Nikon reported net income of approximately ¥52 billion ($345 million USD) for fiscal year 2024, continuing a recovery from the heavy losses posted in FY2020–2021 during the compact camera collapse. The company's return to sustained profitability reflects cost restructuring, stronger mirrorless camera margins, and growing contributions from its Precision Equipment and Healthcare divisions.
Earnings of Nikon
Net income in USD equivalent from 1970 through FY2024. JPY/USD at approximate annual averages. Red points mark loss years (FY2017, FY2020, FY2021) driven by restructuring charges and pandemic-era volume declines.
Annual Earnings Of Nikon
| Fiscal Year | Net Income (USD equiv.) | YoY Change |
|---|---|---|
| FY2015 | $412M | — |
| FY2016 | $146M | −64.6% |
| FY2017 | −$95M | Loss |
| FY2018 | $280M | Recovery |
| FY2019 | $200M | −28.6% |
| FY2020 | −$140M | Loss |
| FY2021 | −$22M | Loss |
| FY2022 | $235M | Recovery |
| FY2023 | $306M | +30.2% |
| FY2024 | $345M | +12.7% |
Note: FY2017 loss reflects ¥14.6B in restructuring charges tied to the imaging division. FY2020–2021 losses include pandemic-related impairment write-downs and volume declines across all segments.
Nikon P/E Ratio
| Fiscal Year | P/E Ratio | Note |
|---|---|---|
| FY2015 | 13.1x | — |
| FY2016 | 36.9x | Depressed earnings base |
| FY2017 | N/M | Net loss year |
| FY2018 | 15.0x | Recovery earnings |
| FY2019 | 18.0x | Lower earnings, softer multiple |
| FY2020 | N/M | Net loss year |
| FY2021 | N/M | Net loss year |
| FY2022 | 13.6x | Profit recovery |
| FY2023 | 13.1x | Stable |
| FY2024 | 11.0x | Continued valuation compression |
Note: Nikon's low P/E multiples reflect persistent investor skepticism about long-term growth as the imaging market matures. Compared to Canon and Sony, Nikon trades at a discount given its smaller semiconductor equipment division and higher consumer camera dependence.