Financials Nintendo Co., Ltd.

Equities

7974

JP3756600007

Toys & Juvenile Products

Market Closed - Japan Exchange Other stock markets 04:30:00 18/07/25 pm AEST			5-day change	1st Jan Change
12,970.00 ^JPY	-0.12%		+2.25%	+40.00%

12/07	Tech Slips, but is Buoyed AI Optimism - Tech Roundup	DJ
03/07	Nintendo Announces Flying Sparks and Superstar	CI

Projected Income Statement: Nintendo Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,758,910	1,695,344	1,601,677	1,671,865	1,164,922	2,108,091	2,387,017	2,554,962
Change	-	-3.61%	-5.52%	4.38%	-30.32%	80.96%	13.23%	7.04%
EBITDA ¹	651,432	603,287	515,415	546,797	297,914	391,918	593,548	700,217
Change	-	-7.39%	-14.57%	6.09%	-45.52%	31.55%	51.45%	17.97%
EBIT ¹	640,634	592,760	504,375	528,941	282,553	387,313	566,396	688,937
Change	-	-7.47%	-14.91%	4.87%	-46.58%	37.08%	46.24%	21.64%
Interest Paid ¹	-177	-281	-122	-166	-193	-100	-164.3	-100
Earnings before Tax (EBT) ¹	681,305	674,389	600,757	680,722	372,331	459,504	666,421	787,497
Change	-	-1.02%	-10.92%	13.31%	-45.3%	23.41%	45.03%	18.17%
Net income ¹	480,376	477,691	432,768	490,602	278,806	345,399	484,379	571,360
Change	-	-0.56%	-9.4%	13.36%	-43.17%	23.89%	40.24%	17.96%
Announcement Date	6/5/21	10/5/22	9/5/23	7/5/24	8/5/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	358,106	411,418	634,939	354,447	322,647	301,625	695,947	375,125	307,460	349,514	638,204	306,499	461,341	334,896	598,559	277,069	246,638	276,661	432,919	208,704	449,893	424,717	763,621	401,964	384,363	442,806	813,126	426,204
Change	-	14.89%	54.33%	-44.18%	-8.97%	-6.52%	130.73%	-46.1%	-18.04%	13.68%	82.6%	-51.97%	50.52%	-27.41%	78.73%	-53.71%	-10.98%	12.17%	56.48%	-51.79%	115.57%	-5.6%	79.8%	-47.36%	-4.38%	15.21%	83.63%	-47.58%
EBITDA ¹	146,056	148,012	231,124	122,224	-	101,712	254,124	126,295	103,121	221,982	-	-	192,456	98,322	187,779	-	57,807	70,399	-	39,276	68,500	75,900	151,700	56,900	-	-	-	-
Change	-	1.34%	56.15%	-47.12%	-	-	149.85%	-50.3%	-18.35%	115.26%	-	-	-	-48.91%	90.98%	-	-	21.78%	-	-	74.41%	10.8%	99.87%	-62.49%	-	-	-	-
EBIT ¹	144,737	146,687	229,684	119,526	119,752	100,207	252,592	120,209	101,647	118,740	190,154	93,834	185,441	94,469	184,500	64,531	54,510	67,003	126,084	34,956	50,378	71,908	170,830	71,992	77,540	96,084	266,720	99,656
Change	-	1.35%	56.58%	-47.96%	0.19%	-16.32%	152.07%	-52.41%	-15.44%	16.82%	60.14%	-50.65%	97.63%	-49.06%	95.3%	-65.02%	-15.53%	22.92%	88.18%	-72.28%	44.12%	42.74%	137.57%	-57.86%	7.71%	23.92%	177.59%	-62.64%
Charge d'intérêts	-	-	-	-	-62	-	-75	-	-	-	-	-	-32	-	-30	-	-50	-	-	-42	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	150,327	149,638	230,643	150,697	128,603	110,970	277,486	157,330	166,740	155,615	160,114	118,288	253,753	126,227	187,318	113,424	113,454	33,609	180,060	45,208	67,231	99,351	195,497	70,245	108,000	130,500	231,100	124,400
Change	-	-0.46%	54.13%	-34.66%	-14.66%	-13.71%	150.05%	-43.3%	5.98%	-6.67%	2.89%	-26.12%	114.52%	-50.26%	48.4%	-39.45%	0.03%	-70.38%	435.75%	-74.89%	48.72%	47.77%	96.77%	-64.07%	53.75%	20.83%	77.09%	-46.17%
Net income ¹	106,482	106,641	163,542	103,711	92,747	79,087	195,553	110,304	118,984	111,467	115,776	86,541	181,019	90,279	136,743	82,561	80,954	27,704	128,531	41,617	48,411	61,616	140,797	64,970	76,700	92,700	164,100	88,400
Change	-	0.15%	53.36%	-36.58%	-10.57%	-14.73%	147.26%	-43.59%	7.87%	-6.32%	3.87%	-25.25%	109.17%	-50.13%	51.47%	-39.62%	-1.95%	-65.78%	363.94%	-67.62%	16.32%	27.28%	128.51%	-53.86%	18.05%	20.86%	77.02%	-46.13%
Announcement Date	6/8/20	5/11/20	1/2/21	6/5/21	5/8/21	4/11/21	3/2/22	10/5/22	3/8/22	8/11/22	7/2/23	9/5/23	3/8/23	7/11/23	6/2/24	7/5/24	2/8/24	5/11/24	4/2/25	8/5/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1
Net sales ¹	989,386	624,272	1,071,072	656,974	944,703	796,237	523,299
Change	-	-36.9%	71.57%	-38.66%	43.8%	-15.72%	-34.28%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	349,210	219,959	372,801	220,387	283,988	279,910	121,513
Change	-	-37.01%	69.49%	-40.88%	28.86%	-1.44%	-56.59%
Charge d'intérêts	-	-147	-	-	-	-63	-
Earnings before Tax (EBT) ¹	-	239,573	-	322,355	278,402	379,980	147,063
Change	-	-	-	-	-13.63%	36.49%	-61.3%
Net income ¹	267,253	171,834	305,857	230,451	202,317	271,298	108,658
Change	-	-35.7%	78%	-24.65%	-12.21%	34.1%	-59.95%
Announcement Date	6/5/21	4/11/21	10/5/22	8/11/22	9/5/23	7/11/23	5/11/24

¹JPY in Million

Estimates

Forecast Balance Sheet: Nintendo Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-1,742,389	-1,206,506	-1,263,666	-2,252,705	-2,058,190	-1,928,064	-2,081,895	-2,408,405
Change	-	30.76%	-4.74%	-78.27%	8.63%	6.32%	-7.98%	-15.68%
Announcement Date	6/5/21	10/5/22	9/5/23	7/5/24	8/5/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Nintendo Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	17,912	16,766	22,190	16,123	19,008	21,744	26,022	24,802
Change	-	-6.4%	32.35%	-27.34%	17.89%	14.39%	19.67%	-4.69%
Free Cash Flow (FCF) ¹	594,194	383,360	178,154	445,974	-6,939	390,851	400,980	486,988
Change	-	-35.48%	-53.53%	150.33%	-101.56%	5,732.68%	2.59%	21.45%
Announcement Date	6/5/21	10/5/22	9/5/23	7/5/24	8/5/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Nintendo Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	37.04%	35.58%	32.18%	32.71%	25.57%	18.59%	24.87%	27.41%
EBIT Margin (%)	36.42%	34.96%	31.49%	31.64%	24.26%	18.37%	23.73%	26.96%
EBT Margin (%)	38.73%	39.78%	37.51%	40.72%	31.96%	21.8%	27.92%	30.82%
Net margin (%)	27.31%	28.18%	27.02%	29.34%	23.93%	16.38%	20.29%	22.36%
FCF margin (%)	33.78%	22.61%	11.12%	26.68%	-0.6%	18.54%	16.8%	19.06%
FCF / Net Income (%)	123.69%	80.25%	41.17%	90.9%	-2.49%	113.16%	82.78%	85.23%
Profitability
ROA	31%	26.26%	21.79%	22.66%	11.37%	10.02%	13.37%	14.35%
ROE	28.1%	24.2%	20%	20.1%	10.5%	12.18%	15.44%	16.36%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.02%	0.99%	1.39%	0.96%	1.63%	1.03%	1.09%	0.97%
CAPEX / EBITDA (%)	2.75%	2.78%	4.31%	2.95%	6.38%	5.55%	4.38%	3.54%
CAPEX / FCF (%)	3.01%	4.37%	12.46%	3.62%	-273.93%	5.56%	6.49%	5.09%
Items per share
Cash flow per share ¹	412.3	413.6	380.9	436.7	252.7	337.4	306	388.1
Change	-	0.31%	-7.91%	14.66%	-42.15%	33.55%	-9.31%	26.82%
Dividend per Share ¹	222	203	186	211	120	150.5	206.2	249.3
Change	-	-8.56%	-8.37%	13.44%	-43.13%	25.44%	36.98%	20.91%
Book Value Per Share ¹	1,573	1,764	1,947	2,236	2,340	2,477	2,728	3,000
Change	-	12.08%	10.38%	14.89%	4.63%	5.83%	10.16%	9.97%
EPS ¹	403.3	404.7	371.4	421.4	239.5	298.7	417.9	490.6
Change	-	0.35%	-8.22%	13.46%	-43.17%	24.74%	39.9%	17.41%
Nbr of stocks (in thousands)	1,191,232	1,173,222	1,164,229	1,164,239	1,164,248	1,164,248	1,164,248	1,164,248
Announcement Date	6/5/21	10/5/22	9/5/23	7/5/24	8/5/25	-	-	-