# Nissan Motor (7201.JP)

Canonical: https://gigainvestors.com/s/7201.JP

Analysis as of: 2026-10-15T07:11:15.889Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

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

Share price: JPY 273.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 1.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.03×

- FY2020: -0.00×

- FY2021: -0.02×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.01×

- FY2026: 0.00×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.8%

- ROIC, second-lowest year: -0.3%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 16.1%

- Recent gross margin (lower of latest and 3-year median): 12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.8%

- FY2018: 4.8%

- FY2019: 1.9%

- FY2020: -0.3%

- FY2021: -1.3%

- FY2022: 1.6%

- FY2023: 2.4%

- FY2024: 3.7%

- FY2025: 0.5%

- FY2026: 0.4%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 2.28T

- Net income, five-year total: JPY -340B

- Return on incremental invested capital: -73.3%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 2.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: JPY 484B

- FY2023: JPY 843B

- FY2024: JPY 539B

- FY2025: JPY 168B

- FY2026: JPY 241B

### management: fail

- 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: 4.8% vs 0.5%

- Per-share earnings: 165.94 to -152.58 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: JPY -3.13T

- Cumulative retained earnings: JPY -1.48T

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: JPY -318.52

- Per-share value, starting three-year median: JPY 165.94

- Per-share value, ending three-year median: JPY -152.58

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 2.4%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 110B

- Cumulative net income, 10 years: JPY 270B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 0.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 165.94

- FY2018: JPY 190.96

- FY2019: JPY 81.59

- FY2020: JPY -171.54

- FY2021: JPY -114.67

- FY2022: JPY 55.07

- FY2023: JPY 56.67

- FY2024: JPY 110.47

- FY2025: JPY -187.08

- FY2026: JPY -152.58

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.6%

- FY2018: -1.7%

- FY2019: -6.0%

- FY2020: -10.9%

- FY2021: -10.8%

- FY2022: -3.9%

- FY2023: -5.7%

- FY2024: -2.7%

- FY2025: -7.5%

- FY2026: -6.7%

## Holders

## Price story

Down 59% since Sep 2023 · sales -4.9%

Story as of 2026-10-16T10:00:14.593Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -4.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf; observed 2026-06-22.

- FY2017: JPY 11.72T 

- FY2018: JPY 11.95T 

- FY2019: JPY 11.57T 

- FY2020: JPY 9.88T 

- FY2021: JPY 7.86T 

- FY2022: JPY 8.42T 

- FY2023: JPY 10.60T 

- FY2024: JPY 12.69T 

- FY2025: JPY 12.63T 

- FY2026: JPY 12.01T 

### Gross margin · FY2026

gross margin 12.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf; observed 2026-06-22.

- FY2017: 19.6% 

- FY2018: 17.9% 

- FY2019: 16.4% 

- FY2020: 14.5% 

- FY2021: 13.4% 

- FY2022: 16.1% 

- FY2023: 16.2% 

- FY2024: 16.3% 

- FY2025: 13.4% 

- FY2026: 12.8% 

## Owner memo

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

### How it makes money

Annual sales are JPY 12 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf (filed 2026-06-22); FY2026: revenue 12007888000000; grossProfit 1539956000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.8% to 16.3% during 2024–26; it earns 1.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: grossProfit / revenue = 13.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf (filed 2026-06-22); FY2026: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.04753269459457748],[2018,0.048347848791589786],[2019,0.019079989541290927],[2020,-0.0031278559452088996],[2021,-0.012673489083526049],[2022,0.016427044048616012],[2023,0.024455324192549095],[2024,0.037025177638363854],[2025,0.005077109977062024],[2026,0.004000592441732099]]; median 0.017753516794953468. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back JPY 1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 503745000000; owner earnings 805463000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 0; upkeep 398797000000; owner earnings 637820000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 0; upkeep 422569000000; owner earnings 1001275000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 464219000000; owner earnings 684374000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 0; upkeep 362377000000; owner earnings 911221000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 0; upkeep 315202000000; owner earnings 484200000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2023: growth capex 0; upkeep 322725000000; owner earnings 843011000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2024: growth capex 0; upkeep 368273000000; owner earnings 539355000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2025: growth capex 0; upkeep 533712000000; owner earnings 167881000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf (filed 2026-06-22); FY2026: growth capex 0; upkeep 494907000000; owner earnings 241116000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,182803000000],[2018,197541000000],[2019,215101000000],[2020,150652000000],[2021,0],[2022,0],[2023,19573000000],[2024,58760000000],[2025,56104000000],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YH2B.pdf (filed 2026-06-22); FY2026: cash repurchases 1000000 JPY.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Closing price 273 JPY; reporting-to-trading FX 1; FY2026 annual sales per share 3436.8424971909326; price multiple 0.07943337532142765. FY2026 cash earnings/share 69.01111299111791. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,056.50 per share

- 2016-12: JPY 1,175.50 per share

- 2017-01: JPY 1,119.00 per share

- 2017-02: JPY 1,106.00 per share

- 2017-03: JPY 1,073.50 per share

- 2017-04: JPY 1,058.50 per share

- 2017-05: JPY 1,061.50 per share

- 2017-06: JPY 1,118.00 per share

- 2017-07: JPY 1,096.00 per share

- 2017-08: JPY 1,093.00 per share

- 2017-09: JPY 1,114.50 per share

- 2017-10: JPY 1,098.50 per share

- 2017-11: JPY 1,088.00 per share

- 2017-12: JPY 1,123.50 per share

- 2018-01: JPY 1,163.50 per share

- 2018-02: JPY 1,125.00 per share

- 2018-03: JPY 1,104.00 per share

- 2018-04: JPY 1,151.50 per share

- 2018-05: JPY 1,080.50 per share

- 2018-06: JPY 1,078.00 per share

- 2018-07: JPY 1,055.50 per share

- 2018-08: JPY 1,040.00 per share

- 2018-09: JPY 1,063.50 per share

- 2018-10: JPY 1,027.50 per share

- 2018-11: JPY 994.30 per share

- 2018-12: JPY 880.30 per share

- 2019-01: JPY 926.80 per share

- 2019-02: JPY 962.40 per share

- 2019-03: JPY 908.20 per share

- 2019-04: JPY 893.30 per share

- 2019-05: JPY 734.60 per share

- 2019-06: JPY 771.60 per share

- 2019-07: JPY 710.80 per share

- 2019-08: JPY 656.40 per share

- 2019-09: JPY 674.10 per share

- 2019-10: JPY 689.40 per share

- 2019-11: JPY 678.80 per share

- 2019-12: JPY 636.10 per share

- 2020-01: JPY 599.50 per share

- 2020-02: JPY 463.60 per share

- 2020-03: JPY 356.60 per share

- 2020-04: JPY 369.80 per share

- 2020-05: JPY 400.90 per share

- 2020-06: JPY 399.20 per share

- 2020-07: JPY 361.00 per share

- 2020-08: JPY 431.50 per share

- 2020-09: JPY 371.80 per share

- 2020-10: JPY 366.00 per share

- 2020-11: JPY 492.50 per share

- 2020-12: JPY 560.00 per share

- 2021-01: JPY 532.10 per share

- 2021-02: JPY 574.70 per share

- 2021-03: JPY 615.90 per share

- 2021-04: JPY 547.70 per share

- 2021-05: JPY 539.10 per share

- 2021-06: JPY 551.30 per share

- 2021-07: JPY 630.90 per share

- 2021-08: JPY 578.50 per share

- 2021-09: JPY 562.10 per share

- 2021-10: JPY 577.40 per share

- 2021-11: JPY 562.90 per share

- 2021-12: JPY 555.80 per share

- 2022-01: JPY 607.40 per share

- 2022-02: JPY 545.30 per share

- 2022-03: JPY 547.80 per share

- 2022-04: JPY 517.00 per share

- 2022-05: JPY 500.60 per share

- 2022-06: JPY 528.20 per share

- 2022-07: JPY 502.40 per share

- 2022-08: JPY 549.90 per share

- 2022-09: JPY 460.20 per share

- 2022-10: JPY 474.40 per share

- 2022-11: JPY 491.20 per share

- 2022-12: JPY 418.10 per share

- 2023-01: JPY 463.30 per share

- 2023-02: JPY 527.60 per share

- 2023-03: JPY 501.10 per share

- 2023-04: JPY 492.20 per share

- 2023-05: JPY 522.90 per share

- 2023-06: JPY 588.20 per share

- 2023-07: JPY 623.00 per share

- 2023-08: JPY 620.80 per share

- 2023-09: JPY 660.30 per share

- 2023-10: JPY 567.40 per share

- 2023-11: JPY 582.90 per share

- 2023-12: JPY 554.20 per share

- 2024-01: JPY 588.40 per share

- 2024-02: JPY 588.80 per share

- 2024-03: JPY 607.00 per share

- 2024-04: JPY 581.70 per share

- 2024-05: JPY 558.40 per share

- 2024-06: JPY 545.90 per share

- 2024-07: JPY 486.20 per share

- 2024-08: JPY 425.50 per share

- 2024-09: JPY 402.50 per share

- 2024-10: JPY 411.20 per share

- 2024-11: JPY 358.90 per share

- 2024-12: JPY 480.00 per share

- 2025-01: JPY 427.80 per share

- 2025-02: JPY 430.10 per share

- 2025-03: JPY 378.70 per share

- 2025-04: JPY 341.50 per share

- 2025-05: JPY 368.90 per share

- 2025-06: JPY 350.20 per share

- 2025-07: JPY 321.60 per share

- 2025-08: JPY 332.40 per share

- 2025-09: JPY 363.80 per share

- 2025-10: JPY 353.50 per share

- 2025-11: JPY 384.20 per share

- 2025-12: JPY 390.10 per share

- 2026-01: JPY 377.30 per share

- 2026-02: JPY 433.20 per share

- 2026-03: JPY 333.00 per share

- 2026-04: JPY 356.00 per share

- 2026-05: JPY 396.80 per share

- 2026-06: JPY 300.00 per share

- 2026-07: JPY 336.20 per share

- 2026-08: JPY 328.50 per share

- 2026-09: JPY 297.00 per share

- 2026-10: JPY 282.00 per share

## Annual estimated value (JPY 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/S100YH2B.pdf); period 2026-03-31, filed 2026-06-22.

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.