FUJIFILM Holdings (4901) AI Stock Analysis

• Market Cap: ¥3.91T
• Dividend Yield: 2.07%
• Average Volume (3M): 3.37M
• Price to Earnings (P/E): 14.4
• Beta (1Y): 0.93
• Revenue Growth: 5.39%
• EPS Growth: 12.69%
• Country: JP
• Employees: 72,254
• Sector: Industrials
• Sector Strength: 72
• Industry: Business Equipment & Supplies
• EPS (TTM): 60.69
• Shares Outstanding: 1,243,877,200
• 10 Day Avg. Volume: 3,791,640
• 30 Day Avg. Volume: 3,374,296
• PEG Ratio: 1.52
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 1.33
• P/FCF Ratio: -69.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥3,999.69
• Price Target Upside: 23.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 220.17
• Revenue Forecast (FY): ¥3.30T

• Rating: 58 Neutral
• Price Target: ¥3,145.00 ▼(-3.05% Downside)
• Action: Downgraded Date: 02/07/26
• Date: Action: Downgraded 02/07/26

The score is primarily held back by weak cash conversion (negative free cash flow) and bearish technicals (below major moving averages with negative MACD). These are partially offset by solid profitability and manageable leverage, plus a reasonable valuation (moderate P/E) with a supportive dividend yield.

Positive Factors

Diversified business model

FUJIFILM's presence across healthcare, electronics and imaging spreads revenue risk across end markets and ties core materials and imaging R&D to multiple growth vectors. This diversification supports durable cashflows and strategic optionality versus single-market peers.

Solid operating profitability

Sustained mid-to-high gross margins and double-digit operating margins indicate structural cost and pricing strength in products and services. Durable profitability underpins reinvestment capacity, supports R&D and buffers cyclical downturns in end markets over months to years.

Recurring B2B revenue streams

A meaningful share of revenue comes from contract manufacturing, service agreements and consumables, which create predictable repeatable cash flows and closer customer lock-in. These structural relationships improve visibility and support long-term margin stability.

Negative Factors

Negative free cash flow

Persistent negative free cash flow suggests heavy capex, working-capital strain or other cash uses that erode financial flexibility. Over several months this limits capacity to deleverage, buy back stock or increase dividends without external financing.

Rising debt vs recent periods

An increasing debt trend, even from a moderate base, raises refinancing and interest-rate exposure over time and reduces optionality for new investments. If cash generation remains constrained, higher debt can amplify financial risk across the next 2–6 months.

Slowing revenue momentum

A deceleration to low single-digit revenue growth signals a more mature profile and limits upside from volume expansion. With growth slowed, the company must rely on margin expansion or M&A to drive material earnings growth over the medium term.

FUJIFILM Holdings Business Overview & Revenue Model

Company Description

FUJIFILM Holdings Corporation develops, manufactures, sells, and services imaging, healthcare, materials, and business innovation solutions worldwide. The company's Healthcare segment provides products and services, such as medical devices, biomedical contract development and manufacturing organization, pharmaceutical, regenerative medicine, and cosmetics and supplements in the three areas of prevention, diagnosis, and treatment. Its Materials segment offers inkjet digital presses and printing plates for printing industries, as well as industrial inkjet-related products and inkjet heads; storage media and archiving services to save and manage digital data volumes; and materials for industrials, including display and touch panel, semiconductor and image sensor, and functional film materials. The company's Business Innovation segment provides devices and services used in offices, including digital multifunction devices, printers, software, and cloud services; workflow solutions for printing companies and others in the graphical communications sector; and document services tailored to diverse business formats and roles, including system integration, business process outsourcing, and others. Its Imaging segment offers color films, instant cameras, developing and printing systems, color papers, and photo printing services; and TV and cinema lenses, surveillance cameras, industrial lenses for production line inspection, and projectors. FUJIFILM Holdings Corporation was incorporated in 1934 and is headquartered in Tokyo, Japan.

How the Company Makes Money

FUJIFILM generates revenue through multiple key streams, primarily by selling a wide range of products and services in its imaging and healthcare sectors. The imaging division includes the sale of digital cameras, photographic films, and printing solutions, which cater to both consumer and professional markets. In the healthcare sector, the company earns revenue from medical imaging systems and related services, including diagnostic equipment and IT solutions for healthcare facilities. Additionally, FUJIFILM has a strong presence in the pharmaceuticals market, focusing on biopharmaceutical production and development, which contributes significantly to its earnings. The company also pursues strategic partnerships and collaborations, particularly in the healthcare sector, which enhance its product offerings and expand its market reach, further bolstering its revenue generation capabilities.

FUJIFILM Holdings Financial Statement Overview

Summary

Profitability is solid (gross margin ~40.5%, EBIT ~11.3%, net ~8.3%) and leverage is moderate (debt-to-equity ~0.31), but free cash flow is negative in the TTM and recent periods despite positive operating cash flow, which materially weakens earnings quality and financial flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up ~1.4% with solid profitability: gross margin ~40.5%, EBIT margin ~11.3%, and net margin ~8.3%. Over the last several years, revenue has generally expanded (after earlier declines), and operating profitability has held up well. The main weakness is the recent growth rate—top-line momentum has cooled versus prior years, suggesting a more mature/steady growth profile rather than a high-growth trajectory.

Balance Sheet

Leverage looks manageable with debt-to-equity ~0.31 in TTM (Trailing-Twelve-Months), supported by a large equity base. Returns on equity are steady around ~7.8% (TTM), indicating consistent but not exceptional capital efficiency. A key watch-out is that debt has risen versus recent annual periods, which modestly increases financial risk even though overall leverage remains reasonable.

Cash Flow

Operating cash generation is positive (TTM operating cash flow ~¥400B), but free cash flow is negative in both TTM (Trailing-Twelve-Months) and recent annual periods, and free cash flow is also negative relative to net income (TTM). This points to heavy investment, working-capital pressure, or other cash uses that are consuming cash despite solid reported profits. While operating cash flow remains supportive, the lack of consistent free cash flow is the primary financial statement weakness.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	3.30T	3.20T	2.96T	2.86T	2.53T	2.19T
Gross Profit	1.34T	1.30T	1.19T	1.14T	1.03T	869.69B
EBITDA	497.48B	512.91B	426.74B	415.29B	362.70B	288.90B
Net Income	272.66B	260.95B	243.51B	219.42B	211.18B	181.21B
Balance Sheet
Total Assets	5.88T	5.25T	4.78T	4.13T	3.96T	3.55T
Cash, Cash Equivalents and Short-Term Investments	188.13B	172.11B	179.72B	268.61B	486.33B	394.80B
Total Debt	1.17T	802.28B	607.63B	536.90B	588.82B	609.58B
Total Liabilities	2.16T	1.90T	1.61T	1.35T	1.43T	1.33T
Stockholders Equity	3.72T	3.35T	3.17T	2.76T	2.50T	2.20T
Cash Flow
Free Cash Flow	-130.10B	-74.63B	-56.77B	-113.02B	158.03B	295.25B
Operating Cash Flow	399.63B	428.16B	407.94B	210.45B	323.93B	420.86B
Investing Cash Flow	-532.88B	-541.95B	-527.42B	-323.23B	-153.54B	-279.38B
Financing Cash Flow	106.31B	108.88B	-462.00M	-123.69B	-105.18B	-163.09B

FUJIFILM Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3244.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 3244 is above the 20-day moving average (MA) of 3078.72, above the 50-day MA of 3216.81, and below the 200-day MA of 3307.52, indicating a neutral trend. The MACD of -24.17 indicates Negative momentum. The RSI at 60.81 is Neutral, neither overbought nor oversold. The STOCH value of 78.90 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6448	76 Outperform	¥826.05B	14.54	7.77%	3.16%	4.30%	78.29%
8060	73 Outperform	¥768.03B	18.36	10.63%	2.03%	5.40%	23.70%
7752	71 Outperform	¥836.85B	12.93	5.91%	2.78%	4.46%	70.22%
7999	66 Neutral	¥34.84B	79.91	―	4.37%	0.33%	-65.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
4901	58 Neutral	¥3.91T	14.35	7.92%	2.07%	5.39%	12.69%
4902	47 Neutral	¥294.77B	-23.40	-12.69%	0.71%	-11.22%	-731.07%

FUJIFILM Holdings Corporate Events

Fujifilm Lifts Full-Year Outlook as Nine-Month Profit Jumps and Dividends Rise

FUJIFILM Holdings reported consolidated revenue of ¥2.43 trillion for the nine months ended December 31, 2025, up 4.4% year-on-year, with operating income rising 11.3% to ¥248.5 billion and net income attributable to the company increasing 6.5% to ¥193.4 billion, reflecting margin improvement and solid profit growth. Total assets expanded to ¥5.88 trillion and shareholders’ equity to ¥3.72 trillion, while the equity ratio remained robust at just over 63%, supporting a higher interim dividend of ¥35 per share and a full-year dividend forecast of ¥70. For the fiscal year ending March 31, 2026, Fujifilm now projects revenue of ¥3.3 trillion and net income of ¥264.5 billion, modestly raising its outlook compared with the previous forecast and signaling confidence in earnings resilience and continued shareholder returns despite a slower top-line growth rate.

The most recent analyst rating on (JP:4901) stock is a Buy with a Yen3427.00 price target. To see the full list of analyst forecasts on FUJIFILM Holdings stock, see the JP:4901 Stock Forecast page.