Konica Minolta (4902) AI Stock Analysis

• Market Cap: ¥239.79B
• Dividend Yield: 0.71%
• Average Volume (3M): 2.02M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• 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: ¥620.00
• Price Target Upside: 27.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): 55.02
• Revenue Forecast (FY): ¥1.06T

• Rating: 47 Neutral
• Price Target: ¥478.00 ▼(-1.54% Downside)
• 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 provide durable internal funding for service infrastructure, software investment, and working capital. This cash generation cushions the business during earnings volatility and supports strategic initiatives, deleveraging, or targeted capex over the medium term.

Diversified B2B revenue streams

A multi-segment model (office/practice MFPs, production printing, IT services, measurement instruments) creates recurring service and consumables attach points. This diversification increases resilience to product-cycle weakness and supports structural, sticky revenue from contracts and managed services.

Improving leverage profile

Moderate and improving leverage increases financial flexibility and reduces refinancing risk. A falling debt-to-equity trend gives management room to sustain investments or absorb losses without immediate balance-sheet strain, supporting capital allocation over coming quarters.

Negative Factors

Loss-making status

Persisting net losses and negative ROE indicate the company’s capital base is not generating returns. Over months this limits retained-earnings growth, constrains reinvestment capacity, and forces harder trade-offs on cost cuts or asset sales if management must restore profitability.

Weak and volatile revenue trend

Stagnant to slightly negative top-line growth reduces operating leverage and makes margin recovery harder. In a business reliant on installed bases and consumables, weak revenue trends can erode service attach rates and long-term recurring income, pressuring cash margins.

Thin operating profitability & earnings volatility

While gross margins remain steady, operating results swing widely, implying fixed costs or restructuring exposure. Persistent earnings volatility undermines planning, reduces investor confidence, and raises the risk that fixed-cost structure cannot be covered if revenue softness persists.

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 primarily generates revenue by selling and servicing business-to-business imaging and print infrastructure, complemented by recurring service and software income. Key revenue streams typically include: (1) Office printing: sale or lease of office MFPs/printers and associated consumables (e.g., toner) and maintenance contracts; revenue is supported by ongoing after-sales service, supplies replenishment, and per-page/managed print arrangements where applicable. (2) Production printing: sales of high-volume digital presses and finishing/print workflow solutions to commercial printers and in-house print operations, plus recurring revenue from service, parts, and consumables. (3) IT and digital workplace services: fees from implementing and operating document management, workflow automation, security, cloud/managed IT, and related enterprise software and services, often structured as project-based integration plus recurring managed-service or subscription-type contracts when applicable. (4) Measurement/instrumentation and other industrial solutions: sales of specialized sensing and measurement products and related service/support to industrial customers. Across these areas, earnings are influenced by the installed base of devices (which drives service and consumables pull-through), long-term maintenance/service agreements, and the company’s ability to attach software/IT services to hardware deployments. Specific partnership details and segment-level revenue proportions: null.

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	1.11T	1.13T	911.43B	863.38B
Gross Profit	461.77B	479.42B	475.10B	485.94B	392.74B	374.65B
EBITDA	67.73B	102.49B	102.46B	105.03B	63.60B	62.55B
Net Income	-12.65B	-47.48B	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	180.57B	117.67B	123.82B
Total Debt	412.77B	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	56.08B	-8.45B	-3.82B	52.39B
Operating Cash Flow	67.26B	51.09B	83.34B	13.32B	37.44B	78.06B
Investing Cash Flow	26.66B	24.65B	-76.62B	-37.03B	-51.00B	-37.12B
Financing Cash Flow	-101.47B	-110.90B	-64.77B	83.85B	2.13B	-10.30B

Konica Minolta Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 485.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4902, the sentiment is Negative. The current price of 485.5 is below the 20-day moving average (MA) of 534.41, below the 50-day MA of 606.57, and below the 200-day MA of 563.60, indicating a bearish trend. The MACD of -32.06 indicates Positive momentum. The RSI at 29.05 is Positive, neither overbought nor oversold. The STOCH value of 12.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥732.37B	8.32	7.77%	3.16%	4.30%	78.29%
8060	73 Outperform	¥744.67B	18.04	10.50%	2.03%	5.40%	23.70%
7752	71 Outperform	¥772.24B	8.78	6.04%	2.78%	4.46%	70.22%
7999	66 Neutral	¥34.38B	20.04	―	4.37%	0.33%	-65.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
4901	58 Neutral	¥3.48T	13.78	7.81%	2.07%	5.39%	12.69%
4902	47 Neutral	¥239.79B	-71.33	-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.