# NIKON CORPORATION: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第162期(2025/04/01－2026/03/31) (S100YKBP), 有価証券報告書－第161期(2024/04/01－2025/03/31) (S100W1PH)
> Page: https://vizora.meequs.com/en/company/nikon
> Retrieved: 2026-09-30T19:09:24.768Z

## Company

Nikon, founded in 1917, is a company in Machine Tools listed on TSE Prime. It has 20,069 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKON CORPORATION |
| Ticker | 7731 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7731.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西大井1丁目5番20号 |
| Representative (per filing) | 代表取締役 兼 社長執行役員 CEO 大村泰弘 |
| Founded | Jul 1917 |
| Share capital | ¥65.5B |
| Employees (consolidated) | 20,069 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.jp.nikon.com (https://www.jp.nikon.com/) |
| Corporate number | 5010001008763 |
| EDINET | E02271 |
| Industries (Vizora) | Machine Tools, Cameras & Optics, Medical Devices, Semiconductor Equipment |

> Profile source: annual securities report (S100YKBP, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 21.4 | 7 |
| Cash conversion | 91.7 | 6 |
| Efficiency | 56.3 | 8 |

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)

- About 41% of Nikon's sales come from Imaging products business, with Precision equipment business and Healthcare business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -0.3% from the prior year, operating profit -93.9%.

## Company structure

- Segment revenue mix: Imaging products business 41.3%、Precision equipment business 28.2%、Healthcare business 16.3%、Components Business 10.4%、Digital Manufacturing 3.3%
- Revenue → net income: ¥715285000000 → ¥6123000000
- Net income → operating cash flow: ¥6123000000 → ¥48258000000（difference ¥42135000000）
- Main uses of operating cash flow: CapEx ¥69660000000 / dividends ¥17321000000 / buybacks ¥30003000000
- Change in cash: ¥-43054000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥715.3B |  |
| Operating income | ¥2.42B | Margin 0.3% |
| Net income | ¥6.12B | Margin 0.9% |
| Free cash flow | -¥21.4B |  |
| Largest business | Imaging products business | of segment revenue 41.3% |
| Employees (consolidated) | 20,069 |  |
| EPS | ¥17.86 |  |
| Diluted EPS | ¥17.77 |  |
| Book value per share | ¥1072.45 |  |
| Equity ratio | 57.4% | Derived from disclosed figures |
| Shares outstanding | 333,586,000 |  |
| Treasury shares | 4,757,500 |  |
| Shareholders | 38,302 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 22.9% |
| Vs. industry median margin | -5.6 pp | Cameras & Optics |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 7.9× net income
- FY2025, buybacks were 1.7× dividends
- FY2025, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥591012000000 | ¥715285000000 | +21.0% |
| Operating income | ¥6751000000 | ¥2422000000 | -64.1% |
| Operating margin | 1.1% | 0.3% | -0.8 pp |
| Cash and equivalents | ¥324034000000 | ¥163590000000 | -49.5% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 映像事業 → 映像事業 | 38.2% |
| 精機事業 → 精機事業 | 28.2% |
| 精機事業 → 事業再編・廃止 | 13.2% |
| ヘルスケア事業 → ヘルスケア事業 | 10.5% |
| 産業機器・その他 → 事業再編・廃止 | 9.8% |
| 新設・再編 → 映像事業 | 3.1% |
| 新設・再編 → ヘルスケア事業 | 5.8% |
| 新設・再編 → コンポーネント事業 | 10.4% |
| 新設・再編 → デジタルマニュファクチャリング事業 | 3.3% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Imaging products business | 5 years | +5.5% | ¥295363000000 | 14.0% | 2 |
| Precision equipment business | 5 years | -3.8% | ¥201963000000 | 0.8% | 2 |
| Healthcare business | 5 years | +13.4% | ¥116452000000 | 5.8% | 2 |
| Components Business | 4 years | +30.2% | ¥74136000000 | 9.7% | 2 |
| Digital Manufacturing | 2 years | -25.5% | ¥23356000000 | -65.2% | 2 |
| Other | 2 years | +11.5% | ¥4015000000 | 72.8% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 715,285 | 100.0% | S100YKBP |
| Cost of revenue | 403,318 | 56.4% | S100YKBP |
| Gross profit | 311,968 | 43.6% | S100YKBP |
| SG&A | 295,155 | 41.3% | S100YKBP |
| Operating income | 2,422 | 0.3% | S100YKBP |
| Pretax income | 4,533 | 0.6% | S100YKBP |
| Income tax | -1,590 | -0.2% | S100YKBP |
| Net income | 6,123 | 0.9% | S100YKBP |
| Net income attributable to owners | 6,123 | 0.9% | S100YKBP |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 41 |
| Other operating | 2 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 43.6% → Operating margin 0.3% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -93.9%
Operating leverage (core profit growth ÷ revenue growth): 343.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 717,245 | 715,285 | -1,960 | -0.3% |
| Gross profit | 310,047 | 311,968 | 1,921 | +0.6% |
| Operating income | 39,776 | 2,422 | -37,354 | -93.9% |
| Net income attributable to owners | 32,570 | 6,123 | -26,447 | -81.2% |
| Operating cash flow | 30,767 | 48,258 | 17,491 | +56.8% |
| Free cash flow | -24,448 | -21,402 | 3,046 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 591,012 | 6,751 | 1.1% | 7,693 | 16,419 | -9,012 | S100LLYK |
| FY ending Mar 2021 | 451,223 | -56,241 | -12.5% | -34,497 | 4,966 | -18,133 | S100ODD2 |
| FY ending Mar 2022 | 539,612 | 49,934 | 9.3% | 42,679 | 31,351 | 7,526 | S100R071 |
| FY ending Mar 2023 | 628,105 | 54,908 | 8.7% | 44,944 | 15 | -33,008 | S100TNZD |
| FY ending Mar 2024 | 717,245 | 39,776 | 5.5% | 32,570 | 30,767 | -24,448 | S100W1PH |
| FY ending Mar 2025 | 715,285 | 2,422 | 0.3% | 6,123 | 48,258 | -21,402 | S100YKBP |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.6M |
| Operating income per employee (consolidated) | ¥120.7K |
| Net income per employee (consolidated) | ¥305.1K |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 19,448 | 18,437 | 18,790 | 19,444 | 20,069 |
| Average salary (parent company) | ¥7.4M | ¥8.1M | ¥8.6M | ¥8.6M | ¥8.5M |
| Average age (parent company) | 43.4 years | 43.5 years | 43.3 years | 42.5 years | 42.1 years |
| Average tenure (parent company) | 16.5 years | 16.6 years | 15.8 years | 14.5 years | 13.9 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -0.3%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Imaging products business | 295,363 | 41.3% | 41,306 | 14.0% |
| Precision equipment business | 201,963 | 28.2% | 1,544 | 0.8% |
| Healthcare business | 116,452 | 16.3% | 6,735 | 5.8% |
| Components Business | 74,136 | 10.4% | 7,185 | 9.7% |
| Digital Manufacturing | 23,356 | 3.3% | -15,225 | -65.2% |
| Other | 4,015 | 0.6% | 2,922 | 72.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Imaging products business | 41.3% | 69.2% | 27.9 | 14.0% |
| Precision equipment business | 28.2% | 2.6% | -25.6 | 0.8% |
| Healthcare business | 16.3% | 11.3% | -5.0 | 5.8% |
| Components Business | 10.4% | 12.0% | 1.7 | 9.7% |
| Digital Manufacturing | 3.3% | — | — | -65.2% |
| Other | 0.6% | 4.9% | 4.3 | 72.8% |

Loss-making segment (excluded from profit shares): Digital Manufacturing -15,225 JPY mn

Segment → industry: Digital Manufacturing → Machine Tools / Components Business → Cameras & Optics / Healthcare business → Cameras & Optics / Imaging products business → Cameras & Optics / Healthcare business → Medical Devices / Precision equipment business → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 48,258 | 6.7% | S100YKBP |
| Capital expenditure | 69,660 | 9.7% | S100YKBP |
| Free cash flow | -21,402 | -3.0% | 算出 |
| Investing cash flow | -69,988 | -9.8% | S100YKBP |
| Financing cash flow | -19,808 | -2.8% | S100YKBP |
| Dividends paid | 17,321 | 2.4% | S100YKBP |
| Share buyback | 30,003 | 4.2% | S100YKBP |
| Change in cash | -43,054 | -6.0% | S100YKBP |
| Cash and equivalents | 163,590 | 22.9% | S100YKBP |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 351,798 | 370,277 | 211,337 | 206,644 | 163,590 | S100R071, S100TNZD, S100W1PH, S100YKBP |
| Total assets | 989,737 | 1,039,566 | 1,050,267 | 1,147,110 | 1,110,514 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Net assets | 538,726 | 599,967 | 618,351 | 685,091 | 639,223 | S100R071, S100TNZD, S100W1PH, S100YKBP |
| Share capital | 65,476 | 65,476 | 65,476 | 65,476 | 65,476 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Property, plant and equipment | 86,210 | 88,956 | 101,553 | 133,428 | 146,473 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Goodwill | 20,546 | 24,285 | 73,828 | 83,680 | 83,459 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Current assets | 675,853 | 714,214 | 617,880 | 667,340 | 620,220 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Total liabilities | 451,011 | 439,600 | 431,917 | 462,019 | 471,291 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Equity attributable to owners of parent | 537,585 | 597,681 | 614,966 | 683,795 | 637,977 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Retained earnings | 457,352 | 500,912 | 527,148 | 548,843 | 513,115 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |
| Treasury stock | -17,529 | -17,395 | -7,709 | -7,297 | -7,761 | S100ODD2, S100R071, S100TNZD, S100W1PH, S100YKBP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKBP |
| Property, plant and equipment | 13% | S100YKBP |
| Intangibles and goodwill | 7% | — |
| Other assets | 65% | S100YKBP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YKBP |
| Equity | 58% | S100YKBP |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 989,737 | 1,039,566 | 1,050,267 | 1,147,110 | 1,110,514 |
| Equity | 538,726 | 599,967 | 618,351 | 685,091 | 639,223 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 351,798 | 370,277 | 211,337 | 206,644 | 163,590 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 20.5% | S100YKBP |
| Fixed assets ÷ total assets | 13.2% | S100YKBP |
| Goodwill ÷ parent equity | 13.1% | S100YKBP |

Goodwill over 4 years: 20,546 → 83,459 JPY; total investing cash flow: -205,900 JPY. This does not imply causation.

### 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) | 14.7% |
| Cash ÷ revenue | 22.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1992.5% |
| Cash vs. profit gap | 42,135 JPY mn (of net income 688.1%) |
| Shareholder returns / net income | 772.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 282.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 145.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -3.5% | —× | — | S100ODD2 |
| 2022 | 7.9% | 0.53× | 4.2% | 1.79× | 7.5% | S100R071 |
| 2023 | 7.2% | 0.60× | 4.3% | 1.72× | 7.4% | S100TNZD |
| 2024 | 4.5% | 0.65× | 3.0% | 1.69× | 5.0% | S100W1PH |
| 2025 | 0.9% | 0.63× | 0.5% | 1.71× | 0.9% | S100YKBP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SG/ESSILOR LUXOTTICA(常任代理人 香港上海銀行東京支店) | Major shareholder | 18.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (常任代理人 香港上海銀行東京支店) | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YKBP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKBP,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W1PH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1PH,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TNZD | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNZD,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R071 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R071,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100ODD2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODD2,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LLYK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLYK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ASML Holding N.V. | Co-development | 露光装置及びデジタルカメラに関する特許の相互実施許諾（相互技術援助契約） | S100YKBP |
| Carl Zeiss SMT AG | Co-development | 露光装置及びデジタルカメラに関する特許の相互実施許諾（相互技術援助契約） | S100YKBP |

## 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).