Consumer Cyclical · Footwear & Accessories · TSE · Japan
¥4862.00+0.58%
Market cap ¥3.45TNext earnings 2026-11-13Updated 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 opinionASICS Corporation (7936.T)
Fair value
Not available
ACCE price target
¥5012
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥4862 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
73
out of 100
P/E
27.0x
forward 48.1x
1-year return
+21.2%
Dividend yield
0.99%
ASICS Corporation in four questions
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Overview
ACCE thesis
ASICS designs and sells performance running shoes (the Gel-Kayano, Novablast and Gel-Nimbus lines), apparel and sport-performance gear, with running footwear as the core of the business. Its edge is a long-established technical franchise with strong brand credibility among serious runners, which has translated into a 57.1% gross margin and a 22.6% operating margin. Revenue grew 35.9%, so the near-term story is volume and pricing momentum in running and a broader consumer shift toward premium performance footwear. The stock trades at 26.7 times trailing earnings but 47.8 times forward earnings, a gap that implies the market either expects earnings to fall or is pricing a sharp slowdown in growth, which is the first thing to resolve before going further. With a 42.2% return on equity and a market cap of 3.43 trillion JPY, the quality metrics are strong enough to justify a deeper look, provided the forward multiple is reconciled with the reported growth.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Rich forward valuation
Forward P/E of 47.8 sits well above the trailing 27.0, implying earnings are expected to fall back sharply. Shares trade 3.0% below the ACCE price target of ¥5012.00, which leaves little margin for error if growth normalises.
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 35.9% year over year, well ahead of its 15.0% average annual pace over five years.
Return on equity of 42.2% and a net margin of 13.5% show the business turns capital into profit efficiently.
Free cash flow of JPY 57.8B over the last twelve months gives the company real cash to fund growth and returns.
Why it could disappoint
The forward P/E of 47.8x sits well above the trailing 27.0x, so the market expects earnings to fall.
Analysts' mean price target of JPY 5713.57 is 18.2% above the share price, a view we do not share.
The shares trade 3.0% below the ACCE price target of ¥5012.00, so there is less margin for error at this price.
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Where 7936.T's valuation models land
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Quality
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