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Nikon Corporation (NINOY)
OTHER OTC:NINOY
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Nikon
(OTC:NINOY)
Rating:60Neutral
Price Target:―
Nikon (NINOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.11B
Dividend Yield1.93%
Average Volume (3M)31.00
Price to Earnings (P/E)84.7
Beta (1Y)0.70
Revenue Growth-7.04%
EPS Growth-56.71%
CountryUS
Employees19,444
SectorConsumer Cyclical
Sector Strength56
IndustryLeisure
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding333,585,700
10 Day Avg. Volume0
30 Day Avg. Volume31
Financial Highlights & Ratios
PEG Ratio1.36
Price to Book (P/B)0.79
Price to Sales (P/S)0.00
P/FCF Ratio-14.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Nikon Business Overview & Revenue Model
Company DescriptionNikon Corporation manufactures and sells optical instruments in Japan, North America, Europe, China, Thailand, and internationally. It operates through three segments: Imaging Products Business, Precision Equipment Business, and Healthcare Business. The Imaging Products Business segment develops, manufacture, sells, and services digital SLR cameras, compact digital cameras, and interchangeable camera lenses. The Precision Equipment Business segment provides FPD lithography systems and semiconductor lithography systems. The Healthcare Business segment offers biological microscopes, cell culture observation systems, and ultra-wide field retinal imaging devices. In addition, the company provides industrial microscopes, measuring instruments, non-contact 3D metrology systems, X-ray/CT inspection systems, and surveying instruments; and customized products, glass, encoders, and ophthalmic lenses. Further, it offers photomask substrates, camera components, sport optics products, and molded optical glasses; and develops and supports computer software. Nikon Corporation was incorporated in 1917 and is headquartered in Tokyo, Japan.
How the Company Makes MoneyNikon makes money through a diversified revenue model that includes several key streams. The imaging products business is a significant contributor, with revenue generated from the sale of digital cameras, interchangeable lenses, and associated accessories. Nikon's precision equipment segment, which offers semiconductor lithography systems, provides another vital revenue stream, capitalizing on the demand from the semiconductor manufacturing industry. Additionally, Nikon's healthcare business, which includes microscopes and medical imaging solutions, adds to its earnings. The company also benefits from its partnerships and collaborations with other technology firms and research institutions, enhancing its product offerings and market reach. Currency fluctuations, global economic conditions, and technological advancements are significant factors that influence Nikon's financial performance.
Nikon Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q4-2025)
| % Change Since: 3.61%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
While Nikon experienced growth in imaging products, healthcare, and digital manufacturing, significant challenges were faced in semiconductor lithography and industrial areas. The completion of a share buyback and a positive outlook for FY 2026 are counterbalanced by major one-time costs and dividend reductions.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 due to strong demand in China and new wireless cameras.
Healthcare Business Growth
Despite challenges in life sciences, the Healthcare Business saw growth in eye care solutions and contract cell development manufacturing, leading to higher revenue year-on-year.
Digital Manufacturing Expansion
The Digital Manufacturing Business saw a 33% year-on-year growth in sales of NXG series, largely in the aerospace and defense sectors.
Share Buyback Completion
A ¥30 billion share buyback was completed, contributing to a total shareholder return ratio of 765.8%.
Positive Outlook for FY 2026
For FY 2026, Nikon expects operating profit of ¥36 billion, a significant ¥33.6 billion increase from the previous year due to the absence of one-time costs and improved profitability.
Negative Updates
Decline in Semiconductor Lithography
Sales of new semiconductor lithography systems declined, leading to an overall revenue drop of ¥17.4 billion in the Precision Equipment Business.
Significant One-Time Costs
Nikon recorded a ¥27.2 billion in one-time costs, which significantly reduced overall profit for FY 2025.
Profit Decline in Components Business
Revenue dropped by ¥11.8 billion and operating profit fell by ¥8 billion in the Components Business due to declines in EUV-related components and other parts.
Dividend Reduction
Nikon revised its annual dividend downward by ¥5 to ¥50 per share due to the financial shortfall.
Underperformance in Industrial Areas
The semiconductor market downturn and upfront investment burdens led to underperformance in industrial areas, impacting overall profitability.
Company Guidance
During the call, Nikon provided guidance for FY 2026, projecting revenue of ¥710 billion, operating profit of ¥36 billion, and profit attributable to owners of the parent at ¥30 billion. These figures indicate an anticipated significant increase in operating profit by ¥33.6 billion, driven mainly by improved profitability across businesses and the absence of prior one-time costs totaling ¥27.2 billion. However, despite expectations of growth in the components and digital manufacturing segments, overall revenue is expected to remain flat due to a stronger yen and weaker sales in semiconductor lithography within the precision equipment sector. The company also revised its dividend projection, maintaining it at ¥50 per share for FY 2026, and highlighted a projected shareholder return ratio of 54.8% for the current fiscal year. Additionally, Nikon aims to achieve a cumulative shareholder return ratio of approximately 111.3% over the four-year mid-term plan. The call outlined strategic focuses for each business segment, including expanding user bases in imaging products, leveraging synergies in healthcare, and emphasizing next-generation lithography in precision equipment. The company remains committed to long-term growth, targeting ¥1 trillion in revenue and a 10% operating margin by FY 2030.Nikon Financial Statement Overview
Summary
Nikon's financial performance reflects a mixed bag. The income statement shows growth with a 14.18% revenue increase, but operational efficiencies need improvement as EBIT and EBITDA margins have declined. The balance sheet is strong with low leverage and a high equity ratio, but rising liabilities could pose risks. Cash flow is a concern due to negative free cash flow, indicating a need for better cash management strategies.Income Statement
Nikon's income statement shows a moderate performance with a recent decrease in revenue but improvement in margins. The gross profit margin for the latest annual report is approximately 43.23% and the net profit margin is 4.54%. The revenue growth rate from the previous year was 14.18%, indicating a positive trend after a decline in earlier years. However, the EBIT and EBITDA margins show a decline from the previous year, suggesting some operational efficiency challenges.70
Positive
Balance Sheet
The balance sheet of Nikon reveals a strong equity base with a debt-to-equity ratio of 0.24, indicating low leverage. The return on equity (ROE) is approximately 4.76%, reflecting moderate profitability for shareholders. The equity ratio is 59.61%, demonstrating a solid financial position with more than half of the assets financed by equity. However, the total liabilities have increased over time, which might present future risk if not managed properly.75
Positive
Cash Flow
Nikon's cash flow statement indicates challenges in generating free cash flow, with a negative free cash flow reported in the latest year. Nevertheless, the operating cash flow to net income ratio is 0.94, suggesting a close relation between cash generated and net income. The free cash flow growth rate is negative, highlighting a need for improvement in cash management strategies to support sustainable operations and growth.60
Neutral
| Breakdown | |||||
| TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 723.00B | 717.25B | 628.11B | 539.61B | 451.22B | 591.01B | Gross Profit |
| 318.56B | 310.05B | 277.73B | 225.97B | 145.24B | 209.09B | EBIT |
| 41.97B | 41.99B | 57.95B | 46.61B | -25.43B | 16.34B | EBITDA |
| 78.80B | 77.73B | 86.83B | 71.01B | -15.08B | 51.21B | Net Income Common Stockholders |
| 32.75B | 32.57B | 44.94B | 42.68B | -34.50B | 7.69B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 195.65B | 222.55B | 211.34B | 370.28B | 351.80B | 324.03B | Total Assets |
| 1.19T | 1.15T | 1.05T | 1.04T | 989.74B | 1.01T | Total Debt |
| 169.59B | 166.71B | 158.10B | 153.10B | 147.63B | 139.14B | Net Debt |
| -26.07B | -39.94B | -53.24B | -217.18B | -204.17B | -184.90B | Total Liabilities |
| 488.55B | 462.02B | 431.92B | 439.60B | 451.01B | 464.12B | Stockholders Equity |
| 704.48B | 683.79B | 614.97B | 597.68B | 537.59B | 540.65B |
| Cash Flow | Free Cash Flow | ||||
| -7.75B | -24.45B | -33.01B | 7.53B | -18.13B | -9.01B | Operating Cash Flow |
| 48.29B | 30.77B | 15.00M | 31.35B | 4.97B | 16.42B | Investing Cash Flow |
| -74.20B | -41.41B | -112.15B | -385.00M | 18.02B | -21.28B | Financing Cash Flow |
| -8.40B | -8.94B | -56.21B | -26.15B | -4.99B | -72.74B |
Nikon Technical Analysis
Positive
10.05
Price Trends
9.93
Positive
10.22
Negative
10.68
Negative
Market Momentum
<0.01
Negative
52.88
Neutral
51.57
Neutral
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 10.05 is above the 20-day moving average (MA) of 9.90, above the 50-day MA of 9.93, and below the 200-day MA of 10.68, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.88 is Neutral, neither overbought nor oversold. The STOCH value of 51.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NINOY.
Nikon Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $4.16B | 19.66 | 27.15% | 1.33% | 2.07% | 24.87% | |
75 Outperform | $2.44B | 14.13 | 25.01% | ― | 8.38% | 3.69% | |
68 Neutral | $2.96B | 9.10 | 10.84% | 3.07% | -17.15% | -40.76% | |
63 Neutral | $3.38B | 15.75 | 12.34% | 2.00% | -1.69% | -4.01% | |
63 Neutral | $3.46B | 17.72 | 13.38% | ― | 22.52% | -18.73% | |
62 Neutral | $6.80B | 11.04 | 2.79% | 4.42% | 2.67% | -25.07% | |
60 Neutral | $3.11B | 84.71 | 0.91% | 1.93% | -7.04% | -56.71% |
* Consumer Cyclical Sector Average
Performance Comparison
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10.05
0.20
2.03%
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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.