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 20,641,310 - -
Change - 9.95% 18.32% -14.53% -3.04% 44.06% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 18,858,020 18,590,113 18,250,727
Change - 11.28% 18.18% -16.09% -5.34% 46.93% -1.42% -1.83%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 37.4x 33.5x 30.4x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 5.35x 4.83x 4.37x
PEG - 2.1x 25.43x 4.73x 2.8x 1.6x 2.9x 3x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 14.5x 12.9x 11.8x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 13.2x 11.7x 10.4x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 24.3x 21.5x 19.2x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 25x 22x 19.7x
EV / FCF 47.2x 95x 111x 34.3x 108x 52.1x 38.7x 31.7x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.92% 2.58% 3.15%
Dividend per Share 2 200 300 300 350 550 631.4 729.3 823.3
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.74% 0.86% 0.97%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,276 2,541 2,799
Distribution rate 16% 20% 19.7% 21.3% 30% 27.7% 28.7% 29.4%
Net sales 1 755,174 922,422 967,288 1,059,145 1,169,289 1,426,877 1,595,025 1,748,374
EBITDA 1 426,666 510,437 508,781 564,968 612,986 775,387 865,770 949,455
EBIT 1 418,045 498,914 495,014 549,775 595,759 755,563 845,482 928,509
Net income 1 303,360 362,963 369,642 398,656 445,185 551,574 615,051 676,093
Net Debt 1 -1,004,572 -940,458 -1,132,776 -1,219,234 -1,493,889 -1,783,290 -2,051,197 -2,390,583
Reference price 2 54,800.00 60,250.00 71,290.00 60,930.00 59,080.00 85,110.00 85,110.00 85,110.00
Nbr of stocks (in thousands) 242,526 242,526 242,526 242,525 242,525 242,525 - -
Announcement Date 4/27/22 4/27/23 4/25/24 4/25/25 4/24/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.59x13.27x24.32x0.74% 131B
54.72x8.2x38.47x1.44% 50.38B
29.49x1.36x15.6x-.--% 44.83B
23.38x1.96x9.36x1.35% 35.96B
33.08x5.04x20.12x-.--% 32.05B
32.58x2.27x15.71x1.48% 31.22B
11.04x6.15x17.12x1.37% 27.65B
33.18x5.07x20.27x0.7% 19.35B
25.29x3.22x13.45x-.--% 17.81B
Average 31.15x 5.17x 19.38x 0.79% 43.35B
Weighted average by Cap. 34.13x 7.28x 21.53x 0.81%

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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