Nikon Corporation

NINOY

Leisure · Consumer Cyclical

Price

$13.30

-0.64 (-4.59%)

Market Cap

$4.38B

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−10.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 369.3M (2022) → 329.1M (2026)

Nikon Corporation is a Japanese company best known for making cameras and camera lenses, but it also builds precision equipment used in factories that manufacture computer chips. Its main customers include everyday photographers, professional photographers, and large semiconductor manufacturers. Nikon is one of the most recognized camera brands in the world and has been making optical products for over 100 years.

Nikon earns money by selling cameras, lenses, and industrial machines outright — there are no subscriptions involved. The company operates globally but is headquartered in Tokyo, Japan, and generates significant revenue from Asia, Europe, and North America. Its long history and optical engineering expertise give it a strong brand, but the camera market has shrunk sharply as smartphones replace traditional cameras. The biggest risk Nikon faces is continued decline in consumer camera demand, while its semiconductor equipment division offers a potential growth path if chip manufacturing investment keeps expanding.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+940.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$75.1B/ year

10.5% of revenue

2.6x the sector average (4%)

Research and development spending

Insider Activity

19.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$245.5B cash & investments at current burn rate

Revenue declining

Nikon Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

40.5%

Healthy — 40.5% gross margin

Operating Margin

0.6%

Thin — 0.6% operating margin

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+35.8%

Fast-growing sales (35.8% YoY)

EPS YoY

-585.9%

Earnings shrinking (-585.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-5.7%

Burning cash (-5.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.37

Conservative — low debt load (0.37)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.87%

Small dividend — 1.87% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-7.9%

Dividend cut (-7.9% YoY) — warning sign

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