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 19,467,489 - -
Change - 9.95% 18.32% -14.53% -3.04% 35.87% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 17,739,137 17,523,976 17,244,809
Change - 11.28% 18.18% -16.09% -5.34% 38.21% -1.21% -1.59%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 34.4x 30.7x 27.7x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 5.02x 4.52x 4.06x
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 13.4x 12x 10.9x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 12.2x 10.8x 9.61x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 22.3x 19.7x 17.6x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22.9x 20.2x 18x
EV / FCF 47.2x 95x 111x 34.3x 108x 55x 39.2x 32.6x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.82% 2.55% 3.07%
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% 0.8% 0.92% 1.04%
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 80,270.00 80,270.00 80,270.00
Nbr of stocks (in thousands) 242,526 242,526 242,526 242,525 242,525 242,525 - -
Announcement Date 27/04/22 27/04/23 25/04/24 25/04/25 24/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.12x6.35x19.36x0.66% 214B
61.15x7.63x26.14x0.71% 141B
34.41x12.23x22.34x0.8% 123B
13.47x0.31x6.78x3.73% 111B
41.96x6.89x22.53x0.83% 97.72B
75.33x8.08x37.26x0.19% 86.45B
25.33x9.09x18.46x0.5% 80.89B
45.53x6.37x24x0.01% 66B
20.27x3.41x13.04x1.32% 63.8B
Average 39.06x 6.70x 21.10x 0.97% 109.41B
Weighted average by Cap. 39.26x 6.83x 21.01x 0.99%

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