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Nikon
(OTC:NINOY)
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Rating:48Neutral
Price Target:
$12.50
▼(-8.89% Downside)
Action:Reiterated
Date:08/10/26
The score is held down primarily by deteriorating financial performance: a sharp swing into losses, negative margins, and weak/negative free cash flow despite strong revenue growth and only moderate leverage. Technical indicators are broadly neutral with slightly weak near-term momentum, while valuation is mixed due to a negative P/E (loss-making) partially offset by a modest dividend yield.
Positive Factors
Diversified Business Model
Nikon’s mix of consumer imaging, industrial/precision (semiconductor/display equipment, metrology) and after-sales services creates multiple revenue channels. This structural diversification reduces reliance on any single cycle and supports recurring service revenues and parts attach rates over the medium term.
Negative Factors
Profitability Collapse
Negative operating and net margins mean core operations are not generating profit, eroding retained earnings and reducing capacity to reinvest. If losses persist, Nikon’s ability to fund growth projects, R&D, and shareholder returns will be constrained until structural margin recovery occurs.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Business Model
Nikon’s mix of consumer imaging, industrial/precision (semiconductor/display equipment, metrology) and after-sales services creates multiple revenue channels. This structural diversification reduces reliance on any single cycle and supports recurring service revenues and parts attach rates over the medium term.
Read all positive factors
Nikon (NINOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.01B
Dividend Yield1.93%
Average Volume (3M)5.00
Price to Earnings (P/E)―
Beta (1Y)0.41
Revenue Growth-6.62%
EPS Growth-808.36%
CountryUS
Employees19,928
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)-291.52
Shares Outstanding333,585,700
10 Day Avg. Volume0
30 Day Avg. Volume5
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.08
Price to Sales (P/S)0.89
P/FCF Ratio-14.64
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.19
Revenue Forecast (FY)$4.48B
Nikon Business Overview & Revenue Model
Company Description
Established in Tokyo, Japan, in 1917, Nikon Corporation is a global leader in the production and distribution of precision optical instruments. Its global presence covers Japan, North America, Europe, China, Thailand, and various other internation...
How the Company Makes Money
Nikon primarily makes money by selling products and related services across consumer imaging and industrial/precision markets. A major revenue stream comes from its Imaging business: sales of digital interchangeable-lens cameras (DSLR and mirrorle...
Nikon Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 694.72B | 718.00B | 715.28B | 717.25B | 628.11B | 539.61B |
| Gross Profit | 279.23B | 270.69B | 311.97B | 310.05B | 277.73B | 225.97B |
| EBITDA | -56.02B | 32.97B | 55.72B | 77.73B | 86.83B | 71.01B |
| Net Income | -95.97B | -91.28B | 6.12B | 32.57B | 44.94B | 42.68B |
Balance Sheet | ||||||
| Total Assets | 1.09T | 1.08T | 1.11T | 1.15T | 1.05T | 1.04T |
| Cash, Cash Equivalents and Short-Term Investments | 156.02B | 158.72B | 166.71B | 222.55B | 212.58B | 370.28B |
| Total Debt | 217.97B | 220.91B | 193.57B | 166.71B | 134.02B | 130.06B |
| Total Liabilities | 499.06B | 488.92B | 471.29B | 462.02B | 431.92B | 439.60B |
| Stockholders Equity | 589.44B | 589.33B | 637.98B | 683.79B | 614.97B | 597.68B |
Cash Flow | ||||||
| Free Cash Flow | -24.40B | -43.45B | -21.40B | -24.45B | -33.01B | 7.53B |
| Operating Cash Flow | 12.09B | -4.71B | 48.26B | 30.77B | 15.00M | 31.35B |
| Investing Cash Flow | -13.78B | -13.36B | -69.99B | -41.41B | -112.15B | -385.00M |
| Financing Cash Flow | -19.36B | 909.74M | -19.81B | -8.94B | -56.21B | -26.15B |
Nikon Technical Analysis
Positive
13.72
Price Trends
13.01
Negative
12.55
Positive
12.22
Positive
Market Momentum
-0.11
Negative
50.29
Neutral
81.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NINOY, the sentiment is Positive. The current price of 13.72 is above the 20-day moving average (MA) of 12.73, above the 50-day MA of 13.01, and above the 200-day MA of 12.22, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 50.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NINOY.
Nikon Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $5.26B | 24.47 | 25.98% | 0.94% | 8.77% | -2.02% | |
62 Neutral | $499.63M | -61.77 | -1.90% | 2.87% | 17.49% | 82.16% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $2.94B | 33.63 | 3.97% | ― | -37.17% | 84.41% | |
56 Neutral | $139.75M | -4.44 | -15.46% | 3.07% | -0.10% | 61.92% | |
54 Neutral | $160.22M | -17.54 | -5.50% | ― | -14.30% | -10604.41% | |
48 Neutral | $4.01B | -7.14 | -14.01% | 1.81% | -6.62% | -808.36% |
* Consumer Cyclical Sector Average
NINOY
Nikon
12.86
3.25
33.77%
CLAR
Clarus
3.65
0.25
7.32%
CALY
Callaway Golf
16.48
6.67
67.99%
GOLF
Acushnet Holdings
90.06
13.01
16.89%
JOUT
Johnson Outdoors
48.18
9.62
24.95%
AOUT
American Outdoor Brands
12.81
3.26
34.14%
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.