Yamaha - Public Comps and Valuation Multiples

Yamaha Overview

About Yamaha

Yamaha Corp is a Japanese manufacturer of musical instruments and audio equipment. The company operates through two business segments. The Musical Instruments segment is engaged in the manufacture and sale of pianos, electronic musical instruments, orchestral instruments, percussion instruments, and other related products. The Audio Equipment segment manufactures and sells audio equipment, professional audio systems, and information and communication equipment (ICT devices). The Company is also involved in components and equipment, including electronic devices, automotive interiors, and factory automation (FA) equipment, along with businesses in golf goods and resorts. It generates the majority of its revenue from the Musical instruments segment.

Founded

1897

HQ

Employees

24.7K+

Website

yamaha.com

Sectors

Sports & Leisure
Consumer Electronics

Financials

LTM Revenue $3.0B

LTM EBITDA $307M

EV

$2.4B

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Yamaha Financials

As of September 2025, Yamaha reported last 12-month revenue of $3.0B and EBITDA of $307M.

In the same period, Yamaha generated $1.1B in LTM gross profit and $128M in net income.

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Yamaha P&L

In the most recent fiscal year, Yamaha reported revenue of $3.0B and EBITDA of $166M.

Yamaha 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	$3.0B	XXX	$3.0B	XXX	XXX	XXX
Gross Profit	$1.1B	XXX	$1.2B	XXX	XXX	XXX
Gross Margin	37%	XXX	38%	XXX	XXX	XXX
EBITDA	$307M	XXX	$166M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	5%	XXX	XXX	XXX
EBIT	$223M	XXX	$136M	XXX	XXX	XXX
EBIT Margin	7%	XXX	4%	XXX	XXX	XXX
Net Profit	$128M	XXX	$87.6M	XXX	XXX	XXX
Net Margin	4%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Yamaha including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.0B. EBITDA for the last twelve months was $307M. In the most recent fiscal year, Yamaha achieved $3.0B in revenue and $166M 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	$3.0B	Analyst estimates available to subscribers	$3.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.1B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	37.3% gross margin	Analyst estimates available to subscribers	38.1% 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)	$307M	Analyst estimates available to subscribers	$166M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	10.3% EBITDA margin	Analyst estimates available to subscribers	5.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$223M	Analyst estimates available to subscribers	$136M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.5% EBIT margin	Analyst estimates available to subscribers	4.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$128M	Analyst estimates available to subscribers	$87.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.3% net profit margin	Analyst estimates available to subscribers	2.9% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Yamaha

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

Recent Performance Highlights

Yamaha generated $3.0B in revenue over the last twelve months.
The company achieved $307M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.1B.
Net income over the last twelve months reached $128M.

Fiscal Year Performance

In the most recent fiscal year, Yamaha reported $3.0B in total revenue.
Fiscal year EBITDA was $166M.
The company maintained a gross profit margin of 38.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.5%.
Net profit margin reached 2.9% in the most recent fiscal year.

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

Yamaha Stock Performance

Yamaha has current market cap of JPY 442B (or $2.9B), and EV of JPY 365B (or $2.4B).

Market Cap Evolution

Yamaha Stock Data

As of October 17, 2025, Yamaha's stock price is JPY 975 (or $6).

See Yamaha trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.4B	$2.9B	XXX	XXX	XXX	XXX	$0.28

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Yamaha Valuation Multiples

Yamaha's trades at 0.8x EV/Revenue multiple, and 10.8x EV/EBITDA.

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Yamaha Financial Valuation Multiples

As of October 17, 2025, Yamaha has market cap of $2.9B and EV of $2.4B.

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

Yamaha has a P/E ratio of 22.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.9B	XXX	$2.9B	XXX	XXX	XXX
EV (current)	$2.4B	XXX	$2.4B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	7.8x	XXX	10.8x	XXX	XXX	XXX
EV/EBIT	10.7x	XXX	16.0x	XXX	XXX	XXX
EV/Gross Profit	2.2x	XXX	n/a	XXX	XXX	XXX
P/E	22.6x	XXX	25.4x	XXX	XXX	XXX
EV/FCF	7.8x	XXX	53.7x	XXX	XXX	XXX

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

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Yamaha Margins & Growth Rates

Yamaha's last 12 month revenue growth is 0%

Yamaha's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $41K for the same period.

Yamaha's rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Yamaha's rule of X is 10% (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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Yamaha Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	-1%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	16%	XXX	28%	XXX	XXX	XXX
Rule of 40	7%	XXX	7%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	10%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$41K	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	34%	XXX	XXX	XXX

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

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