FUJIFILM Holdings Corp (JP:4901)
:4901
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FUJIFILM Holdings
(4901)
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Rating:75Outperform
Price Target:
¥3,692.00
▲(16.61% Upside)
Action:Upgraded
Date:05/14/26
Overall score is supported by attractive valuation (P/E 12.9 and 2.13% dividend yield) and constructive technical strength (trading above major moving averages with positive MACD). The main offset is financial quality risk from sustained negative free cash flow and weaker cash conversion despite solid profitability and a generally manageable balance sheet.
Positive Factors
Diversified business portfolio
FUJIFILM's diversified exposure to healthcare equipment, electronics materials, and imaging products reduces reliance on any single end market. This multi-segment model smooths cyclical swings, supports cross-selling of technologies, and preserves revenue durability over a multi-month to multi-year horizon.
Negative Factors
Sustained negative free cash flow
Consecutive negative free cash flow suggests investment and working capital use exceed internal cash generation. Over time this can constrain flexibility for organic growth funding, share buybacks, or higher dividends without tapping external financing or reducing investment intensity.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business portfolio
FUJIFILM's diversified exposure to healthcare equipment, electronics materials, and imaging products reduces reliance on any single end market. This multi-segment model smooths cyclical swings, supports cross-selling of technologies, and preserves revenue durability over a multi-month to multi-year horizon.
Read all positive factors
FUJIFILM Holdings (4901) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥4.07T
Dividend Yield2.07%
Average Volume (3M)3.37M
Price to Earnings (P/E)15.1
Beta (1Y)0.94
Revenue Growth5.04%
EPS Growth5.98%
CountryJP
Employees72,254
SectorIndustrials
Sector Strength72
IndustryMedical - Devices
Share Statistics
EPS (TTM)229.51
Shares Outstanding1,243,877,200
10 Day Avg. Volume3,791,640
30 Day Avg. Volume3,374,296
Financial Highlights & Ratios
PEG Ratio2.11
Price to Book (P/B)0.93
Price to Sales (P/S)1.06
P/FCF Ratio-32.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,800.00Price Target Upside20.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)234.29
Revenue Forecast (FY)¥3.50T
FUJIFILM Holdings Business Overview & Revenue Model
Company Description
FUJIFILM Holdings Corporation is a global enterprise dedicated to the development, manufacturing, sales, and servicing of an extensive range of solutions, categorized into imaging, healthcare, materials, and business innovation. Its Healthcare div...
How the Company Makes Money
FUJIFILM makes money by selling products, consumables, and services across multiple operating businesses. In healthcare, it generates revenue from the sale of medical equipment and systems (e.g., diagnostic and imaging-related systems, endoscopy-r...
FUJIFILM Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance in revenue and operating income, marking record highs for Q1 and highlighting growth in Bio CDMO and imaging segments. Despite challenges from foreign exchange losses, tariffs, and a decline in the medical systems segment, the overall outlook remains positive with an effective upward revision of the full-year forecast and continuous dividend growth.Positive Updates
Record-High Revenue and Operating Income
Q1 revenue was JPY749.5 billion and operating income was JPY75.3 billion, both marking record highs for a Q1. Revenue increased by 4.5% YoY on a currency-neutral basis, while operating income rose by 35.1% YoY on a currency-neutral basis.
Negative Updates
Impact of Foreign Exchange and Tariffs
Net income declined due to foreign exchange losses and tariff impacts. The healthcare segment is expected to incur a JPY4 billion negative impact from US tariffs.
Read all updates
Q1-2026 Updates
Positive
Negative
Record-High Revenue and Operating Income
Q1 revenue was JPY749.5 billion and operating income was JPY75.3 billion, both marking record highs for a Q1. Revenue increased by 4.5% YoY on a currency-neutral basis, while operating income rose by 35.1% YoY on a currency-neutral basis.
Read all positive updates
Company Guidance
In the Q1 earnings presentation for FY2026, FUJIFILM Holdings Corporation reported record-high revenue and operating income figures, with revenue hitting JPY749.5 billion and operating income at JPY75.3 billion. Despite a decline in net income to JPY53.8 billion due to foreign exchange losses, the company maintained a robust performance across most segments. Strong sales in the Bio CDMO business, semiconductor materials, and imaging helped offset foreign exchange impacts. Operating income grew by 35.1% YoY on a currency-neutral basis, while net income increased by 10.6% YoY, also on a currency-neutral basis. For the full year, FUJIFILM aims for new record highs in revenue, operating income, and net income, with revenue projected at JPY3.28 trillion, operating income at JPY331 billion, and net income at JPY262 billion. The company has factored in the anticipated impact of US tariffs, estimating a JPY6 billion negative impact on operating income. FUJIFILM also highlighted its commitment to sustainability with initiatives like the PFAS-free ArF immersion photoresist and a new facility for refurbished multifunction devices. The company aims to continue addressing social challenges and contributing to a sustainable society.FUJIFILM Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.36T | 3.20T | 2.96T | 2.86T | 2.53T |
| Gross Profit | 1.37T | 1.30T | 1.19T | 1.14T | 1.03T |
| EBITDA | 545.92B | 511.59B | 479.90B | 434.10B | 408.89B |
| Net Income | 276.74B | 260.95B | 243.51B | 219.42B | 211.18B |
Balance Sheet | |||||
| Total Assets | 6.05T | 5.25T | 4.78T | 4.13T | 3.96T |
| Cash, Cash Equivalents and Short-Term Investments | 170.55B | 172.11B | 179.72B | 268.61B | 486.33B |
| Total Debt | 1.03T | 802.28B | 607.63B | 462.58B | 535.56B |
| Total Liabilities | 2.21T | 1.90T | 1.61T | 1.35T | 1.43T |
| Stockholders Equity | 3.84T | 3.35T | 3.17T | 2.76T | 2.50T |
Cash Flow | |||||
| Free Cash Flow | -111.03B | -74.63B | -56.77B | -113.02B | 158.03B |
| Operating Cash Flow | 410.56B | 428.16B | 407.94B | 210.45B | 323.93B |
| Investing Cash Flow | -554.60B | -541.95B | -527.42B | -323.23B | -153.54B |
| Financing Cash Flow | 120.25B | 108.88B | -462.00M | -123.69B | -105.18B |
FUJIFILM Holdings Technical Analysis
Positive
3166.00
Price Trends
3214.34
Positive
3120.78
Positive
3273.05
Positive
Market Momentum
61.90
Positive
53.26
Neutral
25.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4901, the sentiment is Positive. The current price of 3166 is below the 20-day moving average (MA) of 3391.90, below the 50-day MA of 3214.34, and below the 200-day MA of 3273.05, indicating a neutral trend. The MACD of 61.90 indicates Positive momentum. The RSI at 53.26 is Neutral, neither overbought nor oversold. The STOCH value of 25.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4901.
FUJIFILM Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥965.34B | 14.01 | 7.77% | 3.16% | 1.93% | 25.12% | |
79 Outperform | ¥752.05B | 15.84 | 10.50% | 2.03% | 3.03% | 26.77% | |
75 Outperform | ¥4.07T | 15.07 | 7.81% | 2.07% | 5.04% | 5.98% | |
67 Neutral | ¥840.84B | 15.12 | 6.04% | 2.78% | 3.18% | 24.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | ¥275.06B | 9.50 | -12.69% | 0.71% | -3.56% | ― |
* Industrials Sector Average
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FUJIFILM Holdings Corporate Events
FUJIFILM lifts profits, boosts dividend and tightens capital base in FY2026
May 12, 2026
FUJIFILM Holdings reported consolidated revenue of ¥3.36 trillion for the year ended March 31, 2026, up 5.0%, with operating income rising 6.1% to ¥350.2 billion and net income attributable to the company increasing 6.0% to ¥276.7 b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.