Source: Reproduces the criteria from Benjamin Graham, The Intelligent Investor (1949)
PER under 15x, PBR under 1.5x, equity ratio 50%+, and no losses in the last 5 years. A reproduction of the criteria Benjamin Graham set for the "defensive investor" (someone unwilling to do heavy legwork) in The Intelligent Investor. Deliberately unglamorous, and meant to be held as a diversified basket.
Free, no login. The button opens the screener with the above conditions applied.
Data comes from annual securities reports disclosed on EDINET (Japan FSA). Price-related values are as of each company's fiscal year-end (back-calculated from the disclosed trailing PER), not live quotes. Coverage: all TSE-listed companies, with names added progressively.
Market cap divided by net income — how many years of earnings are priced into the stock. The PER used here is the trailing figure disclosed on EDINET (as of fiscal year-end), not the forward, estimate-based PER that brokers publish. In years when net income swings on extraordinary gains or losses the ratio goes to extremes, so it should be read alongside loss-year counts and the operating income trend. (Source: This tool's core design (uses the trailing PER disclosed on EDINET))
Market cap divided by net assets. At 1.0x the share price equals the book liquidation value; below 1.0x, the arithmetic says breaking the company up and distributing its assets would yield more than its market cap. Book value is measured at historical cost, though, and captures neither unrealized gains on land nor intangibles like brand — so trading below 1.0x does not automatically mean cheap (in structurally declining industries it is the norm). It is also the central metric in the Tokyo Stock Exchange's 2023 reform request. (Source: Standard financial ratio (central metric of the Tokyo Stock Exchange's 2023 request on "management conscious of cost of capital and stock price"))
Shareholders' equity divided by total assets — the share of the balance sheet funded by money that never has to be repaid, and the most basic measure of financial safety. Above 40% is generally considered sound and below 20% signals heavy reliance on borrowing. Industry differences are large, though: asset-light businesses run high while finance and real estate, which borrow by design, run low, so it is best read against sector peers. (Source: Standard financial ratio)
Number of the last 5 fiscal years (0-5) in which net income was negative. 3+ flags chronic losses. A quick check that a seemingly-cheap stock isn't a habitual underperformer, and also a building block of the Graham-style defensive investor criteria (no losses in the last 5 years). (Source: This tool's core design)