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¥8,093
Market Capi
¥9.3T
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
3.1x
P/S 27Ei
4.0x
P/S 29Ei
3.6x
EV/EBIT 27Ei
17x
EV/EBIT 29Ei
13x
P/E 27Ei
21x
P/E 29Ei
19x
P/S 27Ei
4.0x
EV/EBIT 27Ei
17x
P/E 27Ei
21x
P/S 29Ei
3.6x
EV/EBIT 29Ei
13x
P/E 29Ei
19x
Revenue
2027E
¥2.3T
Gross Margini
39%
Hist. CAGRi
13%
Proj. CAGRi
3.6%
EBIT
2027E
¥440B
Op. Margini
16%
Hist. CAGRi
-11%
Proj. CAGRi
16%
Net profit
2027E
¥440B
Net Margini
18%
Hist. CAGRi
-0.7%
Proj. CAGRi
6.1%
Business Model
Recent Developments
Average Targeti
¥10,523+30%
Consensusi
Outperform
25 analysts covering
Net cashi
¥1.9T
Div. Yieldi
2.7%
Buyback Yldi
1.0%
Market Capi
¥9.3T
P/E 27Ei
21x
Adj. P/E (fwd.)i
3.1x
Revenue 27E
¥2.3T
Proj. CAGRi
3.6%
Gross Margini
39%
EBIT 27E
¥440B
Proj. CAGRi
16%
Op. Margini
16%
Net Profit 27E
¥440B
Proj. CAGRi
6.1%
Net Margini
18%
Average Targeti
¥10,523+30%
Consensusi
Outperform
25 analysts covering
Profile
Nintendo develops, manufactures, and sells video game hardware and software. The business is built around a closed platform model: proprietary consoles drive software and service attach, and first-party franchises anchor each hardware generation. Revenue does not break down into formally labelled segments with consistent percentage disclosures, but the business maps onto three distinct revenue streams:
Industry
Nintendo sells directly to consumers globally via retail and its own digital storefront (Nintendo eShop). The dedicated gaming console market is a mature, platform-cycle-driven industry with high winner-take-most dynamics within each hardware generation. Japan, North America, and Europe collectively account for the large majority of revenue. Competitive intensity from Sony (PlayStation) and Microsoft (Xbox) is real but indirect — Nintendo occupies a differentiated niche combining portable and home play, which historically attracts a distinct audience including families and younger players.
Key metrics
Economic moat
Nintendo's moat rests primarily on exclusive ownership of the most recognized IP library in gaming — Mario, Zelda, Pokémon, Donkey Kong, Metroid, and others — none of which are licensable to competing platforms. This creates a content lock-in effect: consumers who want these titles must own Nintendo hardware. The moat is reinforced by a proven cross-media flywheel (blockbuster animated films, Universal theme parks) that extends brand salience well beyond the gaming audience. Switching costs are low per se, but franchise loyalty and backward-compatible digital library investments meaningfully anchor repeat buyers to each successive hardware generation.
Shuntaro Furukawa
Furukawa has served as President since June 2018, succeeding the late Tatsumi Kimishima. He joined Nintendo in 1994 and spent most of his career in the company's overseas subsidiaries and business planning divisions, giving him a commercially oriented rather than product-engineering background. Under his tenure Nintendo launched the original Animal Crossing global phenomenon, navigated the COVID tailwind, and oversaw the Switch 2 launch — the company's fastest hardware debut on record.
Ko Shiota
Shiota has led technology and R&D since 2015 and is the key figure behind the Switch 2's hardware architecture. He joined Nintendo in 1994 and has spent his career in hardware development, making him the primary technical steward of the platform transition from the original Switch. His continued board and executive role provides strategic continuity between the original Switch hardware design and the next-generation platform.
Shigeru Miyamoto
Miyamoto is the creative legend behind Mario, Donkey Kong, Zelda, and Pikmin, and has served on Nintendo's board since 2000. He stepped back from day-to-day game development to focus on IP strategy and cross-media projects — most visibly the Illumination film partnership, which has now produced two commercially successful animated features. His continued board presence reflects the company's deliberate effort to keep IP stewardship at the governance level.
Other key figures
Satoru Shibata (Managing Executive Officer & Corporate Director) became Chief Executive Officer of Nintendo of America in November 2025, adding oversight of the company's largest overseas market to his existing board role. Hajime Murakami serves as CFO. Both maintain operational continuity from the original Switch era into the Switch 2 cycle, and neither has made high-profile strategic public statements that distinguish their individual profiles.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in trillions of JPY.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2026 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of JPY.
Margins
Rentability
Balance sheet
Values in trillions of JPY.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Revenue for the quarter ended June 30, 2026 came in at ¥517.8 billion, down 9.5% year-over-year but well ahead of analyst expectations of roughly ¥445 billion.
Net profit rose 53.5% year-over-year to ¥147.4 billion, nearly double consensus estimates of around ¥78 billion, while operating profit climbed 150.5% to ¥142.5 billion.
The profit beat was driven mainly by a roughly $300 million reduction in tariff-related costs recorded against cost of sales, together with a shift toward higher-margin digital software and IP-licensing revenue.
Management left its full-year forecast for the fiscal year ending March 2027 unchanged from the guidance issued in May 2026, despite the hardware shortfall in the quarter.
Recent developments
Switch 2 hardware sales fell 34.4% year-over-year to 3.82 million units in the quarter, even as digital software sales grew 90% year-over-year.
Nintendo raised the Switch 2 console price by $50 to $499.99 in the US effective September 1, 2026, citing sharply higher memory-chip costs, following similar increases already implemented in Japan and Europe earlier in the year.
On September 9, 2026, Nintendo held a Direct presentation unveiling new first-party titles including *Metroid Ravenous* and *Kirby and the World Beyond*, alongside third-party ports timed to the Switch 2 platform.
Nintendo is facing a consumer class-action lawsuit alleging that tariff-related price increases were not passed back to customers despite the company recovering the underlying tariff costs.
Debate & sentiment
Bulls point to the shift toward digital and IP-licensing revenue — aided by the Super Mario Galaxy film — as evidence that margins can keep expanding even as hardware unit growth slows.
Bears highlight the 34% drop in Switch 2 hardware shipments and question whether the recent price increases will further dampen console demand in a maturing hardware cycle.
A structural cost overhang from the global memory-chip price spike, driven by AI-related demand for high-bandwidth memory, threatens to compress hardware margins for the remainder of the console cycle.
The tariff-refund tailwind that boosted this quarter's profit is widely viewed as non-recurring, raising questions about the sustainability of the reported earnings beat.
Consensusi
Outperform
Average targeti
¥10,523+30%
Highest targeti
¥21,260+163%
Lowest targeti
¥5,000-38%
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