GMO Payment Gateway, Inc.

3769.T · Technology · Software - Infrastructure · Valued as of 2026-11-03 · Statements 2025-09-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.31B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.44B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

755.69M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.50B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.11B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.37×

the ratio the screener ranks by

Margin of Safety

-173.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.31B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.31B USD
+②Net Cash Today1.01B USD
+③Growth Value0 USD
=Value2.31B USD

EPV of the Operations (NOPAT over WACC)

1.31B USD

Net cash today

+1.01B USD

Growth Value

0 USD

Value

2.31B USD

①EPV (earnings power value)

1.31B USD

②Net Cash Today

1.01B USD

③Growth Value

0 USD

Market value

Market Cap4.11B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-77.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.44B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.08B USD
+②Equity at Year 15, Today362.65M USD
=Value1.44B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.08B USD

②Equity at Year 15, Today

362.65M USD

Market value

Market Cap4.11B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-185.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 755.69M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 755.69M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap4.11B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-444.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.09%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.11×Market Risk Premium 6.00%= 11.15%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 63.14M USDPretax Income 214.97M USD= 29.37%

The tax the interest saves.

Interest Expense =EBIT 219.39M USD−Pretax Income 214.97M USD= 4.42M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 4.42M USDTotal Debt 463.50M USD×(1 − Tax Rate for WACC 29.37%)= 0.67%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 463.50M USDMarket Cap + Total Debt 4.11B USD + 463.50M USD= 10.13%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 89.87%×Cost of Equity 11.15%+Debt Weight 10.13%×Cost of Debt 0.67%= 10.09%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 2.83B USD − Total Liabilities 2.07B USD = Book Value Today 755.69M USD

Total Debt 463.50M USD − Cash and Short-Term Investments 1.47B USD = Net Debt Today -1.01B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.1%at most 5%passes75,943,073 / 75,842,474
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets7.6%at least -10.0%passes(362.15M USD − 147.05M USD) ÷ 2.83B USD
Price to bookMarket Cap ÷ Book Value Today5.44×at most 3×does not pass4.11B USD ÷ 755.69M USD
Operating marginOperating Income ÷ Revenue38.0%above 10.0%passes211.12M USD ÷ 555.75M USD
Revenue growthRevenue ÷ Revenue a Year Before − 17.4%above 10.0%does not pass555.75M USD / 517.28M USD
Net cash(Cash − Total Debt) ÷ Market Cap24.4%above -30%passes(1.47B USD − 463.50M USD) ÷ 4.11B USD
Operating efficiencyOperating Income ÷ Gross Profit56.5%above 25.0%passes211.12M USD ÷ 373.84M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

8492.48 JPY

Enterprise value

496.31B JPY

the provider's own figure

EV / EBITDA

12.01×

Price / book

5.15×

the provider's book

Price / earnings

27.10×

Return on equity

21.7%

the provider's figure, not this page's

Profit margin

27.7%

Revenue growth

16.8%

Analyst target, mean

10395.38 JPY

Analysts

12

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

348.60M423.08M517.28M555.75M

Gross profit

233.12M268.02M337.23M373.84M

Operating income

112.62M136.15M176.58M211.12M

EBITDA

operating income before depreciation and amortisation

257.37M159.89M220.64M245.80M

Pretax income

240.89M138.33M192.83M214.97M

Net income

167.39M90.33M131.14M147.05M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

85.14M90.33M123.05M147.05M

R&D

————
Balance sheet, year end

Total assets

1.89B1.96B2.42B2.74B

Total liabilities

1.28B1.32B1.67B1.96B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

603.82M618.51M721.36M761.31M

Total debt

295.79M329.21M372.30M425.50M

Cash and equivalents

789.87M895.91M1.22B1.48B

Net PP&E

fixed assets after depreciation

24.55M22.48M27.49M22.56M

Working capital

current assets less current liabilities

668.37M637.97M657.14M655.84M
Cash flow

Operating cash flow

53.06M41.08M346.83M362.15M

Capital expenditure

paid out, so below zero

-20.59M-31.02M-31.18M-24.57M

Depreciation and amortisation

14.89M16.18M23.47M26.41M

Free cash flow

operating cash flow plus capital expenditure

32.47M10.06M315.66M337.58M