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Nihon Kohden Corporation
(6849)
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Rating:63Neutral
Price Target:
¥1,750.00
▲(3.98% Upside)
Action:Reiterated
Date:08/09/26
The score is supported primarily by resilient financial fundamentals (low leverage and healthy free cash flow), but is held back by weak technicals (price below major moving averages with soft momentum) and a slowdown in growth with margin compression. Valuation is reasonable with a modest dividend yield, providing some offset but not enough to overcome the technical and profitability headwinds.
Positive Factors
Conservative balance sheet
Very modest leverage gives Nihon Kohden substantial financial flexibility across hospital spending cycles. A well-capitalized balance sheet can support product investment, international expansion, and customer service commitments while reducing the burden of interest and refinancing risk.
Negative Factors
Flat to declining revenue
A flat or slightly declining top line suggests that market reach, replacement demand, or customer spending is not currently producing strong organic expansion. Persistently weak growth could limit operating leverage, reduce reinvestment capacity, and make future earnings more dependent on cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very modest leverage gives Nihon Kohden substantial financial flexibility across hospital spending cycles. A well-capitalized balance sheet can support product investment, international expansion, and customer service commitments while reducing the burden of interest and refinancing risk.
Read all positive factors
Nihon Kohden Corporation (6849) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥269.36B
Dividend Yield1.95%
Average Volume (3M)685.47K
Price to Earnings (P/E)19.6
Beta (1Y)0.59
Revenue Growth1.43%
EPS Growth1.86%
CountryJP
Employees6,116
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)83.68
Shares Outstanding167,961,960
10 Day Avg. Volume615,780
30 Day Avg. Volume685,470
Financial Highlights & Ratios
PEG Ratio3.16
Price to Book (P/B)1.32
Price to Sales (P/S)1.01
P/FCF Ratio15.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,610.00Price Target Upside-4.34% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)91.02
Revenue Forecast (FY)¥233.05B
Nihon Kohden Corporation Business Overview & Revenue Model
Company Description
Nihon Kohden Corporation, founded in 1951 and headquartered in Tokyo, Japan, is a global leader in healthcare technology. The company’s core operations encompass the research, development, manufacturing, sales, repair, and maintenance of advanced ...
How the Company Makes Money
Nihon Kohden primarily makes money by selling medical devices and the recurring items and services tied to them. The largest revenue stream is the sale of durable capital equipment (e.g., bedside/central patient monitors, defibrillators and AED-re...
Nihon Kohden Corporation Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
79
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 232.48B | 235.10B | 225.42B | 221.99B | 206.60B | 205.13B |
| Gross Profit | 119.23B | 118.00B | 114.30B | 108.57B | 103.27B | 106.73B |
| EBITDA | 24.53B | 26.09B | 25.90B | 33.25B | 28.52B | 37.76B |
| Net Income | 13.62B | 14.51B | 14.10B | 17.03B | 17.11B | 23.43B |
Balance Sheet | ||||||
| Total Assets | 246.16B | 256.54B | 258.28B | 233.23B | 216.73B | 210.20B |
| Cash, Cash Equivalents and Short-Term Investments | 51.34B | 46.70B | 43.43B | 50.43B | 44.46B | 60.92B |
| Total Debt | 24.36B | 25.20B | 26.08B | 654.00M | 441.00M | 359.00M |
| Total Liabilities | 68.87B | 76.71B | 76.98B | 52.15B | 49.12B | 53.82B |
| Stockholders Equity | 177.19B | 179.72B | 179.55B | 181.08B | 167.60B | 156.38B |
Cash Flow | ||||||
| Free Cash Flow | 17.57B | 15.33B | 8.16B | 11.98B | -9.97B | 23.25B |
| Operating Cash Flow | 23.29B | 21.05B | 15.29B | 15.61B | -2.51B | 25.70B |
| Investing Cash Flow | -7.45B | -8.29B | -25.14B | -5.21B | -7.65B | -4.30B |
| Financing Cash Flow | -12.21B | -11.60B | 2.55B | -6.97B | -7.49B | -7.30B |
Nihon Kohden Corporation Technical Analysis
Positive
1683.00
Price Trends
1533.55
Positive
1487.60
Positive
1535.35
Positive
Market Momentum
29.45
Negative
63.77
Neutral
78.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6849, the sentiment is Positive. The current price of 1683 is above the 20-day moving average (MA) of 1573.76, above the 50-day MA of 1533.55, and above the 200-day MA of 1535.35, indicating a bullish trend. The MACD of 29.45 indicates Negative momentum. The RSI at 63.77 is Neutral, neither overbought nor oversold. The STOCH value of 78.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6849.
Nihon Kohden Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥17.02B | 11.30 | ― | 6.46% | 20.88% | 44.61% | |
78 Outperform | ¥43.80B | 12.73 | ― | 2.68% | 2.15% | 12.47% | |
64 Neutral | ¥201.94B | 21.89 | 5.76% | 2.65% | 3.04% | -19.26% | |
63 Neutral | ¥269.36B | 19.63 | ― | 1.95% | 1.43% | 1.86% | |
57 Neutral | ¥80.31B | 22.59 | ― | 2.38% | 2.94% | 57.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | ¥16.12B | -73.12 | ― | 2.78% | -6.64% | 67.08% |
* General Sector Average
JP:6849
Nihon Kohden Corporation
1,643.00
-124.94
-7.07%
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Nihon Kohden Corporation Corporate Events
Japan Activation Capital Takes 6.48% Stake in Nihon Kohden
Sep 10, 2026
Nihon Kohden announced that investment firm Japan Activation Capital, Inc. will acquire 10,414,800 of its common shares, representing 6.48% of total voting rights, through multiple funds it manages. The transaction, executed on September 10, 2026,...
Nihon Kohden Posts Q1 FY2026 Loss but Sees Profit Recovery on In-House Product Focus
Aug 6, 2026
Nihon Kohden reported that first-quarter FY2026 consolidated sales declined 5.2% year on year, with domestic revenue down 15% due mainly to the discontinuation of Abbott products, though sales of its own products rose and domestic sales were flat ...
Nihon Kohden Posts Q1 Loss but Maintains Full-Year Outlook and Dividend Plan
Aug 6, 2026
Nihon Kohden reported a first-quarter net loss for the fiscal year ending March 31, 2027, with net sales and operating results declining year on year but showing improvement from the prior-year loss. Despite weaker early-quarter performance, the c...
Nihon Kohden Completes Restricted Stock Disposal for Executive Remuneration
Jul 31, 2026
Nihon Kohden has completed the payment procedures for the disposal of treasury stock used as non-performance-linked, pre-delivery restricted stock remuneration to its management. The transaction covers 60,195 common shares at 1,500 yen per share, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.