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 19,518,419 - -
Change - 9.95% 18.32% -14.53% -3.04% 36.22% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 17,790,068 17,574,906 17,295,739
Change - 11.28% 18.18% -16.09% -5.34% 38.61% -1.21% -1.59%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 34.5x 30.8x 27.8x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 5.04x 4.53x 4.07x
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 13.5x 12x 10.9x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 12.3x 10.8x 9.64x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 22.4x 19.8x 17.6x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 23x 20.2x 18x
EV / FCF 47.2x 95x 111x 34.3x 108x 55.1x 39.3x 32.7x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.81% 2.55% 3.06%
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 80,480.00 80,480.00 80,480.00
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.($)
33.08x6.16x18.8x0.68% 208B
57.26x7.16x24.55x0.76% 132B
34.5x12.27x22.4x0.8% 124B
13.5x0.31x6.8x3.72% 111B
38.91x6.37x20.82x0.9% 90.94B
72.23x7.74x35.81x0.19% 82.3B
25.33x9.09x18.46x0.5% 80.86B
19.41x3.27x12.52x1.38% 61.11B
17.64x1.05x11.79x0.73% 59.59B
Average 34.65x 5.93x 19.11x 1.07% 105.56B
Weighted average by Cap. 35.80x 6.32x 19.47x 1.07%

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