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FUJIFILM Holdings Corporation

FUJIY
53
Medical - Devices · Healthcare
Price
$10.06
+0.03 (+0.30%)
Market Cap
$24.06B
Exchange
Other OTC
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Good
Stability
Exceptional
Valuation
Strong
Dividends
Weak

Share count rising — dilution

+200.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 802.8M (2022) → 2.41B (2026)

Winston Score History

The full picture

FUJIFILM Holdings is a Japanese company that started out making camera film but has transformed itself into a much broader business. Today it makes medical imaging equipment (like X-ray and endoscopy systems), pharmaceuticals, office printers and copiers, and specialty chemicals. Its main customers include hospitals, clinics, businesses, and industrial manufacturers around the world.

The company earns money by selling hardware, consumable supplies, and services across these different divisions. It operates globally, with strong presences in Japan, the United States, and Europe, and generates roughly $20 billion in annual revenue. FUJIFILM's biggest competitive advantage is its deep expertise in chemical and optical technology, which it has reused across industries — the same know-how that made camera film also helps it make drug ingredients and display materials. The key growth driver is its healthcare segment, particularly biopharmaceutical contract manufacturing, but the company faces risk if hospital spending slows or competition in medical imaging intensifies.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+6.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

¥167.3B/ year

Flat (+2% vs prior year)

4.7% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

3.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

¥378.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

FUJIFILM Holdings Corporation is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
39.1%
Modest — 39.1% gross margin
Profit after running costs
Operating Margin
6.2%
Modest — 6.2% operating margin
Return on the money invested
ROCE
6.8%
Weak — 6.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.2%
Steady sales growth (+9.2% YoY)
Profit growth
EPS YoY
+4.3%
Modest earnings growth (+4.3% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
157%
Turns 157% of profit into real cash
Spare cash per sale
FCF Margin
-2.9%
Burning cash (-2.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.26
Conservative — low debt load (0.26)
Covers its interest
Interest Cover
74.22x
Comfortably covers interest (74.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.9x
Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (14.9 → 11.1)

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Dividends

Dividend
Dividend Yield
1.86%
Small dividend — 1.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-78.1%
Dividend cut (-78.1% YoY) — warning sign

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