Eisai Co., Ltd.

4523.T · Healthcare · Drug Manufacturers - Specialty & Generic · Valued as of 2026-11-03 · Statements 2026-03-31

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

3.07B USD

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

Profit

3.11B USD

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

FCFF

5.79B USD

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

Average Intrinsic Value

3.99B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

8.47B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.47×

the ratio the screener ranks by

Margin of Safety

-112.2%

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: 3.07B 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)2.69B USD
+②Net Cash Today377.21M USD
+③Growth Value0 USD
=Value3.07B USD

EPV of the Operations (NOPAT over WACC)

2.69B USD

Net cash today

+377.21M USD

Growth Value

0 USD

Value

3.07B USD

①EPV (Earnings Power Value)

2.69B USD

②Net Cash Today

377.21M USD

③Growth Value

0 USD

Market value

Market Cap8.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-175.7%

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): 3.11B 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 FCFE1.75B USD
+②Equity at Year 15, Today1.35B USD
=Value3.11B 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 rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.75B USD

②Equity at Year 15, Today

1.35B USD

Market value

Market Cap8.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-172.6%

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): 5.79B 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, 5.79B 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 Cap8.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-46.2%

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: 9.51%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

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 65.62M USDPretax Income 319.38M USD= 20.55%

The tax the interest saves.

Interest Expense =EBIT 352.79M USD−Pretax Income 319.38M USD= 33.41M USD

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

Cost of Debt =Interest Expense 33.41M USDTotal Debt 1.17B USD×(1 − Tax Rate for WACC 20.55%)= 2.28%

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

Debt Weight =Total Debt 1.17B USDMarket Cap + Total Debt 8.47B USD + 1.17B USD= 12.10%

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

WACC =Equity Weight 87.90%×Cost of Equity 10.50%+Debt Weight 12.10%×Cost of Debt 2.28%= 9.51%

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 9.08B USD − Total Liabilities 3.28B USD = Book Value Today 5.79B USD

Total Debt 1.17B USD − Cash and Short-Term Investments 1.54B USD = Net Debt Today -377.21M 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 − 1-1.7%at most 5%passes281,890,616 / 286,805,291
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.6%at least -10.0%passes(384.03M USD − 241.47M USD) ÷ 9.08B USD
Price to bookMarket Cap ÷ Book Value Today1.46×at most 3×passes8.47B USD ÷ 5.79B USD
Operating marginOperating Income ÷ Revenue5.3%above 10.0%does not pass276.42M USD ÷ 5.17B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.1%above 10.0%does not pass5.17B USD / 5.28B USD
Net cash(Cash − Total Debt) ÷ Market Cap4.4%above -30%passes(1.54B USD − 1.17B USD) ÷ 8.47B USD
Operating efficiencyOperating Income ÷ Gross Profit7.0%above 25.0%does not pass276.42M USD ÷ 3.97B USD

Market Data

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

Share price

4704.70 JPY

Enterprise value

1.31T JPY

the provider's own figure

EV / EBITDA

13.64×

Price / book

1.46×

the provider's book

Price / earnings

34.36×

Return on equity

5.0%

the provider's figure, not this page's

Profit margin

4.9%

Revenue growth

15.6%

Analyst target, mean

4586.72 JPY

Analysts

14

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.

Income statement (USD)2023202420252026

Revenue

5.59B4.90B5.28B5.17B

Gross profit

4.26B3.88B4.15B3.97B

Operating income

300.90M353.01M363.80M276.42M

EBITDA

operating income before depreciation and amortisation

655.75M684.84M699.08M600.47M

Pretax income

338.26M408.64M408.55M319.38M

Net income

416.57M280.31M310.66M241.47M

Normalized income

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

416.57M280.31M310.66M241.47M

R&D

1.30B1.12B1.15B993.62M
Balance sheet, year end (USD)2023202420252026

Total assets

9.49B9.21B9.28B9.08B

Total liabilities

3.31B3.27B3.48B3.28B

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

6.01B5.79B5.63B5.63B

Total debt

947.67M1.05B1.25B1.17B

Cash and equivalents

2.01B2.01B1.78B1.54B

Net PP&E

fixed assets after depreciation

1.25B1.09B1.06B1.01B

Working capital

current assets less current liabilities

2.43B2.77B2.38B2.64B
Cash flow (USD)2023202420252026

Operating cash flow

-13.32M370.11M201.50M384.03M

Capital expenditure

paid out, so below zero

-259.71M-164.08M-153.67M-257.81M

Depreciation and amortisation

300.46M260.42M266.99M247.68M

Free cash flow

operating cash flow plus capital expenditure

-273.03M206.03M47.82M126.23M