Nikon Corporation
ConvictionContext
Diversified hardware conglomerate: premium consumer camera/lens sales (Z-mount mirrorless), high-ASP capital equipment (litho steppers/scanners, metrology), recurring healthcare/microscope and components revenue, plus a loss-making digital-manufacturing (metal 3D printing) unit. Mix of one-time hardware sales and some service/consumables.
Revenue
JPY 677.1B~$4.2B) FY2026 (yr ended Mar 2026Rev growth
-5.3% YoYGross margin
~40% groupapprox; not separately re-disclosed FY2026Op margin
-16.6% FY2026operating loss JPY 112.4B; ~-3% ex the JPY 90.6B non-cash impairmentCapex intensity
Moderate — capital-goods + optics manufacturing footprintMarket cap
~JPY 748B~$4.6B) on TSE, price ~JPY 2,271 (Jul 3 2026The read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence