Loading…
Japanese maker of pens and writing instruments sold worldwide, including the Frixion erasable pen line.
Japanese maker of pens and writing instruments sold worldwide, including the Frixion erasable pen line.
Sells through stationery shops and office suppliers, and overseas now contributes a large share of sales, with the Frixion erasable gel pen the best-known export line.
In one line: Japan's answer to Bic/Cross combined.
Moat: narrow (brand, IP / patents). Patented erasable-ink (Frixion) technology and strong global writing-instrument brand.
Headquarters: Tokyo, Japan · Founded: 1918 · Employees: 3,175
Size PILOT (7846.T) is a Japan Industrials company (Office Equipment/Supplies) with a market value of $1.62B, the 548th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,118 on 6 Nov 2026.
Performance Over six months the shares gained 32.6%, against -1.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +8.2%); the operating margin is 14.0% (peer median 6.4%).
Valuation It trades at 14.6× forward earnings against a peer median of 12.7× (8th most expensive of 18).
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 +8%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥134B | ¥126B | ¥126B | ¥119B | ¥113B |
| Revenue growth | — | 0% | +6% | +5% | — |
| Gross profit | ¥67.9B | ¥62.8B | ¥63.2B | ¥60.6B | ¥58.9B |
| EBITDA | ¥25.4B | ¥23.2B | ¥22.9B | ¥23.7B | ¥25.1B |
| Net income | ¥14.7B | ¥12.1B | ¥15.2B | ¥13.7B | ¥15.8B |
| Free cash flow | n/a | ¥5.74B | ¥11.5B | ¥1.19B | ¥9.44B |
| Capital expenditure | n/a | ¥11.5B | ¥11.5B | ¥9.29B | ¥4.51B |
| Total debt | ¥6.33B | ¥5.95B | ¥1.76B | ¥3.57B | ¥5.30B |
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 |
|---|---|---|---|---|---|---|
| PILOT 7846.T | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% |
| Mitsubishi Pencil 7976.T | $1.16B | +52% | +6% | 13% | 20.6× | n/a |
| Zebra Technologies ZBRA | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% |
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 | 7846.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | -0.2% | 10th lowest of 20 |
| 6-month return | +32.6% | -1.3% | 4th highest of 20 |
| Distance from 52-week high | -5.6% | -25.4% | highest of 20 |
| Revenue growth (TTM) | +6.5% | +8.2% | 10th lowest of 20 |
| Operating margin | 14.0% | 6.4% | 2nd highest of 20 |
| Forward P/E | 14.6× | 12.7× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.8% | -0.7% | 9th least demanding of 19 |
| Growth delivered (Del g) | +7.7% | +6.5% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | -11.5 pp | -3.2 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +6.0 pp | +2.7 pp | 6th highest of 20 |
| EV / EBITDA | 9.0× | 8.8× | 5th most expensive of 12 |
| Net debt / EBITDA | -1.1× | 1.5× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| ITOKI 7972.T | Japan | $784M | -26% | +10% | 9% | 10.3× | 1.7% | +5.7% |
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| Shenzhen Comix 002301.SZ | China | $717M | -1% | +13% | 1% | 32.5× | -0.5% | +8.4% |
| Horizon Fixture 6957.TW | Taiwan | $712M | +162% | +15% | 18% | 20.3× | 8.6% | +9.6% |
| Zhejiang Dafeng Industry 603081.SS | China | $679M | -14% | +18% | 0% | 27.5× | -4.3% | -1.0% |
| Jinbei Automotive 600609.SS | China | $618M | -21% | +4% | 7% | n/a | -5.4% | -3.6% |
| UE Furniture 603600.SS | China | $579M | -1% | +13% | 6% | 12.5× | -7.9% | +7.3% |
| Loctek Ergonomic Technology 300729.SZ | China | $552M | -13% | +6% | 6% | 22.4× | -9.4% | +28.2% |
| Henglin Home Furnishings 603661.SS | China | $543M | -13% | +13% | 4% | 12.7× | -11.5% | +19.8% |
| West Coast Paper Mills WSTCSTPAPR.NS | India | $516M | +42% | +8% | 6% | 13.0× | 28.8% | +13.8% |
| F.I.L.A. - Fabbrica Italiana Lapis ed Affini FILA.MI | Italy | $509M | +1% | +1% | 11% | 9.8× | -4.3% | -1.2% |
| Guangbo Group Stock 002103.SZ | China | $507M | -19% | +4% | 5% | 20.8× | 7.0% | +1.1% |
| ACCO Brands ACCO | United States | $467M | +25% | +2% | 7% | 5.5× | -0.9% | -1.6% |