Nissha Co.Ltd. (7915) AI Stock Analysis

• Market Cap: ¥63.96B
• Dividend Yield: 4%
• Average Volume (3M): 132.64K
• Price to Earnings (P/E): 64.5
• Beta (1Y): 1.00
• Revenue Growth: 0.12%
• EPS Growth: -105.94%
• Country: JP
• Employees: 5,397
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 10.47
• Shares Outstanding: 48,016,100
• 10 Day Avg. Volume: 180,900
• 30 Day Avg. Volume: 132,636
• PEG Ratio: -0.80
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 14.89
• 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): 81.47
• Revenue Forecast (FY): ¥194.46B

• Rating: 56 Neutral
• Price Target: ¥1,332.00 ▲(6.56% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improving fundamentals since 2023, but tempered by sharply weaker 2025 profitability and rising leverage. Technicals are mildly supportive with neutral momentum, while the high P/E valuation offsets the benefit of the dividend yield.

Positive Factors

Revenue Recovery and Growth

Sustained multi-year revenue rebound signals durable demand recovery across end markets (automotive, devices, healthcare). Strong top-line momentum provides scale benefits, supports capacity utilization and underpins the company’s ability to invest in product development and customer relationships over the next 2–6 months.

Improving Cash Generation

Movement from negative to materially positive free cash flow indicates the business can generate operating liquidity as volumes recover. Improved cash generation enhances financial flexibility to fund capex, R&D, and working capital, reducing reliance on external financing in the medium term.

Sizable Equity Base / Acceptable Solvency

A substantial equity cushion relative to debt provides solvency resilience against cyclical shocks. While leverage has risen, the existing equity base gives the company room to manage liabilities and support strategic investments without immediate solvency pressure, important for longer-term stability.

Negative Factors

Margin Compression and Profitability Decline

A sharp decline in net and operating margins signals weaker pricing power or higher structural costs. Sustained margin compression erodes return on capital, limits reinvestment capacity, and increases vulnerability to cost shocks, making earnings less resilient over the medium term.

Rising Leverage Trend

An upward leverage trajectory reduces financial flexibility and increases interest and refinancing risk. If earnings remain volatile, higher leverage can magnify downside under stress, constrain strategic options, and force prioritization of debt service over growth investments.

Weak Cash Conversion and Coverage

Low operating cash flow coverage and FCF below net income indicate earnings are not fully converting to cash. Persistent weak conversion stresses liquidity, limits capacity to sustainably fund dividends or capex from operations, and raises reliance on external funding in adverse scenarios.

Nissha Co.Ltd. Business Overview & Revenue Model

Company Description

Nissha Co., Ltd. engages in industrial materials, devices, medical technologies, and information and communication in Japan and internationally. The company provides in-mold decoration technology, in-mold electronics, transfer foil, printed electronics, molding, CMF design sample book; metallized paper for packaging and labels, wrapping, direct food contact, and innerliners; and material consulting; provide sensing technologies for various markets, such as smartphones and automotive. It also offers force and gas sensors; and finished products. In addition, it design medical device; manufacturing services; healthcare product solutions; custom labeled medical products; and support communication activities. The company was formerly known as Nissha Printing Co., Ltd. and changed its name to Nissha Co., Ltd. in October 2017. Nissha Co., Ltd. was founded in 1929 and is headquartered in Kyoto, Japan.

How the Company Makes Money

Nissha generates revenue through multiple key streams, primarily from the sale of printed electronics and touch panel sensors, which are utilized in consumer electronics, automotive displays, and medical devices. The company also profits from its custom printing services and decorative films used in product packaging and branding. Significant partnerships with major technology and automotive firms enhance its market reach and contribute to steady demand for its products. Additionally, Nissha invests in R&D to innovate and expand its product offerings, ensuring a competitive edge and bolstering revenue growth.

Nissha Co.Ltd. Financial Statement Overview

Summary

Revenue and free cash flow recovered strongly from the 2023 trough, but profitability deteriorated in 2025 (net margin ~0.5% and weaker ROE), and leverage has been rising (debt-to-equity up to ~0.72). Fundamentals are improving, but margin stability and cash conversion remain key risks.

Income Statement

Revenue rebounded strongly after the 2023 downturn, with growth of ~17% in 2024 and ~126% in 2025, indicating a recovery in demand. However, profitability has not recovered to prior-cycle levels: net margin fell sharply from ~2.0% (2024) to ~0.5% (2025), and operating margin also compressed (from ~3.0% to ~2.7%). The company has proven it can generate strong earnings in better years (e.g., 2021–2022), but results over the last three years show elevated volatility and weaker earnings quality versus its own history.

Balance Sheet

The balance sheet is generally supported by a sizable equity base (equity ~115B vs. debt ~83B in 2025), but leverage has been trending higher, with debt-to-equity rising from ~0.50 (2023) to ~0.72 (2025). Returns on equity have also weakened materially versus peak levels, dropping to ~0.9% in 2025 after ~3.4% in 2024, signaling reduced profitability efficiency. Overall, solvency looks acceptable, but the direction of leverage and softer returns are key watch items.

Cash Flow

Cash generation improved meaningfully from 2023 (negative free cash flow) to solidly positive levels in 2024–2025, with free cash flow up sharply in 2025. That said, cash flow coverage is not particularly strong in the latest year (operating cash flow coverage ~0.13 in 2025 vs. ~0.19 in 2024), and free cash flow remains below net income in both 2024 and 2025, suggesting conversion could be better. The trajectory is positive, but consistency and conversion strength remain mixed.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	194.90B	195.60B	167.73B	193.96B	189.28B
Gross Profit	43.70B	43.80B	32.62B	42.42B	44.47B
EBITDA	15.65B	15.33B	8.20B	22.78B	29.73B
Net Income	1.00B	3.86B	-2.99B	10.14B	15.86B
Balance Sheet
Total Assets	250.12B	250.78B	217.85B	230.21B	209.27B
Cash, Cash Equivalents and Short-Term Investments	39.21B	51.15B	37.85B	54.71B	42.48B
Total Debt	82.87B	72.78B	55.77B	57.55B	49.95B
Total Liabilities	132.24B	135.26B	107.00B	118.69B	111.01B
Stockholders Equity	115.32B	114.17B	110.91B	111.55B	98.28B
Cash Flow
Free Cash Flow	3.98B	5.55B	-3.99B	5.97B	11.13B
Operating Cash Flow	10.34B	12.31B	1.49B	12.04B	18.79B
Investing Cash Flow	-16.74B	-11.43B	-8.02B	-4.38B	-6.87B
Financing Cash Flow	-5.47B	9.15B	-12.63B	1.08B	2.61B

Nissha Co.Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1250.00
• 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:7915, the sentiment is Positive. The current price of 1250 is below the 20-day moving average (MA) of 1330.15, below the 50-day MA of 1292.16, and below the 200-day MA of 1285.62, indicating a bullish trend. The MACD of 15.20 indicates Positive momentum. The RSI at 60.22 is Neutral, neither overbought nor oversold. The STOCH value of 68.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7915.

Nissha Co.Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6806	78 Outperform	¥766.87B	25.94	8.09%	2.85%	11.18%	-0.75%
5214	76 Outperform	$555.24B	17.99	-0.30%	2.16%	1.90%	-105.45%
4186	75 Outperform	¥1.14T	33.11	14.01%	1.08%	19.45%	41.03%
4980	70 Outperform	¥443.63B	16.99	―	2.18%	-6.10%	-7.03%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
7915	56 Neutral	¥63.96B	64.52	-0.07%	4.00%	0.12%	-105.94%
6976	56 Neutral	¥602.32B	88.44	―	2.57%	4.81%	-49.43%

Nissha Co.Ltd. Corporate Events

Nissha Beats FY2025 Forecasts on M&A and FX Gains but Trails Prior-Year Profits

Nissha reported that its fiscal 2025 results modestly exceeded its prior forecast, with net sales rising to ¥194.9 billion and operating profit reaching ¥4.0 billion, supported by steady demand in its Industrial Materials, Devices, and Medical Technologies segments and a weaker-than-expected yen. However, both sales and profitability remained below the previous year’s levels.

Profit before tax and profit attributable to owners of the parent significantly outpaced earlier guidance, driven mainly by gains from the fair value remeasurement of liabilities tied to the 2024 acquisition of Isometric Intermediate LLC and foreign exchange gains recorded in the fourth quarter. The performance underscores the growing financial impact of recent M&A activity and currency tailwinds on Nissha’s earnings profile, even as underlying profitability has yet to recover to prior-year highs.

The most recent analyst rating on (JP:7915) stock is a Hold with a Yen1395.00 price target. To see the full list of analyst forecasts on Nissha Co.Ltd. stock, see the JP:7915 Stock Forecast page.

Nissha Maintains Dividend as 2025 Profit Slumps, Forecasts Earnings Rebound in 2026

Nissha reported essentially flat net sales of ¥194.9 billion for the year ended December 31, 2025, but saw a sharp deterioration in profitability, with operating profit down 26% to ¥4.0 billion and profit attributable to owners of the parent plunging 74% to ¥1.0 billion. Key profitability ratios declined, cash and cash equivalents fell to ¥39.2 billion amid negative investing and financing cash flows, yet the company maintained an annual dividend of ¥50 per share, resulting in a significantly higher payout ratio and signaling a commitment to shareholder returns despite earnings pressure.

The company forecasts a modest 1.7% decline in full-year 2026 net sales to ¥191.5 billion but expects a substantial rebound in earnings, guiding for operating profit of ¥6.6 billion and profit attributable to owners of the parent of ¥2.3 billion, more than doubling year on year. While it anticipates a loss in the first half of 2026, the full-year outlook points to improved margin recovery and suggests management is focused on restoring profitability and stabilizing its financial position for stakeholders.

The most recent analyst rating on (JP:7915) stock is a Hold with a Yen1395.00 price target. To see the full list of analyst forecasts on Nissha Co.Ltd. stock, see the JP:7915 Stock Forecast page.

Nissha to Acquire Vietnam’s USM Healthcare, Expanding Medical Device Footprint in Southeast Asia

Nissha Co., Ltd. has decided to acquire 60% of the shares of USM Healthcare Medical Devices Factory Joint Stock Company, a Ho Chi Minh City–based manufacturer of cardiology stents and orthopedic devices, thereby making it a subsidiary and specified subsidiary given the relative size of its capital. With USM Healthcare’s vertically integrated model from design and development through regulatory approval, manufacturing and sales, and its status as Vietnam’s only domestic stent producer benefiting from supportive local policies, Nissha gains a competitive and growing production base in Southeast Asia’s rapidly expanding medical devices market. Nissha and its local unit Nissha Vietnam Co., Ltd. will hold 59.99% and 0.01% of USM Healthcare respectively, and plan to combine Nissha’s global CDMO know-how, quality management, and customer networks in the US and Japan with USM Healthcare’s capabilities to strengthen and streamline existing operations while accelerating geographic expansion of medical device CDMO services across Southeast Asia.

The most recent analyst rating on (JP:7915) stock is a Hold with a Yen1395.00 price target. To see the full list of analyst forecasts on Nissha Co.Ltd. stock, see the JP:7915 Stock Forecast page.

Nissha Co., Ltd. Announces Treasury Stock Cancellation

Nissha Co., Ltd. announced the cancellation of 2,839,538 treasury shares, representing 5.58% of the total issued shares, to address concerns about stock dilution and increase the free float ratio. This strategic move is scheduled for December 4, 2025, and aims to strengthen the company’s market position by enhancing shareholder value and market liquidity.

The most recent analyst rating on (JP:7915) stock is a Hold with a Yen1202.00 price target. To see the full list of analyst forecasts on Nissha Co.Ltd. stock, see the JP:7915 Stock Forecast page.