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 18,431,906 - -
Change - 9.95% 18.32% -14.53% -3.04% 28.64% - -
Enterprise Value (EV) 1 12,285,874 13,671,735 16,156,884 13,557,842 12,834,500 16,703,555 16,488,394 16,209,227
Change - 11.28% 18.18% -16.09% -5.34% 30.15% -1.29% -1.69%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 32.6x 29.1x 26.2x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.76x 4.28x 3.84x
PEG - 2.1x 25.43x 4.73x 2.8x 1.2x 2.4x 2.4x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 12.7x 11.3x 10.3x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 11.5x 10.1x 9.04x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21x 18.6x 16.5x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 21.6x 19x 16.9x
EV / FCF 47.2x 95x 111x 34.3x 108x 51.7x 36.8x 30.7x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.93% 2.71% 3.26%
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% 0.84% 0.97% 1.1%
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 76,000.00 76,000.00 76,000.00
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.($)
32.58x11.52x21.03x0.84% 120B
47.95x7.99x34.74x1.54% 53.74B
28.14x1.3x14.8x-.--% 42.77B
20.89x1.77x8.68x1.46% 34.71B
29.64x2.09x14.54x1.58% 30.02B
28.89x4.4x17.55x-.--% 27.99B
10.33x5.79x16.06x1.44% 26.01B
31.63x4.83x19.31x0.73% 18.56B
23.66x3.01x12.62x-.--% 16.58B
34.22x1.76x15.74x0.46% 14.85B
Average 28.79x 4.45x 17.51x 0.8% 38.52B
Weighted average by Cap. 30.81x 6.31x 19.40x 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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