CANON INC. CAJPY

Information TechnologyOffice EquipmentJapan

Last close 29.26 USD on Nov 1, 2026, +3.2% year to date

Quant rating

Quant rating C Rank 136 of 200 in Information Technology

Growth D 143 of 200
Valuation B 57 of 200
Quality C 108 of 200
Revisions D 165 of 200
Momentum B 58 of 200

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 40.1B
Enterprise value: 45.2B
52-week range: 25.07 – 32.34
3-year range: 24.09 – 35.09
Dividend yield: 3.35%
Beta (5 years): 0.61
Shares outstanding: 1,334M
Next earnings: –

About the company

Canon Inc is a Japan-based company mainly engaged in business activities ranging from development and production to sales and service in the fields of printing, medical, imaging, and industrial. The Company consists of four business segments. The Printing Business Unit segment provides digital continuous ledger printers and digital cut sheet printers. The Medical Business Unit segment provides diagnostic ultrasound systems and X-ray systems. The Imaging Business Unit segment is engaged in the provision of interchangeable lens digital cameras, interchangeable lenses, and compact digital cameras. The Industrial Business Unit segment is engaged in the provision of semiconductor lithography equipment. The Company also provides handy terminals and document scanners.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2022	2021	2020	2019	2018	5Y avg
Revenue (mil)	29,523	28,692	29,640	30,748	30,530	–
Revenue growth	2.9%	−3.2%	−3.6%	0.7%	−0.3%	−0.7%
EPS (basic, normalized)	1.80	1.87	0.74	1.07	2.12	–
EPS growth	−3.9%	151.7%	−30.8%	−49.4%	–	–
Gross margin	46.7%	47.5%	47.1%	45.3%	46.3%	46.6%
Net margin	7.2%	3.5%	6.3%	6.1%	6.1%	5.8%
ROE	9.7%	4.8%	8.2%	8.1%	7.9%	7.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,510
Current ratio	1.37x
Long-term debt (mil)	2,570
Net debt (mil)	5,168
Total equity (mil)	21,138
Net debt / equity	0.24x
Net debt / EBITDA	1.17x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2022 actual	29,523	+2.9%	1.5x	4,406	−3.6%	10.3x	1.80	−3.9%	16.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2023	–	–	–	–	–	–	–	–
2024	–	–	–	–	–	–	–	–
2025	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	FQ-2	FQ-1	FQ0
Sales reported (mil)	8,059	7,571	8,402	7,556	7,691	7,198	8,192	–	–	–
Sales mean (mil)	8,047	8,182	9,043	7,451	7,495	7,519	9,235	–	–	–
Surprise	+0.2%	−7.5%	−7.1%	+1.4%	+2.6%	−4.3%	−11.3%	–	–	–
EPS reported	0.53	0.43	0.50	0.38	0.44	0.38	0.59	–	–	–
EPS mean	0.42	0.44	0.49	0.44	0.50	0.48	0.68	–	–	–
Surprise	+27.1%	−2.5%	+2.7%	−14.1%	−12.4%	−20.4%	−13.5%	–	–	–

Peer comparison Office Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CAJPY CANON INC.	40.1B	1.17x	7.2%	1.18x	–	–	–	–
6448 BROTHER INDUSTRIES, LTD.	7.3B	−1.81x	7.0%	1.42x	12.2x	14.3x	5.3x	5.5x
7752 Ricoh Company, Ltd.	6.5B	0.94x	2.1%	0.87x	14.9x	15.2x	5.6x	5.7x
4902 KONICA MINOLTA, INC.	2.1B	2.61x	3.0%	0.60x	11.3x	11.1x	5.8x	5.6x
6588 Toshiba Tec Corp	1.1B	−0.18x	−0.4%	1.61x	15.6x	12.4x	3.7x	3.9x
KODK Eastman Kodak Co	859M	–	−14.5%	1.23x	22.5x	11.2x	6.0x	4.9x
Mean		0.55x	0.7%	1.15x	15.3x	12.9x	5.3x	5.1x
Median		0.94x	2.5%	1.21x	14.9x	12.4x	5.6x	5.5x

Technical analysis

1M+2.5%
3M+8.7%
1Y+6.5%
3Y+44.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CANON INC., fiscal years, most recent first
	2022	2021	2020	2019	2018	2017
Total revenue	29,523	28,692	29,640	30,748	30,530	30,611
Cost of revenue	15,721	15,057	15,682	16,807	16,385	17,284
Gross profit	13,801	13,635	13,958	13,941	14,145	13,327
Selling, general & administrative expenses	8,728	8,658	8,944	8,906	9,198	9,618
Research & development	2,166	2,146	2,353	2,339	2,497	2,638
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	1,050	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	2,907	1,780	2,661	2,695	2,450	1,071
Net interest income (expense)	98.8	134	142	137	215	53.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	71.5	2.0	−33.0	−144	−34.2	138
Net income before taxes	3,077	1,916	2,770	2,688	2,630	1,262
Provision for taxes	791	753	754	704	624	333
Minority interest	−167	−145	−141	−123	−140	−122
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,120	1,018	1,875	1,861	1,866	807
Extraordinary items	–	–	–	–	–	–
Net income	2,120	1,018	1,875	1,861	1,866	807
EBIT, normalized	2,907	2,830	2,661	2,695	2,450	1,071
EBITDA, normalized	4,436	4,337	4,353	4,423	4,372	3,278
Basic EPS, normalized	1.80	1.87	0.74	1.07	2.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CANON INC., fiscal years, most recent first
	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	3,948	3,221	2,872	2,845	3,517	3,950
Receivables	5,700	5,448	5,604	5,786	4,419	5,183
Total inventory	5,365	5,356	5,649	6,165	5,653	5,451
Prepaid expenses	1,693	1,563	1,642	1,647	2,733	2,746
Other current assets	0	0	0	0	0	0
Total current assets	16,706	15,588	15,767	16,444	16,322	17,330
Property, plant & equipment	8,412	8,170	8,663	8,793	9,882	11,091
Goodwill	6,293	5,823	7,411	7,418	8,289	8,868
Intangibles	1,658	1,752	1,949	2,143	2,622	3,085
Long-term investments	196	184	203	217	191	190
Note receivable	2,594	2,472	2,332	2,202	122	167
Other long-term assets	3,305	2,696	2,074	1,647	3,855	4,073
Total assets	39,164	36,686	38,399	38,865	41,283	44,804
Liabilities
Accounts payable	1,984	2,228	2,197	2,715	2,942	2,943
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,301	3,023	2,900	3,044	3,084	3,390
Short-term debt	2,612	2,014	2,729	1,840	379	450
Current portion of long-term debt	651	11.6	9.2	421	11.2	3,349
Other current liabilities	2,330	2,562	2,367	2,394	2,802	2,713
Total current liabilities	10,878	9,838	10,203	10,414	9,218	12,846
Long-term debt	1,947	1,305	20.9	18.4	1,562	46.8
Minority interest	1,802	1,685	1,791	1,799	1,952	2,025
Other liabilities	2,246	2,353	2,614	2,889	3,579	4,945
Total liabilities	16,874	15,180	14,629	15,120	16,311	19,862
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,116	1,112	1,239	1,333	1,519	1,693
Additional paid-in capital	2,610	2,623	2,871	3,088	3,503	3,919
Retained earnings (accumulated deficit)	25,949	24,689	27,384	28,444	31,335	33,696
Treasury stock	−11,861	−9,914	−9,629	−9,598	−10,066	−11,220
Other equity	4,477	2,996	1,905	478	−1,319	−3,146
Total equity	22,291	21,506	23,770	23,744	24,972	24,942
Total liabilities & shareholders' equity	39,164	36,686	38,399	38,865	41,283	44,804

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CANON INC., fiscal years, most recent first
	2022	2021	2020	2019	2018	2017
Operating activities
Net income	2,286	1,163	2,016	1,984	2,006	929
Depreciation, depletion & amortization	1,527	1,498	1,692	1,727	1,923	2,207
Deferred taxes	−58.4	−92.7	−73.4	−59.5	−85.4	−151
Non-cash items	−161	1,058	28.5	−49.3	67.3	51.5
Changes in working capital	−556	233	−465	−1,600	8.9	196
Cash from operations	3,038	3,861	3,199	2,003	3,919	3,233
Investing activities
Capital expenditures	−1,674	−1,508	−1,633	−1,438	−1,541	−1,595
Other investing cash flows	158	−384	−319	58.8	−260	89.9
Cash from investing	−1,516	−1,892	−1,952	−1,379	−1,801	−1,506
Financing activities
Financing cash flow items	−144	−80.7	−55.7	−18.8	−33.3	−30.5
Cash dividends paid	−943	−900	−928	−910	−772	−1,230
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−57.1	−457	−128	−191	−1,518	−517
Cash from financing	−1,144	−1,438	−1,111	−1,120	−2,323	−1,777
Foreign exchange effects	161	106	143	197	150	−0.5
Net change in cash	539	638	278	−300	−54.6	−49.7
Free cash flow	1,364	2,353	1,566	565	2,378	1,638

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.