Canon Inc.

OTCPK:CAJP.Y Rapport sur les actions

Capitalisation boursière : US$23.0b

Canon Dividendes et rachats

Dividende contrôle des critères 4/6

Canon est une société versant des dividendes avec un rendement actuel de 3.78% qui est bien couvert par les bénéfices.

Informations clés

3.8%

Rendement du dividende

6.7%

Rendement des rachats

Rendement total pour l'actionnaire10.5%
Rendement futur des dividendes4.2%
Croissance des dividendes-1.1%
Prochaine date de paiement du dividenden/a
Date ex-dividenden/a
Dividende par actionn/a
Ratio de distribution46%

Mises à jour récentes sur les dividendes et les rachats

Recent updates

Seeking Alpha • Feb 16

Canon: A Diamond In The Rough Or A Cautionary Tale? A DCF Analysis

Summary Solid FY22 numbers, positive outlook and further expansion into US are promising. Solid financials with great cash flow overall. Can be a good long-term investment if we see actual growth. DCF analysis with conservative numbers says the stock is a bargain. Investment Thesis With the year-end earnings released, I decided to look at the financials of Canon (CAJ) to see if there is a potential for a long-term position on the horizon. Stellar FY22 results and low P/E ratio caught my attention and even with low growth in USD terms, the company is a buy based on my DCF valuation and gives some exposure to international markets. This article will focus mainly on the company's financials and a little bit about the company's potential growth to come up with some reasonable growth assumptions for the next 10 years to see if this is worthy of a long-term hold and if the company has some solid prospects. The growth assumptions will be conservative with a decent margin of safety baked into the DCF analysis. FY2022 Results A couple of weeks ago the company published its full-year 2022 results on its investor relations site. The numbers I saw were very good. The company has been steadily growing still in double digits. Growth in the printing and imaging segments is going strong thanks to the return to office across the world. It seems that this will continue to improve over the coming years as more and more companies go back to their offices after the pandemic. The printing Segment had a solid 16.7% y-o-y growth, while Imaging had 22.9% growth. Sales in Japan increased only 4% year on year, however, the Americas have shown a 30% increase in sales, followed by Europe at a 15.5% increase and Asia and Oceania at 7.1%, giving the total sales increase y-o-y of almost 15%. That is quite a solid year for the company. All these results lead to a bottom-line increase of 13.6% y-o-y. What's Ahead for the Company The management believes it will see strong demand for their office MFDs and their interchangeable lens digital cameras. People demand high-quality personal devices and Canon is no slouch here for sure. This optimism has swayed my valuation model somewhat; however, I am toning it down just to be on the safe side. We have been in the pandemic era for the last 3 years now. The concerns will always linger, but I do believe that these concerns will be much smaller than they have been one or two years ago when productivity was obliterated across all offices and people started to work from home. Right now, many companies have adopted the hybrid environment, with some places making their employees work from home only 2 days a week. Some are fully back in the office, and some are still WFH. The demand for Canon's MFDs I believe will continue to grow as we get out of the pandemic; however, it may not be as robust as it was pre-pandemic. Growth in the US In November of 2022, the company announced that they are establishing a new subsidiary that will strengthen its presence in the US medical market. This will accelerate growth for the segment which grew 6.9% y-o-y and 17.4% in Q4 of 2022. The medical segment is the third largest revenue generator for the company and more exposure to the most influential medical market in the world will most definitely accelerate the growth of the segment. The company's increased presence in the US with the newly established Canon Healthcare USA will have great synergies with already established Canon Medical Systems USA. We will see the results of this move in the next year or so. The company is not just sitting around. I can see that they are trying to establish themselves as a leader in many segments, which can only be good for current and future shareholders. Financials Let's have a look under the hood at how the company has been performing over the last 5 years and how healthy the books are. First things first, let's have a look at the margins. Gross margins have been hovering around 44% to 46% for the last 5 years, which may not look the best, but it all depends on the industry and when comparing to its competitors like HP Inc (HPQ) and Epson (OTCPK:SEKEF), Canon is a leader. Gross Margin of Canon against comps (Seeking Alpha) EBITDA margins are also quite healthy, and the company is leading against its competitors also. Gross and EBITDA margins of Canon (Own Calculations) EBITDA of Canon vs Comps (Seeking Alpha) The next thing that is important for my investment is the cash ratio. Here the company gets an X because it cannot cover its current liabilities with cash on hand. That does not mean they would have liquidity problems, but just to be more scrutinizing I always like companies that have plenty of cash on hand to cover their short-term obligations. Cash Ratio (Own Calculations) The company's current ratio is acceptable but on the lower end. Companies with a current ratio of 2 are what I like to see, however, Canon's is still sufficient. From the graph below, we can see that the ratio is going down slightly, but let's hope that it is not a trend and that things start to turn around. The company is averaging 1.76 over the last 5 years. Current Ratio (Own Calculations) The debt levels are pretty much non-existent on the latest report. Sitting barely at around 2.4B yen, which amounts to around $18m. I like companies that don't take on excessive debt to run their day-to-day business, but also, I'm not saying that debt is bad, I just prefer companies that have little debt. For example, I did an article on Crocs Inc. (CROX) recently and they have quite a bit of debt, however, this kind of debt is not worrisome to me because they are actively paying it down and the acquisition was a smart move. Return on invested capital is a bit of a mixed bag and is a bit lower than what I would normally consider, however, it can be much worse. The same goes for ROA and ROE. With time I would like these metrics to improve as the trends for the last years suggest below. ROIC (Own Calculations ) ROA and ROE (Own Calculations) From looking at the above metrics and the whole balance sheet, the company is not doing badly, however, it could perform much better. With increasing growth prospects, I would expect these numbers to improve in the next 5 years. Valuation Considering the potential growth prospects, overall great financial results in 2022, and positive outlook, I do not want to be too influenced by all of these and would stick to my conservative growth assumptions. I have gathered all the financial info for the last 10 years in USD instead of JPY as most of the investors here would be trading in this currency. The US Dollar over the last while has appreciated quite a bit against the JPY so revenue growth y-o-y does not translate to the same number in USD. At the beginning of 2022, JPY was worth around 115 per USD, since then USD appreciated by around 15%, which means that those great revenue numbers in JPY (around 15% for the year), basically end up being 0% in USD. USD reached 150 at one point but retreated recently. I assume 2% growth over the next 10 years in USD for revenue growth as I believe since the dollar has already retreated 15% from its peak it may continue and settle down back to where it was a few years back, around the 105 to 110 range.
Seeking Alpha • Dec 08

Canon Remains Attractive - I'm Buying More

Summary I wrote about Canon some months back, calling the stock a bit of an overlooked gem for what it actually offers investors. Unlike other companies in today's volatile market, Canon offers a solid, well-covered yield, decent stable prospects, and likely forward EPS growth and stability. That's more than can be said for many investments here - and for that simple reason, I'm interested. Dear readers/followers, We'll revisit one of my previous targets of writing and buying - and a company I actually bought a small position in, and intend to buy more in. I'm talking about Canon (CAJ). Canon is a solid, Japanese company that, in my opinion, is very much worth owning and looking at. My ambition to work and own an internationally diversified portfolio of dividend-paying stocks is the sole reason I am still in the positive for the year - far in the green, in fact. And I view Canon as one of the reasons for this, or at least a potential component for someone to stay relatively safe. Let's review Canon again. Canon - An update This is a company that is an entrenched part of the optical imaging market. Optical imaging products are used in most every segment of our society, and Canon's products are found in segments such as... Compact Digital Video Cameras/Film and digital SLRs Camcorders Lenses Broadcasting equipment, including Free Viewpoint solutions Professional displays Projectors Photolithography equipment Scanners, Printers, microfilm scanners Binoculars Microscopes, including diagnostic systems such as ultrasound/x-ray CCTV solutions Rotary encoders While most consumers may know Canon for its consumer-grade cameras, the fact is that the company's main markets are commercial and B2B. Canon operates 4 relatively simple segments, and the biggest segments aren't cameras or video - but printing. Over 55% of the company's annual expected revenue comes from printing operations. The geographic mix is more as would be expected. Japan still accounts for more than a fifth of sales, with NA/SA coming in at around 30%, with Europe at 25%. The rest is APAC. Recent-term company results over the past 5 years have been so-so. COVID took a major bite out of the company, and this needs to be considered when we invest. The fact that the company is on a path to recovery that's been ongoing since 2020, but likely this year is finally set to restore the company's operating profit to a normalized level above 300M Yen. Canon IR (Canon IR) While I lauded the dividend, it cannot rightly be called stable over time. What can be said is that I view the dividend as likely to stay between 3-4% overall, and that it should not be your primary focus at this time. The company's financial health should be, because that is actually superb. Canon remains A rated, and almost entirely lacks debt. It's like many Japanese companies in this way, where debt is something not to be considered until no other options are available. The company expects to end the fiscal with a debt ratio that's below 7% in terms of its overall assets. Based on that view, Canon is certainly an overall safe investment. Of course, we don't just want safety - we want growth and returns. In order for the company to get that, we need operational improvements and clarity. Do we have this? I would argue that we do, despite not investing in many Japanese businesses over the past 5 years. Canon has an interesting trading history. It traded at a premium for close to 10 years - upwards of 20x P/E. But COVID caused it to drop below that premium, and it has actually stayed far below it for some time at this point. Recent operational results and forecasts do not support this somewhat negative view. Why do I say this? Because 3Q22 results were absolutely solid on both a top-level view and a bottom-line perspective. Canon IR (Canon IR) The company was able to record the 7th consecutive quarter of top-line sales growth, with significant increases in every relevant metric despite overall costs, thanks to increased demand, price adjustment and some FX. The simple fact is, Canon was unable to supply the product that the market demanded, in part due to semi shortage, but other parts as well (such as the Shanghai lockdowns). 3Q22 saw improvements here though, and the company was able to on a quarterly basis operate relatively normally, which is part of what led to sales increases - because Canon was more or less able to supply the demand. This led to significant improvements in operating profit and net income as well, because the company obviously adjusted some pricing. The interest was especially massive for imaging, which saw YoY improvements of 100%+ in operating profit, and over 30% in sales. This came from sales in interchangeable lens cameras - but every single company segment saw growth, even medical. Here is some of the breakdown of YoY operating profit. Canon IR (Canon IR) Canon is doing what most companies are doing. It's adjusting and working what it can in order to keep its profitability. Many of its products are not consumer-grade stuff, but things that are harder to replace and with higher "stickiness" in their customer base. This is another positive. The full-year projections are very much intact. We have sales and profit increases of over 14-15% with operating profit improvements of 35%+ for the year, leading to net income improvements of over 15%. Because of this, I view the company's dividend as likely being solid and safe. Demand for company products is excellent. The company's order book is well-filled, and the company has increased production. The problem here is a part shortage, and the company is diversifying suppliers and searching for alternative part solutions. Canon is, as I said, primarily a printing company. Its high-speed cut-sheet inkjets, large formats, "Prosumer", and Office products are where Canon generates most of its sales. As for current trends, its sales are actually up, and the company is increasing its output - while also increasing prices. It's still fair to say that Canon is doing quite well. Company cash flow is expected to be up for the full year, and order and sales trends show promise and confirm the longer-term positive for the business. I expect continued positivity for the company's operations going forward, and this together with the company's fundamentals forms the basis for my positive thesis for Canon. Canon's Valuation Of course, there's also valuation - and a very solid valuation at that. As mentioned, Canon's typical valuation range is closer to 18-20x P/E over time, as evidenced by its 5-year average. However, the current valuation is 12-13x P/E depending on what year you're looking at. This is a significant break in the trend that we've seen in Canon over the past 20-or-so-years., and this is despite earnings and result improvements expected over the next couple of years. The company has not, as of yet, recovered to any significant degree here. Canon Upside (F.A.S.T graphs) This is the actual upside that I am seeing for Canon. The company will, as I see it, at some point normalize to its trading average due to good results. The company is also not as impacted as some European counterparts by interest costs due to its extremely limited use of debt. Even in the case of only relatively flat development for 14-15x P/E, your returns would still be double digits here, and always with that normalization potential. Remember also, the company is A-rated and isn't going anywhere. Canon's upside comes from several perspectives. For one, we have a clear dividend upside, with prospective payout growth. That's going to be pretty major going forward, and important in the current environment. Secondly, you can't overstate the fundamentals of Canon. This is a well-entrenched company with boundless expertise in several fields. Their products aren't impossible to replace, but they're a hard company to switch from if you've built your portfolio or office around their products. Switching costs/issues are there. Unlike other Japanese businesses, I do see a realistic prospect for the company achieving its forecasted, near-double-digit annual rates of growth for the foreseeable future - and this is key here.
Seeking Alpha • Sep 24

Canon: A Japanese Giant With Potential Growth

Summary I've reviewed some Japanese-based companies in my time as a contributor for SA - so when I was asked to take a look at Canon, it seemed logical. Canon shares similarities with some other Japanese giants - in that growth has been stagnant for a long time, and the company is searching for more. If it delivers it, there could be a double-digit upside to the company. Here is my take on Canon. Dear readers, In this article, we're going to add another Japanese company to the coverage spectrum - and now I'm talking about Canon (CAJ). This is a Japanese business with a storied history and a great current franchise. It's one of the main camera manufacturers and players in the professional segment of the world. We're going to look at what makes the company tick, and whether an investment could be of any interest to you here. What is Canon Inc? Canon is a Japanese multinational corporation based in Tokyo that focuses on the design, research, and manufacturing of optical imaging equipment and industrial products. Its primary products are things like lenses, cameras, Medtech, scanners, printers, and various types of semis. The company produced the Kwanon, Japan's first-ever 35-mm camera. The company has multiple achievements under its belt, including improvements on British-made Bell Punch cameras in making a well-working electronic calculator. The company's Pellix model which came out in 1965, was among the first of its kind as well, a working SLR. Like many companies in optical imaging/equipment, Canon had to handle the shift from analog to digital cameras. Unlike other companies, Canon handled it very well. Its current product lines include: Compact Digital Video Cameras/Film and digital SLRs Camcorders Lenses Broadcasting equipment, including Free Viewpoint solutions Professional displays Projectors Photolithography equipment Scanners, Printers, microfilm scanners Binoculars Microscopes, including diagnostic systems such as ultrasound/x-ray CCTV solutions Rotary encoders ...and much more. In short, many things optical, the company does. Most consumers will be aware of Canon because it builds and makes both amateur and professional-grade DSLR cameras. The rise of smartphones with built-in cameras which are actually quite capable of fulfilling the need of over 95% of people's imaging/photographing needs has severely hurt this company's operating results among consumers for the past 10-or-so years. The company's operations are split into 4 relatively easily-understood segments - and the mix might surprise you. Canon IR (Canon IR) Because Canon is primarily a printing company these days, not a photography or even film equipment company. Over half the company's sales come from printing, with the 3 other segments together not even being above 45% for the 2022E Fiscal. The geographic mix is more as would be expected. Japan still accounts for more than a fifth of sales, with NA/SA coming in at around 30%, with Europe at 25%. The rest is APAC. Company sales have been in a downward trend since 2017, cratered during COVID-19 induced 2020, and started climbing back up again in 2021. The current expectation is for 2022E to reach the levels of 2017-2018, which would mean a return to significant growth for the company. Operating profit trends have followed this cycle - but done so in an even more volatile manner than the sales record. The cratering in 2020 was massive and saw ratios/margins drop to below 5%. We're now on our way back up again. Canon IR (Canon IR) The company's dividend record is spotty. Canon "wants" to pay a good dividend, and even paid an extraordinary commemorative dividend on its 80th birthday back in 2017, but then cut the dividend by 50% in 2020, only to now slightly raise it. The current yield is between 3-4% and this is where it seems projected to stay with about half the 2022A behind us. This corresponds to a very conservative payout ratio, coming no higher than 45-48%, which is an improvement to the latest few years with payout ratios over 135%. Canon's financial health is superb. The company warrants an "A" from S&P Global, which of course speaks for itself. Like many Japanese companies, Canon almost entirely lacks debt. The company's LT debt/cap is currently at 7.21%, one of the lowest I've ever seen in this segment. The company has in fact been reducing debt strategically even more as we move forward and expects to end the year with debt/assets of below 7%. So, Canon is certainly safe. But the safety of course isn't enough. Can it actually grow? I haven't exactly been positive about the other Japanese businesses I've reviewed given their stagnant performance and future uncertainties. I will clearly state that I see Canon has less of this than its competitors in other segments. Recent results show us sales increase despite the ongoing conflict and macro. Sales in fact increased double digits, 13.3%, and marks the sixth consecutive quarter of sales growth. Profit is of course the second question given how things ebb and flow today. Despite significantly increasing logistical and input costs, the company managed to control expenses and increase operating profit by 27.4%, meaning more than twice as much as the company's sales increase. In part, this was because of the mix, with more full-frame cameras, but it was also due to company actions, managing to control pricing. FX continues to hound Japanese companies though. The yen is depreciating, and this results in some interesting flows. Still, look at the business unit-level results here. Canon IR (Canon IR) And many of these numbers are really despite headwinds. Take printing, which is managing to keep its shape despite the fact that most businesses have not seen returns to the office at high levels as of yet. The bridge for operating profit gives some clarity as to how things are increasing here, in large part due to FX and pricing. Canon IR (Canon IR) Canon is doing what most companies are doing. It's adjusting and working what it can in order to keep its profitability. Many of its products are not consumer-grade stuff, but things that are harder to replace and with higher "stickiness" in their customer base. This is another positive. The full-year projections call for a total 16.1% net sales increase, and a 13.7% gross profit increase. OpEx is actually expected to decline as a percentage of sales, and profit is expected to increase, coming to a net profit projection of 22% up at 214B Yen. Demand for company products is excellent. The company's order book is well-filled, and the company has increased production. The problem here is a part shortage, and the company is diversifying suppliers and searching for alternative part solutions. Canon is, as I said, primarily a printing company. Its high-speed cut-sheet inkjets, large formats, "Prosumer", and Office products are where Canon generates most of its sales. As of current trends, its sales are actually up, and the company is increasing its output - while also increasing prices. It's very fair to say that Canon is doing quite well. Company cash flow is expected to be up for the full year, and order and sales trends show promise and confirm the longer-term positive for the business. The company even had sufficient capital to buy back shares, which it has done at appealing valuations seen from a 20-year perspective. The company makes it clear that it sees the company return to 4,000B Yen in sales for the first time in 5 years for the 2022E period, while income climbs to the highest level in over 10 years. Let's look at valuation. Canon's Valuation Canon's upside comes from several perspectives. For one, we have a clear dividend upside, with prospective payout growth. That's going to be pretty major going forward, and important in the current environment. Secondly, you can't overstate the fundamentals of Canon. This is a well-entrenched company with boundless expertise in several fields. Their products aren't impossible to replace, but they're a hard company to switch from if you've built your portfolio or office around their products. Switching costs/issues are there. Couple this with a superb credit rating, and you have a sticky A-rated company. Thirdly, the valuation is actually appealing at this point. Looking at the share price for this year, you can clearly see the ups and downs and the patterns the stock seems to follow for the time being. Canon Share price (Seeking Alpha) How this translates into the valuation is currently as follows. The company trades to a conservative average P/E of 12x. This is already pretty low, but the market is currently in a position where "standard" rules of valuation are out the window, as it seems to be searching for a bottom. However, Canon has not advanced its valuation, while at the same time significantly advancing its prospects, results, and forecasts. Canon Valuation (F.A.S.T graphs) Like many companies in this market, this means that Canon is actually in a very good position at this time. And unlike other Japanese businesses, I do see a realistic prospect for the company achieving its forecasted, near-double-digit annual rates of growth for the foreseeable future.
Seeking Alpha • Jun 29

Canon: Eyeing Up A Swing Trade To The Upside

Shares have stooped to oversold levels. We have been here before. Encouraging dividend trends point to limited downside risk in Canon at present.
Seeking Alpha • Dec 07

Canon Inc.: Buyers Getting A Second Bite

Bullish technicals on the long-term chart remain intact. Profitability is improving, the dividend is well covered, and shares are trading under book value. A return to the company's 2018 highs still looks to be on course here.
Seeking Alpha • Jul 17

Canon: The Company Must Solve The Issue Of Generating Growth

Canon surprised positively for FY12/2020 and Q1 FY12/2021 results, with robust camera demand and normalizing business conditions. A new medium-term plan was unveiled targeting a major boost in operating margins, but there is no credible sales growth driver. With limited scope to improve shareholder returns, we remain bearish on the shares.

Stabilité et croissance des paiements

Récupération des données sur les dividendes

Dividende stable: Les paiements de dividendes de CAJP.Y ont été volatils au cours des 10 dernières années.

Dividende croissant: Les paiements de dividendes de CAJP.Y ont augmenté au cours des 10 dernières années.

Rendement des dividendes par rapport au marché

Canon Rendement des dividendes par rapport au marché
Comment le rendement du dividende de CAJP.Y se compare-t-il à celui du marché ?
SegmentRendement du dividende
Entreprise (CAJP.Y)3.8%
25% du marché (US)1.4%
25% du marché (US)4.3%
Moyenne du secteur (Tech)0.4%
Analyste prévisionnel (CAJP.Y) (jusqu'à 3 ans)4.2%

Dividende notable: Le dividende de CAJP.Y ( 3.78% ) est supérieur à celui des 25 % des payeurs de dividendes les plus faibles du marché US ( 1.44% ).

Dividende élevé: Le dividende de CAJP.Y ( 3.78% ) est faible par rapport aux 25 % des premiers payeurs de dividendes du marché US ( 4.35% ).

Bénéfice distribué aux actionnaires

Couverture des revenus: Avec son taux de distribution relativement faible ( 46.1% ), les paiements de dividendes de CAJP.Y sont bien couverts par les bénéfices.

Paiement en espèces aux actionnaires

Couverture des flux de trésorerie: Avec son taux de distribution en espèces actuel ( 88.7% ), les paiements de dividendes de CAJP.Y sont couverts par les flux de trésorerie.

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Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2026/05/15 21:26
Cours de l'action en fin de journée2026/05/15 00:00
Les revenus2026/03/31
Revenus annuels2025/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

Canon Inc. est couverte par 26 analystes. 10 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Masahiro NakanomyoBarclays
Takashi IwaiBofA Global Research
Masahiro ShibanoCitigroup Inc