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 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Feb '26 Feb 12, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Market Capitalization	197,270	174,122	194,214	259,416	262,959	509,050
Market Cap Growth	17.91%	-10.35%	-25.13%	-1.35%	-48.34%	5.90%
Enterprise Value	165,812	144,235	166,731	229,779	234,794	478,927
Last Close Price	1649.00	1391.81	1474.84	1887.52	1843.25	3468.84
PE Ratio	19.76	20.80	26.16	30.23	29.93	47.83
Forward PE	20.76	21.79	21.25	27.23	24.70	42.91
PS Ratio	1.82	1.67	2.06	2.73	2.83	5.12
PB Ratio	2.46	2.06	2.40	3.25	3.42	7.01
P/TBV Ratio	2.59	2.18	2.55	3.49	3.69	7.60
P/FCF Ratio	-	14.26	21.49	32.86	50.24	34.40
P/OCF Ratio	-	12.19	13.37	19.64	24.14	27.67
PEG Ratio	3.99	3.03	9.24	5.92	2.81	5.05
EV/Sales Ratio	1.53	1.39	1.77	2.42	2.52	4.82
EV/EBITDA Ratio	9.01	8.48	10.55	13.40	13.42	24.83
EV/EBIT Ratio	12.12	11.88	15.54	18.84	17.61	31.27
EV/FCF Ratio	-	11.81	18.45	29.10	44.86	32.36
Debt / Equity Ratio	-	0.02	0.02	0.03	-	-
Debt / EBITDA Ratio	-	0.10	0.12	0.12	-	-
Debt / FCF Ratio	-	0.14	0.21	0.26	-	-
Net Debt / Equity Ratio	-0.43	-0.44	-0.40	-0.40	-0.46	-0.51
Net Debt / EBITDA Ratio	-1.85	-2.20	-2.05	-1.88	-2.01	-1.93
Net Debt / FCF Ratio	-	-3.06	-3.59	-4.08	-6.73	-2.51
Asset Turnover	1.06	1.00	0.93	0.95	0.97	1.08
Inventory Turnover	3.40	3.83	3.40	3.58	4.07	4.38
Quick Ratio	2.74	3.33	3.67	3.24	3.46	3.37
Current Ratio	3.75	4.23	4.79	4.31	4.40	4.16
Return on Equity (ROE)	12.90%	10.33%	9.39%	11.18%	12.02%	15.18%
Return on Assets (ROA)	8.34%	7.27%	6.63%	7.63%	8.71%	10.41%
Return on Invested Capital (ROIC)	20.32%	16.84%	15.09%	17.79%	22.97%	28.58%
Return on Capital Employed (ROCE)	15.90%	13.40%	12.30%	14.20%	16.10%	19.70%
Earnings Yield	5.06%	4.81%	3.82%	3.31%	3.34%	2.09%
FCF Yield	-	7.02%	4.65%	3.04%	1.99%	2.91%
Dividend Yield	4.58%	5.46%	5.15%	4.03%	4.01%	2.08%
Payout Ratio	-	108.69%	122.71%	104.58%	99.50%	80.02%
Buyback Yield / Dilution	-0.02%	0.02%	0.03%	-0.01%	0.03%	0.06%
Total Shareholder Return	4.56%	5.48%	5.18%	4.01%	4.05%	2.13%

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