Heiwa - Public Comps and Valuation Multiples

Heiwa Overview

About Heiwa

Heiwa Corp is a gambling company involved in the manufacturing and sales of pachinko and pachislot machines. The company operates in two business segments: game machines and golf. The game machine business develops pachinko machines, a gambling device with pinball-like characteristics, which are sold to pachinko parlors throughout Japan. Pachinko parlors allow users to purchase small steel balls, which are utilized in pachinko machines under the objective of winning more balls, which can then be exchanged for prizes. Pachislot machines, which are a similar gambling device with characteristics of pachinko and slot machines, are developed in a similar manner. The company's golf segment operates a number of golf courses. Heiwa generates the vast majority of its revenue in Japan.

Founded

1969

HQ

Employees

10.3K+

Website

heiwanet.co.jp

Sectors

Casinos & Gambling
ViceTech

Financials

LTM Revenue $1.5B

LTM EBITDA $409M

EV

$4.9B

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Heiwa Financials

As of September 2025, Heiwa reported last 12-month revenue of $1.5B and EBITDA of $409M.

In the same period, Heiwa generated $511M in LTM gross profit and $121M in net income.

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Heiwa P&L

In the most recent fiscal year, Heiwa reported revenue of $957M and EBITDA of $212M.

Heiwa expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.5B	XXX	$957M	XXX	XXX	XXX
Gross Profit	$511M	XXX	$344M	XXX	XXX	XXX
Gross Margin	35%	XXX	36%	XXX	XXX	XXX
EBITDA	$409M	XXX	$212M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	22%	XXX	XXX	XXX
EBIT	$283M	XXX	$182M	XXX	XXX	XXX
EBIT Margin	19%	XXX	19%	XXX	XXX	XXX
Net Profit	$121M	XXX	$85.7M	XXX	XXX	XXX
Net Margin	8%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Heiwa including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.5B. EBITDA for the last twelve months was $409M. In the most recent fiscal year, Heiwa achieved $957M in revenue and $212M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.5B	Analyst estimates available to subscribers	$957M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$511M	Analyst estimates available to subscribers	$344M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	34.6% gross margin	Analyst estimates available to subscribers	36.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$409M	Analyst estimates available to subscribers	$212M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	27.7% EBITDA margin	Analyst estimates available to subscribers	22.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$283M	Analyst estimates available to subscribers	$182M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	19.1% EBIT margin	Analyst estimates available to subscribers	19.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$121M	Analyst estimates available to subscribers	$85.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.2% net profit margin	Analyst estimates available to subscribers	9.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.6B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Heiwa

This financial data table provides comprehensive performance metrics for Heiwa, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Heiwa generated $1.5B in revenue over the last twelve months.
The company achieved $409M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $511M.
Net income over the last twelve months reached $121M.

Fiscal Year Performance

In the most recent fiscal year, Heiwa reported $957M in total revenue.
Fiscal year EBITDA was $212M.
The company maintained a gross profit margin of 36.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 22.2%.
Net profit margin reached 9.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Heiwa. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Heiwa Stock Performance

Heiwa has current market cap of JPY 200B (or $1.3B), and EV of JPY 743B (or $4.9B).

Market Cap Evolution

Heiwa Stock Data

As of October 17, 2025, Heiwa's stock price is JPY 2030 (or $13).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.9B	$1.3B	XXX	XXX	XXX	XXX	$1.23

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Heiwa Valuation Multiples

Heiwa's trades at 5.2x EV/Revenue multiple, and 23.0x EV/EBITDA.

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Heiwa Financial Valuation Multiples

As of October 17, 2025, Heiwa has market cap of $1.3B and EV of $4.9B.

Equity research analysts estimate Heiwa's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Heiwa has a P/E ratio of 10.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.3B	XXX	$1.3B	XXX	XXX	XXX
EV (current)	$4.9B	XXX	$4.9B	XXX	XXX	XXX
EV/Revenue	3.3x	XXX	5.2x	XXX	XXX	XXX
EV/EBITDA	11.9x	XXX	23.0x	XXX	XXX	XXX
EV/EBIT	17.2x	XXX	27.9x	XXX	XXX	XXX
EV/Gross Profit	9.5x	XXX	n/a	XXX	XXX	XXX
P/E	10.9x	XXX	14.4x	XXX	XXX	XXX
EV/FCF	-3.9x	XXX	144.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Heiwa Margins & Growth Rates

Heiwa's last 12 month revenue growth is 31%

Heiwa's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $16K for the same period.

Heiwa's rule of 40 is 54% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heiwa's rule of X is 106% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Heiwa Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	31%	XXX	44%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	38%	XXX	64%	XXX	XXX	XXX
Rule of 40	54%	XXX	54%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	106%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$16K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	17%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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