TO BOOKS INC

500A.T · Communication Services · Publishing · Valued as of 2026-11-03 · Statements 2026-04-30

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

111.09M USD

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

Profit

162.74M USD

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

FCFF

175.30M USD

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

Average Intrinsic Value

149.71M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

75.76M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.98×

the ratio the screener ranks by

Margin of Safety

+49.4%

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: 111.09M 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)76.69M USD
+②Net Cash Today34.39M USD
+③Growth Value0 USD
=Value111.09M USD

EPV of the Operations (NOPAT over WACC)

76.69M USD

Net cash today

+34.39M USD

Growth Value

0 USD

Value

111.09M USD

①EPV (earnings power value)

76.69M USD

②Net Cash Today

34.39M USD

③Growth Value

0 USD

Market value

Market Cap75.76M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+31.8%

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): 162.74M 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 FCFE105.18M USD
+②Equity at Year 15, Today57.56M USD
=Value162.74M 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

105.18M USD

②Equity at Year 15, Today

57.56M USD

Market value

Market Cap75.76M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+53.4%

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): 175.30M 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).
①Present Value of the 15 Years of FCFF120.22M USD
+②Invested Capital at Year 15, Today20.69M USD
+③Net Cash Today34.39M USD
=Value175.30M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

120.22M USD

②Invested Capital at Year 15, Today

20.69M USD

③Net Cash Today

34.39M USD

Market value

Market Cap75.76M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+56.8%

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: 10.62%
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 3.93M USDPretax Income 12.12M USD= 32.41%

The tax the interest saves.

Interest Expense =EBIT 12.40M USD−Pretax Income 12.12M USD= 287.08K USD

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

Cost of Debt =Interest Expense 287.08K USDTotal Debt 999.85K USD×(1 − Tax Rate for WACC 32.41%)= 19.41%

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

Debt Weight =Total Debt 999.85K USDMarket Cap + Total Debt 75.76M USD + 999.85K USD= 1.30%

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

WACC =Equity Weight 98.70%×Cost of Equity 10.50%+Debt Weight 1.30%×Cost of Debt 19.41%= 10.62%

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, 2026-04-30.

Total Assets 65.25M USD − Total Liabilities 19.80M USD = Book Value Today 45.45M USD

Total Debt 999.85K USD − Cash and Short-Term Investments 35.39M USD = Net Debt Today -34.39M 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 − 10.9%at most 5%passes3,516,400 / 3,486,700
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.4%at least -10.0%passes(11.04M USD − 8.19M USD) ÷ 65.25M USD
Price to bookMarket Cap ÷ Book Value Today1.67×at most 3×passes75.76M USD ÷ 45.45M USD
Operating marginOperating Income ÷ Revenue16.8%above 10.0%passes12.40M USD ÷ 73.71M USD
Revenue growthRevenue ÷ Revenue a Year Before − 111.2%above 10.0%passes73.71M USD / 66.31M USD
Net cash(Cash − Total Debt) ÷ Market Cap45.4%above -30%passes(35.39M USD − 999.85K USD) ÷ 75.76M USD
Operating efficiencyOperating Income ÷ Gross Profit23.3%above 25.0%does not pass12.40M USD ÷ 53.25M USD

Market Data

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

Share price

3373.37 JPY

Enterprise value

6.79B JPY

the provider's own figure

EV / EBITDA

—

Price / book

1.62×

the provider's book

Price / earnings

9.16×

Return on equity

—

the provider's figure, not this page's

Profit margin

10.4%

Revenue growth

21.3%

Analyst target, mean

—

Analysts

—

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.

USD202420252026
Income statement

Revenue

55.94M66.31M73.71M

Gross profit

40.43M45.50M53.25M

Operating income

10.05M8.09M12.40M

EBITDA

operating income before depreciation and amortisation

9.86M8.42M13.00M

Pretax income

9.57M7.32M12.12M

Net income

6.65M5.45M8.19M

Normalized income

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

6.99M6.02M8.41M

R&D

———
Balance sheet, year end

Total assets

37.42M43.34M65.25M

Total liabilities

14.65M13.36M19.80M

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

22.77M29.98M45.45M

Total debt

1.89M1.55M999.85K

Cash and equivalents

18.00M16.70M35.39M

Net PP&E

fixed assets after depreciation

874.08K3.08M2.36M

Working capital

current assets less current liabilities

20.40M22.32M39.16M
Cash flow

Operating cash flow

7.61M2.17M11.04M

Capital expenditure

paid out, so below zero

-178.36K-1.37M-1.20M

Depreciation and amortisation

275.52K331.68K592.79K

Free cash flow

operating cash flow plus capital expenditure

7.43M802.38K9.84M