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what it is
Canon sells the machines behind offices, printers, cameras, and some chipmaking tools, all wrapped inside a $29.5 billion revenue base.
how it gets paid
Last year Cajpy made $30.8B in revenue. Americas was the main engine at $9.7B, or 33% of sales.
what just happened
Canon's last reported quarter delivered $0.82 in EPS versus a $0.38 estimate, a 115.79% surprise.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
11.6x trailing p/e — the market's not buying it — or you found a deal
3.9% dividend yield — cash in your pocket every quarter
7.8% return on capital — nothing to write home about
xvary composite: 63/100 — average
What they do
Canon sells the machines behind offices, printers, cameras, and some chipmaking tools, all wrapped inside a $29.5 billion revenue base.
Canon wins by being hard to replace across multiple hardware categories at once. You are not buying one gadget. You are buying into a global manufacturing and service footprint spread across Japan, the U.S., Europe, and Southeast Asia, backed by R&D spending equal to 7.0% of 2025 sales. Scale moat (big-company cost edge) → cheaper production and wider distribution → so what: Canon can keep showing up in offices and hospitals while smaller rivals get squeezed.
How they make money
$30.8B
annual revenue
Americas
$9.7B
Europe
$8.0B
Asia and Oceania
$5.9B
Japan
$5.9B
The products that matter
office print hardware
Office Printers & MFDs
$14.8B · 48% of segment revenue shown
This is still the center of gravity. It generated $14.8B last year, but revenue fell 1%, which means the legacy cash machine is no longer a growth engine.
largest segment
cameras and imaging
Imaging
$7.1B · +3% growth
Imaging grew 3% last year. New camera launches helped, but you are still dealing with a niche market, not a mass-market growth story.
growth support
medical imaging systems
Medical
$4.9B · +5% growth
Medical was the fastest-growing major segment at 5%. Order conversion from U.S. hospitals matters here because this unit is one of the few parts already moving in the right direction.
best growth rate
chipmaking tools
Industrial
$4.0B · -4% growth
Industrial declined 4% last year. This is where Canon runs into tougher competition in semiconductor tools, and the numbers say it is not winning that fight right now.
weakest segment
Key numbers
11.6x
trailing p/e
P/E → price-to-earnings ratio → what you pay for each $1 of profit. At 11.6x, you are paying a low multiple for a company with a 3.9% yield and a raised outlook.
3.9%
dividend yield
Dividend yield → cash paid to you each year as a share of the stock price → so what: you get paid while waiting for the business to prove growth.
17.0%
operating margin
Operating margin → profit left after running the business → so what: Canon is still solidly profitable even with slow top-line growth.
7.8%
return on capital
Return on capital → profit generated from the money invested in the business → so what: respectable, but not the kind of number that screams premium valuation.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 95 / 100
- long-term debt $1.9B (7% of capital)
- net profit margin 8.1% — keeps 8 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CAJPY 3 years ago → it's now worth $14,070.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Canon's last reported quarter delivered $0.82 in EPS versus a $0.38 estimate, a 115.79% surprise.
The beat was real, even if the broader business still looks like a steady grinder. Consensus data shows trailing EPS of $2.36 and forward EPS of $3.40, which implies 44.1% growth from that base.
$0.82
actual eps
$0.38
est. eps
115.79%
surprise
the number that mattered
The 115.79% EPS surprise matters because low-multiple stocks usually rerate only when they force people to update their assumptions.
-
overall, canon’s 2025 results looked good.
-
year-to-year sales growth in the medical and imaging units were partially offset by modest declines of 1% and 4% in the printing and industrial units (on a constant currency basis) respectively.
-
sales were up roughly 4% in the fourth quarter, driven by higher prices and strength in product launches that more than offset ongoing softness in traditional printing demand.moreover, weak printing sales remained a drag in europe and asia and higher tariff-induced headwinds in the back half of the year constrained sales. that said, the imaging unit was the primary growth driver, with strong demand for the new eos r6 mark iii mirrorless digital cameras and strong fulfillment of compact cameras. meanwhile, conversion of previously secured u.s. hospital orders into revenues supported growth across the medical unit.
-
meantime, growth in commercial cut-sheet printers, the release of new imageforce series multifunction device printers, and demand for refillable ink-tank models provided partial support.
-
the company has been aggressively buying its common stock.
source: Yahoo Finance consensus data, 2026
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What could go wrong
the #1 risk is the slow erosion of Canon's printing base.
med
Printing keeps shrinking
Printing produced $14.8B last year, or 48% of the segment revenue shown on this page, and it still declined 1%. When your biggest business shrinks, every smaller growth story has to work harder.
If that decline accelerates, the low multiple is not protection. It is a warning label.
med
Industrial is not winning the tool race
Industrial fell 4% last year. The page already points to direct competition from ASML in lithography, and the revenue line says Canon is not taking share there.
This matters because investors like the semiconductor-tool label. The numbers here look more like exposure than advantage.
med
The growth segments are not big enough yet
Medical grew 5% and Imaging grew 3%, which is good. Together, they still trail Printing in absolute revenue. Canon needs several more quarters of this mix shift before the market gives it credit.
Until then, you own a business where the improving pieces are smaller than the declining one.
med
The yield can distract you
A 3.9% yield and active buybacks make the stock look comfortable. Comfort is not the same as growth. If profits soften, income support stops feeling generous and starts feeling expensive.
The 160 Yen dividend helps. It does not change the operating math.
Canon's risk profile is simple: a cheap stock with a decent yield still needs the 3–5% growth segments to outrun a 48% revenue segment that is already shrinking.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Next earnings are estimated for April 23, 2026. The number that matters is not just headline growth. It is whether Printing stays near -1% or gets worse.
segment mix
Medical plus Imaging vs. Printing
Medical grew 5% and Imaging 3%, while Printing declined 1%. You want the growing segments to keep taking a bigger share of the revenue base.
capital return
160 Yen dividend and buybacks
Canon reiterated the 160 Yen dividend and has been buying back stock. If either changes, the market will read it as a message about management's confidence.
industrial risk
Semiconductor tool competitiveness
Industrial revenue fell 4%. If that business keeps losing ground, the semiconductor-tool angle becomes more marketing than thesis.
Analyst rankings
earnings predictability
50 / 100
This sits in the middle of the pack. In human-speak, analysts do not see Canon as a clean, easy-to-model earnings story.
price stability
95 / 100
The stock has been steady even while the business mix shifts. In human-speak, you are not buying a rollercoaster.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 2 buyers vs. 2 sellers in 4q2025. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$25
$53
$27
current price
$39
target midpoint · +43% from current · 3-5yr high: $65 (+130% · 25% ann'l return)
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