%	6.0%	5.4%	4.8%	4.3%	4.1%	5.5%	5.4%	5.5%	2.9%	3.1%	3.10%
Gross Margin	29.4%	21.4%	22.1%	24.5%	31.3%	15.9%	18.8%	20.6%	30.4%	19.1%	18.2%	22.0%	15.2%	19.4%	19.43%
Operating Margin	20.6%	10.0%	11.2%	14.8%	22.9%	4.1%	6.9%	10.3%	21.4%	7.2%	6.3%	11.6%	2.7%	9.1%	9.06%
Net Margin	15.4%	-3.3%	10.3%	10.4%	15.0%	-8.2%	5.0%	7.8%	14.7%	4.1%	4.7%	8.4%	7.7%	6.2%	6.19%
EBITDA Margin	26.8%	5.0%	14.7%	15.5%	22.1%	-5.8%	13.5%	16.7%	25.7%	12.5%	13.0%	18.1%	7.7%	14.8%	14.85%
FCF Margin	11.6%	13.4%	14.9%	14.8%	15.0%	13.1%	11.1%	9.3%	7.4%	6.4%	5.4%	4.5%	1.1%	-1.7%	-1.67%
OCF Margin	14.6%	17.5%	19.6%	19.5%	20.0%	18.9%	17.8%	16.8%	15.7%	14.8%	13.9%	13.0%	12.8%	12.1%	12.12%
ROE 3Y Avg	snapshot only														4.60%
ROA 3Y Avg	snapshot only														2.44%
ROIC 3Y Avg	snapshot only														3.02%
ROIC Economic	snapshot only														2.69%
Cash ROA	snapshot only														3.63%
Cash ROIC	snapshot only														4.35%
CROIC	snapshot only														-0.60%
NOPAT Margin	snapshot only														7.60%
Pretax Margin	snapshot only														6.88%
R&D / Revenue	snapshot only														0.00%
SGA / Revenue	snapshot only														11.21%
SBC / Revenue	snapshot only														0.00%

Valuation

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
P/E Ratio	17.17	26.53	15.38	11.36	13.06	15.18	19.50	19.73	18.04	11.73	11.89	11.87	16.88	15.18	12.603
P/S Ratio	2.64	1.66	1.14	0.93	1.10	1.10	1.20	1.08	0.97	0.98	0.98	1.00	1.05	1.03	0.961
P/B Ratio	0.45	0.56	0.54	0.60	0.71	0.72	0.78	0.69	0.61	0.62	0.62	0.63	0.59	0.58	0.579
P/FCF	22.81	12.34	7.67	6.33	7.33	8.39	10.77	11.64	13.13	15.27	17.97	22.04	94.14	-61.80	-61.800
P/OCF	18.09	9.48	5.84	4.80	5.49	5.80	6.75	6.44	6.16	6.61	7.05	7.64	8.27	8.51	8.507
EV/EBITDA	23.18	20.98	15.35	11.84	12.99	15.74	17.34	15.87	13.62	10.09	10.57	10.37	15.87	14.86	14.857
EV/Revenue	6.22	3.38	2.41	1.85	1.91	1.91	2.06	1.93	1.80	1.78	1.85	1.85	2.08	2.04	2.039
EV/EBIT	29.07	31.38	20.25	14.39	14.23	15.74	19.18	20.03	19.14	14.17	14.97	14.61	28.02	25.81	25.812
EV/FCF	53.77	25.17	16.18	12.54	12.74	14.56	18.49	20.83	24.44	27.80	33.95	40.98	185.28	-122.20	-122.199
Earnings Yield	5.8%	3.8%	6.5%	8.8%	7.7%	6.6%	5.1%	5.1%	5.5%	8.5%	8.4%	8.4%	5.9%	6.6%	6.59%
FCF Yield	4.4%	8.1%	13.0%	15.8%	13.6%	11.9%	9.3%	8.6%	7.6%	6.5%	5.6%	4.5%	1.1%	-1.6%	-1.62%
Price/Tangible Book	snapshot only														0.591
EV/OCF	snapshot only														16.821
EV/Gross Profit	snapshot only														10.780
Acquirers Multiple	snapshot only														26.475
Shareholder Yield	snapshot only														2.48%
Graham Number	snapshot only														$959.23

Leverage & Solvency

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Current Ratio	0.20	0.20	0.21	0.17	0.22	0.19	0.19	0.15	0.19	0.19	0.19	0.17	0.21	0.16	0.161
Quick Ratio	0.18	0.18	0.20	0.15	0.20	0.17	0.17	0.13	0.17	0.17	0.17	0.15	0.19	0.14	0.139
Debt/Equity	0.69	0.66	0.68	0.64	0.59	0.57	0.60	0.58	0.56	0.54	0.58	0.57	0.61	0.60	0.602
Net Debt/Equity	0.62	0.59	0.60	0.58	0.52	0.53	0.56	0.55	0.52	0.51	0.55	0.54	0.57	0.57	0.567
Debt/Assets	0.33	0.32	0.33	0.32	0.30	0.29	0.31	0.31	0.30	0.29	0.30	0.31	0.32	0.32	0.321
Debt/EBITDA	14.82	12.05	9.13	6.43	6.22	7.14	7.72	7.41	6.77	4.90	5.20	5.06	8.34	7.80	7.796
Net Debt/EBITDA	13.35	10.69	8.07	5.86	5.52	6.67	7.24	7.00	6.30	4.55	4.98	4.79	7.80	7.34	7.343
Interest Coverage	35.37	18.07	19.15	21.61	23.78	21.73	19.21	16.59	15.55	19.51	17.45	15.96	7.22	6.67	6.667
Equity Multiplier	2.05	2.05	2.06	1.98	1.94	1.92	1.94	1.89	1.88	1.87	1.90	1.86	1.92	1.88	1.876
Cash Ratio	snapshot only														0.079
Debt Service Coverage	snapshot only														11.583
Cash to Debt	snapshot only														0.058
FCF to Debt	snapshot only														-0.016
Defensive Interval	snapshot only														310.9 days

Efficiency & Turnover

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Asset Turnover	0.08	0.17	0.23	0.32	0.33	0.34	0.33	0.34	0.33	0.34	0.34	0.34	0.30	0.31	0.308
Inventory Turnover	12.25	25.55	37.18	47.90	51.98	51.87	54.67	52.11	55.28	49.15	50.55	48.70	50.62	46.06	46.063
Receivables Turnover	5.43	10.42	11.72	35.86	21.85	22.36	17.55	37.42	22.08	23.13	17.01	32.93	16.50	24.63	24.625
Payables Turnover	5.04	9.58	7.65	37.77	19.99	20.14	12.11	42.84	20.88	20.58	13.02	43.60	15.18	27.14	27.140
DSO	67	35	31	10	17	16	21	10	17	16	21	11	22	15	14.8 days
DIO	30	14	10	8	7	7	7	7	7	7	7	7	7	8	7.9 days
DPO	72	38	48	10	18	18	30	9	17	18	28	8	24	13	13.4 days
Cash Conversion Cycle	25	11	-7	8	5	5	-3	8	6	5	1	10	5	9	9.3 days
Fixed Asset Turnover	snapshot only														0.335
Operating Cycle	snapshot only														22.7 days
Cash Velocity	snapshot only														16.085
Capital Intensity	snapshot only														3.335

Growth (YoY)

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Revenue	—	—	—	—	2.9%	1.0%	42.9%	3.5%	-0.9%	0.1%	0.5%	1.6%	-6.4%	-6.2%	-6.20%
Net Income	—	—	—	—	1.2%	1.3%	18.4%	-31.1%	-36.7%	15.3%	34.5%	55.5%	9.1%	-23.5%	-23.53%
EPS	—	—	—	—	1.2%	1.3%	18.4%	-31.1%	-36.8%	15.3%	34.5%	55.5%	9.1%	-23.5%	-23.53%
FCF	—	—	—	—	4.1%	95.5%	6.9%	-34.9%	-51.2%	-51.1%	-50.9%	-50.6%	-85.8%	-1.2%	-1.24%
EBITDA	—	—	—	—	1.2%	50.8%	8.1%	-19.3%	-10.8%	45.8%	48.0%	48.7%	-7.4%	-27.0%	-27.03%
Op. Income	—	—	—	—	1.9%	80.5%	30.9%	-14.7%	-26.5%	-12.8%	-7.8%	5.1%	-40.7%	-40.2%	-40.21%
OCF Growth	snapshot only														-23.11%
Asset Growth	snapshot only														5.52%
Equity Growth	snapshot only														5.06%
Debt Growth	snapshot only														16.08%
Shares Change	snapshot only														-0.00%
Dividend Growth	snapshot only														7.18%

Growth (CAGR)

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Revenue 3Y	—	—	—	—	—	—	—	—	—	—	—	—	54.1%	23.5%	23.50%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	14.1%	27.0%	26.99%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	14.1%	27.0%	26.99%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	21.3%	17.1%	17.05%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	—	32.7%	11.8%	11.81%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	8.5%	-2.0%	-2.01%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-29.2%	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	47.4%	9.3%	9.28%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	—	—	—	—	—	—	—	—	—	—	—	—	1.7%	1.4%	1.39%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	3.8%	4.4%	4.35%
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	3.8%	4.4%	4.36%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	1.1%	2.3%	2.34%

Growth Quality

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.74	0.75	0.76	0.96	0.52	0.50	0.496
Earnings Stability	—	—	—	—	—	—	—	—	0.09	0.90	0.95	0.03	0.03	0.39	0.391
Margin Stability	—	—	—	—	—	—	—	—	0.85	0.94	0.96	0.95	0.81	0.88	0.877
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	1.00	1.00	1.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.00	0.00	1.00	1.00	0.50	0.50	0.00	0.000
FCF Positive Streak	0	0	0	0	1	1	1	1	1	1	1	1	1	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.85	0.94	0.86	0.50	0.96	0.91	0.906
Earnings Smoothness	—	—	—	—	0.27	0.20	0.83	0.63	0.55	0.86	0.71	0.57	0.91	0.73	0.733
ROE Trend	—	—	—	—	—	—	—	—	-0.01	0.02	0.01	0.01	-0.01	-0.01	-0.012
Gross Margin Trend	—	—	—	—	—	—	—	—	-0.05	-0.02	-0.01	-0.00	-0.05	-0.04	-0.044
FCF Margin Trend	—	—	—	—	—	—	—	—	-0.06	-0.07	-0.08	-0.08	-0.10	-0.11	-0.114
Sustainable Growth Rate	2.6%	1.9%	3.2%	4.8%	5.0%	4.1%	3.1%	2.3%	2.0%	3.9%	3.9%	4.0%	2.2%	2.4%	2.44%
Internal Growth Rate	1.3%	1.0%	1.6%	2.5%	2.6%	2.1%	1.6%	1.2%	1.0%	2.1%	2.1%	2.2%	1.2%	1.3%	1.32%

Cash Flow Quality

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
OCF/Net Income	0.95	2.80	2.63	2.37	2.38	2.62	2.89	3.07	2.93	1.77	1.69	1.55	2.04	1.78	1.784
FCF/OCF	0.79	0.77	0.76	0.76	0.75	0.69	0.63	0.55	0.47	0.43	0.39	0.35	0.09	-0.14	-0.138
FCF/Net Income	snapshot only														-0.246
OCF/EBITDA	snapshot only														0.883
CapEx/Revenue	3.0%	4.1%	4.7%	4.7%	5.0%	5.8%	6.6%	7.5%	8.3%	8.4%	8.4%	8.5%	11.6%	13.8%	13.79%
CapEx/Depreciation	snapshot only														2.368
Accruals Ratio	0.00	-0.02	-0.03	-0.04	-0.04	-0.04	-0.04	-0.04	-0.03	-0.02	-0.02	-0.02	-0.02	-0.02	-0.016
Sloan Accruals	snapshot only														-0.038
Cash Flow Adequacy	snapshot only														0.742
Earnings Quality Score	snapshot only														1.000

Dividends & Buybacks

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Dividend Yield	0.1%	0.3%	0.6%	0.8%	0.7%	1.1%	1.3%	1.7%	2.3%	2.3%	2.3%	2.2%	2.4%	2.5%	2.50%
Dividend/Share	$0.50	$1.74	$2.98	$4.22	$4.96	$7.19	$9.43	$11.66	$13.89	$13.88	$13.86	$13.85	$14.35	$14.88	$15.00
Payout Ratio	2.1%	9.0%	9.2%	8.6%	9.5%	16.0%	24.7%	34.5%	42.1%	26.8%	27.0%	26.4%	39.8%	37.6%	37.63%
FCF Payout Ratio	2.7%	4.2%	4.6%	4.8%	5.3%	8.9%	13.6%	20.3%	30.6%	35.0%	40.8%	48.9%	2.2%	—	—
Total Payout Ratio	2.1%	9.0%	9.2%	8.6%	9.5%	16.0%	24.7%	34.5%	42.1%	26.8%	27.0%	26.4%	39.8%	37.6%	37.63%
Div. Increase Streak	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	8.91	3.14	2.18	1.78	1.83	0.95	0.49	0.21	0.06	0.10	0.097
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	0.1%	0.3%	0.6%	0.8%	0.7%	1.1%	1.3%	1.7%	2.3%	2.3%	2.3%	2.2%	2.4%	2.5%	2.48%

DuPont Factors

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.74	0.61	0.66	0.67	0.65	0.63	0.60	0.60	0.60	0.72	0.72	0.72	1.04	0.99	0.987
Interest Burden (EBT/EBIT)	0.97	0.94	0.95	0.95	0.96	0.95	0.95	0.94	0.94	0.93	0.92	0.92	0.81	0.87	0.871
EBIT Margin	0.21	0.11	0.12	0.13	0.13	0.12	0.11	0.10	0.09	0.13	0.12	0.13	0.07	0.08	0.079
Asset Turnover	0.08	0.17	0.23	0.32	0.33	0.34	0.33	0.34	0.33	0.34	0.34	0.34	0.30	0.31	0.308
Equity Multiplier	2.05	2.05	2.06	1.98	1.99	1.98	2.00	1.94	1.91	1.89	1.92	1.88	1.90	1.87	1.872

Per Share

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$24.23	$19.30	$32.30	$49.07	$52.22	$44.86	$38.23	$33.80	$33.03	$51.70	$51.42	$52.55	$36.02	$39.54	$39.54
Book Value/Share	$914.78	$910.18	$916.13	$936.30	$961.01	$948.61	$951.33	$961.24	$978.89	$984.54	$981.16	$994.66	$1023.85	$1034.38	$1034.38
Tangible Book/Share	$895.43	$890.54	$896.23	$916.31	$941.10	$928.68	$931.56	$941.41	$959.25	$965.20	$961.76	$975.39	$1004.49	$1014.79	$1014.79
Revenue/Share	$157.64	$308.92	$434.62	$596.31	$621.31	$619.81	$620.94	$617.21	$615.77	$620.35	$624.16	$626.95	$576.39	$581.94	$623.43
FCF/Share	$18.23	$41.49	$64.76	$88.02	$93.05	$81.14	$69.22	$57.31	$45.39	$39.70	$34.01	$28.32	$6.46	$-9.71	$0.00
OCF/Share	$22.99	$54.04	$85.10	$116.15	$124.21	$117.35	$110.50	$103.64	$96.77	$91.72	$86.67	$81.63	$73.55	$70.53	$0.00
Cash/Share	$62.18	$67.45	$71.95	$52.53	$63.58	$35.36	$35.60	$31.00	$38.11	$38.78	$24.11	$30.24	$40.14	$36.18	$36.18
EBITDA/Share	$42.30	$49.79	$68.24	$93.23	$91.29	$75.08	$73.80	$75.25	$81.42	$109.44	$109.20	$111.87	$75.42	$79.86	$79.86
Debt/Share	$626.63	$599.95	$622.75	$599.25	$567.59	$536.28	$569.60	$557.84	$551.45	$536.33	$567.41	$566.60	$628.78	$622.58	$622.58
Net Debt/Share	$564.45	$532.50	$550.80	$546.72	$504.01	$500.91	$534.00	$526.84	$513.34	$497.55	$543.29	$536.37	$588.65	$586.40	$586.40

Academic Models

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.647
Altman Z-Prime	snapshot only														-0.191
Piotroski F-Score	3	4	4	4	9	7	7	6	4	7	6	8	6	5	5
Beneish M-Score	—	—	—	—	-2.67	-2.59	-2.62	-2.56	-2.64	-2.61	-2.41	-2.31	-1.24	-2.68	-2.676
Ohlson O-Score	snapshot only														-7.526
ROIC (Greenblatt)	snapshot only														3.40%
Net-Net WC	snapshot only														$-832.38
EVA	snapshot only														$-1218085432.78

Credit

Metric	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only														B+
Credit Score	40.88	41.70	42.45	46.52	45.78	46.50	42.31	44.49	42.26	45.70	43.44	42.49	36.36	33.42	33.417
Credit Grade	snapshot only														14
Credit Trend	snapshot only														-12.282
Implied Spread (bps)	snapshot only														650.000
Industry Credit Rank	snapshot only														32
Sector Credit Rank	snapshot only														21

9656.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

Sign in to InsiderStreet