7731
NIKON CORPORATION
株式会社ニコン
Precision Instruments
Nikon Corporation manufactures and sells optical instruments in Japan, North America, Europe, China, Thailand, and internationally. The company operates through Imaging Products Business, Precision Equipment Business, Healthcare Business, Components Business, and Digital Manufacturing Business segments. The Imaging Products Business segment provides digital camera-interchangeable lens type, compact DSC and interchangeable lens. The Precision Equipment Business segment offers FPD lithography system and semiconductor lithography system. The Healthcare Business segment provides products and services for the life science solutions field, such as biological microscopes, for the eye care solutions field such as ultra-wide field retinal imaging devices, and for the contract cell development and manufacturing field. The Components Business segment offers industrial microscopes, measuring instruments, X-ray, CT inspections systems; and optical components, optical parts, and encoders; EUV-related components and space-related solutions; and photomask substrates for FPDs. The Digital Manufacturing Business provides products and services of metal 3D printers. Nikon Corporation was incorporated in 1917 and is headquartered in Shinagawa, Japan.
Price
¥1,844
Market Cap
¥606.5B
Ent. Value
¥668.4B
Net Debt
−¥61.9B
Shares Out.
328.8M
P / E
—
EV / EBIT
—
P / Book
1.04×
P / NCAV
3.80×
Div. Yield
1.36%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥677.2B | ¥677.2B | ¥717.2B | ¥628.1B | ¥539.6B |
| Cost of Sales | ¥399.9B | ¥399.9B | ¥407.2B | ¥338.9B | ¥303.5B |
| Gross Profit | ¥277.3B | ¥277.3B | ¥310.0B | ¥289.2B | ¥236.1B |
| SG&A | ¥289.2B | ¥289.2B | ¥268.1B | ¥231.2B | ¥189.5B |
| Operating Income | ¥-112.4B | ¥-112.4B | ¥39.8B | ¥54.9B | ¥49.9B |
| Non-Operating Income | — | ¥6.0B | ¥8.3B | ¥5.5B | ¥9.6B |
| Non-Operating Expenses | — | ¥7.0B | ¥7.8B | ¥5.9B | ¥3.6B |
| Ordinary Income | ¥-106.5B | ¥4.5B | — | — | — |
| Pre-tax Income | ¥-106.5B | ¥-106.5B | ¥42.7B | ¥57.1B | ¥57.1B |
| Net Income (owners) | ¥-86.1B | ¥-86.1B | ¥32.6B | ¥44.9B | ¥42.7B |
| Minority Interest | — | ¥0M | ¥-436M | ¥-1.7B | ¥-426M |
| Comprehensive Income | — | ¥1.3B | ¥91.7B | ¥60.1B | ¥70.6B |
| EBITDA | ¥-69.4B | ¥-69.4B | ¥75.4B | ¥84.0B | ¥74.8B |
| EPS | ¥-261.57 | ¥-261.57 | ¥94.03 | ¥125.46 | ¥116.23 |
| Shares Outstanding | — | 328.8M | 346.5M | 346.2M | 367.9M |
| Shares Issued (total) | — | 333.6M | 351.5M | 351.5M | 378.3M |
| Treasury Shares | — | 4.8M | 5.0M | 5.3M | 10.5M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,075.0B | ¥1,075.0B | ¥1,147.1B | ¥1,050.3B | ¥1,039.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥646.5B | ¥646.5B | ¥667.3B | ¥617.9B | ¥714.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥158.0B | ¥158.0B | ¥206.6B | ¥211.3B | ¥370.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥428.5B | ¥428.5B | ¥479.8B | ¥432.4B | ¥325.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥150.8B | ¥150.8B | ¥133.4B | ¥101.6B | ¥89.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥83.5B | ¥83.7B | ¥73.8B | ¥24.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥58.6B | ¥51.5B | ¥56.7B | ¥51.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥486.8B | ¥486.8B | ¥462.0B | ¥431.9B | ¥439.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥328.3B | ¥328.3B | ¥330.4B | ¥277.3B | ¥313.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥97.7B | ¥97.7B | ¥88.3B | ¥26.4B | ¥37.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥158.5B | ¥158.5B | ¥131.6B | ¥154.6B | ¥125.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥122.2B | ¥122.2B | ¥78.4B | ¥107.6B | ¥92.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥11.3B | ¥16.6B | ¥15.4B | ¥3.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥588.2B | ¥588.2B | ¥685.1B | ¥618.4B | ¥600.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | — | ¥897M | ¥7.1B | ¥46.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥419.2B | ¥419.2B | ¥548.8B | ¥527.1B | ¥500.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-7.8B | ¥-7.3B | ¥-7.7B | ¥-17.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥67.1B | ¥75.9B | ¥23.0B | ¥2.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥586.8B | ¥586.8B | ¥683.8B | ¥615.0B | ¥597.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥1.2B | ¥1.3B | ¥3.4B | ¥2.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥220.0B | ¥220.0B | ¥166.7B | ¥134.0B | ¥130.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-61.9B | ¥-61.9B | ¥39.9B | ¥77.3B | ¥240.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥159.7B | ¥159.7B | ¥205.3B | ¥186.0B | ¥274.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥486 | ¥593 | ¥537 | ¥747 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,784 | ¥1,974 | ¥1,776 | ¥1,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥-4.4B | ¥-4.4B | ¥30.8B | ¥15M | ¥31.4B |
| D&A | ¥43.1B | ¥43.1B | ¥35.7B | ¥29.1B | ¥24.9B |
| Investing CF | ¥-12.6B | ¥-12.6B | ¥-41.4B | ¥-112.1B | ¥-385M |
| CapEx | ¥36.5B | ¥36.5B | ¥39.2B | ¥23.1B | ¥18.0B |
| Purchase Investments | — | ¥-865M | ¥-1.4B | ¥-4.8B | ¥-4.2B |
| Financing CF | ¥858M | ¥858M | ¥-8.9B | ¥-56.2B | ¥-26.2B |
| Free Cash Flow | ¥-41.0B | ¥-41.0B | ¥-8.4B | ¥-23.1B | ¥13.4B |
| Net Change in Cash | — | ¥-43.1B | ¥-4.7B | ¥-158.9B | ¥18.5B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | -14.6% | -13.5% | 5.0% | 7.4% | 7.1% |
| ROA | -8.0% | -7.7% | 3.0% | 4.3% | 4.1% |
| EPS | ¥-261.57 | ¥-261.57 | ¥94.03 | ¥125.46 | ¥116.23 |
| DPS | ¥25.00 | ¥25.00 | ¥50.00 | ¥45.00 | ¥40.00 |
| BPS | ¥1,781.32 | ¥1,781.32 | — | — | — |
| FCF/Share | — | ¥-125 | ¥-24 | ¥-67 | ¥36 |
| NCAV/Share | — | ¥486 | ¥593 | ¥537 | ¥747 |
| Payout Ratio | — | — | 53.2% | 35.9% | 34.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 54
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社（信託口）
|
62,961 | 19.15% |
| 2 | SG/INV(常任代理人 香港上海銀行東京支店) | 30,900 | 9.40% |
| 3 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行（信託口)
|
17,979 | 5.47% |
| 4 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
17,584 | 5.35% |
| 5 |
NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST
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)
|
12,499 | 3.80% |
| 6 |
State Street Bank and Trust Company
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)
|
10,488 | 3.19% |
| 7 |
MUFG Bank
株式会社三菱UFJ銀行
|
7,009 | 2.13% |
| 8 |
Northern Trust Company
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)
|
6,643 | 2.02% |
| 9 |
The Joyo Bank, Ltd.
株式会社常陽銀行
|
6,121 | 1.86% |
| 10 |
State Street Bank and Trust Company
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)
|
5,786 | 1.76% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
24.6%
+0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
10.8%
+5.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
18.7%
+7.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 54.1% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 19.60% | 19.09% | 19.15% +0.06% | |
| SG/INV NEW ENTRY | — | — | — | 9.40% NEW |
| Northern Trust | — | 1.59% | 5.82% +4.23% | |
| Japan Custody Bank 日本カストディ銀行 | 5.90% | 5.53% | 5.47% -0.06% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 5.10% | 5.08% | 5.35% +0.27% | |
| State Street | 1.70% | 2.47% | 4.95% +2.48% | |
| MUFG Bank 三菱UFJ銀行 | — | 2.02% | 2.13% +0.11% | |
| The Joyo Bank, Ltd. 式会社常陽銀行 | 1.80% | 1.77% | 1.86% +0.09% | |
| THE SHIZUOKA BANK,LTD. 式会社静岡銀行 last seen 2024 | Exited Top 10 | 1.40% | 1.44% | — |
| JPモルガン証券 last seen 2024 | Exited Top 10 | — | 1.38% | — |
| JP Morgan last seen 2024 | Exited Top 10 | — | 1.37% | — |
| 式会社三菱ＵＦＪ銀行 last seen 2023 | Exited Top 10 | 2.00% | — | — |
| みずほ銀行 last seen 2023 | Exited Top 10 | 2.10% | — | — |
| 日本生命保険 last seen 2023 | Exited Top 10 | 1.40% | — | — |
| HSBC BANK PLC A/C M AND G (ACS) last seen 2023 | Exited Top 10 | 1.50% | — | — |
| Concentration (HHI) ⓘ | 466 | 443 | 580 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥43,934M
-14% since 2023
Holdings
25
+2 new
23 exited
Trend
5 unwinding
vs 2023
| Held Company | FY2025 ¥43,934M total | FY2023 ¥51,190M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
JEOL Ltd.
日本電子(株)
|
10,534 |
2,300,000
|
9,764 | 2,300,000 | M |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス(株)
|
8,191 |
-20.0%
↓
1,427,935
|
4,544 | 1,783,935 | M |
|
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝�
(株)めぶきフィナンシャルグループ
|
4,641 |
6,394,869
|
2,072 | 6,394,869 | M |
|
Mitsubishi Estate Company, Limited
三菱地所(株)
|
4,429 |
-25.0%
↓
1,821,237
|
3,828 | 2,428,237 | M |
|
USHIO INC.
ウシオ電機(株)
|
2,710 |
1,464,317
|
2,438 | 1,464,317 | M |
|
Kyoto Financial Group, Inc.
(株)京都フィナンシャルグループ
|
2,070 |
NEW
New
909,876
|
— | M | |
|
MITSUBISHI GAS CHEMICAL COMPANY,INC.
三菱瓦斯化学(株)
|
1,578 |
-20.0%
↓
678,637
|
1,666 | 848,637 | M |
|
The Hyakujushi Bank,Ltd.
(株)百十四銀行
|
1,505 |
432,978
|
795 | 432,978 | M |
|
Abal Data Co., Ltd.
(株)アバールデータ
|
1,451 |
646,700
|
2,758 | 646,700 | M |
|
Shizuoka Financial Group, Inc.
(株)しずおかフィナンシャルグループ
|
1,365 |
841,250
|
800 | 841,250 | M |
|
SK-Electronics CO.,LTD.
(株)エスケーエレクトロニクス
|
1,334 |
568,400
|
1,012 | 568,400 | M |
|
Tamron Co.,Ltd.
(株)タムロン
|
1,045 |
+100.0%
↑
302,000
|
475 | 151,000 | M |
|
THE SHIGA BANK,LTD.
(株)滋賀銀行
|
904 |
171,900
|
461 | 171,900 | M |
| Oxford Nanopore Technologies PLC | 567 |
2,857,160
|
1,052 | 2,857,160 | |
|
HEALIOS K.K.
(株)ヘリオス
|
417 |
1,537,400
|
501 | 1,537,400 | |
|
OXIDE Corporation
(株)オキサイド
|
285 |
250,000
|
996 | 250,000 | |
| Essilor Luxottica S.A. | 280 |
6,500
|
157 | 6,500 | M |
| 第一生命ホールディングス(株) | 208 |
-25.0%
↓
45,975
|
149 | 61,300 | M |
|
The 77Bank,Ltd.
(株)七十七銀行
|
190 |
40,000
|
86 | 40,000 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ(株)
|
151 |
NEW
New
40,562
|
— | M | |
|
Resona Holdings, Inc.
(株)りそなホールディングス
|
79 |
-50.0%
↓
61,170
|
78 | 122,340 | M |
| (株)ジーエス・ユアサコーポレーション | — | — | |||
|
MITSUBISHI MATERIALS CORPORATION
三菱マテリアル(株)
|
— | — | |||
|
AGC Inc.
ＡＧＣ(株)
|
— | — | |||
|
Mitsubishi Kakoki Kaisha, Ltd.
三菱化工機(株)
|
— | — | |||
|
Mitsubishi Logistics Corporation
三菱倉庫(株)
|
— |
−100%
Exit
—
|
3,596 | 1,156,270 | M |
|
NYK Line Co.
日本郵船(株)
|
— |
−100%
Exit
—
|
251 | 81,351 | M |
|
KONICA MINOLTA, INC.
コニカミノルタ(株)
|
— |
−100%
Exit
—
|
339 | 596,000 | M |
|
Mizuho Financial Group, Inc.
(株)みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
23 | 12,112 | M |
|
Citizen Watch Co., Ltd.
シチズン時計(株)
|
— |
−100%
Exit
—
|
3,895 | 5,005,800 | M |
|
Mitsubishi Electric Corporation
三菱電機(株)
|
— |
−100%
Exit
—
|
2,788 | 1,766,057 | M |
|
Mitsubishi Corporation
三菱商事(株)
|
— |
−100%
Exit
—
|
1,423 | 299,613 | M |
|
The Bank of Kyoto
(株)京都銀行
|
— |
−100%
Exit
—
|
1,422 | 227,469 | M |
|
TOKYO OHKA KOGYO CO., LTD.
東京応化工業(株)
|
— |
−100%
Exit
—
|
940 | 122,300 | M |
|
OKAMURA CORPORATION
(株)オカムラ
|
— |
−100%
Exit
—
|
529 | 388,000 | M |
| (株)レスターホールディングス | — |
−100%
Exit
—
|
490 | 226,400 | M |
|
NIPPON CHEMI-CON CORPORATION
日本ケミコン(株)
|
— |
−100%
Exit
—
|
388 | 184,800 | M |
|
TECHNO RYOWA LTD.
(株)テクノ菱和
|
— |
−100%
Exit
—
|
329 | 378,114 | M |
|
ASAHI KOGYOSHA CO.,LTD.
(株)朝日工業社
|
— |
−100%
Exit
—
|
280 | 128,000 | M |
| Ouster,Inc. | — |
−100%
Exit
—
|
224 | 2,000,975 | |
| 三井住友トラスト・ホールディングス(株) | — |
−100%
Exit
—
|
184 | 40,562 | M |
|
TODA CORPORATION
戸田建設(株)
|
— |
−100%
Exit
—
|
183 | 265,000 | M |
|
Sumitomo Mitsui Financial Group, Inc.
(株)三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
115 | 21,661 | M |
|
YASKAWA Electric Corporation
(株)安川電機
|
— |
−100%
Exit
—
|
58 | 10,000 | M |
| 株)東京精密 | — |
−100%
Exit
—
|
44 | 8,662 | M |
|
Makino Milling Machine Co.,Ltd.
(株)牧野フライス製作所
|
— |
−100%
Exit
—
|
42 | 8,675 | M |
|
Mitsubishi Steel Mfg. Co.,Ltd.
三菱製鋼(株)
|
— |
−100%
Exit
—
|
12 | 10,000 | M |
|
The Kodensha,Co.,Ltd.
(株)弘電社
|
— |
−100%
Exit
—
|
3 | 780 | M |
| Portfolio total | 43,934 | 51,190 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding