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 17,418,154 - -
Change - 9.95% 18.32% -14.53% -3.04% 21.56% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 15,666,920 15,471,805 15,168,571
Change - 11.28% 18.18% -16.09% -5.34% 22.07% -1.25% -1.96%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 33.8x 30.6x 27.5x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.57x 4.17x 3.78x
PEG - 2.1x 25.43x 4.73x 2.8x 2.2x 2.9x 2.4x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 12.9x 11.7x 10.6x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 11.6x 10.4x 9.22x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21.6x 19.3x 17.1x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22.2x 19.8x 17.5x
EV / FCF 47.2x 95x 111x 34.3x 108x 35.6x 30.6x 27.3x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 2.81% 3.27% 3.67%
Dividend per Share 2 200 300 300 350 550 603.6 707.9 759.2
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.84% 0.99% 1.06%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,123 2,350 2,615
Distribution rate 16% 20% 19.7% 21.3% 30% 28.4% 30.1% 29%
Net sales 1 755,174 922,422 967,288 1,059,145 1,169,289 1,354,802 1,493,192 1,644,824
EBITDA 1 426,666 510,437 508,781 564,968 612,986 726,396 802,333 887,904
EBIT 1 418,045 498,914 495,014 549,775 595,759 706,880 782,303 867,001
Net income 1 303,360 362,963 369,642 398,656 445,185 514,078 568,353 630,900
Net Debt 1 -1,004,572 -940,458 -1,132,776 -1,219,234 -1,493,889 -1,751,234 -1,946,349 -2,249,583
Reference price 2 54,800.00 60,250.00 71,290.00 60,930.00 59,080.00 71,820.00 71,820.00 71,820.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.04x11.64x21.71x0.84% 107B
31.67x1.47x16.86x-.--% 46.87B
48.91x7.33x34.41x1.62% 44.86B
25.72x2.09x10.06x1.29% 36.09B
34.78x2.24x16.05x1.5% 29.64B
31.15x4.76x18.95x-.--% 30.17B
8.94x5.18x10.31x2.17% 21.87B
31.9x4.88x19.48x0.72% 18.34B
28.24x1.56x13.64x0.44% 13.81B
20.8x2.38x10.73x-.--% 12.24B
Average 29.61x 4.35x 17.22x 0.86% 36.08B
Weighted average by Cap. 32.27x 6.05x 19.31x 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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