Stock 6861 KEYENCE CORPORATION
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Financials Keyence Corporation

Equities

6861

JP3236200006

Electronic Equipment & Parts

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-05-31 am EDT 		5-day change 1st Jan Change
70,690 JPY +1.13% Intraday chart for Keyence Corporation -1.50% +13.80%
May. 02 Japan's Nikkei squeezes out modest gains as yen, Wall Street weigh RE
Feb. 22 Japan's Nikkei then and now, as shares near '89 record RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,256,875 7,656,581 12,829,669 13,290,446 14,612,193 17,144,136 - -
Enterprise Value (EV) 1 7,393,670 6,712,442 11,899,671 12,285,874 13,671,735 17,289,660 15,519,631 15,213,064
P/E ratio 36.5 x 38.6 x 65 x 43.8 x 40.3 x 46.8 x 42.3 x 36.8 x
Yield 0.29% 0.48% 0.38% 0.36% 0.5% 0.42% 0.47% 0.54%
Capitalization / Revenue 14.1 x 13.9 x 23.8 x 17.6 x 15.8 x 17.9 x 16.1 x 14.3 x
EV / Revenue 12.6 x 12.2 x 22.1 x 16.3 x 14.8 x 17.9 x 14.6 x 12.7 x
EV / EBITDA 22.8 x 23.5 x 41.9 x 28.8 x 26.8 x 31.7 x 27 x 23.4 x
EV / FCF 36.6 x 34.4 x 63.2 x 47.2 x 95 x 46 x 44.2 x 41.8 x
FCF Yield 2.73% 2.91% 1.58% 2.12% 1.05% 2.17% 2.26% 2.39%
Price to Book 5.2 x 4.36 x 6.71 x 6.11 x 5.86 x 6.16 x 5.49 x 4.94 x
Nbr of stocks (in thousands) 242,528 242,527 242,527 242,526 242,526 242,526 - -
Reference price 2 34,045 31,570 52,900 54,800 60,250 70,690 70,690 70,690
Announcement Date 4/24/19 4/28/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 587,095 551,843 538,134 755,174 922,422 967,288 1,065,998 1,198,822
EBITDA 1 324,156 285,626 284,313 426,666 510,437 502,640 574,544 650,741
EBIT 1 317,868 277,631 276,758 418,045 498,914 495,014 556,540 635,924
Operating Margin 54.14% 50.31% 51.43% 55.36% 54.09% 51.18% 52.21% 53.05%
Earnings before Tax (EBT) 1 319,860 280,253 286,594 431,240 512,830 519,295 574,472 651,065
Net income 1 226,147 198,124 197,289 303,360 362,963 369,642 405,078 466,124
Net margin 38.52% 35.9% 36.66% 40.17% 39.35% 38.21% 38% 38.88%
EPS 2 932.5 816.9 813.5 1,251 1,497 1,524 1,670 1,922
Free Cash Flow 1 202,019 195,191 188,294 260,342 143,915 346,424 350,770 363,520
FCF margin 34.41% 35.37% 34.99% 34.47% 15.6% 35.75% 32.91% 30.32%
FCF Conversion (EBITDA) 62.32% 68.34% 66.23% 61.02% 28.19% 68.92% 61.05% 55.86%
FCF Conversion (Net income) 89.33% 98.52% 95.44% 85.82% 39.65% 96.43% 86.59% 77.99%
Dividend per Share 2 100.0 150.0 200.0 200.0 300.0 300.0 333.6 383.6
Announcement Date 4/24/19 4/28/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
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 1 276,979 274,864 238,755 299,379 185,255 355,218 190,114 209,842 399,956 192,007 251,993 444,000 236,618 241,804 222,274 243,806 466,080 241,109 260,099 - 244,925 267,725 - 268,325 290,550 - - -
EBITDA - - - - 105,892 - 106,930 118,809 - 105,070 141,107 - 130,190 134,070 114,087 - - - - - - - - - - - - -
EBIT 1 138,824 138,807 116,772 159,986 104,002 197,413 104,998 115,634 220,632 102,812 138,671 241,483 127,548 129,883 111,276 126,389 237,665 121,850 135,499 - 121,467 138,967 - 138,567 152,333 - - -
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% - 49.59% 51.91% - 51.64% 52.43% - - -
Earnings before Tax (EBT) 1 139,332 - 120,245 - 105,254 201,226 108,622 121,392 230,014 112,641 143,984 256,625 123,669 132,536 120,820 133,089 253,909 123,651 141,735 - 124,133 141,800 - 141,233 155,500 - - -
Net income 1 98,591 - 84,323 - 74,216 141,784 76,621 84,955 161,576 79,623 101,018 180,641 87,381 94,941 85,132 93,909 179,041 87,385 103,216 - 90,050 102,050 - 102,075 112,850 - - -
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% - 36.77% 38.12% - 38.04% 38.84% - - -
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 10/31/19 4/28/20 10/30/20 4/28/21 10/28/21 10/28/21 2/1/22 4/27/22 4/27/22 7/28/22 10/28/22 10/28/22 2/1/23 4/27/23 7/28/23 10/27/23 10/27/23 2/2/24 4/25/24 4/25/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 863,205 944,139 929,998 1,004,572 940,458 1,199,631 1,624,505 1,931,072
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 202,019 195,191 188,294 260,342 143,915 346,424 350,770 363,520
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% 13% 13.4%
Assets 1 1,120,122 1,243,652 1,323,741 1,524,366 1,760,376 1,998,499 3,127,814 3,486,008
Book Value Per Share 2 6,549 7,249 7,887 8,962 10,274 11,571 12,869 14,323
Cash Flow per Share 2 958.0 850.0 845.0 1,286 1,544 1,581 1,730 1,817
Capex 1 7,361 8,243 4,358 6,162 39,345 10,384 12,524 14,662
Capex / Sales 1.25% 1.49% 0.81% 0.82% 4.27% 1.07% 1.17% 1.22%
Announcement Date 4/24/19 4/28/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
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
16
Last Close Price
70,690 JPY
Average target price
77,188 JPY
Spread / Average Target
+9.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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