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 19,275,894 - -
Change - 9.95% 18.32% -14.53% -3.04% 34.53% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 17,547,543 17,332,381 17,053,214
Change - 11.28% 18.18% -16.09% -5.34% 36.72% -1.23% -1.61%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 34.1x 30.4x 27.5x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.97x 4.47x 4.02x
PEG - 2.1x 25.43x 4.73x 2.8x 1.3x 2.6x 2.5x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 13.3x 11.9x 10.7x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 12.1x 10.7x 9.51x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 22.1x 19.5x 17.4x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22.7x 20x 17.8x
EV / FCF 47.2x 95x 111x 34.3x 108x 54.4x 38.7x 32.3x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.84% 2.58% 3.1%
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% 0.81% 0.93% 1.05%
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 79,480.00 79,480.00 79,480.00
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.($)
34.07x12.1x22.1x0.81% 122B
42.69x7.18x30.98x1.72% 48.13B
29.28x1.28x14.56x-.--% 42.05B
21.13x1.8x8.86x1.42% 35.14B
29.33x2.15x14.37x1.52% 30.34B
28.94x4.42x17.64x-.--% 28.07B
10.72x6x16.62x1.4% 26.35B
25.37x3.2x13.42x-.--% 17.79B
29.89x4.72x18.38x0.75% 17.6B
Average 27.94x 4.76x 17.44x 0.85% 40.86B
Weighted average by Cap. 30.34x 6.61x 19.17x 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