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FUJIFILM Holdings Corp (JP:4901)
:4901
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FUJIFILM Holdings
(4901)
Select Model
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Rating:72Outperform
Price Target:
¥3,734.00
▲(13.15% Upside)
FUJIFILM Holdings maintains a solid financial position with strong revenue growth and profitability, though cash flow management presents challenges. The technical analysis indicates mixed signals, with the stock trading below key moving averages but not showing signs of being overbought. The valuation is reasonable, supported by a moderate P/E ratio and dividend yield.
Positive Factors
Revenue Growth
Consistent revenue growth indicates robust market demand and effective business strategies, supporting long-term financial stability.
Profitability
Sustained profitability margins reflect efficient operations and pricing power, contributing to durable competitive advantage.
Balance Sheet Strength
A strong balance sheet with low leverage enhances financial flexibility and resilience against economic fluctuations.
Negative Factors
Cash Flow Challenges
Negative free cash flow suggests potential liquidity issues, which could constrain investment and growth opportunities.
Debt Levels
Rising debt levels, although currently low, could impact future financial health if not managed carefully.
EBITDA Margin Decline
A decline in EBITDA margin may indicate rising costs or pricing pressures, affecting future profitability.
FUJIFILM Holdings (4901) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥4.14T
Dividend Yield2.07%
Average Volume (3M)3.37M
Price to Earnings (P/E)15.3
Beta (1Y)0.93
Revenue Growth5.39%
EPS Growth12.69%
CountryJP
Employees72,254
SectorIndustrials
Sector Strength72
IndustryBusiness Equipment & Supplies
Share Statistics
EPS (TTM)55.16
Shares Outstanding1,243,877,200
10 Day Avg. Volume3,791,640
30 Day Avg. Volume3,374,296
Financial Highlights & Ratios
PEG Ratio1.77
Price to Book (P/B)1.02
Price to Sales (P/S)1.07
P/FCF Ratio-45.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,540.00Price Target Upside7.27% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
FUJIFILM Holdings Business Overview & Revenue Model
Company DescriptionFUJIFILM 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 MoneyFUJIFILM 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 Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Feb 05, 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.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 demonstrates strong revenue growth and profitability with a stable gross profit margin and healthy EBIT and EBITDA margins. The balance sheet is robust with low leverage, though increasing debt levels should be monitored. Cash flow management poses challenges with negative free cash flow, indicating potential liquidity concerns.Income Statement
FUJIFILM Holdings demonstrates strong revenue growth with a TTM increase of 1.79% and consistent profitability, evidenced by a stable gross profit margin of approximately 40.68% and a net profit margin of 8.17%. The EBIT and EBITDA margins are healthy, indicating efficient operations. However, the slight decline in EBITDA margin from the previous annual report suggests potential cost pressures.85
Very Positive
Balance Sheet
The company's balance sheet is robust with a low debt-to-equity ratio of 0.24, indicating prudent financial leverage. The return on equity is stable at around 7.87%, reflecting effective use of shareholder funds. The equity ratio of approximately 63.06% suggests a strong equity base, though the slight increase in total debt warrants monitoring.78
Positive
Cash Flow
Operating cash flow remains strong, but the negative free cash flow and its growth rate of 34.30% indicate challenges in capital expenditure management. The operating cash flow to net income ratio of 0.38 suggests moderate cash conversion efficiency, while the negative free cash flow to net income ratio highlights potential liquidity concerns.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.25T | 3.20T | 2.96T | 2.86T | 2.53T | 2.19T |
| Gross Profit | 1.32T | 1.30T | 1.19T | 1.14T | 1.03T | 869.69B |
| EBITDA | 480.46B | 512.91B | 426.74B | 415.29B | 362.70B | 288.90B |
| Net Income | 270.75B | 260.95B | 243.51B | 219.42B | 211.18B | 181.21B |
Balance Sheet | ||||||
| Total Assets | 5.53T | 5.25T | 4.78T | 4.13T | 3.96T | 3.55T |
| Cash, Cash Equivalents and Short-Term Investments | 160.88B | 172.11B | 179.72B | 268.61B | 486.33B | 394.80B |
| Total Debt | 922.82B | 802.28B | 607.63B | 536.90B | 588.82B | 609.58B |
| Total Liabilities | 2.04T | 1.90T | 1.61T | 1.35T | 1.43T | 1.33T |
| Stockholders Equity | 3.49T | 3.35T | 3.17T | 2.76T | 2.50T | 2.20T |
Cash Flow | ||||||
| Free Cash Flow | -103.93B | -74.63B | -56.77B | -113.02B | 158.03B | 295.25B |
| Operating Cash Flow | 422.35B | 428.16B | 407.94B | 210.45B | 323.93B | 420.86B |
| Investing Cash Flow | -535.75B | -541.95B | -527.42B | -323.23B | -153.54B | -279.38B |
| Financing Cash Flow | 87.65B | 108.88B | -462.00M | -123.69B | -105.18B | -163.09B |
FUJIFILM Holdings Technical Analysis
Positive
3300.00
Price Trends
3350.96
Positive
3464.24
Negative
3269.64
Positive
Market Momentum
7.39
Negative
52.75
Neutral
74.36
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 3300 is below the 20-day moving average (MA) of 3369.60, below the 50-day MA of 3350.96, and above the 200-day MA of 3269.64, indicating a bullish trend. The MACD of 7.39 indicates Negative momentum. The RSI at 52.75 is Neutral, neither overbought nor oversold. The STOCH value of 74.36 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥762.21B | 19.13 | 10.63% | 2.03% | 5.40% | 23.70% | |
76 Outperform | ¥841.38B | 15.28 | 7.77% | 3.16% | 4.30% | 78.29% | |
76 Outperform | ¥393.53B | 18.65 | 8.83% | 2.33% | 6.29% | 8.74% | |
74 Outperform | ¥843.68B | 13.93 | 5.91% | 2.78% | 4.46% | 70.22% | |
72 Outperform | ¥4.14T | 15.33 | 7.92% | 2.07% | 5.39% | 12.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | ¥361.30B | -25.12 | -12.69% | 0.71% | -11.22% | -731.07% |
* 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.