Consumer Cyclical · Auto Manufacturers · TSE · Japan
¥1767.00-0.45%
Market cap ¥1.72TNext earnings 2026-11-06Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionYamaha Motor Co., Ltd. (7272.T)
Fair value
Not available
ACCE price target
¥1699
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥1767 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
82
out of 100
P/E
7.9x
forward 9.3x
1-year return
+56.7%
Dividend yield
2.82%
Yamaha Motor Co., Ltd. in four questions
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Overview
ACCE thesis
Yamaha Motor makes outboard marine engines, motorcycles and power products such as snowmobiles and industrial robots, with outboards being the core franchise. Its moat is a long-standing position in high-horsepower outboard engines, where brand, dealer networks and the reliability reputation of its engines are hard for new entrants to replicate. The near-term driver is pricing and volume recovery in its marine and motorcycle lines, with revenue growth of 17.8% in the latest data showing demand holding up. At a trailing P/E of 8.0 and a forward P/E of 9.4, the market is pricing in little durable growth, yet the 12.0% operating margin and 31.1% gross margin suggest the business is earning well on the sales it generates. The lower ROE of 7.7% points to a balance sheet and capital base that dilute returns, so the question for a deeper look is whether margin strength can be converted into higher returns on equity.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Thin net margin
Net margin is 2.8% against a 12.0% operating margin, so a large share of operating profit does not reach shareholders. Worth checking what sits between the two lines before leaning on the earnings growth.
moderate
Earnings jump flatters the trend
Earnings are up 224.1% YoY and the Q2 EPS beat was 91.1%, while the 5-year revenue CAGR is only 4.1%. A single strong period is inflating the growth picture.
moderate
Price sits above ACCE target
The price of ¥1767.00 trades 4.0% {above} the ACCE price target of ¥1699.00. The stock has already moved past our target, so the upside case is narrower.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 17.8% over the past year, well ahead of its 4.1% average annual pace over five years.
Free cash flow over the last twelve months was JPY 58.8B, giving the company real cash to fund its operations and dividend.
At 7.9x trailing earnings and a 2.8% dividend yield, the shares are priced cheaply against what the company earns.
Why it could disappoint
Net margin of just 2.8% leaves little room for error if costs rise or sales soften.
The latest earnings beat of 91.1% is unlikely to repeat, so the strong profit figures may not hold.
The analysts' mean price target of JPY 1775.00 equals the share price, so the professionals see no further upside.
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