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Topcon

OTCPK:TOPC.F
Snowflake Description

Excellent balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOPC.F
OTCPK
¥153B
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Topcon Corporation, together with its subsidiaries, develops, manufactures, and sells positioning, eye care, and smart infrastructure products worldwide. The last earnings update was 37 days ago. More info.


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TOPC.F Share Price and Events
7 Day Returns
4.2%
OTCPK:TOPC.F
0.7%
US Electronic
1.2%
US Market
1 Year Returns
-35.2%
OTCPK:TOPC.F
-0.3%
US Electronic
3%
US Market
TOPC.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Topcon (TOPC.F) 4.2% -7.5% 2.5% -35.2% 4.6% -15.1%
US Electronic 0.7% 1.1% 21.2% -0.3% 59.3% 59.2%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • TOPC.F underperformed the Electronic industry which returned -0.3% over the past year.
  • TOPC.F underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
TOPC.F
Industry
5yr Volatility vs Market
Related Companies

TOPC.F Value

 Is Topcon undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Topcon to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Topcon.

OTCPK:TOPC.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:TOPC.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.071 (1 + (1- 30.86%) (32.54%))
1.209
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.209 * 5.96%)
9.94%

Discounted Cash Flow Calculation for OTCPK:TOPC.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Topcon is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:TOPC.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 9.94%)
2019 1,762.00 Analyst x2 1,602.76
2020 5,880.00 Analyst x2 4,865.21
2021 4,132.50 Analyst x2 3,110.28
2022 737.00 Analyst x1 504.56
2023 165.00 Analyst x1 102.75
2024 79.35 Est @ -51.91% 44.95
2025 51.16 Est @ -35.52% 26.36
2026 38.86 Est @ -24.04% 18.22
2027 32.64 Est @ -16.01% 13.92
2028 29.25 Est @ -10.39% 11.34
Present value of next 10 years cash flows ¥10,300.35
OTCPK:TOPC.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥29.25 × (1 + 2.73%) ÷ (9.94% – 2.73%)
¥417.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥417.01 ÷ (1 + 9.94%)10
¥161.72
OTCPK:TOPC.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥10,300.35 + ¥161.72
¥10,462.07
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥10,462.07 / 106.03
¥98.67
OTCPK:TOPC.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:TOPC.F represents 0.00909x of TSE:7732
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00909x
Value per Share
(Listing Adjusted, USD)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 98.67 x 0.00909
$0.90
Value per share (USD) From above. $0.90
Current discount Discount to share price of $13.11
= -1 x ($13.11 - $0.90) / $0.90
-1361.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Topcon is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Topcon's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Topcon's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:TOPC.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥52.82
TSE:7732 Share Price ** TSE (2019-03-20) in JPY ¥1442
United States of America Electronic Industry PE Ratio Median Figure of 92 Publicly-Listed Electronic Companies 19.54x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Topcon.

OTCPK:TOPC.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:7732 Share Price ÷ EPS (both in JPY)

= 1442 ÷ 52.82

27.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topcon is overvalued based on earnings compared to the US Electronic industry average.
  • Topcon is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Topcon's expected growth come at a high price?
Raw Data
OTCPK:TOPC.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
16.9%per year
United States of America Electronic Industry PEG Ratio Median Figure of 60 Publicly-Listed Electronic Companies 1.54x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

OTCPK:TOPC.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.3x ÷ 16.9%

1.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topcon is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Topcon's assets?
Raw Data
OTCPK:TOPC.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥616.84
TSE:7732 Share Price * TSE (2019-03-20) in JPY ¥1442
United States of America Electronic Industry PB Ratio Median Figure of 151 Publicly-Listed Electronic Companies 2.1x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
OTCPK:TOPC.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:7732 Share Price ÷ Book Value per Share (both in JPY)

= 1442 ÷ 616.84

2.34x

* Primary Listing of Topcon.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topcon is overvalued based on assets compared to the US Electronic industry average.
X
Value checks
We assess Topcon's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Topcon has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TOPC.F Future Performance

 How is Topcon expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Topcon expected to grow at an attractive rate?
  • Topcon's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Topcon's earnings growth is expected to exceed the United States of America market average.
  • Topcon's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:TOPC.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:TOPC.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 16.9%
OTCPK:TOPC.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.5%
United States of America Electronic Industry Earnings Growth Rate Market Cap Weighted Average 17%
United States of America Electronic Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:TOPC.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:TOPC.F Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31 217,531 5,935 12,390 1
2022-03-31 195,500 6,024 10,541 1
2021-03-31 167,540 11,855 9,123 5
2020-03-31 156,520 11,351 7,780 5
2019-03-31 148,120 11,100 6,400 5
OTCPK:TOPC.F Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 147,004 5,600
2018-09-30 147,783 11,164 6,307
2018-06-30 147,386 6,186
2018-03-31 145,558 14,541 6,028
2017-12-31 142,625 6,463
2017-09-30 138,494 21,185 5,628
2017-06-30 133,737 5,512
2017-03-31 128,387 18,192 4,395
2016-12-31 126,615 3,883
2016-09-30 125,741 11,301 2,405
2016-06-30 129,370 3,165
2016-03-31 130,735 4,180 4,197

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Topcon's earnings are expected to grow by 16.9% yearly, however this is not considered high growth (20% yearly).
  • Topcon's revenue is expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:TOPC.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Topcon Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:TOPC.F Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31 116.90 116.90 116.90 1.00
2022-03-31 99.40 99.40 99.40 1.00
2021-03-31 86.04 108.50 68.80 5.00
2020-03-31 73.41 88.70 64.13 5.00
2019-03-31 60.36 68.80 53.80 5.00
OTCPK:TOPC.F Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 52.82
2018-09-30 59.49
2018-06-30 58.35
2018-03-31 56.86
2017-12-31 60.96
2017-09-30 53.09
2017-06-30 51.99
2017-03-31 41.46
2016-12-31 36.56
2016-09-30 22.54
2016-06-30 29.52
2016-03-31 38.97

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Topcon is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Topcon's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Topcon has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TOPC.F Past Performance

  How has Topcon performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Topcon's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Topcon's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Topcon's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Topcon's 1-year earnings growth is negative, it can't be compared to the US Electronic industry average.
Earnings and Revenue History
Topcon's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Topcon Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:TOPC.F Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 147,004.00 5,600.00 58,653.00
2018-09-30 147,783.00 6,307.00 58,162.00
2018-06-30 147,386.00 6,186.00 57,947.00
2018-03-31 145,558.00 6,028.00 56,372.00
2017-12-31 142,625.00 6,463.00 55,206.00
2017-09-30 138,494.00 5,628.00 53,764.00
2017-06-30 133,737.00 5,512.00 51,346.00
2017-03-31 128,387.00 4,395.00 50,252.00
2016-12-31 126,615.00 3,883.00 48,864.00
2016-09-30 125,741.00 2,405.00 48,710.00
2016-06-30 129,370.00 3,165.00 50,368.00
2016-03-31 130,735.00 4,197.00 50,622.00
2015-12-31 131,464.00 5,487.00 52,006.00
2015-09-30 132,100.00 7,607.00 50,492.00
2015-06-30 129,808.00 7,904.00 47,707.00
2015-03-31 128,569.00 8,670.00 45,777.00
2014-12-31 126,010.00 8,093.00 43,910.00
2014-09-30 123,292.00 7,779.00 42,382.00
2014-06-30 118,975.00 6,923.00 40,953.00
2014-03-31 116,685.00 5,963.00 39,564.00
2013-12-31 109,793.00 4,314.00 38,278.00
2013-09-30 104,019.00 3,405.00 36,522.00
2013-06-30 100,870.00 2,092.00 34,842.00
2013-03-31 97,345.00 511.00 33,574.00
2012-12-31 96,831.00 633.00 32,199.00
2012-09-30 95,378.00 -2,947.00 31,938.00
2012-06-30 97,660.00 -4,057.00 32,216.00
2012-03-31 98,834.00 -3,686.00 32,413.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Topcon has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Topcon used its assets less efficiently than the US Electronic industry average last year based on Return on Assets.
  • Topcon's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Topcon's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Topcon has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TOPC.F Health

 How is Topcon's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Topcon's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Topcon is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Topcon's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Topcon's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Topcon Company Filings, last reported 2 months ago.

OTCPK:TOPC.F Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 68,613.00 49,753.00 14,220.00
2018-09-30 72,295.00 52,170.00 15,496.00
2018-06-30 68,861.00 55,882.00 18,564.00
2018-03-31 68,336.00 53,285.00 14,316.00
2017-12-31 69,084.00 56,852.00 18,194.00
2017-09-30 67,491.00 56,340.00 18,148.00
2017-06-30 64,577.00 59,216.00 19,537.00
2017-03-31 63,313.00 58,609.00 15,570.00
2016-12-31 60,615.00 64,266.00 17,744.00
2016-09-30 54,571.00 62,955.00 14,823.00
2016-06-30 53,700.00 68,172.00 18,861.00
2016-03-31 61,143.00 70,440.00 16,186.00
2015-12-31 63,701.00 67,217.00 15,457.00
2015-09-30 66,002.00 63,504.00 14,385.00
2015-06-30 65,632.00 63,641.00 17,842.00
2015-03-31 64,609.00 44,013.00 16,507.00
2014-12-31 61,190.00 46,015.00 16,387.00
2014-09-30 58,491.00 41,254.00 15,921.00
2014-06-30 54,683.00 45,664.00 17,878.00
2014-03-31 54,328.00 47,733.00 15,187.00
2013-12-31 52,520.00 47,018.00 13,735.00
2013-09-30 51,015.00 45,938.00 14,346.00
2013-06-30 49,304.00 51,118.00 16,785.00
2013-03-31 49,022.00 50,629.00 17,213.00
2012-12-31 32,527.00 57,814.00 13,288.00
2012-09-30 30,993.00 54,818.00 13,026.00
2012-06-30 30,257.00 58,767.00 16,095.00
2012-03-31 33,064.00 58,881.00 13,775.00
  • Topcon's level of debt (72.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (89.5% vs 72.5% today).
  • Debt is well covered by operating cash flow (22.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.7x coverage).
X
Financial health checks
We assess Topcon's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Topcon has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TOPC.F Dividends

 What is Topcon's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.66%
Current annual income from Topcon dividends. Estimated to be 2.06% next year.
If you bought $2,000 of Topcon shares you are expected to receive $33 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Topcon's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Topcon's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:TOPC.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America Electronic Industry Average Dividend Yield Market Cap Weighted Average of 38 Stocks 1.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:TOPC.F Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 52.20 1.00
2022-03-31 44.00 1.00
2021-03-31 30.80 5.00
2020-03-31 27.20 5.00
2019-03-31 24.00 5.00
OTCPK:TOPC.F Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2018-11-09 24.000 1.567
2018-10-31 24.000 1.494
2018-08-09 24.000 1.291
2018-07-31 24.000 1.302
2018-06-27 20.000 1.083
2018-04-27 20.000 1.012
2017-10-27 20.000 0.847
2017-06-28 20.000 0.992
2017-04-28 20.000 1.004
2016-11-09 16.000 0.862
2016-10-28 16.000 0.980
2016-07-29 16.000 1.177
2016-06-28 16.000 1.600
2016-04-28 16.000 1.490
2016-02-09 24.000 1.826
2016-01-29 24.000 2.050
2015-11-11 24.000 1.266
2015-10-30 24.000 1.326
2015-07-31 24.000 1.348
2015-06-25 24.000 0.855
2015-04-28 24.000 0.841
2015-02-10 16.000 0.587
2015-01-30 16.000 0.693
2014-11-11 16.000 0.626
2014-10-31 16.000 0.592
2014-07-31 16.000 0.665
2014-06-26 16.000 0.682
2014-04-25 16.000 0.807
2014-02-12 10.000 0.627
2014-01-31 10.000 0.705
2013-11-12 10.000 0.646
2013-10-31 10.000 0.665
2013-07-31 10.000 0.725
2013-06-26 10.000 0.933
2013-04-26 10.000 0.932
2013-02-12 8.000 0.891
2013-01-31 8.000 0.965
2012-11-08 6.000 0.972
2012-10-31 6.000 1.336
2012-07-31 6.000 1.403
2012-06-27 6.000 1.070
2012-04-27 6.000 0.997
2012-02-14 4.000 0.745
2012-01-31 4.000 0.888
2011-11-07 4.000 1.077
2011-10-28 4.000 0.986
2011-07-29 4.000 1.007
2011-06-24 4.000 0.895
2011-04-28 4.000 0.919
2011-02-14 4.000 0.946
2011-01-31 4.000 0.878
2010-11-08 4.000 0.842
2010-10-29 4.000 1.145
2010-06-25 4.000 1.070
2010-04-28 4.000 0.835
2010-02-08 4.000 0.831
2010-01-29 4.000 0.867
2009-11-09 4.000 0.823
2009-10-30 4.000 0.806
2009-06-26 4.000 0.855
2009-04-28 4.000 0.724
2009-03-23 10.000 2.323

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Topcon's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Topcon's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Topcon afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Topcon has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TOPC.F Management

 What is the CEO of Topcon's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Satoshi Hirano
AGE 61
TENURE AS CEO 5.8 years
CEO Bio

Mr. Satoshi Hirano has been Chief Executive Officer and President of Topcon Corporation since June 2013. Mr. Hirano served as Senior Manager of General Sales Department and Executive Officer of Topcon Corp. He served as General Manager of Positioning Business Unit at Topcon Corporation since June 2010. Mr. Hirano served as Vice General Manager of Positioning Business Unit at Topcon Corp. Mr. Hirano serves as Representative Director of Topcon Corporation.

CEO Compensation
  • Insufficient data for Satoshi to compare compensation growth.
  • Insufficient data for Satoshi to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Topcon management team in years:

4.8
Average Tenure
58
Average Age
  • The tenure for the Topcon management team is about average.
Management Team

Satoshi Hirano

TITLE
President
AGE
61
TENURE
5.8 yrs

Haruhiko Akiyama

TITLE
Executive Officer
AGE
55
TENURE
2.9 yrs

Makoto Iwasaki

TITLE
Sr. Managing Exec. Officer
AGE
63
TENURE
4.9 yrs

Ray O'Connor

TITLE
Senior Managing Executive Officer & GM of Positioning Company
TENURE
6.8 yrs

Takashi Eto

TITLE
Managing Executive Officer
AGE
58
TENURE
4.9 yrs

Fumio Ohue

TITLE
Managing Executive Officer & GM of Eye Care Business Div.
TENURE
0.9 yrs

David Mudrick

TITLE
Executive Officer
AGE
54
TENURE
2.8 yrs

Ivan Di Federico

TITLE
Executive Officer
TENURE
2.8 yrs

Yasufumi Fukuma

TITLE
Managing Executive Officer
AGE
60
TENURE
7.8 yrs

Takayuki Yamazaki

TITLE
Executive Officer
AGE
52
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Topcon board of directors in years:

4.8
Average Tenure
60.5
Average Age
  • The tenure for the Topcon board of directors is about average.
Board of Directors

Satoshi Hirano

TITLE
President
AGE
61
TENURE
8.8 yrs

Haruhiko Akiyama

TITLE
Executive Officer
AGE
55
TENURE
3.8 yrs

Makoto Iwasaki

TITLE
Sr. Managing Exec. Officer
AGE
63
TENURE
4.8 yrs

Takashi Eto

TITLE
Managing Executive Officer
AGE
58
TENURE
3.8 yrs

Yasufumi Fukuma

TITLE
Managing Executive Officer
AGE
60
TENURE
5.8 yrs

Takayuki Yamazaki

TITLE
Executive Officer
AGE
52
TENURE
2.8 yrs

Kazuyuki Matsumoto

TITLE
Outside Director
AGE
73
TENURE
5.8 yrs

Akira Sudo

TITLE
Outside Director
AGE
67
TENURE
4.8 yrs

Naoko Yamazaki

TITLE
Outside Director
AGE
48
TENURE
0.8 yrs

Tatsuya Kuroyanagi

TITLE
Outside Corporate Auditor
AGE
62
TENURE
7.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Topcon's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Topcon has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TOPC.F News

Simply Wall St News

TOPC.F Company Info

Description

Topcon Corporation, together with its subsidiaries, develops, manufactures, and sells positioning, eye care, and smart infrastructure products worldwide. Its positioning products include GNSS receivers, GIS, GPS plus reference station systems, machine control systems, precision agriculture systems, and asset management systems. The company’s infrastructure products consists of total stations, layout navigators, mobile mapping systems, 3D laser scanners, field controllers, levels, theodolites, rotating lasers, and pipe lasers. Its eye care products comprise 3D optical coherence tomography systems, retinal cameras, photocoagulators, tonometers, slit lamps, operation and specular microscopes, ophthalmic data system IMAGEnet, vision testers, auto refractometers, auto kerato-refractometers, lens meters, and chart projectors. The company was formerly known as Tokyo Optical Co., Ltd. and changed its name to Topcon Corporation in 1989. Topcon Corporation was founded in 1932 and is headquartered in Tokyo, Japan.

Details
Name: Topcon Corporation
TOPC.F
Exchange: OTCPK
Founded: 1932
¥1,372,203,473
106,031,742
Website: http://www.topcon.co.jp
Address: Topcon Corporation
75-1, Hasunuma-cho,
Itabashi-ku,
Tokyo,
174-8580,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 7732 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK TOPC.F Common Stock Pink Sheets LLC US USD 06. Jan 1992
Number of employees
Current staff
Staff numbers
4,723
Topcon employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 00:11
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/07
Last earnings filing: 2019/02/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.