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Japanese maker of office printers, copiers and imaging equipment, also selling healthcare imaging and industrial optics.
Japanese maker of office printers, copiers and imaging equipment, also selling healthcare imaging and industrial optics.
Office printers are sold direct and through dealers on contracts that charge per page printed, plus service and toner, so the installed base keeps paying even as print volume shrinks. A 2017 purchase of the US genetic-testing laboratory Ambry Genetics took it into healthcare diagnostics, later written down.
In one line: Japan's Xerox, with a healthcare imaging side business.
Moat: narrow (installed base, brand, distribution). Large installed printer base generates recurring consumables/service revenue amid a shrinking print market.
Headquarters: Tokyo, Japan · Founded: 1873 · Employees: 34,363
Size Konica Minolta (4902.T) is a Japan Industrials company (Office Equipment/Supplies) with a market value of $1.79B, the 516th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥570 on 6 Nov 2026.
Performance Over six months the shares gained 14.3%, against -1.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +8.2%); the operating margin is 5.1% (peer median 6.8%).
Valuation It trades at 9.7× forward earnings against a peer median of 13.0× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.6% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.10T | ¥1.09T | ¥1.13T | ¥1.11T | ¥1.13T |
| Revenue growth | — | -4% | +2% | -2% | — |
| Gross profit | ¥492B | ¥478B | ¥479B | ¥475B | ¥486B |
| EBITDA | ¥116B | ¥112B | ¥102B | ¥102B | ¥105B |
| Net income | ¥30.8B | ¥30.3B | -¥47.5B | ¥4.52B | -¥103B |
| Free cash flow | ¥79.5B | ¥38.4B | ¥25.3B | ¥56.1B | -¥8.45B |
| Capital expenditure | ¥43.6B | ¥61.1B | ¥41.4B | ¥45.1B | ¥40.8B |
| Total debt | ¥397B | ¥398B | ¥438B | ¥523B | ¥568B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Konica Minolta 4902.T | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
| Ricoh 7752.T | $6.06B | +28% | +5% | 3% | 13.6× | -1.0% |
| Xerox XRX | n/a | -61% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4902.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.5% | -0.2% | 4th lowest of 20 |
| 6-month return | +14.3% | -1.3% | 7th highest of 20 |
| Distance from 52-week high | -21.4% | -25.4% | 9th highest of 20 |
| Revenue growth (TTM) | +0.2% | +8.2% | 3rd lowest of 20 |
| Operating margin | 5.1% | 6.8% | 4th lowest of 20 |
| Forward P/E | 9.7× | 13.0× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | -0.7% | 5th least demanding of 19 |
| Growth delivered (Del g) | +4.7% | +7.5% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -10.3 pp | -3.2 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | -1.1 pp | +2.8 pp | 6th lowest of 20 |
| EV / EBITDA | 5.0× | 8.8× | cheapest of 12 |
| Net debt / EBITDA | 2.4× | 0.6× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| ITOKI 7972.T | Japan | $784M | -26% | +10% | 9% | 10.3× | 1.7% | +5.7% |
| Shenzhen Comix 002301.SZ | China | $717M | -1% | +13% | 1% | 32.5× | -0.5% | +8.4% |
| Horizon Fixture 6957.TW | Taiwan | $712M | +162% | +15% | 18% | 20.3× | 8.6% | +9.6% |
| Zhejiang Dafeng Industry 603081.SS | China | $679M | -14% | +18% | 0% | 27.5× | -4.3% | -1.0% |
| Jinbei Automotive 600609.SS | China | $618M | -21% | +4% | 7% | n/a | -5.4% | -3.6% |
| UE Furniture 603600.SS | China | $579M | -1% | +13% | 6% | 12.5× | -7.9% | +7.3% |
| Loctek Ergonomic Technology 300729.SZ | China | $552M | -13% | +6% | 6% | 22.4× | -9.4% | +28.2% |
| Henglin Home Furnishings 603661.SS | China | $543M | -13% | +13% | 4% | 12.7× | -11.5% | +19.8% |
| West Coast Paper Mills WSTCSTPAPR.NS | India | $516M | +42% | +8% | 6% | 13.0× | 28.8% | +13.8% |
| F.I.L.A. - Fabbrica Italiana Lapis ed Affini FILA.MI | Italy | $509M | +1% | +1% | 11% | 9.8× | -4.3% | -1.2% |
| Guangbo Group Stock 002103.SZ | China | $507M | -19% | +4% | 5% | 20.8× | 7.0% | +1.1% |
| ACCO Brands ACCO | United States | $467M | +25% | +2% | 7% | 5.5× | -0.9% | -1.6% |