Yamaha is a Japanese manufacturer of musical instruments and audio equipment. The company organises itself into four segments, based on product type: musical instruments, audio equipment, electronic devices, and other. Sales in the musical instruments and audio equipment segments constitute the vast majority of consolidated revenue. The musical instruments segment, which contributes more than half of company revenue, includes pianos, wind, string, percussion, and digital music instruments, and music schools. Audio equipment includes AV receivers, amplifiers, speakers, commercial karaoke equipment, and conference systems. The company derives around a third of its revenue domestically, with North America, Europe, and China the next most significant geographies.

Financial Strength

9/10

Name	Current	Vs Industry
Cash-To-Debt	5.94
Equity-to-Asset	0.77
Debt-to-Equity	0.04
Debt-to-EBITDA	0.27
Interest Coverage	9
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.72	Distress Grey Safe
Beneish M-Score	-2.36	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

4/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	9
	3-Year EBITDA Growth Rate	3.6
	3-Year EPS without NRI Growth Rate	5.1
	3-Year FCF Growth Rate	-21.8
	3-Year Book Growth Rate	10.9
	Future 3-5Y EPS without NRI Growth Rate Estimate	12.91
	Future 3-5Y Total Revenue Growth Rate Estimate	1.92

Momentum Rank

7/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	33.06
	9-Day RSI	40.47
	14-Day RSI	47.4
	6-1 Month Momentum %	21.31
	12-1 Month Momentum %	-3.93

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	3.49
	Quick Ratio	1.94
	Cash Ratio	1.01
	Days Inventory	207.95
	Days Sales Outstanding	61.24
	Days Payable	76.82

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	1.94
	Dividend Payout Ratio	0.38
	3-Year Dividend Growth Rate	3.9
	Forward Dividend Yield %	1.94
	5-Year Yield-on-Cost %	2.25
	3-Year Average Share Buyback Ratio	1.9
	Shareholder Yield %	4.46

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	37.71
	Operating Margin %	6.73
	Net Margin %	6.95
	FCF Margin %	4.66
	ROE %	6.75
	ROA %	5.16
	ROIC %	5.41
	3-Year ROIIC %	-1.78
	ROC (Joel Greenblatt) %	14.71
	ROCE %	8.45
	Years of Profitability over Past 10-Year	10

GF Value Rank

8/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	19.4
	Forward PE Ratio	17.12
	PE Ratio without NRI	19.4
	Shiller PE Ratio	16.72
	Price-to-Owner-Earnings	20.64
	PS Ratio	1.32
	PB Ratio	1.22
	Price-to-Tangible-Book	1.24
	Price-to-Free-Cash-Flow	27.73
	Price-to-Operating-Cash-Flow	13.34
	EV-to-EBIT	11.76
	EV-to-Forward-EBIT	11.28
	EV-to-EBITDA	7.93
	EV-to-Forward-EBITDA	9.35
	EV-to-Revenue	1.12
	EV-to-Forward-Revenue	1.49
	EV-to-FCF	23.9
	Price-to-Projected-FCF	1.06
	Price-to-Median-PS-Value	0.74
	Price-to-Graham-Number	1.08
	Price-to-Net-Current-Asset-Value	2.93
	Earnings Yield (Greenblatt) %	8.5
	FCF Yield %	3.56
	Forward Rate of Return (Yacktman) %	5.97

GF Value: $11.72

YAMCY

Warning Signs

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