ATEYY · Financials
Annual reports: Yahoo, amounts in millions of JPY. P/E — year-end price / EPS; — if the price history does not reach that year.
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue | 560,191 | 486,507 | 779,707 | 1,128,610 |
| Net income | 130,400 | 62,290 | 161,177 | 375,353 |
| Gross margin | 57.0% | 50.6% | 57.1% | 64.3% |
| Operating margin | 29.9% | 16.8% | 29.3% | 44.2% |
| Net margin | 23.3% | 12.8% | 20.7% | 33.3% |
| EPS | 173.68 | 84.16 | 218.67 | 513.3 |
| Free cash flow | 46,636 | 12,125 | 266,540 | 299,152 |
| Net debt | -34,693 | -12,259 | -169,041 | -319,774 |
| P/E | — | — | — | — |
Valuation by free cash flow (DCF)
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
Value per share
52.3 USD
Upside to the estimate
-75.8%
No margin of safety: the price is above the DCF value.
Growth priced in
+49.2%
Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.
| rate 9.9% | rate 10.9% | rate 11.9% | |
|---|---|---|---|
| Bear · growth 15.0% | 46.44 | 40.31 | 35.51 |
| Base · growth 20.0% | 60.54 | 52.3 | 45.86 |
| Bull · growth 25.0% | 78.49 | 67.54 | 59 |
FCF to shareholders 1,221 mln USD (operating cash flow − capex, after interest), shares 722 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.