Citizen Watch Co Ltd CHCLY

Information TechnologyTextiles & ApparelJapan

Last close 66.90 USD on Nov 2, 2026, +95.4% year to date

Quant rating

Quant rating A Rank 6 of 200 in Information Technology

Growth B 73 of 200
Valuation B 65 of 200
Quality B 53 of 200
Revisions A 12 of 200
Momentum A 18 of 200

Wall Street consensus Hold (2.57)Average target 17.46 USD −73.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.3B
Enterprise value: 3.1B
52-week range: 66.90 – 74.00
3-year range: 27.67 – 74.00
Dividend yield: 2.21%
Beta (5 years): –
Shares outstanding: 246M
Next earnings: Nov 12, 2026

About the company

Citizen Watch Co Ltd is a Japan-based company mainly engaged in watch business, machine tools business, device business, electronic machinery business and others. The Company consists of four business segments. The Watches and Clocks Business segment produces and sells watches and movements. The Machine Tool Business segment produces and sells computer numeric control (NC) automatic lathes and other equipment. The Devices Business segment provides light-emitting diodes (LEDs), automotive parts, quartz devices, and small motors. The Electronic Equipment and Others Business segment provides printers, health care equipment, and other items.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,185	2,113	2,067	2,269	2,313	–
Revenue growth	3.4%	2.2%	−8.9%	−1.9%	23.9%	3.2%
EPS (basic, normalized)	0.81	0.66	0.60	0.55	0.56	–
EPS growth	21.6%	10.8%	8.1%	−0.3%	–	–
Gross margin	43.1%	42.5%	42.0%	40.5%	38.0%	41.2%
Net margin	9.0%	7.5%	7.3%	7.2%	7.9%	7.8%
ROE	11.3%	9.5%	9.7%	9.6%	10.2%	10.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	640
Current ratio	3.37x
Long-term debt (mil)	344
Net debt (mil)	−180
Total equity (mil)	1,833
Net debt / equity	−0.10x
Net debt / EBITDA	−0.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,185	+3.4%	1.4x	283	+19.5%	11.1x	0.81	+21.6%	82.8x
2027	2,482	+13.6%	1.3x	385	+36.0%	8.2x	0.92	+14.1%	72.6x
2028	2,623	+5.7%	1.2x	407	+5.8%	7.7x	0.97	+4.8%	69.3x
2029	2,826	+7.7%	1.1x	432	+6.2%	7.3x	1.11	+14.7%	60.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,482	+1.1%	+5.0%	+11.0%	0.92	+6.2%	+22.2%	+38.0%
2028	2,623	+1.2%	+6.9%	+12.8%	0.97	+3.4%	+17.6%	+31.4%
2029	2,826	0.0%	+13.2%	+18.4%	1.11	+0.4%	+24.3%	+42.6%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	73,936	75,888	80,628	85,193	75,176	75,282	83,968	97,855	89,703	98,129
Sales mean (mil)	68,915	72,167	78,525	85,744	73,361	73,400	80,925	87,933	82,698	84,353
Surprise	+7.3%	+5.2%	+2.7%	−0.6%	+2.5%	+2.6%	+3.8%	+11.3%	+8.5%	+16.3%
EPS reported	9.41	35.04	15.32	40.71	6.84	37.67	11.03	42.39	36.38	36.56
EPS mean	−1.00	15.10	–	25.10	−5.10	10.10	14.40	16.80	9.00	14.10
Surprise	−1,041.0%	+132.1%	–	+62.2%	−234.1%	+273.0%	−23.4%	+152.3%	+304.2%	+159.3%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CHCLY Citizen Watch Co Ltd	3.3B	−0.64x	9.0%	1.75x	72.6x	69.3x	8.2x	7.7x
ZGN Ermenegildo Zegna NV	3.8B	–	5.1%	3.24x	32.2x	23.3x	9.4x	8.1x
COLM Columbia Sportswear Company	3.6B	−0.87x	5.2%	2.23x	15.6x	16.3x	8.6x	9.2x
FIGS FIGS, Inc.	3.5B	−3.98x	5.4%	7.98x	58.8x	56.7x	28.5x	25.6x
SHOO Steven Madden, Ltd.	3.2B	0.30x	1.8%	3.39x	19.9x	15.8x	13.1x	10.9x
BOSSY Hugo Boss AG	3.0B	–	5.8%	–	–	–	–	–
Mean		−1.30x	5.4%	3.72x	39.8x	36.3x	13.6x	12.3x
Median		−0.75x	5.3%	3.24x	32.2x	23.3x	9.4x	9.2x

Technical analysis

1M0.0%
3M0.0%
1Y+95.4%
3Y+123.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Citizen Watch Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,185	2,113	2,067	2,269	2,313	1,867
Cost of revenue	1,243	1,216	1,199	1,349	1,435	1,271
Gross profit	942	897	868	920	878	595
Selling, general & administrative expenses	681	688	633	666	615	590
Research & development	36.4	37.8	38.4	42.9	45.6	50.4
Depreciation/amortization	34.5	34.8	31.2	32.3	35.1	41.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	52.2	11.1	16.3	29.4	10.3	80.1
Other operating expenses	0	0	0	0	0	0
Operating income	138	126	149	149	173	−167
Net interest income (expense)	86.7	66.4	47.0	46.2	36.6	33.6
Gain (loss) on sale of assets	0.6	4.0	2.8	12.9	8.0	10.2
Other non-operating income (expense)	1.9	0.5	−5.1	4.5	2.1	−1.3
Net income before taxes	228	197	194	213	219	−124
Provision for taxes	31.1	38.2	43.1	54.3	35.1	105
Minority interest	−0.6	0.5	1.0	6.1	−2.4	2.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	196	159	152	164	182	−227
Extraordinary items	–	–	–	–	–	–
Net income	196	159	152	164	182	−227
EBIT, normalized	191	137	165	178	183	−86.7
EBITDA, normalized	281	228	247	263	275	17.7
Basic EPS, normalized	0.81	0.66	0.60	0.55	0.56	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Citizen Watch Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	665	625	537	621	912	920
Receivables	422	388	411	435	435	420
Total inventory	769	742	767	817	798	815
Prepaid expenses	–	–	–	–	–	–
Other current assets	65.7	58.1	54.1	82.2	76.1	53.6
Total current assets	1,922	1,814	1,769	1,955	2,220	2,208
Property, plant & equipment	658	611	582	599	615	686
Goodwill	–	–	–	–	–	–
Intangibles	49.6	43.5	34.4	35.8	39.7	42.0
Long-term investments	252	247	308	293	305	301
Note receivable	–	–	1.2	1.2	1.5	2.3
Other long-term assets	69.6	56.5	51.1	52.9	64.2	64.8
Total assets	2,951	2,771	2,746	2,937	3,246	3,305
Liabilities
Accounts payable	213	192	200	245	270	226
Payable/accrued	–	–	–	–	–	–
Accrued expenses	141	125	126	131	137	130
Short-term debt	0	1.1	0.4	19.6	7.5	14.7
Current portion of long-term debt	75.7	112	75.8	93.0	34.2	75.1
Other current liabilities	117	86.9	97.4	108	121	94.0
Total current liabilities	547	517	500	597	570	540
Long-term debt	353	354	395	422	511	597
Minority interest	56.4	54.9	56.0	64.7	77.0	80.2
Other liabilities	148	139	158	165	204	245
Total liabilities	1,103	1,065	1,109	1,249	1,362	1,462
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	206	218	216	246	268	295
Additional paid-in capital	219	225	223	254	277	305
Retained earnings (accumulated deficit)	994	920	823	1,133	1,199	1,160
Treasury stock	−11.2	−11.1	−11.2	−215	−67.6	−9.7
Other equity	440	355	387	270	207	92.8
Total equity	1,847	1,707	1,637	1,688	1,885	1,843
Total liabilities & shareholders' equity	2,951	2,771	2,746	2,937	3,246	3,305

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Citizen Watch Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	228	197	194	213	219	−124
Depreciation, depletion & amortization	90.7	90.7	81.5	84.3	92.0	104
Deferred taxes	–	–	–	–	–	–
Non-cash items	−8.1	−63.4	−6.4	−9.7	−11.0	−39.9
Changes in working capital	−65.6	14.2	−40.5	−162	−14.8	132
Cash from operations	245	238	228	125	286	72.4
Investing activities
Capital expenditures	−150	−131	−118	−125	−96.0	−110
Other investing cash flows	52.7	64.0	34.1	22.8	17.5	40.7
Cash from investing	−97.5	−66.9	−83.9	−102	−78.5	−68.9
Financing activities
Financing cash flow items	−7.8	−12.5	−10.7	−9.4	−3.4	−4.9
Cash dividends paid	−70.8	−69.2	−64.8	−53.3	−29.6	−7.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−32.8	−1.9	−103	−239	−131	178
Cash from financing	−111	−83.6	−178	−302	−164	166
Foreign exchange effects	36.0	−6.2	41.4	37.5	52.9	25.7
Net change in cash	71.8	81.8	7.5	−241	96.0	195
Free cash flow	94.4	108	110	0.2	190	−37.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.