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 19,132,804 - -
Change - 9.95% 18.32% -14.53% -3.04% 33.53% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 17,404,453 17,189,291 16,910,124
Change - 11.28% 18.18% -16.09% -5.34% 35.61% -1.24% -1.62%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 33.8x 30.3x 27.3x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.94x 4.44x 3.99x
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 13.2x 11.8x 10.7x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 12x 10.6x 9.44x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21.9x 19.4x 17.3x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22.5x 19.8x 17.7x
EV / FCF 47.2x 95x 111x 34.3x 108x 53.9x 38.4x 32x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.85% 2.6% 3.13%
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% 0.94% 1.06%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,332 2,607 2,891
Distribution rate 16% 20% 19.7% 21.3% 30% 27.5% 28.3% 29%
Net sales 1 755,174 922,422 967,288 1,059,145 1,169,289 1,449,357 1,624,517 1,791,308
EBITDA 1 426,666 510,437 508,781 564,968 612,986 793,715 887,292 979,037
EBIT 1 418,045 498,914 495,014 549,775 595,759 773,784 866,845 957,830
Net income 1 303,360 362,963 369,642 398,656 445,185 565,133 630,760 697,576
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 78,890.00 78,890.00 78,890.00
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.($)
33.37x11.82x21.6x0.83% 121B
44.42x7.41x32.22x1.66% 49.75B
26.61x1.24x14.04x-.--% 40.45B
22.07x1.86x9.02x1.39% 35.36B
29.3x2.07x14.38x1.6% 29.14B
29.22x4.45x17.75x-.--% 28.31B
10.72x6x16.63x1.39% 27.03B
31.38x4.81x19.22x0.73% 18.4B
24.5x3.11x13.01x-.--% 17.16B
33.54x1.64x14.94x0.55% 14.35B
Average 28.51x 4.44x 17.28x 0.81% 38.07B
Weighted average by Cap. 30.33x 6.37x 19.07x 0.88%

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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