Otsuka Holdings Co., Ltd. OTSKY

Health CarePharmaceuticalsJapan

Last close 37.23 USD on Nov 2, 2026, +32.6% year to date

Quant rating

Quant rating B Rank 70 of 211 in Health Care

Growth C 135 of 211
Valuation A 31 of 211
Quality B 60 of 211
Revisions D 174 of 211
Momentum B 44 of 211

Wall Street consensus Strong Buy (1.00)Average target 49.00 USD +31.6%

Historical valuation

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

Key data

Market cap: 40.6B
Enterprise value: 38.9B
52-week range: 26.11 – 40.92
3-year range: 17.53 – 40.92
Dividend yield: 1.40%
Beta (5 years): 0.29
Shares outstanding: 543M
Next earnings: Feb 12, 2027

About the company

Otsuka Holdings Co Ltd is a Japan-based company mainly engaged in medical, nutraceutical, consumer and other business activities in Japan and overseas. The Company operates in four business segments. The Medical Business segment produces and sells therapeutic drugs and infusions. The Nutraceutical segment produces and sells functional beverages, quasi-drugs and nutritional supplements. The Consumer Products segment produces and sells mineral water, beverages and food products. The Others segment manufactures paper containers, manufactures synthetic resin molded products, stores products, provides storage space, and produces and sells chemicals and liquid crystal evaluation equipment, spectroscopic analysis equipment, and other products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,761	14,823	14,310	13,256	13,019	–
Revenue growth	6.3%	3.6%	8.0%	1.8%	−5.5%	2.7%
EPS (basic, normalized)	2.24	2.07	0.74	0.93	–	–
EPS growth	8.1%	179.1%	−20.3%	–	–	–
Gross margin	71.7%	71.7%	69.7%	67.2%	67.0%	69.4%
Net margin	14.7%	14.7%	6.0%	7.7%	8.4%	10.3%
ROE	12.6%	13.4%	5.3%	6.3%	6.5%	8.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,211
Current ratio	2.28x
Long-term debt (mil)	1,031
Net debt (mil)	−1,558
Total equity (mil)	20,439
Net debt / equity	−0.08x
Net debt / EBITDA	−0.40x

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
2025 actual	15,761	+6.3%	2.5x	3,899	−99.9%	10.0x	2.24	+8.1%	16.6x
2026	15,775,828	+99,996.9%	0.0x	3,570,135	+91,458.1%	0.0x	1.86	−17.2%	20.0x
2027	16,147,815	+2.4%	0.0x	3,732,611	+4.6%	0.0x	1.97	+5.9%	18.9x

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
2026	15,775,828	0.0%	0.0%	0.0%	1.86	0.0%	0.0%	0.0%
2027	16,147,815	0.0%	0.0%	0.0%	1.97	0.0%	0.0%	0.0%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Pharmaceuticals

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
OTSKY Otsuka Holdings Co., Ltd.	40.6B	−0.40x	14.7%	1.92x	20.0x	18.9x	0.0x	0.0x
UCBJY Ucb SA	60.4B	–	20.1%	4.55x	14.3x	11.9x	16.8x	14.2x
MANE Veradermics, Incorporated	5.4B	–	–	6.65x	−45.2x	−49.2x	−40.1x	−37.1x
SPHRY Starpharma Holdings Ltd	148M	–	–	–	–	–	–	–
ODTC Odonate Inc	53M	0.75x	–	–	–	–	–	–
CVGR City View Green Holdings Inc	2M	–	–	−6.71x	–	–	–	–
Mean		0.17x	17.4%	1.60x	−3.6x	−6.1x	−7.8x	−7.6x
Median		0.17x	17.4%	3.23x	14.3x	11.9x	0.0x	0.0x

Technical analysis

1M+2.9%
3M+8.2%
1Y+39.4%
3Y+115.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Otsuka Holdings Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	15,761	14,823	14,310	13,256	13,019	13,782
Cost of revenue	4,463	4,202	4,333	4,344	4,302	4,259
Gross profit	11,298	10,621	9,977	8,912	8,718	9,522
Selling, general & administrative expenses	6,412	6,097	5,723	5,523	5,408	5,448
Research & development	2,252	1,999	2,182	2,099	2,019	2,100
Interest expense (income), operating	−215	−214	−144	−44.1	−73.9	−127
Unusual expense (income)	−147	805	1,252	197	51.0	218
Other operating expenses	−46.5	−128	−17.6	−24.5	−24.2	−20.5
Operating income	3,041	2,061	981	1,161	1,339	1,903
Net interest income (expense)	−40.7	78.8	32.8	174	94.2	−56.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−12.6	−3.4	−3.0	−15.8	−10.7	−5.9
Net income before taxes	2,988	2,137	1,011	1,319	1,422	1,840
Provision for taxes	650	−72.6	122	272	299	371
Minority interest	−19.6	−26.4	−27.5	−25.7	−32.5	−34.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,318	2,183	862	1,021	1,090	1,435
Extraordinary items	–	–	–	–	–	–
Net income	2,318	2,183	862	1,021	1,090	1,435
EBIT, normalized	2,679	2,653	2,089	1,315	1,316	1,995
EBITDA, normalized	3,421	3,340	2,783	2,030	2,053	2,764
Basic EPS, normalized	2.24	2.07	0.74	0.93	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Otsuka Holdings Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,632	2,914	3,753	3,731	3,743	3,892
Receivables	3,641	3,301	3,500	3,252	3,378	3,704
Total inventory	2,390	1,898	1,769	1,705	1,567	1,684
Prepaid expenses	–	–	–	–	–	–
Other current assets	692	584	384	404	431	443
Total current assets	10,354	8,697	9,406	9,092	9,119	9,722
Property, plant & equipment	4,448	3,999	3,923	3,895	4,233	4,476
Goodwill	3,256	2,860	2,687	2,558	2,570	2,547
Intangibles	3,665	3,463	3,481	4,422	4,542	4,428
Long-term investments	3,716	3,315	3,378	3,197	3,491	3,830
Note receivable	–	–	–	–	–	–
Other long-term assets	1,357	1,457	954	500	559	450
Total assets	26,796	23,790	23,828	23,664	24,513	25,453
Liabilities
Accounts payable	817	804	835	794	816	903
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	48.4	38.6	315	117	78.2	79.7
Current portion of long-term debt	341	143	311	220	356	348
Other current liabilities	3,575	3,039	3,270	2,982	2,816	2,700
Total current liabilities	4,782	4,025	4,730	4,113	4,066	4,032
Long-term debt	1,066	1,024	893	1,144	1,412	1,762
Minority interest	423	284	302	283	297	301
Other liabilities	1,160	1,066	934	1,152	1,263	1,417
Total liabilities	7,431	6,398	6,859	6,692	7,038	7,511
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	521	520	579	623	710	791
Additional paid-in capital	2,732	3,044	3,589	3,864	4,403	4,904
Retained earnings (accumulated deficit)	14,081	12,116	11,493	11,846	12,880	13,586
Treasury stock	−544	−429	−317	−342	−396	−443
Other equity	2,574	2,140	1,625	982	−122	−896
Total equity	19,364	17,391	16,969	16,972	17,475	17,942
Total liabilities & shareholders' equity	26,796	23,790	23,828	23,664	24,513	25,453

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Otsuka Holdings Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,988	2,137	1,011	1,319	1,422	1,840
Depreciation, depletion & amortization	742	687	693	715	737	769
Deferred taxes	–	–	–	–	–	–
Non-cash items	26.0	510	1,056	100	−97.1	209
Changes in working capital	−1,179	−1,077	−753	−518	−73.5	−564
Cash from operations	2,576	2,256	2,008	1,616	1,989	2,255
Investing activities
Capital expenditures	−904	−823	−813	−822	−983	−948
Other investing cash flows	−127	−868	−538	200	155	−19.3
Cash from investing	−1,032	−1,691	−1,351	−622	−828	−967
Financing activities
Financing cash flow items	−6.2	−15.8	−0.7	−0.2	−0.4	0.1
Cash dividends paid	−453	−425	−395	−424	−486	−539
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−417	−764	−32.0	−304	−346	−477
Cash from financing	−877	−1,205	−427	−728	−833	−1,016
Foreign exchange effects	24.4	85.0	65.7	199	140	−50.7
Net change in cash	692	−555	296	465	468	221
Free cash flow	1,672	1,433	1,195	794	1,005	1,307

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.