Pigeon Ratios and Metrics

Market cap in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	193,262	192,784	174,122	194,214	259,416	262,959
Market Cap Growth	2.02%	10.72%	-10.35%	-25.13%	-1.35%	-48.34%
Enterprise Value	157,982	161,326	144,235	166,731	229,779	234,794
Last Close Price	1615.50	1611.50	1391.81	1474.84	1887.52	1843.25
PE Ratio	22.55	22.50	20.80	26.16	30.23	29.93
Forward PE	19.93	20.19	21.79	21.25	27.23	24.70
PS Ratio	1.77	1.77	1.67	2.06	2.73	2.83
PB Ratio	2.25	2.25	2.06	2.40	3.25	3.42
P/TBV Ratio	2.36	2.36	2.18	2.55	3.49	3.69
P/FCF Ratio	18.83	18.79	14.26	21.49	32.86	50.24
P/OCF Ratio	14.80	14.76	12.19	13.37	19.64	24.14
PEG Ratio	3.27	3.88	3.03	9.24	5.92	2.81
EV/Sales Ratio	1.45	1.48	1.39	1.77	2.42	2.52
EV/EBITDA Ratio	8.90	9.08	8.48	10.55	13.40	13.42
EV/EBIT Ratio	12.01	12.26	11.88	15.54	18.84	17.61
EV/FCF Ratio	15.40	15.72	11.81	18.45	29.10	44.86
Debt / Equity Ratio	0.02	0.02	0.02	0.02	0.03	-
Debt / EBITDA Ratio	0.08	0.08	0.10	0.12	0.12	-
Debt / FCF Ratio	0.13	0.13	0.14	0.21	0.26	-
Net Debt / Equity Ratio	-0.44	-0.44	-0.44	-0.40	-0.40	-0.46
Net Debt / EBITDA Ratio	-2.15	-2.15	-2.20	-2.05	-1.88	-2.01
Net Debt / FCF Ratio	-3.73	-3.73	-3.06	-3.59	-4.08	-6.73
Asset Turnover	1.00	1.00	1.00	0.93	0.95	0.97
Inventory Turnover	3.59	3.59	3.83	3.40	3.58	4.07
Quick Ratio	3.24	3.24	3.33	3.67	3.24	3.46
Current Ratio	4.22	4.22	4.23	4.79	4.31	4.40
Return on Equity (ROE)	10.37%	10.37%	10.33%	9.39%	11.18%	12.02%
Return on Assets (ROA)	7.53%	7.53%	7.27%	6.63%	7.63%	8.71%
Return on Invested Capital (ROIC)	18.40%	18.42%	16.84%	15.09%	17.79%	22.97%
Return on Capital Employed (ROCE)	14.30%	14.30%	13.40%	12.30%	14.20%	16.10%
Earnings Yield	4.43%	4.45%	4.81%	3.82%	3.31%	3.34%
FCF Yield	5.31%	5.32%	7.02%	4.65%	3.04%	1.99%
Dividend Yield	4.70%	4.72%	5.46%	5.15%	4.03%	4.01%
Payout Ratio	106.08%	106.24%	108.69%	122.71%	104.58%	99.50%
Buyback Yield / Dilution	-0.03%	-0.03%	0.02%	0.03%	-0.01%	0.03%
Total Shareholder Return	4.69%	4.69%	5.48%	5.18%	4.01%	4.05%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.