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Japanese maker of pachinko and pachislot gaming machines sold to Japan's pachinko parlor operators.
Japanese maker of pachinko and pachislot gaming machines sold to Japan's pachinko parlor operators.
Sells machines to parlor operators, who replace them often because players tire of old games, so sales follow licensed themes drawn from popular anime and film titles, regulatory type approval for each model, and parlors' appetite to invest. A golf-course arm gives it a second leg outside machines.
In one line: A Japanese slot-machine maker, like a niche Light & Wonder for pachinko.
Moat: narrow (brand, IP / patents). Licensed game content and brand recognition among parlor operators in a shrinking, regulated industry.
Headquarters: Tokyo, Japan · Founded: 1949 · Employees: 9,512
Size Heiwa (6412.T) is a Japan Communication Services company (Movies/Entertainment) with a market value of $1.32B, the 619th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,106 on 6 Nov 2026.
Performance Over six months the shares gained 16.1%, against +8.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 47.1% over the last twelve months (peer median +3.0%); the operating margin is 16.4% (peer median 10.0%).
Valuation It trades at 10.2× forward earnings against a peer median of 22.1× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥266B | ¥258B | ¥146B | ¥136B | ¥142B |
| Revenue growth | — | +77% | +7% | -4% | — |
| Gross profit | ¥82.0B | ¥78.0B | ¥52.1B | ¥46.8B | ¥49.3B |
| EBITDA | ¥74.8B | ¥74.2B | ¥37.2B | ¥32.4B | ¥35.7B |
| Net income | ¥11.4B | ¥11.7B | ¥13.1B | ¥16.6B | ¥20.7B |
| Free cash flow | ¥9.57B | ¥9.97B | ¥6.13B | ¥2.67B | ¥17.9B |
| Capital expenditure | ¥31.4B | ¥31.5B | ¥18.9B | ¥11.4B | ¥7.75B |
| Total debt | ¥601B | ¥607B | ¥642B | ¥107B | ¥109B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Heiwa 6412.T | $1.32B | +16% | +47% | 16% | 10.2× | 4.1% |
| Sega Sammy 6460.T | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% |
| Universal Entertainment 6425.T | $324M | -10% | +9% | 4% | 9.4× | 15.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6412.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | +8.5% | 7th lowest of 21 |
| 6-month return | +16.1% | +8.1% | 9th highest of 21 |
| Distance from 52-week high | -6.7% | -23.8% | 5th highest of 21 |
| Revenue growth (TTM) | +47.1% | +3.0% | highest of 21 |
| Operating margin | 16.4% | 10.0% | 6th highest of 21 |
| Forward P/E | 10.2× | 22.1× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 5.2% | 8th least demanding of 17 |
| Growth delivered (Del g) | +19.1% | +19.3% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | -15.0 pp | -19.8 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | -1.2 pp | -1.0 pp | 10th lowest of 20 |
| EV / EBITDA | 10.0× | 8.9× | 8th most expensive of 16 |
| Net debt / EBITDA | 7.2× | 2.3× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Heiwa 6412.T | Japan | $1.32B | +16% | +47% | 16% | 10.2× | 4.1% | +19.1% |
| SM ENTERTAINMENT 041510.KS | South Korea | $1.31B | -19% | +10% | 14% | 15.5× | -9.1% | +15.2% |
| Saregama India SAREGAMA.NS | India | $1.26B | +77% | -3% | 28% | 46.6× | n/a | n/a |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | n/a | n/a | n/a |
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% | +0.1% |
| Bona Film 001330.SZ | China | $1.17B | -25% | -29% | -34% | n/a | 24.0% | -4.9% |
| Compagnie des Alpes CDA.PA | France | $1.11B | -11% | +8% | 13% | 8.1× | 2.6% | +17.8% |
| Accel Entertainment ACEL | United States | $1.10B | +18% | +9% | 8% | 15.6× | 0.8% | +33.3% |
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | n/a | 36.1% | +18.3% |
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 28.7× | 15.7% | +88.3% |
| Tips Music TIPSMUSIC.NS | India | $1.04B | +20% | +27% | 67% | 39.6× | 36.6% | +32.9% |
| CA Cultural Technology 1566.HK | Hong Kong | $1.03B | +9,743% | -2% | 7% | n/a | n/a | n/a |
| Shochiku 9601.T | Japan | $1.03B | +14% | +4% | 5% | 44.1× | 13.5% | +13.4% |
| Six Flags Entertainment FUN | United States | $1.02B | -55% | -3% | 11% | n/a | 5.4% | +76.4% |
| JYP Entertainment 035900.KS | South Korea | $1.01B | -34% | +15% | 18% | 13.6× | -17.4% | +41.6% |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 13.9× | -9.1% | +22.0% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |
| SJM 0880.HK | Hong Kong | $974M | -49% | -16% | 6% | n/a | n/a | n/a |
| ZEAL Network TIMA.DE | Germany | $969M | -18% | +12% | 27% | 20.3× | -7.5% | +20.2% |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| Fuji Kyuko 9010.T | Japan | $887M | +17% | +2% | 16% | 23.9× | 5.0% | +11.9% |