Company Valuation: Keyence Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 13,290,446 14,612,193 17,289,660 14,777,076 14,328,389 18,739,913 - -
Change - 9.95% 18.32% -14.53% -3.04% 30.79% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 17,011,562 16,796,401 16,517,234
Change - 11.28% 18.18% -16.09% -5.34% 32.55% -1.26% -1.66%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 33.1x 29.6x 26.7x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.84x 4.35x 3.91x
PEG - 2.1x 25.43x 4.73x 2.8x 1.2x 2.5x 2.4x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 12.9x 11.5x 10.4x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 11.7x 10.3x 9.21x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21.4x 18.9x 16.8x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22x 19.4x 17.2x
EV / FCF 47.2x 95x 111x 34.3x 108x 52.7x 37.5x 31.2x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.9% 2.66% 3.2%
Dividend per Share 2 200 300 300 350 550 641.4 738.6 837.5
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.83% 0.96% 1.08%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,333 2,611 2,895
Distribution rate 16% 20% 19.7% 21.3% 30% 27.5% 28.3% 28.9%
Net sales 1 755,174 922,422 967,288 1,059,145 1,169,289 1,450,073 1,626,631 1,793,936
EBITDA 1 426,666 510,437 508,781 564,968 612,986 794,109 888,458 980,493
EBIT 1 418,045 498,914 495,014 549,775 595,759 774,178 868,007 959,276
Net income 1 303,360 362,963 369,642 398,656 445,185 565,408 631,574 698,587
Net Debt 1 -1,004,572 -940,458 -1,132,776 -1,219,234 -1,493,889 -1,728,351 -1,943,513 -2,222,679
Reference price 2 54,800.00 60,250.00 71,290.00 60,930.00 59,080.00 77,270.00 77,270.00 77,270.00
Nbr of stocks (in thousands) 242,526 242,526 242,526 242,525 242,525 242,525 - -
Announcement Date 4/27/22 A 4/27/23 A 4/25/24 A 4/25/25 A 4/24/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.83x11.62x21.21x0.84% 117B
46.09x7.74x33.4x1.59% 51.96B
27.29x1.27x14.38x-.--% 41.48B
20.81x1.77x8.69x1.45% 34.1B
29.7x2.14x14.23x1.54% 29.82B
29.68x4.53x18.07x-.--% 28.79B
10.83x6.06x16.79x1.38% 26.76B
30.81x4.78x19.01x0.74% 17.94B
25.04x3.17x13.27x-.--% 17.55B
Average 28.12x 4.78x 17.67x 0.84% 40.63B
Weighted average by Cap. 30.38x 6.49x 19.37x 0.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Keyence Corporation