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 21,259,749 - -
Change - 9.95% 18.32% -14.53% -3.04% 48.38% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 19,531,398 19,316,236 19,037,069
Change - 11.28% 18.18% -16.09% -5.34% 52.18% -1.1% -1.45%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 38x 33.9x 30.7x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 5.5x 4.95x 4.46x
PEG - 2.1x 25.43x 4.73x 2.8x 1.5x 2.8x 2.9x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 14.8x 13.2x 12x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 13.6x 12x 10.7x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 24.8x 22x 19.7x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 25.5x 22.5x 20.1x
EV / FCF 47.2x 95x 111x 34.3x 108x 61.4x 44.7x 37.6x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.63% 2.24% 2.66%
Dividend per Share 2 200 300 300 350 550 637.9 735 833.3
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.73% 0.84% 0.95%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,308 2,582 2,858
Distribution rate 16% 20% 19.7% 21.3% 30% 27.6% 28.5% 29.2%
Net sales 1 755,174 922,422 967,288 1,059,145 1,169,289 1,439,711 1,614,004 1,777,039
EBITDA 1 426,666 510,437 508,781 564,968 612,986 786,128 879,492 968,484
EBIT 1 418,045 498,914 495,014 549,775 595,759 766,198 859,045 947,276
Net income 1 303,360 362,963 369,642 398,656 445,185 559,306 624,740 689,529
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 87,660.00 87,660.00 87,660.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.99x13.57x24.85x0.73% 134B
41.27x8.3x31.32x1.31% 51.58B
30.66x1.41x16.19x-.--% 46.6B
25.12x2.11x10.08x1.26% 38.29B
33.57x2.34x16.22x1.43% 31.89B
32.52x4.93x19.69x-.--% 31.51B
10.72x5.97x16.66x1.41% 26.87B
32.21x4.93x19.7x0.72% 18.86B
25.25x3.21x13.44x-.--% 17.79B
Average 29.92x 5.20x 18.68x 0.76% 44.11B
Weighted average by Cap. 32.83x 7.37x 20.83x 0.78%

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