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Nikon Corporation (NINOY)
:NINOY
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Nikon
(OTC:NINOY)
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Rating:57Neutral
Price Target:
$12.50
▲(3.22% Upside)
Nikon's overall stock score reflects a company facing financial challenges, particularly in revenue growth and cash flow management. While the technical analysis shows some positive trends, the high P/E ratio suggests potential overvaluation. The stable balance sheet is a relative strength, but the need for improved profitability and cash flow stability is significant.
Nikon (NINOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.68B
Dividend Yield2.04%
Average Volume (3M)6.00
Price to Earnings (P/E)44.3
Beta (1Y)0.55
Revenue Growth-2.80%
EPS Growth-65.04%
CountryUS
Employees19,444
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)-0.08
Shares Outstanding333,585,700
10 Day Avg. Volume0
30 Day Avg. Volume6
Financial Highlights & Ratios
PEG Ratio-1.02
Price to Book (P/B)0.80
Price to Sales (P/S)0.71
P/FCF Ratio-23.75
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit0.01
Enterprise Value/Ebitda0.08
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nikon Business Overview & Revenue Model
Company DescriptionNikon Corporation (NINOY) is a global leader in imaging and optical products, primarily known for its cameras, camera lenses, and binoculars. Established in 1917, Nikon operates in several key sectors including consumer and professional imaging, precision equipment, and healthcare. The company offers a wide range of products, including digital single-lens reflex (DSLR) cameras, mirrorless cameras, compact digital cameras, and industrial equipment, catering to both enthusiasts and professionals in photography and videography.
How the Company Makes MoneyNikon generates revenue through multiple streams, primarily from the sale of imaging products such as cameras, lenses, and accessories. The company's revenue model is heavily reliant on consumer electronics sales, with a focus on high-margin products like professional-grade cameras and lenses. Additionally, Nikon has a significant presence in the precision equipment sector, providing products for industrial and scientific applications, further diversifying its revenue base. Strategic partnerships with retailers and online platforms enhance distribution channels, while collaborations with content creators and filmmakers boost brand visibility and product adoption. Service and repair offerings also contribute to recurring revenue, alongside licensing agreements for technology and intellectual property.
Nikon Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 05, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. While there were positive developments in imaging products and expectations for future profitability improvements, significant challenges in semiconductor-related business and operating losses in some segments led to a notable profit shortfall. Despite a positive outlook for the upcoming fiscal year, the overall sentiment is impacted by missed targets and restructuring challenges.Q4-2025 Updates
Positive Updates
Revenue Increase in Imaging Products
The Imaging Products Business saw revenue increase by ¥15.6 billion to ¥295.3 billion, driven by strong demand for new wireless cameras, particularly in China, and the benefit of a weaker yen.
Healthcare and Digital Manufacturing Growth
Healthcare business experienced strong growth in eye care solutions and contract cell development manufacturing. Digital Manufacturing Business saw a 33% year-on-year growth in NXG series sales, with a significant portion directed to the space and defense sector.
Components Business Exceeded Expectations
The Components Business exceeded profit expectations by ¥2.1 billion due to effective cost controls and lower restructuring costs.
Positive Outlook for FY 2026
For FY 2026, Nikon expects a significant ¥33.6 billion increase in operating profit, driven by improved profitability in some businesses and the absence of last year’s ¥27.2 billion in one-time costs.
Negative Updates
Decline in Semiconductor-Related Business
Sales in the Precision Equipment Business declined by ¥17.4 billion due to a decrease in new semiconductor lithography system sales, resulting in a ¥14.1 billion fixed asset impairment loss.
Operating Losses in RED and MRMC
The cinema industry’s sluggish conditions led to operating losses at RED, and there was recognition of fixed asset impairment losses at MRMC, reducing operating profit by ¥5.2 billion.
Profit Shortfall and Dividend Reduction
Profits fell short of expectations, leading to a notable shortfall and a dividend reduction from ¥55 to ¥50 per share.
Challenges in Digital Manufacturing
Digital Manufacturing Business faced operating losses widening by ¥1.2 billion year-on-year to ¥15.2 billion due to increased costs and lower production volume.
Healthcare Business Below Forecast
Healthcare Business came in ¥1.3 billion below forecast due to mixed life sciences solutions sales and the disposal of old inventory.
Company Guidance
During the fiscal year ended March 31, 2025, Nikon reported revenue of ¥715.2 billion, with an operating profit of ¥2.4 billion and a profit attributable to owners of the parent of ¥6.1 billion. Despite growth in imaging products and healthcare sectors, overall revenue slightly declined due to reduced sales in semiconductor-related businesses and precision equipment. The company faced a ¥27.2 billion one-time cost that significantly impacted profits. For FY 2026, Nikon forecasts revenue of ¥710 billion, operating profit of ¥36 billion, and a profit attributable to owners of ¥30 billion, expecting growth in components and digital manufacturing segments. The company aims to improve profitability by eliminating last year's one-time costs and leveraging gains from the sale of idle assets. They have revised dividend projections to ¥50 per share and plan a 54.8% shareholder return ratio for the current fiscal year. Nikon is also focused on long-term growth investments, particularly in professional video cameras, next-generation lithography, and metal additive processing, targeting a revenue of ¥1 trillion and a 10% operating margin by FY 2030.Nikon Financial Statement Overview
Summary
Nikon's financial performance is challenged by a significant decline in revenue growth and operational inefficiencies, as reflected in the income statement. The balance sheet is stable with moderate leverage, but cash flow management shows liquidity concerns. Overall, profitability and cash flow stability need improvement.Income Statement
Nikon's income statement shows a mixed performance. The TTM data indicates a significant decline in revenue growth (-80.7%), which is concerning. Gross profit margin remains healthy at 42.89%, but the net profit margin is low at 1.81%, indicating limited profitability. The negative EBIT margin suggests operational challenges. Overall, the income statement reflects a need for improvement in revenue growth and operational efficiency.45
Neutral
Balance Sheet
The balance sheet is relatively stable with a manageable debt-to-equity ratio of 0.33 in the TTM period, indicating moderate leverage. Return on equity is low at 1.96%, suggesting limited returns for shareholders. The equity ratio is not provided, but the overall balance sheet suggests a stable financial position with room for improvement in profitability.65
Positive
Cash Flow
Cash flow analysis reveals challenges, with a negative free cash flow and a concerning free cash flow to net income ratio of -0.56 in the TTM period. The operating cash flow to net income ratio is low at 0.11, indicating potential liquidity issues. The significant growth in free cash flow is a positive sign, but overall cash flow management needs attention.40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 709.51B | 715.28B | 717.25B | 628.11B | 539.61B | 451.22B |
| Gross Profit | 304.32B | 311.97B | 310.05B | 277.73B | 225.97B | 145.24B |
| EBITDA | 56.58B | 55.72B | 77.73B | 86.83B | 71.01B | -15.08B |
| Net Income | 12.84B | 6.12B | 32.57B | 44.94B | 42.68B | -34.50B |
Balance Sheet | ||||||
| Total Assets | 1.14T | 1.11T | 1.15T | 1.05T | 1.04T | 989.74B |
| Cash, Cash Equivalents and Short-Term Investments | 164.74B | 166.71B | 222.55B | 212.58B | 370.28B | 351.80B |
| Total Debt | 214.56B | 193.57B | 166.71B | 134.02B | 130.06B | 134.07B |
| Total Liabilities | 495.69B | 471.29B | 462.02B | 431.92B | 439.60B | 451.01B |
| Stockholders Equity | 641.49B | 637.98B | 683.79B | 614.97B | 597.68B | 537.59B |
Cash Flow | ||||||
| Free Cash Flow | -19.75B | -21.40B | -24.45B | -33.01B | 7.53B | -18.13B |
| Operating Cash Flow | 35.10B | 48.26B | 30.77B | 15.00M | 31.35B | 4.97B |
| Investing Cash Flow | -58.22B | -69.99B | -41.41B | -112.15B | -385.00M | 18.02B |
| Financing Cash Flow | 1.38B | -19.81B | -8.94B | -56.21B | -26.15B | -4.99B |
Nikon Technical Analysis
Neutral
12.11
Price Trends
11.88
Negative
10.90
Positive
10.56
Positive
Market Momentum
-0.04
Positive
41.07
Neutral
4.30
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NINOY, the sentiment is Neutral. The current price of 12.11 is above the 20-day moving average (MA) of 11.93, above the 50-day MA of 11.88, and above the 200-day MA of 10.56, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 41.07 is Neutral, neither overbought nor oversold. The STOCH value of 4.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NINOY.
Nikon Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.27B | 31.36 | 13.53% | 0.69% | 7.27% | 45.12% | |
68 Neutral | $4.59B | 21.40 | 25.91% | 1.17% | 4.20% | 24.12% | |
64 Neutral | $402.60M | ― | -8.33% | 3.39% | -3.56% | -407.47% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $1.70B | ― | -46.53% | ― | -2.35% | -7104.57% | |
57 Neutral | $3.68B | 44.35 | 1.99% | 2.04% | -2.80% | -65.04% | |
43 Neutral | $86.70M | ― | -2.64% | ― | 5.56% | 56.01% |
* Consumer Cyclical Sector Average
NINOY
Nikon
11.52
-1.55
-11.86%
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Nikon Corporate Events
Nikon Corporation Reports Mixed Q1 2025 Results
Aug 8, 2025
Nikon Corporation is a leading Japanese multinational corporation specializing in optics and imaging products, including cameras, precision equipment, and healthcare solutions, operating primarily in the technology sector.
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.