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FUJIFILM Holdings Corp (JP:4901)
:4901
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FUJIFILM Holdings
(OTC:4901)
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Rating:78Outperform
Price Target:
¥3,689.00
▼(-1.02% Downside)
FUJIFILM Holdings' strong financial performance, particularly in revenue growth and profitability, combined with positive technical indicators, contribute significantly to the stock's score. The positive sentiment from the earnings call further enhances the outlook, despite valuation being moderate and cash flow challenges needing attention.
FUJIFILM Holdings (4901) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
$4.49T
Dividend Yield1.74%
Average Volume (3M)2.75M
Price to Earnings (P/E)17.7
Beta (1Y)0.97
Revenue Growth4.83%
EPS Growth1.58%
CountryJP
Employees72,254
SectorIndustrials
Sector Strength72
IndustryBusiness Equipment & Supplies
Share Statistics
EPS (TTM)44.63
Shares Outstanding1,243,877,200
10 Day Avg. Volume2,962,370
30 Day Avg. Volume2,746,613
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue1.41
Enterprise Value/Gross Profit3.47
Enterprise Value/Ebitda10.08
Forecast
1Y Price Target
$4,450.74Price Target Upside19.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
FUJIFILM Holdings Business Overview & Revenue Model
Company DescriptionFUJIFILM Holdings Corporation is a Japanese multinational conglomerate primarily engaged in the development, production, and sale of imaging, information, and document solutions. The company operates in diverse sectors including healthcare, graphic systems, optical devices, digital imaging, and document solutions. Its core products and services range from traditional photographic film and cameras to advanced medical systems, life sciences products, and industrial materials.
How the Company Makes MoneyFUJIFILM Holdings makes money through a diversified revenue model encompassing several key areas. In the healthcare sector, the company generates revenue from medical imaging equipment, pharmaceuticals, regenerative medicine, and life sciences. The document solutions segment contributes through the sale of multifunction devices, printers, and managed print services. In the imaging solutions sector, revenue is derived from digital cameras, photographic paper, and photo printing services. The company also earns from its graphic systems division, providing printing equipment and materials, and from its optical devices business, which includes lenses and film for broadcast and cinema. Significant partnerships, technological innovations, and a strong global distribution network further bolster FUJIFILM's revenue streams.
FUJIFILM Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
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.Q1-2026 Updates
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.
Strong Performance in Bio CDMO and Imaging
Bio CDMO business benefited from new facilities in Denmark and steady sales, contributing to revenue growth. Imaging saw a 17.9% YoY increase in revenue on a currency-neutral basis, with strong sales in both consumer and professional imaging.
Sustainability Initiatives and Innovation
Fujifilm introduced PFAS-free negative-tone ArF immersion photoresist and established a new manufacturing site for refurbished multifunction devices, aiming to reduce virgin resource input below 60% by FY2030.
Positive Full-Year Outlook and Dividend Increase
The full-year forecast incorporates the expected impact of US tariffs while maintaining previous figures, effectively constituting an upward revision. The annual dividend for FY2026 is expected to be JPY70, marking the 16th consecutive year of dividend increases.
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.
Challenges in Medical Systems
Revenue in medical systems declined due to decreased demand for medical materials in China, impacting overall healthcare operating income.
Cash Flow Concerns
Cash inflows increased to JPY104.7 billion, but cash outflows were JPY131.6 billion, resulting in an adjusted free cash flow net outflow of JPY25.7 billion.
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
FUJIFILM Holdings shows strong revenue growth and solid profitability margins, with a robust balance sheet characterized by low leverage. However, cash flow challenges, particularly negative free cash flow, highlight the need for strategic adjustments in capital expenditure management.Income Statement
FUJIFILM Holdings has demonstrated strong revenue growth over the years, with a notable increase of approximately 8% from 2024 to 2025. The company maintains a healthy gross profit margin of around 40.7% in 2025, indicating efficient production and cost management. The net profit margin also shows robustness at 8.2%. Despite these strengths, there is room for improvement in EBIT and EBITDA margins, which stand at 10.3% and 16% respectively, suggesting potential areas for operational efficiency enhancements.82
Very Positive
Balance Sheet
The balance sheet of FUJIFILM Holdings reflects a solid equity base, with a debt-to-equity ratio of 0.24, highlighting a conservative leverage approach. The equity ratio at 63.8% further underscores financial stability. With a return on equity of 7.8%, the company exhibits a moderate ability to generate profit from shareholders' investments. However, an increasing trend in total liabilities suggests that careful management is needed to maintain this stability.75
Positive
Cash Flow
Cash flow analysis indicates a challenging environment, with negative free cash flow in recent years. Despite a strong operating cash flow to net income ratio of 1.64, signaling effective cash generation from operations, the free cash flow to net income ratio is negative, pointing to high capital expenditures that could restrain liquidity if not managed. The company needs to address these capital outflows to enhance free cash flow generation.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.20T | 3.20T | 2.96T | 2.86T | 2.53T | 2.19T |
| Gross Profit | 1.30T | 1.30T | 1.19T | 1.14T | 1.03T | 869.69B |
| EBITDA | 447.20B | 512.91B | 426.74B | 415.29B | 362.70B | 288.90B |
| Net Income | 260.95B | 260.95B | 243.51B | 219.42B | 211.18B | 181.21B |
Balance Sheet | ||||||
| Total Assets | 5.25T | 5.25T | 4.78T | 4.13T | 3.96T | 3.55T |
| Cash, Cash Equivalents and Short-Term Investments | 172.11B | 172.11B | 179.72B | 268.61B | 486.33B | 394.80B |
| Total Debt | 802.28B | 802.28B | 607.63B | 536.90B | 588.82B | 609.58B |
| Total Liabilities | 1.90T | 1.90T | 1.61T | 1.35T | 1.43T | 1.33T |
| Stockholders Equity | 3.35T | 3.35T | 3.17T | 2.76T | 2.50T | 2.20T |
Cash Flow | ||||||
| Free Cash Flow | -74.63B | -74.63B | -56.77B | -113.02B | 158.03B | 295.25B |
| Operating Cash Flow | 428.16B | 428.16B | 407.94B | 210.45B | 323.93B | 420.86B |
| Investing Cash Flow | -542.62B | -541.95B | -527.42B | -323.23B | -153.54B | -279.38B |
| Financing Cash Flow | 109.55B | 108.88B | -462.00M | -123.69B | -105.18B | -163.09B |
FUJIFILM Holdings Technical Analysis
Positive
3727.00
Price Trends
3432.84
Positive
3292.52
Positive
3195.36
Positive
Market Momentum
53.00
Positive
63.78
Neutral
57.53
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 3727 is above the 20-day moving average (MA) of 3609.95, above the 50-day MA of 3432.84, and above the 200-day MA of 3195.36, indicating a bullish trend. The MACD of 53.00 indicates Positive momentum. The RSI at 63.78 is Neutral, neither overbought nor oversold. The STOCH value of 57.53 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.49T | 17.70 | 7.61% | 1.74% | 4.83% | 1.58% | |
76 Outperform | ¥668.79B | 17.82 | 9.67% | 2.30% | 6.92% | 16.87% | |
73 Outperform | ¥407.03B | 20.43 | 7.62% | 2.34% | 3.27% | -12.28% | |
73 Outperform | ¥659.41B | 13.19 | 7.29% | 3.88% | 4.50% | 56.65% | |
69 Neutral | ¥769.96B | 16.36 | 4.44% | 2.88% | 6.09% | 16.14% | |
52 Neutral | ¥267.90B | -7.30 | -10.33% | 0.92% | -7.37% | -653.50% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
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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.