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Financial statements

CANON INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CANON INC files with the SEC in its annual reports.

In JPY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022
Revenue3,731,3803,727,2523,800,2713,401,4874,080,0153,951,9373,593,2993,160,2433,513,3574,031,414
Cost of revenue1,932,9591,865,7801,865,8871,729,4892,089,4612,116,3831,983,2661,784,3751,885,5652,203,612
Gross profit1,798,4211,861,4721,934,3841,671,9981,990,5541,835,5541,610,0331,375,8681,627,7921,827,802
Research and development306,324308,979328,500306,537333,371315,842298,503272,312287,338306,730
Selling, general and administrative1,154,8201,189,0041,250,6741,149,0361,301,6661,177,2601,137,110993,0091,058,5361,167,673
Operating expenses1,461,1441,497,9831,579,1741,455,5731,668,9491,493,1021,435,6131,265,3211,345,8741,474,403
Operating income337,277363,489355,210216,425321,605342,452174,420110,547281,918353,399
Interest expense5505005841,0618187971,0388546471,046
Interest income6,5797,9065,5014,7626,0126,6045,5262,9232,2325,177
Other non-operating income10,32719,750-7,77228,22632,27919,94021,07319,73320,788-959
Pre-tax income347,604383,239347,438244,651353,884362,392195,493130,280302,706352,440
Income tax108,088118,000116,10582,68198,02495,99556,14634,33771,86692,356
Net income to minority interests9,03310,44211,12411,32013,93713,95614,38312,62516,12216,123
Net income230,483254,797220,209150,650241,923252,441124,96483,318214,718243,961
EBITDA612,450626,969628,537466,521583,486594,006411,747338,372503,164579,891
EPS, basic200.78229.03201.65137.95222.88233.80116.7979.37205.35236.71
EPS, diluted200.78229.03201.65137.95222.88233.78116.7779.35205.29236.63
Shares, basic (weighted)1,1481,1131,0921,0921,0851,0801,0701,0501,0461,031
Shares, diluted (weighted)1,1481,1131,0921,0921,0851,0801,0701,0501,0461,031
Dividend per share130.00150.00150.00150.00160.00160.00160.00

Balance sheet

FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022
Cash and equivalents788,909844,580633,613630,193721,814520,645412,814407,684401,395362,101
Short-term investments47,91471,86320,6513,2061,9659561,767713,37710,905
Receivables608,741625,675588,001641,458650,872612,953559,836546,771522,432636,803
Inventory553,773528,167501,895560,736570,033611,281584,756562,807650,568808,312
Other current assets286,605321,648313,019264,155287,965304,346286,792284,556193,165215,990
Total current assets2,285,9422,391,9332,057,1792,099,7482,232,6492,050,1811,845,9651,789,1431,878,3452,155,914
Property, plant and equipment1,278,7301,269,5291,219,6521,194,9761,126,6201,090,9921,089,6711,037,6801,041,4031,035,065
Lease right-of-use assets114,418107,36195,791117,843
Goodwill161,640211,336478,943936,424936,722908,511898,661915,564953,850972,626
Intangible assets145,075177,288241,208446,268420,972391,021347,921318,497301,793280,995
Long-term investments70,35865,17667,86273,68048,32042,55648,36149,99460,96765,128
Other non-current assets443,329315,571333,453358,136397,564397,974409,786392,066179,420179,297
Total assets4,242,7104,460,6184,427,7735,138,5295,198,2914,902,9554,771,9184,625,6144,750,8885,095,530
Accounts payable299,152296,102261,549334,196299,652284,349248,447220,341256,361273,228
Accrued liabilities315,536345,237317,653304,901330,188321,137336,396317,716323,929365,847
Short-term debt1,2991,0186881,85039,32838,5271,234345,7741,29055,172
Total current liabilities848,307921,379815,329983,3691,109,4801,029,654972,0031,326,1891,060,8331,365,353
Long-term debt1,4481,148881611,289493,238361,962357,3404,834179,7502,417
Lease liabilities83,68876,79665,38585,331
Other non-current liabilities96,514116,405130,838142,049133,816107,147106,40087,85798,024104,184
Total liabilities1,175,9331,319,8601,243,3102,143,9072,102,1161,881,5521,887,9381,841,5731,652,4591,746,500
Total debt2,6932,1631,543612,538499,168364,602358,574350,608181,04057,589
Paid-in capital402,029401,563401,358401,385401,386404,389405,017404,620403,119404,838
Treasury stock-861,666-1,011,418-1,010,410-1,010,423-1,058,481-1,058,502-1,108,496-1,158,369-1,158,366-1,258,362
Other comprehensive income-80,64628,286-29,742-199,881-143,228-269,071-308,442-324,789-151,79462,623
Shareholders' equity2,910,2622,978,1842,966,4152,783,1292,870,6302,827,6022,685,4962,575,0312,873,7733,113,105
Minority interests156,515162,574218,048211,493225,545190,311198,484209,010224,656235,925
Total equity3,066,7773,140,7583,184,4632,994,6223,088,7523,010,1452,883,9802,784,0413,098,4293,349,030
Total liabilities and equity4,242,7104,460,6184,427,7735,138,5295,198,2914,899,4654,771,9184,625,6144,750,8885,095,530

Cash flow statement

FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022
Net income239,516265,239231,333161,970255,860266,397139,34795,943230,840260,084
Depreciation and amortization275,173263,480273,327250,096261,881251,554237,327227,825221,246226,492
Stock-based compensation95000021826514797175
Deferred income tax16,7918,9294,6727,188-17,603-12,004-6,523-15,542-9,826-7,800
Change in receivables45,0409,32322,720-4,1553,563-17,72443,50415,12044,678-78,203
Change in inventory85,57759,00414,2496,1562,967-61,75519,89516,075-61,017-108,510
Change in payables-108,622-24,620-17,28856,8444,951-31,212-35,509-4,63652,1383,293
Cash from operations507,642583,927474,724500,283590,557365,293358,461333,805451,028262,603
Capital expenditures-233,175-218,362-252,948-206,971-189,484-191,399-215,671-164,719-177,350-188,527
Acquisitions-4,914-54,772-251,534-649,570-6,557-13,346-8,880-127-31,751-5,890
Purchases of investments-4,907-592-2,162-21,558
Cash from investing-250,212-269,298-453,619-837,125-165,010-195,615-228,568-155,439-207,256-180,820
Debt issued1,4831,377717610,5521,5704392,100175,100300
Debt repaid-2,334-2,152-1,350-856-126,578-136,094-8,678-11,095-347,029-122,067
Stock issued8260000000
Share buybacks-50,007-149,813
Dividends paid-155,627-145,790-174,711-163,810-162,887-178,159-171,487-126,938-88,891-119,326
Cash from financing-222,181-300,886-210,202355,692-340,464-354,830-232,590-183,449-267,366-146,844
Exchange rate effect86,98241,928-21,870-22,2706,538-16,017-5,134-4717,305
Net change in cash122,23155,671-210,967-3,42091,621-201,169-107,831-5,130-6,289-39,294
Free cash flow274,467365,565221,776293,312401,073173,894142,790169,086273,67874,076
Interest paid5004626537381,0267498881,028599994
Income taxes paid108,950111,819117,64376,71471,473131,61677,65445,47171,573102,579

Key metrics

Worked out from the statements above. Latest values use fiscal 2022. No valuation: the share price is quoted in a different currency than the statements.

Profitability

MetricValueHow it is calculated
Gross margin45.3%Gross profit / revenue.
Operating margin8.8%Operating income / revenue.
EBITDA margin14.4%EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin8.7%Pre-tax income / revenue.
Net margin6.1%Net income / revenue.
FCF margin1.8%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin6.5%Cash from operations / revenue.
Effective tax rate26.2%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)8.1%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)5.0%Net income / average total assets.
Return on invested capital (ROIC)9.5%Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue7.6%Research and development expense / revenue.
SG&A / revenue29.0%Selling, general and administrative expense / revenue.
Stock-based pay / revenue0.0%Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue4.7%Capital expenditures / revenue.
D&A / revenue5.6%Depreciation and amortization / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y14.7%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y3.9%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y-0.2%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y12.3%Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y4.3%Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y-1.7%Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y25.4%Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y26.5%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y1.9%Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y15.2%EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y12.1%Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y-0.1%Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y13.6%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y25.0%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y0.2%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y15.3%EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y26.5%Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y1.2%Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y-41.8%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y-9.9%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y-15.0%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y-72.9%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y-19.6%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y-28.7%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y8.3%Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y5.0%Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y1.6%Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y7.3%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y2.2%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y-0.4%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y-1.4%Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y-1.2%Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y-1.0%Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

MetricValueHow it is calculated
Current ratio1.58xCurrent assets / current liabilities.
Quick ratio0.74x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.27x(Cash + short-term investments) / current liabilities.
Debt / equity0.02xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets1.1%Total debt / total assets.
Liabilities / assets34.3%Total liabilities / total assets.
Net debt-¥315.42BTotal debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA-0.54xNet debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage338xOperating income / interest expense.
Working capital¥790.56BCurrent assets - current liabilities.
Goodwill and intangibles / assets24.6%(Goodwill + intangible assets) / total assets.
Tangible book value¥1.86TShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.82xRevenue / average total assets.
Fixed asset turnover3.88xRevenue / average property, plant and equipment.
Inventory turnover3.02xCost of revenue / average inventory.
Days inventory121 days365 x average inventory / cost of revenue.
Receivables turnover6.96xRevenue / average receivables.
Days sales outstanding52 days365 x average receivables / revenue.
Days payables44 days365 x average accounts payable / cost of revenue.
Cash conversion cycle129 daysDays inventory + days sales outstanding - days payables.
FCF conversion30.4%Free cash flow / net income, when net income is positive.
Capex / operating cash flow71.8%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, diluted¥236.63Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic¥236.71Net income per basic share, as reported (split-adjusted).
Revenue per share¥3,910.00Revenue / diluted weighted shares.
FCF per share¥71.85Free cash flow / diluted weighted shares.
Operating cash flow per share¥254.71Cash from operations / diluted weighted shares.
Book value per share¥3,020.00Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share¥1,804.00Tangible book value / shares outstanding.
Cash per share¥361.80(Cash + short-term investments) / shares outstanding.
Payout ratio48.9%Dividends paid / net income, when net income is positive.
Dividends / FCF161.1%Dividends paid / free cash flow, when free cash flow is positive.
What was CANON INC's revenue in fiscal 2022?

CANON INC reported revenue of ¥4.03T for fiscal 2022, 14.7% higher than the year before.

Was CANON INC profitable in fiscal 2022?

Yes. Net income was ¥243.96B, a net margin of 6.1%.

How much free cash flow did CANON INC generate in fiscal 2022?

Cash from operations of ¥262.6B minus capital expenditures of ¥188.53B left free cash flow of ¥74.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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