NIKON CORPORATION NINOY

Consumer DiscretionaryComputers, Phones & Household ElectronicsJapan

Last close 10.72 USD on Nov 3, 2026, −3.4% year to date

Quant rating

Quant rating D Rank 277 of 297 in Consumer Discretionary

Growth D 250 of 297
Valuation D 285 of 297
Quality D 242 of 297
Revisions D 256 of 297
Momentum C 159 of 297

Historical valuation

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

Key data

Market cap: 3.6B
Enterprise value: 4.0B
52-week range: 10.05 – 15.00
3-year range: 8.62 – 15.00
Dividend yield: 2.37%
Beta (5 years): 0.57
Shares outstanding: 334M
Next earnings: Nov 5, 2026

About the company

Nikon Corp is a Japan-based company mainly engaged in the imaging, video, precision machinery, healthcare, components, and digital manufacturing businesses. The Company operates in six business segments. The Imaging Business segment provides products and services such as interchangeable lens digital cameras, digital cameras with integrated lens and interchangeable lenses. The Precision Equipment Business segment provides products and services for flat panel display (FPD) lithography equipment and semiconductor lithography equipment. The Healthcare Business segment provides products and services of biological microscopes and ultra-wide-angle scanning laser ophthalmoscopes. The Components Business segment provides products and services such as optical components, optical parts, encoders and materials processing. The Digital Manufacturing Business segment provides products and services of industrial microscopes and measuring instruments. The Others segment engages in other businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	4,267	4,770	4,740	4,730	4,435	–
Revenue growth	−10.6%	0.6%	0.2%	6.6%	8.8%	0.9%
EPS (basic, normalized)	–	–	0.93	1.03	−0.89	–
EPS growth	–	–	−10.0%	–	–	–
Gross margin	40.9%	43.6%	43.2%	46.0%	43.7%	43.5%
Net margin	−12.7%	0.9%	4.5%	7.2%	7.9%	1.5%
ROE	−14.1%	0.9%	5.0%	7.4%	7.5%	1.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	994
Current ratio	1.91x
Long-term debt (mil)	752
Net debt (mil)	364
Total equity (mil)	3,651
Net debt / equity	0.10x
Net debt / EBITDA	–

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	4,267	−10.6%	0.9x	–	–	–	–	–	–

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	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Dec 2022	Mar 2023	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	1,188	1,299	–	–	–	–	–	–	–	–
Sales mean (mil)	1,307	1,222	–	–	–	–	–	–	–	–
Surprise	−9.2%	+6.3%	–	–	–	–	–	–	–	–
EPS reported	0.41	0.12	–	–	–	–	–	–	–	–
EPS mean	0.26	0.13	–	–	–	–	–	–	–	–
Surprise	+56.2%	−8.5%	–	–	–	–	–	–	–	–

Peer comparison Computers, Phones & Household Electronics

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
NINOY NIKON CORPORATION	3.6B	–	−12.7%	0.94x	–	–	–	–
SONY Sony Group Corporation	150.2B	0.03x	8.3%	2.81x	18.6x	17.7x	8.6x	8.2x
CSIOY Casio Computer Co Ltd	3.1B	–	6.6%	2.04x	–	–	–	–
SHCAY Sharp Corp	2.2B	–	2.5%	1.14x	–	–	–	–
SONO Sonos, Inc.	1.9B	−1.97x	−4.2%	4.67x	19.9x	40.9x	8.7x	10.4x
GPRO GoPro Inc	173M	−1.59x	−14.3%	−5.37x	−1.3x	−96.4x	−2.3x	9.4x
Mean		−1.18x	−2.3%	1.04x	12.4x	−12.6x	5.0x	9.3x
Median		−1.59x	−0.9%	1.59x	18.6x	17.7x	8.6x	9.4x

Technical analysis

1M−11.9%
3M−8.9%
1Y−3.1%
3Y+17.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NIKON CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	4,267	4,770	4,740	4,730	4,435	4,076
Cost of revenue	2,520	2,690	2,691	2,552	2,495	2,668
Gross profit	1,747	2,080	2,049	2,178	1,940	1,408
Selling, general & administrative expenses	1,238	1,313	1,175	1,127	972	1,000
Research & development	446	497	470	509	492	531
Depreciation/amortization	138	159	127	105	93.1	107
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	635	88.2	9.5	10.5	−39.3	195
Other operating expenses	22.2	13.7	1.6	5.1	4.9	20.8
Operating income	−732	10.3	266	421	417	−446
Net interest income (expense)	59.2	18.5	3.1	6.7	0.3	36.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.9	1.5	12.5	2.3	51.5	−0.4
Net income before taxes	−671	30.2	282	430	469	−410
Provision for taxes	−129	−10.6	69.6	104	122	−97.9
Minority interest	−0.3	0	2.9	12.5	3.5	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−542	40.8	215	338	351	−312
Extraordinary items	–	–	–	–	–	–
Net income	−542	40.8	215	338	351	−312
EBIT, normalized	−97.8	98.5	276	431	378	−251
EBITDA, normalized	174	393	512	650	582	2.6
Basic EPS, normalized	–	–	0.93	1.03	−0.89	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NIKON CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,010	1,112	1,471	1,601	3,051	3,189
Receivables	803	837	925	860	744	659
Total inventory	2,097	2,051	1,885	2,088	1,964	2,130
Prepaid expenses	–	–	–	–	–	–
Other current assets	163	137	130	104	111	128
Total current assets	4,073	4,136	4,410	4,653	5,871	6,105
Property, plant & equipment	1,061	1,102	1,043	939	915	889
Goodwill	189	557	553	556	200	186
Intangibles	413	547	495	494	206	212
Long-term investments	544	575	657	772	855	923
Note receivable	–	–	–	–	–	–
Other long-term assets	492	490	423	494	499	625
Total assets	6,773	7,406	7,581	7,909	8,545	8,941
Liabilities
Accounts payable	462	548	553	512	536	548
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	515	306	364	105	192	89.9
Current portion of long-term debt	144	218	273	149	172	229
Other current liabilities	948	966	994	1,323	1,681	2,009
Total current liabilities	2,069	2,038	2,184	2,088	2,580	2,875
Long-term debt	853	901	633	937	895	1,015
Minority interest	8.9	8.3	8.6	25.5	18.8	10.3
Other liabilities	146	204	237	227	138	184
Total liabilities	3,076	3,151	3,062	3,278	3,632	4,084
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	413	437	433	493	538	591
Additional paid-in capital	–	–	5.9	53.1	382	419
Retained earnings (accumulated deficit)	2,641	3,422	3,627	3,970	4,117	4,131
Treasury stock	−42.9	−51.8	−48.2	−58.1	−143	−158
Other equity	686	448	501	173	18.1	−128
Total equity	3,697	4,255	4,519	4,631	4,913	4,856
Total liabilities & shareholders' equity	6,773	7,406	7,581	7,909	8,545	8,941

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NIKON CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−671	30.2	282	430	469	−410
Depreciation, depletion & amortization	271	295	236	219	204	253
Deferred taxes	–	–	–	–	–	–
Non-cash items	567	16.2	8.0	−8.9	−50.2	203
Changes in working capital	−195	−19.3	−322	−639	−366	−1.9
Cash from operations	−28.0	322	203	0.1	258	44.9
Investing activities
Capital expenditures	−351	−465	−365	−249	−196	−209
Other investing cash flows	272	−2.2	91.3	−596	193	371
Cash from investing	−79.4	−467	−274	−845	−3.2	163
Financing activities
Financing cash flow items	−0.9	69.5	−53.3	−0.7	−0.6	−0.8
Cash dividends paid	−104	−116	−114	−109	−90.6	−66.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	110	−86.0	109	−313	−124	22.1
Cash from financing	5.4	−132	−59.1	−423	−215	−45.1
Foreign exchange effects	67.0	−10.1	98.4	70.8	112	88.2
Net change in cash	−35.0	−287	−31.0	−1,197	152	251
Free cash flow	−379	−143	−162	−249	61.9	−164

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 3, 2026 after market close.