Konica Minolta (4902) AI Stock Analysis

• Market Cap: ¥293.09B
• Dividend Yield: 0.71%
• Average Volume (3M): 2.02M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -11.22%
• EPS Growth: -731.07%
• Country: JP
• Employees: 38,263
• Sector: Industrials
• Sector Strength: 72
• Industry: Business Equipment & Supplies
• EPS (TTM): -2.38
• Shares Outstanding: 502,664,340
• 10 Day Avg. Volume: 2,231,320
• 30 Day Avg. Volume: 2,022,523
• PEG Ratio: <0.01
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 0.22
• P/FCF Ratio: 9.84
• 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: ¥627.82
• Price Target Upside: 6.16% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): 57.44
• Revenue Forecast (FY): ¥1.05T

• Rating: 47 Neutral
• Price Target: ¥608.00 ▲(2.81% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is held back primarily by ongoing losses and earnings volatility, alongside weak technical momentum (below key moving averages with negative MACD and low RSI). Positive operating and free cash flow and moderate, improving leverage provide some support, but valuation remains challenged due to negative earnings and a low dividend yield.

Positive Factors

Cash generation

Consistent positive operating and free cash flow provides durable internal funding for capex, R&D, and service expansion without full reliance on external financing. This cash cushion supports investment in software/service transitions and services-led margins over the medium term.

Improving leverage

Moderate and improving leverage reduces financial risk and increases strategic flexibility to pursue product investment, M&A, or service rollouts. A healthier balance sheet also lowers refinancing pressure and strengthens resilience if earnings remain uneven.

Diversified B2B model

A multi-segment business with hardware, consumables, software and managed services creates multiple revenue streams and an installed-base-driven after-sales funnel. Recurring service and software income can raise lifetime customer value and smooth cyclicality over time.

Negative Factors

Negative profitability

Sustained net losses and thin operating margins undermine the firm’s ability to convert revenue into returns, limiting reinvestment and shareholder returns. Persistent negative margins also increase reliance on cash reserves and hamper long-term scalability of new service offerings.

Volatile results

High earnings volatility and a negative return on equity reduce predictability for planning and capital allocation. This instability complicates long-term contracts and investment decisions, and weak ROE signals the company struggles to generate returns from its equity base.

Weak revenue momentum

Flat-to-weak top-line growth limits operating leverage and makes margin recovery harder; without sustainable revenue expansion, fixed-cost absorption and investment in higher-margin services will be constrained, slowing durable improvement in profitability.

Konica Minolta Business Overview & Revenue Model

Company Description

Konica Minolta, Inc. engages in digital workplace, professional print, healthcare, and industrial businesses in Japan, the United States, Europe, China, other Asian countries, and internationally. The company develops, manufactures, and sells multi-functional peripherals, digital printing systems, and related consumables, as well as IT and printing solutions and services. It also provides healthcare systems, such as digital X-ray diagnostic imaging, diagnostic ultrasound systems, and other systems, as well as digitalization, networking, solutions, and services in the medical field; genetic diagnostic and drug discovery support services. In addition, the company offers measuring instruments; functional film displays; organic light emitting diode lighting products; industrial inkjet printheads; lenses for industrial and professional use; and imaging-IoT and visual solutions. Konica Minolta, Inc. was founded in 1873 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Konica Minolta generates revenue through several key streams. Primarily, it makes money from the sale of hardware, such as printers and multifunction devices, which are often sold alongside consumables like toner and paper. The company also offers service contracts for maintenance and support, providing a recurring revenue model. Additionally, Konica Minolta has developed a robust portfolio of IT services and software solutions that cater to businesses looking to optimize their workflows and digital document management. Significant partnerships with technology firms and an emphasis on innovative solutions, such as cloud-based services and data analytics, further contribute to its earnings, enabling the company to adapt to the evolving needs of its customers.

Konica Minolta Financial Statement Overview

Summary

Financial quality is constrained by profitability: revenue is only modestly higher in TTM (+1.9%) but results are volatile and currently loss-making (TTM net margin about -1.2% and negative ROE ~-2.7%). Offsetting this, cash generation is a relative strength with positive TTM operating cash flow (~¥67B) and free cash flow (~¥23B), and leverage is moderate with improving debt-to-equity (~0.89).

Income Statement

Revenue has been broadly stable with modest growth in TTM (Trailing-Twelve-Months) (+1.9%) after a small decline in FY2025, but profitability remains a key issue. TTM shows a net loss (net margin about -1.2%) and operating profitability is thin, following a swing from a small profit in FY2024 to a large loss in FY2025. Gross margin is relatively steady (~42–44%), suggesting the core pricing/cost structure is holding up, but operating and bottom-line results have been volatile and recently negative.

Balance Sheet

Leverage is moderate for the sector, with debt roughly in line with equity (debt-to-equity ~0.89 in TTM (Trailing-Twelve-Months), improving from a peak above 1.1 in FY2023). Equity remains sizable versus total assets, which provides some balance-sheet support. However, returns to shareholders are currently negative (TTM return on equity around -2.7%), reflecting that the capital base is not generating positive earnings and leaving less cushion if losses persist.

Cash Flow

Cash generation is a relative bright spot: TTM (Trailing-Twelve-Months) operating cash flow is positive (~¥67B) and free cash flow is also positive (~¥23B), with a sharp rebound versus the prior year’s level. That said, cash flow performance has been uneven across years (including periods of negative free cash flow), and cash flow relative to revenue remains modest, indicating limited room for operational setbacks if profitability does not improve.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.08T	1.13T	1.16T	1.13T	911.43B	863.38B
Gross Profit	461.77B	479.42B	504.68B	485.94B	392.74B	374.65B
EBITDA	33.68B	-60.74B	106.18B	-16.80B	60.35B	66.32B
Net Income	-13.01B	-47.85B	4.52B	-103.15B	-26.12B	-15.21B
Balance Sheet
Total Assets	1.22T	1.22T	1.39T	1.41T	1.34T	1.30T
Cash, Cash Equivalents and Short-Term Investments	103.53B	89.90B	127.13B	183.06B	117.67B	123.82B
Total Debt	463.86B	438.17B	522.58B	568.29B	448.65B	410.70B
Total Liabilities	690.64B	743.56B	834.67B	913.90B	776.62B	749.05B
Stockholders Equity	519.65B	463.15B	539.82B	487.42B	549.81B	539.89B
Cash Flow
Free Cash Flow	23.38B	25.30B	38.21B	-27.46B	-23.61B	37.86B
Operating Cash Flow	67.26B	51.09B	83.34B	13.32B	37.44B	78.06B
Investing Cash Flow	26.66B	24.65B	-44.53B	-37.50B	-51.00B	-34.33B
Financing Cash Flow	-101.47B	-110.90B	-96.85B	84.32B	2.13B	-13.09B

Konica Minolta Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 591.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4902, the sentiment is Neutral. The current price of 591.4 is below the 20-day moving average (MA) of 620.77, below the 50-day MA of 665.59, and above the 200-day MA of 556.26, indicating a neutral trend. The MACD of -23.26 indicates Positive momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of 48.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4902.

Konica Minolta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6448	76 Outperform	¥803.55B	14.15	7.77%	3.16%	4.30%	78.29%
8060	73 Outperform	¥753.22B	18.01	10.63%	2.03%	5.40%	23.70%
7752	71 Outperform	¥820.06B	12.67	5.91%	2.78%	4.46%	70.22%
7999	66 Neutral	¥34.70B	79.60	―	4.37%	0.33%	-65.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
4901	58 Neutral	¥3.60T	13.22	7.92%	2.07%	5.39%	12.69%
4902	47 Neutral	¥293.09B	-23.42	-12.69%	0.71%	-11.22%	-731.07%

Konica Minolta Corporate Events

Konica Minolta Swings to Profit and Restores Dividend Despite Revenue Decline

Konica Minolta reported a return to solid profitability for the nine months ended December 31, 2025, despite a 6.1% year-on-year decline in revenue to ¥781.1 billion, reflecting the exclusion of its Precision Medicine Business, now classified as a discontinued operation. Business contribution profit rose 20.5% to ¥34.7 billion and operating profit swung from a loss of ¥18.5 billion in the prior-year period to a profit of ¥33.3 billion, while profit attributable to owners reached ¥21.4 billion, translating into basic earnings per share of ¥43.38 versus a loss per share a year earlier. The company’s financial position also strengthened, with equity attributable to owners increasing to ¥519.7 billion and the equity ratio improving to 42.5% from 38.0% at the March 2025 year-end, and Konica Minolta reinstated shareholder returns via an interim dividend of ¥5 per share and a full-year dividend forecast of ¥10 per share, signaling confidence in its earnings recovery and balance sheet health.

The most recent analyst rating on (JP:4902) stock is a Hold with a Yen620.00 price target. To see the full list of analyst forecasts on Konica Minolta stock, see the JP:4902 Stock Forecast page.