Noritake Co (NO4) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Noritake Co €14.66, price €20.40, upside -28.1%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
NCBroad dataSep 30, 2026
Noritake Co
NO4 · F
Weak valuationQuality is weak on top of the rich price.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range €5.77 – €23.99 · fair‑value band €9.80 – €16.23 · the €20.40 price screens above the €14.66 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Noritake Co., Limited with its subsidiaries, provides industrial, ceramic and material, and engineering products in Japan and internationally.
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Noritake Co., Limited with its subsidiaries, provides industrial, ceramic and material, and engineering products in Japan and internationally. It offers grinding and polishing tools comprising grinding wheels, CBN wheels, diamond tools, coated abrasives, coolants, and recycled products; ceramics and materials, such as vacuum fluorescent display, electronic ceramic powders, thick film circuit substrate, decoration materials, engineering ceramics, electronic paste, and gypsum. The company also provides engineering products comprising heating furnaces/kilns, actuator-less line mixers and related equipment, cutting machines, and filtration systems; and tabletop products, including chinaware for family table, gift, and ornament, as well as tableware for professional and institutional use. The company was founded in 1904 and is headquartered in Nagoya, Japan.
Stock analysis
Noritake Co (NO4) currently trades at €20.40, while our model-based Fair Value estimate is €14.66, 28.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €24.71 per share, and 3 of the 8 models we run sit above the €20.40 price.
Bear case: the Dividend Discount group reads lowest at €4.62, and 5 of the 8 models stay below the price. Evidence for this calculation is high.
Scenario range: €9.80 (bear) to €16.23 (bull), the price of €20.40 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 36/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Noritake Co reported revenue of ¥143B in FY2026 versus ¥128B in FY2022, a compound +2.9%/yr. Reported net income was ¥14.2B in FY2026, compounding +11.8%/yr from FY2022.
Key figures
Market cap €1.1B · P/E ratio 14.5 · P/S ratio 1.44 · EPS (TTM) €1.41 · Dividend yield 3.2% · Net margin 9.9% · Return on equity 9.4% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 62% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −16% fair-value upside, at −28%, NO4 screens richer than that median.
Fair Value models
Bear €9.80Fair Value €14.66Bull €16.23
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Start year 2021 (pandemic). Over 10 years: +2.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+4.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)3.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.7% vs −1.0%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 8%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 7.5%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 358 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−27.4% · Below median
Profitability
Return on equity (TTM)9.4% · Above median
Return on assets3.6% · Above median
Net margin (TTM)10.5% · Above median
Operating margin (TTM)9.9% · Above median
Growth and dividend
Revenue growth18.6% · Above median
Dividend yield (TTM)3.2% · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
P/E (TTM)14.5× · Cheaper than median
P/B1.18× · Pricier than median
P/S (TTM)1.32× · Pricier than median
EV/EBITDA9.5× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 40
FUTURE (revenue growth)93· sector 26
PAST (return on equity)38· sector 20
HEALTH (low debt)100· sector 89
DIVIDEND (yield)64· sector 43
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Noritake Co Fair Value". https://www.fairvalue-calculator.com/stock/NO4
Frequently asked questions
Is Noritake Co (NO4) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €14.66 versus a price of €20.40, about −28% upside (overvalued).
What is the fair value of NO4?
Our model-based fair value for Noritake Co is €14.66 (as of Sep 30, 2026), built from audited fundamentals. The current price: €20.40.
What is the quality score of NO4?
Noritake Co has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Noritake Co (NO4)?
Our model-based price target is the fair value of €14.66 (as of Sep 30, 2026) from 8 valuation models. Cautious scenario €9.80, optimistic scenario €16.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Noritake Co stock forecast for 2026?
Our models put fair value at €14.66, about −28% upside versus a price of €20.40 (overvalued). Cautious scenario €9.80, optimistic scenario €16.23. The calculation is refreshed regularly with new filings.
What is the revenue of Noritake Co (NO4)?
Noritake Co reported trailing-twelve-month revenue of about ¥149B (latest available figure, as of Sep 30, 2026).
Does Noritake Co pay a dividend?
Noritake Co currently shows a dividend yield of about 3.21% relative to its recent price (as of Sep 30, 2026).
What is the intrinsic value of Noritake Co (NO4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Noritake Co it is €14.66 per share (as of Sep 30, 2026), against a price of €20.40. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Noritake Co stock overvalued or undervalued in 2026?
As of Sep 30, 2026, NO4 trades above its calculated fair value: price €20.40, fair value €14.66, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NO4?
No. The price is what the market pays today (€20.40); the fair value is what the company's own numbers justify (€14.66). For Noritake Co the two are €5.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Noritake Co worth?
The market values Noritake Co at about €1.1B (market capitalisation, as of Sep 30, 2026). Per share that is €20.40; our models calculate a fair value of €14.66 per share.
What do the bullish and bearish scenarios say about NO4?
Our models span a range for Noritake Co: cautious scenario €9.80, base €14.66, optimistic €16.23 per share (as of Sep 30, 2026, price €20.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NO4?
Noritake Co trades at a price-to-earnings ratio of 14.5 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €14.66 is built from several models across several years. Other multiples: P/B 1.2, P/S 1.3, EV/EBITDA 9.5.
How solid is the balance sheet of Noritake Co (NO4)?
Balance-sheet figures for Noritake Co (as of Sep 30, 2026): return on equity 9.4%. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is NO4 from its 52-week high?
Noritake Co trades at €20.40, about 15% below its 52-week high of €23.99 and 62% above the low of €12.58 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €14.66 is for.
Which stocks are comparable to Noritake Co?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Noritake Co stock attractive at the current price?
The data as of Sep 30, 2026: price €20.40, calculated fair value €14.66 (−28%), Quality Score 36/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NO4 calculated?
We run Noritake Co through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €14.66, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Noritake Co itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Noritake Co (NO4)?
The closing price on Oct 1, 2026 was €20.40. Our model-based fair value is €14.66, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Noritake Co right now?
The price sits above even our optimistic bull case (€16.23). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Noritake Co
How large is the market capitalisation of Noritake Co (NO4)?
The market capitalisation of Noritake Co is €1.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Noritake Co (NO4)?
The price-to-sales ratio of Noritake Co is 1.44 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Noritake Co (NO4)?
Earnings per share at Noritake Co are €1.41 (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Noritake Co (NO4)?
The dividend yield of Noritake Co is 3.2% (payout 46.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Noritake Co (NO4)?
The net margin of Noritake Co is 9.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Noritake Co (NO4)?
The return on equity (ROE) of Noritake Co is 9.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Noritake Co (NO4)?
On an EBIT basis the return on assets of Noritake Co is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Noritake Co (NO4)?
The operating margin of Noritake Co is 9.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Noritake Co (NO4)?
Revenue at Noritake Co is growing +18.6% versus a year earlier (3y avg +0.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Noritake Co (NO4)?
Earnings per share at Noritake Co are growing +63.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Noritake Co (NO4) generate?
The free cash flow of Noritake Co is −¥4.1B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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