# FUJIFILM Holdings (4901.JP)

Canonical: https://gigainvestors.com/s/4901.JP

Analysis as of: 2026-10-15T07:10:29.888Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 3,400.00 per share; close as of 2026-10-15.

Estimated value: low JPY 298.15 per share, central JPY 327.43 per share, high JPY 366.40 per share. Buy at or below the central value JPY 327.43 per share. Valuation as of 2026-10-15T07:10:29.888Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.10×

- FY2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 40.4%

- Recent gross margin (lower of latest and 3-year median): 40.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.7%

- FY2018: 7.5%

- FY2019: 12.1%

- FY2020: 9.4%

- FY2021: 4.8%

- FY2022: 6.9%

- FY2023: 6.9%

- FY2024: 5.7%

- FY2025: 6.4%

- FY2026: 5.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 418B

- Net income, five-year total: JPY 1.21T

- Return on incremental invested capital: 10.7%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: 31.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.83×

- FY2024: 0.03×

- FY2025: -0.03×

- FY2026: 0.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.7% vs 5.7%

- Per-share earnings: 98.76 to 216.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: JPY 1.64T

- Cumulative retained earnings: JPY 842B

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.3%

- Per-share value change: JPY 117.91

- Per-share value, starting three-year median: JPY 98.76

- Per-share value, ending three-year median: JPY 216.67

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 613B

- Cumulative net income, 10 years: JPY 1.93T

- ROIC, first three-year median: 10.7%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 98.76

- FY2018: JPY 107.54

- FY2019: JPY 108.94

- FY2020: JPY 102.06

- FY2021: JPY 151.09

- FY2022: JPY 175.78

- FY2023: JPY 182.40

- FY2024: JPY 202.29

- FY2025: JPY 216.67

- FY2026: JPY 229.65

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.4%

- FY2018: -3.4%

- FY2019: -3.3%

- FY2020: -3.9%

- FY2021: -6.8%

- FY2022: -2.9%

- FY2023: 0.2%

- FY2024: -3.4%

- FY2025: -3.2%

- FY2026: -2.2%

## Holders

## Price story

Price needs cash profits to grow 35.4% a year for ten years · sales +5%

Story as of 2026-10-16T10:00:14.268Z; price observation 2026-10-15.

Price needs cash profits to grow 35.4% a year for ten years

### Sales · FY2025–2026

sales +5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf; observed 2026-06-24.

- FY2017: JPY 2.32T 

- FY2018: JPY 2.43T 

- FY2019: JPY 2.43T 

- FY2020: JPY 2.32T 

- FY2021: JPY 2.19T 

- FY2022: JPY 2.53T 

- FY2023: JPY 2.86T 

- FY2024: JPY 2.96T 

- FY2025: JPY 3.20T 

- FY2026: JPY 3.36T 

### Gross margin · FY2026

gross margin 40.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf; observed 2026-06-24.

- FY2017: 40.1% 

- FY2018: 39.9% 

- FY2019: 41.0% 

- FY2020: 41.2% 

- FY2021: 39.7% 

- FY2022: 40.9% 

- FY2023: 39.8% 

- FY2024: 40.1% 

- FY2025: 40.7% 

- FY2026: 40.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are JPY 3.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf (filed 2026-06-24); FY2026: revenue 3356969000000; grossProfit 1369512000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 40.1% to 40.8% during 2024–26; it earns 6.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/FJI.F.json#2024-03-31 (filed 2026-06-24); FY2024: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/api/fundamentals/FJI.F.json#2025-03-31 (filed 2026-06-24); FY2025: grossProfit / revenue = 40.7%.

- Source: https://eodhd.com/api/fundamentals/FJI.F.json#2026-03-31 (filed 2026-06-24); FY2026: grossProfit / revenue = 40.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.10658178952813382],[2018,0.07461373044743597],[2019,0.12087767155017533],[2020,0.09388684315727308],[2021,0.04796208826254147],[2022,0.06883165471749157],[2023,0.06926942309384135],[2024,0.05667320631820841],[2025,0.06407650421367843],[2026,0.05601265850419325]]; median 0.06905053890566645. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 41% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf (filed 2026-06-24); Gross margin observations: [[2021,0.39666292515595075],[2022,0.4090723909076548],[2023,0.39801038180284926]]; range within 2 percentage points.

### Where the cash goes

Earns 10.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/FJI.F.json#2017-03-31 (filed 2026-06-24); FY2017: growth capex 0; upkeep 74647000000; owner earnings 174494000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FJI.F.json#2018-03-31 (filed 2026-06-24); FY2018: growth capex 0; upkeep 63043000000; owner earnings 198109000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2019: growth capex 0; upkeep 75372000000; owner earnings 192666000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 0; upkeep 85692000000; owner earnings 161948000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 0; upkeep 100883000000; owner earnings 203745000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 22231000000; upkeep 132999000000; owner earnings 211180000000. Growth capex / owner earnings = 0.10527038545316791.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 109332282221.69495; upkeep 178973717778.30505; cash acquisitions 29506000000; owner earnings 182663282221.69495. Growth capex plus acquisitions / owner earnings = 0.7600776715113964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 37030256167.22888; upkeep 385042743832.7711; cash acquisitions 91776000000; owner earnings 8480256167.228882. Growth capex plus acquisitions / owner earnings = 15.188958166734164.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf (filed 2026-06-24); FY2026: growth capex 81248028395.02026; upkeep 425696971604.97974; cash acquisitions 0; owner earnings 23409028395.020264. Growth capex plus acquisitions / owner earnings = 3.4707988312878433.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Incremental return on capital 0.10733807919426648, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,30165000000],[2018,31714000000],[2019,33166000000],[2020,35817000000],[2021,37975000000],[2022,43032000000],[2023,46109000000],[2024,56170000000],[2025,56170000000],[2026,84354000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 35.4% yearly over ten years; actual decline was 17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.510080605410091. Price 3400; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 127.12647136647138 → FY2026 19.42610573623287. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 1,416.33 per share

- 2016-12: JPY 1,478.33 per share

- 2017-01: JPY 1,458.33 per share

- 2017-02: JPY 1,447.33 per share

- 2017-03: JPY 1,449.33 per share

- 2017-04: JPY 1,378.00 per share

- 2017-05: JPY 1,346.00 per share

- 2017-06: JPY 1,346.67 per share

- 2017-07: JPY 1,351.00 per share

- 2017-08: JPY 1,440.67 per share

- 2017-09: JPY 1,455.67 per share

- 2017-10: JPY 1,542.00 per share

- 2017-11: JPY 1,527.33 per share

- 2017-12: JPY 1,535.00 per share

- 2018-01: JPY 1,396.67 per share

- 2018-02: JPY 1,492.33 per share

- 2018-03: JPY 1,415.00 per share

- 2018-04: JPY 1,468.33 per share

- 2018-05: JPY 1,394.00 per share

- 2018-06: JPY 1,442.00 per share

- 2018-07: JPY 1,533.67 per share

- 2018-08: JPY 1,566.33 per share

- 2018-09: JPY 1,705.00 per share

- 2018-10: JPY 1,631.00 per share

- 2018-11: JPY 1,503.33 per share

- 2018-12: JPY 1,423.33 per share

- 2019-01: JPY 1,555.00 per share

- 2019-02: JPY 1,663.67 per share

- 2019-03: JPY 1,678.00 per share

- 2019-04: JPY 1,728.00 per share

- 2019-05: JPY 1,733.00 per share

- 2019-06: JPY 1,821.00 per share

- 2019-07: JPY 1,727.00 per share

- 2019-08: JPY 1,516.33 per share

- 2019-09: JPY 1,580.00 per share

- 2019-10: JPY 1,593.33 per share

- 2019-11: JPY 1,724.00 per share

- 2019-12: JPY 1,743.33 per share

- 2020-01: JPY 1,828.00 per share

- 2020-02: JPY 1,759.00 per share

- 2020-03: JPY 1,813.00 per share

- 2020-04: JPY 1,713.00 per share

- 2020-05: JPY 1,660.33 per share

- 2020-06: JPY 1,536.67 per share

- 2020-07: JPY 1,572.33 per share

- 2020-08: JPY 1,682.00 per share

- 2020-09: JPY 1,728.33 per share

- 2020-10: JPY 1,772.67 per share

- 2020-11: JPY 1,875.00 per share

- 2020-12: JPY 1,812.67 per share

- 2021-01: JPY 1,995.67 per share

- 2021-02: JPY 2,023.33 per share

- 2021-03: JPY 2,190.33 per share

- 2021-04: JPY 2,362.33 per share

- 2021-05: JPY 2,542.00 per share

- 2021-06: JPY 2,746.33 per share

- 2021-07: JPY 2,610.33 per share

- 2021-08: JPY 3,022.67 per share

- 2021-09: JPY 3,213.00 per share

- 2021-10: JPY 2,933.67 per share

- 2021-11: JPY 2,977.00 per share

- 2021-12: JPY 2,842.00 per share

- 2022-01: JPY 2,543.33 per share

- 2022-02: JPY 2,420.67 per share

- 2022-03: JPY 2,500.67 per share

- 2022-04: JPY 2,391.00 per share

- 2022-05: JPY 2,369.00 per share

- 2022-06: JPY 2,426.00 per share

- 2022-07: JPY 2,520.00 per share

- 2022-08: JPY 2,370.33 per share

- 2022-09: JPY 2,203.00 per share

- 2022-10: JPY 2,273.00 per share

- 2022-11: JPY 2,438.33 per share

- 2022-12: JPY 2,208.33 per share

- 2023-01: JPY 2,278.67 per share

- 2023-02: JPY 2,118.00 per share

- 2023-03: JPY 2,232.67 per share

- 2023-04: JPY 2,353.33 per share

- 2023-05: JPY 2,844.33 per share

- 2023-06: JPY 2,847.00 per share

- 2023-07: JPY 2,749.00 per share

- 2023-08: JPY 2,871.33 per share

- 2023-09: JPY 2,886.00 per share

- 2023-10: JPY 2,734.33 per share

- 2023-11: JPY 2,886.67 per share

- 2023-12: JPY 2,824.33 per share

- 2024-01: JPY 3,136.67 per share

- 2024-02: JPY 3,174.33 per share

- 2024-03: JPY 3,377.00 per share

- 2024-04: JPY 3,377.00 per share

- 2024-05: JPY 3,579.00 per share

- 2024-06: JPY 3,762.00 per share

- 2024-07: JPY 3,580.00 per share

- 2024-08: JPY 3,905.00 per share

- 2024-09: JPY 3,688.00 per share

- 2024-10: JPY 3,679.00 per share

- 2024-11: JPY 3,374.00 per share

- 2024-12: JPY 3,309.00 per share

- 2025-01: JPY 3,445.00 per share

- 2025-02: JPY 3,028.00 per share

- 2025-03: JPY 2,844.50 per share

- 2025-04: JPY 2,935.50 per share

- 2025-05: JPY 3,284.00 per share

- 2025-06: JPY 3,142.00 per share

- 2025-07: JPY 3,156.00 per share

- 2025-08: JPY 3,511.00 per share

- 2025-09: JPY 3,681.00 per share

- 2025-10: JPY 3,580.00 per share

- 2025-11: JPY 3,360.00 per share

- 2025-12: JPY 3,344.00 per share

- 2026-01: JPY 3,087.00 per share

- 2026-02: JPY 3,244.00 per share

- 2026-03: JPY 2,966.50 per share

- 2026-04: JPY 2,890.00 per share

- 2026-05: JPY 3,322.00 per share

- 2026-06: JPY 3,483.00 per share

- 2026-07: JPY 3,772.00 per share

- 2026-08: JPY 3,390.00 per share

- 2026-09: JPY 3,348.00 per share

- 2026-10: JPY 3,436.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 2,205.13 per share, central JPY 2,433.33 per share, high JPY 2,737.12 per share

- FY2019: low JPY 2,139.20 per share, central JPY 2,368.23 per share, high JPY 2,673.12 per share

- FY2020: low JPY 1,838.32 per share, central JPY 2,052.40 per share, high JPY 2,337.39 per share

- FY2021: low JPY 1,875.95 per share, central JPY 2,094.26 per share, high JPY 2,384.87 per share

- FY2022: low JPY 2,233.60 per share, central JPY 2,491.55 per share, high JPY 2,834.94 per share

- FY2023: low JPY 2,506.95 per share, central JPY 3,198.20 per share, high JPY 3,709.84 per share

- FY2024: low JPY 1,980.77 per share, central JPY 2,240.08 per share, high JPY 2,585.27 per share

- FY2025: low JPY 2,113.39 per share, central JPY 2,615.56 per share, high JPY 3,037.47 per share

- FY2026: low JPY 298.15 per share, central JPY 327.43 per share, high JPY 366.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIBH.pdf); period 2026-03-31, filed 2026-06-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.