Owner Scorecard
An independent research publication · data as of July 9, 2026

← Japan catalog ← 4755 Manual 4902 → Electronic Components & Instruments 5214 →

4901 · Fujifilm Holdings

Office electronics Capital-intensive J-GAAP
Latest filing: FY2026 annual securities report (有価証券報告書) · EDINET

This is a quantitative scorecard. The numbers below are read directly from Fujifilm Holdings’s EDINET filing, in yen. The Japanese-language narrative, what the business does, its risks, what changed this year, is not machine-read here, so we do not paraphrase it. Find it on EDINET (code 4901) →

I

The record

What the business has done across the cycle, read straight from the EDINET filing: the multi-year record, and the walk from reported profit to the cash an owner could take out.

The record, 2017–2026

realized figures from each filing · older years to the left
2017’172018’182019’192020’202021’212022’222023’232024’242025’252026’26
Income statement
¥29.6B¥46.3B¥72.4B¥60.4B¥31.0B¥43.9B¥17.5B¥19.1B¥42.0B¥46.1BRevenueRevenue
———9%20%———50%51%SG&A / revenueSG&A/rev
¥34.0B¥62.3B¥65.2B¥254.4B¥26.2B¥32.7B¥13.3B¥6.4B¥5.2B¥14.1BNet incomeNet inc.
Cash flow & returns
¥30.2B¥31.7B¥33.2B¥35.8B¥38.0B¥43.0B¥46.1B¥56.2B¥68.3B¥84.4BDividends paidDiv. paid
¥50.0B¥50.0B¥100.0B¥51.6B¥20M¥31M¥20M¥30M¥2.2B¥11MBuybacksBuybacks
2%5%6%20%2%3%1%1%0%1%Return on equityROE
0%2%3%18%−1%−1%−3%−4%−6%−7%Retained to equityRetained/eq
Balance sheet
¥107.1B¥75.5B¥45.9B¥80.8B¥29.0B¥116.0B¥19.5B¥3.4B¥2.6B¥556MCash & investmentsCash+inv
¥426.6B¥343.9B¥321.4B¥533.0B¥407.7B¥370.0B¥318.6B¥570.2B¥704.3B¥859.6BCurrent assetsCur. assets
¥165.2B¥91.1B¥279.2B¥123.7B¥66.4B¥220.7B¥168.9B¥547.8B¥457.6B¥534.2BCurrent liabilitiesCur. liab.
2.6×3.8×1.2×4.3×6.1×1.7×1.9×1.0×1.5×1.6×Current ratioCurr. ratio
¥1.97T¥1.86T¥1.71T¥1.85T¥1.74T¥1.70T¥1.63T¥1.90T¥2.03T¥2.16TTotal assetsAssets
¥578.0B¥480.7B¥614.0B¥597.0B¥477.0B¥444.0B¥417.0B¥713.0B¥905.7B¥1.11TTotal debtDebt
¥470.9B¥405.2B¥568.2B¥516.2B¥448.1B¥328.1B¥397.5B¥709.6B¥903.1B¥1.11TNet debt / (cash)Net debt
15.0×16.8×46.0×37.2×20.3×29.0×1.7×1.5×0.4×0.2×Interest coverageInt. cov.
¥1.38T¥1.37T¥1.09T¥1.24T¥1.23T¥1.24T¥1.21T¥1.17T¥1.09T¥1.02TShareholders’ equityEquity
Per share
1.54B1.54B1.54B1.54B1.54B1.54B1.24B1.24B1.24B1.24BShares out (diluted)Shares
¥19.20¥30.00¥46.88¥39.12¥20.08¥28.41¥14.06¥15.32¥33.75¥37.03Revenue / shareRev/sh
¥22.04¥40.36¥42.26¥164.81¥16.99¥21.17¥10.67¥5.17¥4.18¥11.35EPS (diluted)EPS
¥19.54¥20.54¥21.48¥23.20¥24.60¥27.87¥37.07¥45.16¥54.89¥67.85Dividends / shareDiv/sh
¥894.17¥889.22¥706.93¥805.11¥797.73¥805.15¥969.07¥938.65¥872.58¥817.19Book value / shareBVPS

Share counts before 2025 are restated ×3 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share+7.6%/yr+13.0%/yr
EPS−7.1%/yr−7.8%/yr
Dividends / share+14.8%/yr+22.5%/yr
Book value / share−1.0%/yr+0.5%/yr
II

Quality & stewardship

Returns, the balance sheet, and stewardship. The same checks the US pages run, in yen.

Owner’s Scorecard

FY2026 Annual securities report · source on EDINET →

Will it survive?

  • Can it pay its interest? —
    Not the right lens here
    What this means

    This business earns through equity-method affiliates, so interest coverage on its operating line isn't meaningful. Read its solvency on net debt against equity instead.

  • How heavy is the debt, net of cash? ¥1.11T · 939.4× operating profit
    Heavy net debt
    Cash ¥556M − debt ¥1.11T
    What this means

    Netting ¥556M of cash and short-term investments against ¥1.11T of debt leaves ¥1.11T owed, about 939.4× a year's operating profit (939.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital —
    Operating income not meaningful here
    Industry peers: median 8%
    What this means

    This business earns mostly through equity-method affiliates, so its operating line understates its earning power and a ROIC built on it would mislead. Read it on return on equity and the record instead.

  • Owner-earnings margin —
    Not enough data
    Industry peers: median 2%
    What this means

    The filing data didn't include the inputs for this check.

  • Are earnings backed by cash? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 10 of 10
    What this means

    Never lost money over the record, the earnings stability Graham insisted on.

  • Return on capital ≥ 15% 0 of 10 yrs
    What this means

    A moat shows up as a high return on invested capital that holds year after year, not one good vintage.

  • Operating margin 89% → 3% (3-yr avg ends)
    What this means

    Through the cycle the operating margin slipped — about 89% early to 3% lately, median 64% — competition or costs are biting in.

  • Reinvestment, incremental ROIC returns capital
    What this means

    The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.

  • Worst year 2026 · 2.6% op. margin
    What this means

    Stayed profitable even in its hardest year, the resilience that survives recessions.

  • Dividend record rising
    What this means

    Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

III

The price

What a price would have to assume, set against the record above.

What the price implies

reverse-DCF

Fujifilm Holdings is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

¥
The assumptions

Revenue, delivered6%/yr’21→’26

Enter a price to run it.

Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh 4901 against another business →

Figures from EDINET, the Financial Services Agency’s disclosure system, the same kind of filing the US pages draw from EDGAR. A separate pool: these names never pass through the US industry classifier.

Manual order: ← 4755 its page in the Manual 4902 →

Industry order: the Electronic Components & Instruments chapter 5214 →