Stock 6861 KEYENCE CORPORATION
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Financials Keyence Corporation

Equities

6861

JP3236200006

Electronic Equipment & Parts

Market Closed - Japan Exchange
Other stock markets
 11:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
69,610 JPY +7.79% Intraday chart for Keyence Corporation +11.20% +12.06%
22/02 Japan's Nikkei then and now, as shares near '89 record RE
05/02 Nomura Adjusts Keyence's Price Target to 76,000 Yen From 72,000 Yen, Keeps at Buy MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 82,56,875 76,56,581 1,28,29,669 1,32,90,446 1,46,12,193 1,68,82,216 - -
Enterprise Value (EV) 1 73,93,670 67,12,442 1,18,99,671 1,22,85,874 1,36,71,735 1,72,89,660 1,51,40,869 1,49,11,882
P/E ratio 36.5 x 38.6 x 65 x 43.8 x 40.3 x 46.8 x 41.8 x 36.2 x
Yield 0.29% 0.48% 0.38% 0.36% 0.5% 0.42% 0.48% 0.55%
Capitalization / Revenue 14.1 x 13.9 x 23.8 x 17.6 x 15.8 x 17.9 x 15.9 x 14.1 x
EV / Revenue 12.6 x 12.2 x 22.1 x 16.3 x 14.8 x 17.9 x 14.2 x 12.5 x
EV / EBITDA 22.8 x 23.5 x 41.9 x 28.8 x 26.8 x 31.2 x 26.4 x 22.9 x
EV / FCF 36.6 x 34.4 x 63.2 x 47.2 x 95 x 45.3 x 36.8 x 35.5 x
FCF Yield 2.73% 2.91% 1.58% 2.12% 1.05% 2.21% 2.72% 2.81%
Price to Book 5.2 x 4.36 x 6.71 x 6.11 x 5.86 x 6.16 x 5.36 x 4.88 x
Nbr of stocks (in thousands) 2,42,528 2,42,527 2,42,527 2,42,526 2,42,526 2,42,526 - -
Reference price 2 34,045 31,570 52,900 54,800 60,250 69,610 69,610 69,610
Announcement Date 24/04/19 28/04/20 28/04/21 27/04/22 27/04/23 25/04/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,87,095 5,51,843 5,38,134 7,55,174 9,22,422 9,67,288 10,63,527 11,94,066
EBITDA 1 3,24,156 2,85,626 2,84,313 4,26,666 5,10,437 5,02,640 5,74,311 6,50,397
EBIT 1 3,17,868 2,77,631 2,76,758 4,18,045 4,98,914 4,95,014 5,55,620 6,35,821
Operating Margin 54.14% 50.31% 51.43% 55.36% 54.09% 51.18% 52.24% 53.25%
Earnings before Tax (EBT) 1 3,19,860 2,80,253 2,86,594 4,31,240 5,12,830 5,19,295 5,72,359 6,51,662
Net income 1 2,26,147 1,98,124 1,97,289 3,03,360 3,62,963 3,69,642 4,03,576 4,65,806
Net margin 38.52% 35.9% 36.66% 40.17% 39.35% 38.21% 37.95% 39.01%
EPS 2 932.5 816.9 813.5 1,251 1,497 1,524 1,664 1,921
Free Cash Flow 1 2,02,019 1,95,191 1,88,294 2,60,342 1,43,915 3,46,424 4,11,150 4,19,769
FCF margin 34.41% 35.37% 34.99% 34.47% 15.6% 35.75% 38.66% 35.15%
FCF Conversion (EBITDA) 62.32% 68.34% 66.23% 61.02% 28.19% 68.92% 71.59% 64.54%
FCF Conversion (Net income) 89.33% 98.52% 95.44% 85.82% 39.65% 96.43% 101.88% 90.12%
Dividend per Share 2 100.0 150.0 200.0 200.0 300.0 300.0 336.2 382.3
Announcement Date 24/04/19 28/04/20 28/04/21 27/04/22 27/04/23 25/04/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2 2025 S1 2025 Q3 2025 Q4 2025 S2 2026 S1 2026 S2
Net sales 1 2,76,979 2,74,864 2,38,755 2,99,379 1,85,255 3,55,218 1,90,114 2,09,842 3,99,956 1,92,007 2,51,993 4,44,000 2,36,618 2,41,804 2,22,274 2,43,806 4,66,080 2,41,109 2,60,099 - 2,44,900 2,65,967 - 2,65,433 2,83,400 - - -
EBITDA - - - - 1,05,892 - 1,06,930 1,18,809 - 1,05,070 1,41,107 - 1,30,190 1,34,070 1,14,087 - - - - - - - - - - - - -
EBIT 1 1,38,824 1,38,807 1,16,772 1,59,986 1,04,002 1,97,413 1,04,998 1,15,634 2,20,632 1,02,812 1,38,671 2,41,483 1,27,548 1,29,883 1,11,276 1,26,389 2,37,665 1,21,850 1,35,499 - 1,21,467 1,38,967 - 1,38,567 1,52,333 - - -
Operating Margin 50.12% 50.5% 48.91% 53.44% 56.14% 55.58% 55.23% 55.11% 55.16% 53.55% 55.03% 54.39% 53.9% 53.71% 50.06% 51.84% 50.99% 50.54% 52.1% - 49.6% 52.25% - 52.2% 53.75% - - -
Earnings before Tax (EBT) 1 1,39,332 - 1,20,245 - 1,05,254 2,01,226 1,08,622 1,21,392 2,30,014 1,12,641 1,43,984 2,56,625 1,23,669 1,32,536 1,20,820 1,33,089 2,53,909 1,23,651 1,41,735 - 1,24,133 1,41,800 - 1,41,233 1,55,500 - - -
Net income 1 98,591 - 84,323 - 74,216 1,41,784 76,621 84,955 1,61,576 79,623 1,01,018 1,80,641 87,381 94,941 85,132 93,909 1,79,041 87,385 1,03,216 - 88,733 1,01,067 - 1,00,767 1,10,800 - - -
Net margin 35.6% - 35.32% - 40.06% 39.91% 40.3% 40.49% 40.4% 41.47% 40.09% 40.68% 36.93% 39.26% 38.3% 38.52% 38.41% 36.24% 39.68% - 36.23% 38% - 37.96% 39.1% - - -
EPS 2 406.5 - 347.7 - 306.0 584.6 315.9 350.3 - 328.3 416.5 744.8 360.3 391.5 351.0 387.2 738.2 360.3 425.6 - - - - - - - - -
Dividend per Share 50.00 - 100.0 - 100.0 100.0 - 100.0 100.0 - 150.0 150.0 - 150.0 - 150.0 150.0 - - 150.0 - - 150.0 - - 150.0 150.0 150.0
Announcement Date 31/10/19 28/04/20 30/10/20 28/04/21 28/10/21 28/10/21 01/02/22 27/04/22 27/04/22 28/07/22 28/10/22 28/10/22 01/02/23 27/04/23 28/07/23 27/10/23 27/10/23 02/02/24 25/04/24 - - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 8,63,205 9,44,139 9,29,998 10,04,572 9,40,458 11,99,631 17,41,348 19,70,334
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,02,019 1,95,191 1,88,294 2,60,342 1,43,915 3,46,424 4,11,150 4,19,769
ROE (net income / shareholders' equity) 15.2% 11.8% 10.7% 14.8% 15.6% 14% 13.6% 13.9%
ROA (Net income/ Total Assets) 20.2% 15.9% 14.9% 19.9% 20.6% 18.5% 12.9% 13.4%
Assets 1 11,20,122 12,43,652 13,23,741 15,24,366 17,60,376 19,98,499 31,34,571 34,66,591
Book Value Per Share 2 6,549 7,249 7,887 8,962 10,274 11,571 12,993 14,262
Cash Flow per Share 2 958.0 850.0 845.0 1,286 1,544 1,581 1,738 1,810
Capex 1 7,361 8,243 4,358 6,162 39,345 10,384 12,162 16,258
Capex / Sales 1.25% 1.49% 0.81% 0.82% 4.27% 1.07% 1.14% 1.36%
Announcement Date 24/04/19 28/04/20 28/04/21 27/04/22 27/04/23 25/04/24 - -
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Keyence Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
69,610 JPY
Average target price
75,600 JPY
Spread / Average Target
+8.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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