Source: Reproduces the metric from Tatsuo Kiyohara, My Investment Method (2024)
The core metric from "My Investment Method" (2024), an unusual bestseller for an investing book in Japan. Net cash = current assets + investment securities x 70% - total liabilities (valuing investment securities at 70% to account for tax, the distinctive part of this definition). A ratio of 1.0+ means "you'd get change back after buying the whole company." Also reproduces the author's operating criteria of market cap under ¥50bn and PER under 10x. The definition differs from this tool's default net cash ratio, so it's worth comparing which names each one surfaces.
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Data comes from annual securities reports disclosed on EDINET (Japan FSA) for TSE-listed companies.
Kiyohara-style net cash divided by market cap. 1.0+ is considered the level at which "you'd get change back after buying the whole company." (Source: Tatsuo Kiyohara, My Investment Method (2024))
Fiscal year-end share price x shares issued at year-end (including treasury shares, as exchanges and most sites count it). The price is back-calculated from EDINET's disclosed trailing PER x EPS (non-consolidated PER x EPS when the consolidated result is a loss). Ratios such as PBR and PSR exclude treasury shares, matching the usual per-share PER and PBR. (Source: This tool's core design)
Share price divided by EPS — how many years of earnings are priced into the stock. The PER used here is the trailing figure disclosed on EDINET, not the forward, estimate-based PER that brokers publish. In years when net income swings on extraordinary gains or losses the ratio goes to extremes, so it should be read alongside loss-year counts and the operating income trend. (Source: This tool's core design (uses the trailing PER disclosed on EDINET))
Current assets + investment securities x 70% - total liabilities. Distinctively values investment securities at 70% to account for tax, unlike this tool's default net cash (which values them at 100% and subtracts only interest-bearing debt). (Source: Tatsuo Kiyohara, My Investment Method (2024))