ISB Corporation

9702.T · Technology · Software - Application · Valued as of 2026-11-03 · Statements 2025-12-31

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

249.82M USD

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

Profit

162.53M USD

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

FCFF

187.00M USD

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

Average Intrinsic Value

199.78M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

179.20M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.11×

the ratio the screener ranks by

Margin of Safety

+10.3%

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: 249.82M 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)194.69M USD
+②Net Cash Today55.14M USD
+③Growth Value0 USD
=Value249.82M USD

EPV of the Operations (NOPAT over WACC)

194.69M USD

Net cash today

+55.14M USD

Growth Value

0 USD

Value

249.82M USD

①EPV (earnings power value)

194.69M USD

②Net Cash Today

55.14M USD

③Growth Value

0 USD

Market value

Market Cap179.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+28.3%

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): 162.53M 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 FCFE75.53M USD
+②Equity at Year 15, Today87.00M USD
=Value162.53M 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

75.53M USD

②Equity at Year 15, Today

87.00M USD

Market value

Market Cap179.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-10.3%

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): 187.00M 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 FCFF95.28M USD
+②Invested Capital at Year 15, Today36.58M USD
+③Net Cash Today55.14M USD
=Value187.00M 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

95.28M USD

②Invested Capital at Year 15, Today

36.58M USD

③Net Cash Today

55.14M USD

Market value

Market Cap179.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+4.2%

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: 5.94%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.24×Market Risk Premium 6.00%= 5.96%

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 6.07M USDPretax Income 15.26M USD= 39.77%

The tax the interest saves.

Interest Expense =EBIT 15.26M USD−Pretax Income 15.26M USD= 6.40K USD

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

Cost of Debt =Interest Expense 6.40K USDTotal Debt 741.83K USD×(1 − Tax Rate for WACC 39.77%)= 0.52%

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

Debt Weight =Total Debt 741.83K USDMarket Cap + Total Debt 179.20M USD + 741.83K USD= 0.41%

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

WACC =Equity Weight 99.59%×Cost of Equity 5.96%+Debt Weight 0.41%×Cost of Debt 0.52%= 5.94%

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, 2026-06-30.

Total Assets 128.62M USD − Total Liabilities 36.49M USD = Book Value Today 92.14M USD

Total Debt 741.83K USD − Cash and Short-Term Investments 55.88M USD = Net Debt Today -55.14M 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 − 10.5%at most 5%passes11,478,348 / 11,417,751
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.5%at least -10.0%passes(11.17M USD − 9.18M USD) ÷ 128.62M USD
Price to bookMarket Cap ÷ Book Value Today1.94×at most 3×passes179.20M USD ÷ 92.14M USD
Operating marginOperating Income ÷ Revenue6.3%above 10.0%does not pass14.82M USD ÷ 236.92M USD
Revenue growthRevenue ÷ Revenue a Year Before − 19.4%above 10.0%does not pass236.92M USD / 216.49M USD
Net cash(Cash − Total Debt) ÷ Market Cap30.8%above -30%passes(55.88M USD − 741.83K USD) ÷ 179.20M USD
Operating efficiencyOperating Income ÷ Gross Profit27.3%above 25.0%passes14.82M USD ÷ 54.31M USD

Market Data

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

Share price

2451.45 JPY

Enterprise value

19.21B JPY

the provider's own figure

EV / EBITDA

6.55×

Price / book

1.89×

the provider's book

Price / earnings

16.93×

Return on equity

11.7%

the provider's figure, not this page's

Profit margin

4.4%

Revenue growth

3.6%

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.

USD2022202320242025
Income statement

Revenue

218.05M229.23M216.49M236.92M

Gross profit

52.38M55.20M52.54M54.31M

Operating income

17.47M19.35M17.86M14.82M

EBITDA

operating income before depreciation and amortisation

21.71M20.26M20.05M18.16M

Pretax income

18.04M16.77M18.44M15.26M

Net income

10.72M10.42M12.96M9.18M

Normalized income

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

10.54M12.25M12.96M9.16M

R&D

————
Balance sheet, year end

Total assets

123.95M127.32M127.15M138.30M

Total liabilities

43.50M43.65M41.06M45.37M

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

80.45M83.67M86.09M92.93M

Total debt

903.73K849.32K765.12K767.97K

Cash and equivalents

57.46M62.82M57.22M58.10M

Net PP&E

fixed assets after depreciation

7.56M6.50M6.59M12.31M

Working capital

current assets less current liabilities

66.29M70.69M66.77M69.36M
Cash flow

Operating cash flow

14.51M13.77M11.99M11.17M

Capital expenditure

paid out, so below zero

-913.38K-878.41K-2.78M-6.09M

Depreciation and amortisation

3.67M3.49M1.61M2.89M

Free cash flow

operating cash flow plus capital expenditure

13.59M12.89M9.21M5.07M