Fujitsu Limited FJTSY

Information TechnologySoftware & IT ServicesJapan

Last close 28.47 USD on Nov 1, 2026, −15.1% year to date

Quant rating

Quant rating C Rank 123 of 200 in Information Technology

Growth D 167 of 200
Valuation B 32 of 200
Quality D 183 of 200
Revisions B 58 of 200
Momentum C 85 of 200

Wall Street consensus Strong Buy (1.00)Average target 32.26 USD +13.3%

Historical valuation

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

Key data

Market cap: 40.0B
Enterprise value: 37.1B
52-week range: 19.10 – 30.05
3-year range: 12.90 – 30.05
Dividend yield: 1.38%
Beta (5 years): 0.87
Shares outstanding: 1,740M
Next earnings: Jan 29, 2027

About the company

Fujitsu Ltd is a Japan-based company engaged in a total solutions business in the field of information and communications technology (ICT), providing a variety of services, as well as comprehensive services ranging from the development, manufacture, and sales of products and electronic devices that support these services, to maintenance and operation. The company operates in four business segments. The Service Solutions segment provides consulting services, cloud services, and other services. The Hardware Solutions segment provides system products, mainly sales and maintenance services for hardware such as servers and storage systems that form the foundation of ICT, as well as communications infrastructure such as cell phone base stations and optical transmission systems. The Ubiquitous Solutions segment mainly develops, designs, manufactures, and sells personal computers. The Device Solutions segment mainly provides electronic components such as semiconductor packages and batteries.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	22,072	23,675	24,824	27,967	29,482	–
Revenue growth	−6.8%	−4.6%	−11.2%	−5.1%	−9.1%	−7.4%
EPS (basic, normalized)	1.69	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	35.6%	32.9%	31.0%	30.8%	31.2%	32.3%
Net margin	8.7%	5.6%	6.8%	5.8%	5.1%	6.4%
ROE	16.1%	11.3%	15.2%	13.5%	12.0%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,627
Current ratio	1.83x
Long-term debt (mil)	547
Net debt (mil)	−2,738
Total equity (mil)	12,979
Net debt / equity	−0.21x
Net debt / EBITDA	−0.84x

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
2026 actual	22,072	−6.8%	1.7x	3,248	–	11.4x	1.69	–	16.8x
2027	22,469	+1.8%	1.7x	–	–	–	1.11	−34.4%	25.6x
2028	23,485	+4.5%	1.6x	3,935	–	9.4x	1.34	+20.7%	21.2x

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
2027	22,469	0.0%	+3.0%	−4.1%	1.11	0.0%	+1.8%	0.0%
2028	23,485	0.0%	+3.2%	–	1.34	0.0%	+5.5%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	6,705	4,889
Sales mean (mil)	–	–	–	–	–	–	–	5,644	7,151	4,666
Surprise	–	–	–	–	–	–	–	–	−6.2%	+4.8%
EPS reported	–	–	–	–	–	–	–	–	0.39	0.14
EPS mean	–	–	–	–	–	–	–	0.31	0.37	0.12
Surprise	–	–	–	–	–	–	–	–	+4.9%	+20.8%

Peer comparison Software & IT Services

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
FJTSY Fujitsu Limited	40.0B	−0.84x	8.7%	3.07x	25.6x	21.2x	–	9.4x
6701 NEC Corporation	42.0B	0.65x	7.5%	2.86x	20.8x	18.1x	11.5x	10.2x
INFY Infosys Limited	50.4B	−0.68x	16.5%	4.84x	15.5x	14.9x	9.9x	9.5x
HCLT HCL Technologies Ltd	40.6B	−0.67x	12.8%	5.09x	19.3x	18.4x	12.3x	11.6x
IBM International Business Machines Corp	243.7B	2.78x	17.4%	6.86x	20.8x	19.4x	14.6x	13.7x
ACN Accenture PLC	152.6B	−0.07x	11.3%	4.87x	17.6x	16.2x	10.1x	9.6x
Mean		0.20x	12.4%	4.60x	19.9x	18.0x	11.7x	10.7x
Median		−0.37x	12.0%	4.86x	20.0x	18.3x	11.5x	9.9x

Technical analysis

1M−8.4%
3M+1.3%
1Y−9.5%
3Y+92.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fujitsu Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	22,072	23,675	24,824	27,967	29,482	32,427
Cost of revenue	14,215	15,886	17,125	19,351	20,288	22,669
Gross profit	7,856	7,789	7,698	8,616	9,195	9,758
Selling, general & administrative expenses	5,587	5,916	5,978	6,423	7,009	7,539
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−42.7	−14.7	775	−405	356	−177
Other operating expenses	117	120	−114	69.7	28.1	−9.3
Operating income	2,195	1,768	1,059	2,527	1,802	2,406
Net interest income (expense)	362	64.6	115	251	144	158
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	20.0	−8.8	3.6	22.5	27.0	73.1
Net income before taxes	2,577	1,824	1,178	2,800	1,973	2,636
Provision for taxes	635	426	−585	956	221	708
Minority interest	−32.9	−82.2	−80.6	−224	−250	−97.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,910	1,315	1,682	1,620	1,502	1,831
Extraordinary items	922	150	–	–	–	–
Net income	2,832	1,466	1,682	1,620	1,502	1,831
EBIT, normalized	2,152	1,753	1,834	2,123	2,157	2,229
EBITDA, normalized	3,042	2,826	2,934	3,468	3,657	3,798
Basic EPS, normalized	1.69	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fujitsu Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,838	1,574	2,261	2,680	3,978	4,353
Receivables	7,405	7,683	7,642	8,570	8,689	9,130
Total inventory	1,286	1,373	1,975	2,538	2,547	2,141
Prepaid expenses	–	–	–	–	–	–
Other current assets	713	3,491	655	654	747	1,297
Total current assets	12,241	14,122	12,533	14,443	15,961	16,920
Property, plant & equipment	2,274	2,461	3,985	4,309	4,695	5,145
Goodwill	838	522	530	415	390	373
Intangibles	1,490	1,528	1,410	1,101	1,100	1,088
Long-term investments	1,526	1,739	1,973	2,644	2,764	2,993
Note receivable	–	–	–	–	–	–
Other long-term assets	3,053	2,954	2,798	1,680	2,476	2,299
Total assets	21,421	23,326	23,229	24,592	27,386	28,818
Liabilities
Accounts payable	2,423	2,670	2,974	3,451	3,820	4,185
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,886	1,899	1,888	2,156	2,213	2,444
Short-term debt	11.1	722	622	440	698	617
Current portion of long-term debt	259	258	281	340	689	958
Other current liabilities	2,418	3,467	2,900	3,225	3,435	3,445
Total current liabilities	6,997	9,017	8,665	9,613	10,856	11,649
Long-term debt	569	668	720	810	958	1,283
Minority interest	124	1,074	1,100	1,130	1,028	874
Other liabilities	973	957	1,162	1,090	1,469	1,913
Total liabilities	8,663	11,716	11,648	12,642	14,311	15,719
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,052	2,172	2,152	2,445	2,668	2,932
Additional paid-in capital	653	1,478	1,585	1,826	1,998	2,179
Retained earnings (accumulated deficit)	9,661	11,344	9,830	9,237	8,946	8,213
Treasury stock	−68.2	−3,733	−2,517	−2,091	−1,059	−718
Other equity	461	350	531	533	522	493
Total equity	12,759	11,610	11,581	11,950	13,075	13,100
Total liabilities & shareholders' equity	21,421	23,326	23,229	24,592	27,386	28,818

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fujitsu Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	2,577	2,020	1,178	2,800	1,973	2,636
Depreciation, depletion & amortization	890	1,073	1,226	1,350	1,532	1,588
Deferred taxes	–	–	–	–	–	–
Non-cash items	−281	−372	88.4	−588	−373	−397
Changes in working capital	−1,056	−694	−449	−1,903	−1,090	−1,046
Cash from operations	2,130	2,027	2,044	1,659	2,041	2,782
Investing activities
Capital expenditures	−687	−1,073	−1,294	−1,266	−1,177	−1,163
Other investing cash flows	1,597	478	255	944	690	517
Cash from investing	910	−595	−1,039	−322	−487	−646
Financing activities
Financing cash flow items	−3.2	−164	−40.3	−8.8	−15.6	−175
Cash dividends paid	−324	−330	−311	−340	−343	−362
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,065	−1,110	−848	−2,012	−1,234	−1,447
Cash from financing	−2,393	−1,604	−1,199	−2,362	−1,592	−1,984
Foreign exchange effects	173	24.7	104	59.8	55.8	109
Net change in cash	821	−147	−91.0	−965	18.0	260
Free cash flow	1,444	954	749	393	864	1,619

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.