Noritsu Koki Co., Ltd. (7744) AI Stock Analysis

• Market Cap: ¥245.75B
• Dividend Yield: 4.07%
• Average Volume (3M): 257.03K
• Price to Earnings (P/E): 15.4
• Beta (1Y): 1.02
• Revenue Growth: 9.35%
• EPS Growth: 8.92%
• Country: JP
• Employees: 1,239
• Sector: Technology
• Sector Strength: 88
• Industry: Consumer Electronics
• EPS (TTM): 21.60
• Shares Outstanding: 108,818,920
• 10 Day Avg. Volume: 338,570
• 30 Day Avg. Volume: 257,033
• PEG Ratio: -5.31
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 1.66
• P/FCF Ratio: 10.69
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 149.5
• Revenue Forecast (FY): ¥124.50B

• Rating: 75 Outperform
• Price Target: ¥2,469.00 ▲(30.70% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial performance (strong recent profitability and improved balance-sheet leverage) tempered by cash-flow/earnings volatility. Technicals add support via a clear uptrend, while valuation is reasonable with a mid-teens P/E and a ~3.36% dividend yield.

Positive Factors

Balance-sheet strength

Noritsu's low and improving leverage and steadily growing shareholders' equity provide durable financial flexibility. A conservative capital structure supports investment in R&D, withstands cyclicality in imaging demand, and preserves capacity for dividends or opportunistic M&A over the medium term.

Consistent revenue growth

Sustained top-line expansion across multi-year periods indicates persistent market demand and product-market fit. Steady sales growth supports scale for manufacturing and consumables, underpins recurring revenue from services and supplies, and increases resilience to single-year shocks.

Strong sector margins

High gross and healthy net margins suggest product pricing power and profitable consumables/services mix. Margin strength supports internal cash generation for capex and R&D, enabling sustained investment in digital imaging products and software that underpin long-term competitiveness.

Negative Factors

Cash-flow volatility

Material swings in operating and free cash flow reduce predictability of internal funding for capex, dividends, and working capital. Persistent volatility raises the risk of intermittent external financing, constrains long-term planning, and makes sustainable reinvestment or buybacks less reliable.

Earnings volatility / one-offs

Significant year-to-year earnings swings driven by non-recurring items or one-offs hinder forecasting and mask core operating performance. This uncertainty can lead to conservative capital allocation, higher required returns from investors, and makes long-term performance assessment more difficult.

Recent margin pressure

A decline in net income while revenue rose points to rising costs or mix shifts that compress margins. If structural, this reduces free cash flow generation and return on invested capital, limiting resources for R&D, service expansion, or shareholder distributions over the medium term.

Noritsu Koki Co., Ltd. Business Overview & Revenue Model

Company Description

Noritsu Koki Co., Ltd. (7744) is a Japanese company primarily engaged in the manufacturing and sale of imaging equipment and related services. The company operates in several sectors, including photo imaging, printing solutions, and digital imaging technology. Noritsu is known for its innovative products such as digital minilabs, photo printers, and film processing machines, catering to both professional and consumer markets.

How the Company Makes Money

Noritsu Koki generates revenue through various streams, primarily by selling imaging equipment and systems to professional labs, retail outlets, and individual consumers. The company offers a range of products, including high-quality photo printers and digital minilab systems, which are essential for photo processing and printing services. Additionally, Noritsu earns revenue from the sale of consumables, such as printing paper and inks, that are used in conjunction with their imaging equipment. The company also provides maintenance services and software solutions, contributing to recurring revenue. Strategic partnerships with photography-related businesses and technology firms further enhance its market reach and profitability, while ongoing innovation in imaging technology helps to attract new customers and retain existing ones.

Noritsu Koki Co., Ltd. Financial Statement Overview

Summary

Strong recent fundamentals with steady revenue growth into 2025 and healthy profitability in 2024–2025, plus a conservatively financed balance sheet and growing equity. The main constraint is volatility in underlying results—especially the 2023 cash burn and unusually large 2022 net income—reducing confidence in earnings and cash-flow consistency.

Income Statement

Revenue has expanded steadily from 2023 to 2025 (annual growth of ~22% in 2023, ~18% in 2024, and ~4% in 2025), while profitability improved materially versus 2023 with strong operating earnings in 2024 and 2025. 2024 margins were healthy for the sector (about 49% gross margin and ~15% net margin). Offsetting this, earnings volatility is a key watch-out: 2022 net income is unusually large relative to sales (suggesting significant non-recurring factors), and 2025 net income dipped slightly versus 2024 despite higher revenue, indicating some margin compression or higher below-the-line costs.

Balance Sheet

The balance sheet looks conservatively financed in recent years, with low leverage and a strong equity base: debt-to-equity improved from ~0.21 (2023) to ~0.17 (2024), and total debt remained modest relative to equity in 2025 as well. Shareholders’ equity has grown consistently from 2021 through 2025, supporting balance-sheet resilience. The main weakness is historical leverage variability (notably high debt-to-equity in 2021), which suggests capital structure can shift meaningfully across cycles.

Cash Flow

Cash generation is mixed. The company produced strong positive operating cash flow and free cash flow in 2024 and remained positive in 2025, with free cash flow up meaningfully in 2025 versus 2024. However, 2023 stands out as a major negative year for both operating cash flow and free cash flow, highlighting working-capital and/or cash conversion volatility. In 2024, operating cash flow was solid but did not fully cover reported earnings (operating cash flow to net income below 1), pointing to less-than-perfect earnings quality in that year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	119.22B	106.54B	90.05B	73.52B	54.48B
Gross Profit	59.70B	52.66B	40.08B	29.53B	24.76B
EBITDA	26.87B	26.50B	19.46B	10.99B	12.85B
Net Income	15.64B	16.12B	10.20B	101.55B	5.12B
Balance Sheet
Total Assets	301.80B	299.37B	279.47B	307.26B	264.32B
Cash, Cash Equivalents and Short-Term Investments	97.40B	93.23B	70.57B	96.82B	38.67B
Total Debt	36.56B	37.38B	42.58B	51.08B	104.45B
Total Liabilities	73.20B	76.41B	73.62B	114.39B	137.41B
Stockholders Equity	228.47B	222.25B	205.38B	192.52B	111.21B
Cash Flow
Free Cash Flow	18.49B	30.96B	-33.62B	9.78B	1.71B
Operating Cash Flow	20.34B	32.59B	-31.59B	11.74B	3.91B
Investing Cash Flow	-956.00M	38.00M	20.01B	93.39B	-40.46B
Financing Cash Flow	-15.36B	-11.83B	-15.74B	-47.59B	4.28B

Noritsu Koki Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1889.00
• 50DMA: Positive
• 100DMA: Positive
• 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:7744, the sentiment is Positive. The current price of 1889 is below the 20-day moving average (MA) of 2234.90, below the 50-day MA of 2056.21, and above the 200-day MA of 1714.21, indicating a bullish trend. The MACD of 41.42 indicates Positive momentum. The RSI at 62.49 is Neutral, neither overbought nor oversold. The STOCH value of 55.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7744.

Noritsu Koki Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7744	75 Outperform	¥245.75B	15.45	―	4.07%	9.35%	8.92%
6952	74 Outperform	¥358.07B	18.65	5.53%	3.55%	-5.43%	55.21%
6794	73 Outperform	¥69.65B	17.44	―	2.73%	6.41%	16.71%
6632	66 Neutral	¥196.15B	10.26	13.53%	1.34%	0.48%	-1.86%
6810	66 Neutral	¥98.73B	20.05	―	1.99%	3.71%	-3.32%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6753	49 Neutral	¥418.19B	3.90	―	―	-10.88%	―

Noritsu Koki Co., Ltd. Corporate Events

Noritsu Koki Launches ¥3 Billion Share Buyback With Full Cancellation Plan

Noritsu Koki’s board has approved a share buyback of up to 1.6 million common shares, representing about 1.49% of outstanding shares excluding treasury stock, with an aggregate purchase limit of ¥3 billion. The repurchase will be conducted through market purchases under a discretionary dealing contract between February 24 and June 30, 2026, underscoring management’s intent to return excess capital and support the stock.

The company also plans to cancel all shares acquired in this program on July 1, 2026, thereby permanently reducing the share count once the transaction is complete. This move is aimed at boosting capital efficiency and enhancing shareholder returns, and comes on top of an existing treasury stock position of 1,421,363 shares as of December 31, 2025, signaling an active capital allocation policy that may improve earnings per share over time.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2604.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.

Noritsu Koki Lifts Payouts and Projects Strong 2026 Growth Despite Softer 2025 Earnings

Noritsu Koki reported 2025 consolidated revenue of ¥119.2 billion, up 11.9% year on year, with operating profit rising 4.2% to ¥20.8 billion and profit attributable to owners of the parent edging down 3.0% to ¥15.6 billion. Profitability ratios eased slightly, but equity attributable to owners grew to ¥228.5 billion, the equity ratio improved to 75.7%, and cash and cash equivalents increased to ¥97.4 billion, underscoring a solid balance sheet.

The company raised total dividend payments for 2025 to about ¥7.9 billion and implemented a 3-for-1 stock split in July 2025, signaling a continued focus on shareholder returns despite softer earnings per share. For 2026, Noritsu Koki forecasts a sharp 40.6% jump in full-year revenue to ¥167.6 billion and a 24.9% rise in operating profit to ¥26.0 billion, with operating EBITDA projected to surge to ¥35.5 billion, pointing to an aggressive growth phase and potentially stronger cash generation for investors.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2604.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.

Noritsu Koki Outlines FY25 Results, FY26 Outlook and Progress Toward FY30 Plan

Noritsu Koki released supplementary materials to its full-year FY25 consolidated financial results, outlining its performance for the year. The company also presented FY26 consolidated financial forecasts and reported on progress toward its FY30 medium-term management plan, highlighting key topics that are expected to shape its strategic direction and operational priorities.

While detailed figures were not disclosed in the document, the structure of the release underscores management’s emphasis on transparency and long-term planning. The focus on forecasts and medium-term goals suggests that Noritsu Koki is actively managing investor expectations and positioning itself for sustained growth and competitiveness in its markets.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2604.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.

Noritsu Koki Completes ¥80 Billion Acquisition of Building Materials Maker Senqcia

Noritsu Koki has completed the acquisition of all shares of SENQCIA CORPORATION, a Tokyo-based manufacturer and seller of building materials and equipment that also undertakes related construction work, converting it into a wholly owned subsidiary. The deal values SENQCIA’s enterprise at roughly ¥80 billion, funded through ¥30 billion in cash on hand and a ¥50 billion bridge loan, with plans to sell certain assets, shore up SENQCIA’s balance sheet, and refinance the bridge facility while also using warranty and indemnity insurance to mitigate unforeseen risks. SENQCIA, which generated ¥35.4 billion in net sales and ¥5.1 billion in operating income in the fiscal year ended March 2025, will be consolidated from the first quarter of the fiscal year ending December 2026, leaving Noritsu Koki’s 2025 results unchanged but likely providing a notable boost to scale and earnings that will be reflected in guidance to be announced on February 13.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2547.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.

Noritsu Koki Moves to Fully Acquire Construction Systems Leader SENQCIA

Noritsu Koki Co., Ltd. has released supplementary materials detailing its acquisition of SENQCIA CORPORATION and the move to convert the company into a wholly owned subsidiary, underscoring SENQCIA’s strategic value as a specialized provider of high‑quality construction and infrastructure solutions. By bringing Japan’s leading seismic reinforcement and building systems manufacturer fully under its control, Noritsu Koki is set to strengthen its presence in the construction and infrastructure markets, potentially enhancing its technological capabilities, expanding its product portfolio and deepening relationships with customers that prioritize safety and reliability in building and information infrastructure projects.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2151.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.

Noritsu Koki to Make Seismic Solutions Specialist SENQCIA a Wholly Owned Subsidiary

Noritsu Koki has resolved to acquire all shares of SENQCIA CORPORATION and convert it into a wholly owned subsidiary, positioning the deal as a strategic move to establish a new growth pillar and expand the peripheral domains of its Parts/Materials segment. SENQCIA, a pioneer in building structural components and raised flooring with industry-leading products such as free access floors, Racklock seismic anchoring systems, and advanced seismic reinforcement solutions, holds top market share in its niche and plays a key role in supporting infrastructure for data centers, offices, and modern buildings. Noritsu Koki expects the acquisition to accelerate group-wide growth, improve ROE targets set in its medium-term plan, enhance stable shareholder returns, and diversify business risk by strengthening its domestic portfolio amid ongoing global expansion.

The most recent analyst rating on (JP:7744) stock is a Buy with a Yen2151.00 price target. To see the full list of analyst forecasts on Noritsu Koki Co., Ltd. stock, see the JP:7744 Stock Forecast page.