# FUJIFILM Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, US GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第130期(2025/04/01－2026/03/31) (S100YIBH)
> Page: https://vizora.meequs.com/en/company/fujifilm-holdings
> Retrieved: 2026-09-30T20:34:11.216Z

## Company

Fujifilm, founded in 1934, is a company in Printers & Office Equipment listed on TSE Prime. It has 73,526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJIFILM Holdings Corporation |
| Ticker | 4901 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4901.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西麻布二丁目26番30号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長・CEO 後藤禎一 |
| Founded | Jan 1934 |
| Employees (consolidated) | 73,526 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | www.fujifilmholdings.com (https://www.fujifilmholdings.com/) |
| Corporate number | 6010401065370 |
| EDINET | E00988 |
| Industries (Vizora) | Printers & Office Equipment |

> Profile source: annual securities report (S100YIBH, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 12 |
| Efficiency | 12.5 | 12 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Fujifilm brought in ¥3.36T in revenue.
- Revenue changed +5.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.36T |  |
| Operating income | — | Margin — |
| Net income | ¥276.7B | Margin 8.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 73,526 |  |
| EPS | ¥11.72 |  |
| Diluted EPS | ¥11.71 |  |
| Book value per share | ¥849.38 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 1,243,877,000 |  |
| Treasury shares | 37,862,800 |  |
| Shareholders | 200,873 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 2.8% | Cash ÷ revenue 5.1% |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2192519000000 | ¥3356969000000 | +53.1% |
| Employees | 73,275 people | 73,526 people | +0.3% |
| Cash and equivalents | ¥394795000000 | ¥170553000000 | -56.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,356,969 | 100.0% | S100YIBH |
| Pretax income | 366,629 | 10.9% | S100YIBH |
| Net income attributable to owners | 276,735 | 8.2% | S100YIBH |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,195,828 | 3,356,969 | 161,141 | +5.0% |
| Net income attributable to owners | 260,951 | 276,735 | 15,784 | +6.0% |
| Operating cash flow | 428,162 | 410,555 | -17,607 | -4.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 2,322,163 | — | — | 131,506 | 288,619 | — | S100LV2D |
| FY ending Mar 2018 | 2,433,365 | — | — | 140,694 | 261,152 | — | S100OLEH |
| FY ending Mar 2019 | 2,431,489 | — | — | 138,106 | 249,343 | — | S100R9YB |
| FY ending Mar 2020 | 2,315,141 | — | — | 124,987 | 255,667 | — | S100TWKF |
| FY ending Mar 2021 | 2,192,519 | — | — | 181,205 | 420,861 | — | S100W3XJ |
| FY ending Mar 2022 | 2,525,773 | — | — | 211,180 | 323,934 | — | S100YIBH |
| FY ending Mar 2023 | 2,859,041 | — | — | 219,422 | 210,452 | — | S100YIBH |
| FY ending Mar 2024 | 2,960,916 | — | — | 243,509 | 407,941 | — | S100YIBH |
| FY ending Mar 2025 | 3,195,828 | — | — | 260,951 | 428,162 | — | S100YIBH |
| FY ending Mar 2026 | 3,356,969 | — | — | 276,735 | 410,555 | — | S100YIBH |

## People and productivity（FY ending Mar 2026, consolidated, US GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.7M |
| Net income per employee (consolidated) | ¥3.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 75,474 | 73,878 | 72,254 | 72,593 | 73,526 |
| Average salary (parent company) | ¥10.2M | ¥10.3M | ¥10.7M | ¥11.2M | ¥10.9M |
| Average age (parent company) | 45.8 years | 46.8 years | 45.7 years | 43.5 years | 43.3 years |
| Average tenure (parent company) | 20.8 years | 20.2 years | 19.3 years | 17.5 years | 17.2 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 410,555 | 12.2% | S100YIBH |
| Investing cash flow | -554,604 | -16.5% | S100YIBH |
| Financing cash flow | 120,249 | 3.6% | S100YIBH |
| Change in cash | -23,800 | -0.7% | 算出 |
| Cash and equivalents | 170,553 | 5.1% | S100YIBH |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 486,328 | 268,608 | 179,715 | 172,111 | 170,553 | S100YIBH |
| Total assets | 3,955,280 | 4,134,311 | 4,783,460 | 5,249,908 | 6,053,776 | S100YIBH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,955,280 | 4,134,311 | 4,783,460 | 5,249,908 | 6,053,776 |
| Equity | — | — | — | — | — |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 486,328 | 268,608 | 179,715 | 172,111 | 170,553 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 2.8% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 133,820 JPY mn (of net income 48.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 135.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | 5.3% | —× | — | S100YIBH |
| 2023 | — | —× | 5.4% | —× | — | S100YIBH |
| 2024 | — | —× | 5.5% | —× | — | S100YIBH |
| 2025 | — | —× | 5.2% | —× | — | S100YIBH |
| 2026 | — | —× | 4.9% | —× | — | S100YIBH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 6.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| MOXLEY ＆ CO LLC （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク） | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue grew +5.0% to ¥3.36T in the FY ending Mar 2026, up from ¥3.2T.
- Net income attributable to owners rose +6.0%, from ¥261B to ¥276.7B.
- Operating cash flow went the other way, falling -4.1% from ¥428.2B to ¥410.6B.
- Business innovation, the office equipment unit, was the only segment whose sales shrank.

### Drivers

- Contract biologics manufacturing, semiconductor materials and imaging drove sales higher
- Electronics profit climbed on stronger sales of chip materials for generative AI, and instant and digital cameras sold well
- Healthcare profit fell as currency effects and soaring silver prices raised material costs; business innovation was hit by a soft market and one-off restructuring costs in Asia Pacific
- Operating cash flow dipped because receivables and inventories grew

### Risks

- Most sales come from overseas, so currency swings can move results a lot
- In contract biologics manufacturing, tougher competition or plants running below plan could squeeze margins
- Office printing volumes are in long-term decline as paperless work and remote work spread

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YIBH | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIBH,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W3XJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XJ,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TWKF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWKF,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R9YB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9YB,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100OLEH | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLEH,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LV2D | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV2D,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).