# Who are Canon's customers? Who does Canon earn revenue from?
Canonical: https://valuechain.wiki/canon · Facet: customers · Updated: 2026-10-13T17:25:39.665+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Canon's confirmed revenue counterparties include HP Inc., Olympus, Kioxia (NIL co-development, NAND application) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 13 dated sources, 4 of them primary filings (as of 2026-10-13).

### 반도체·FPD 제조사 (i-line/KrF 노광) (high)
- note: At just 8% of sales, Industrial is where Canon's re-rating option sits — i-line/KrF scanners already earn cash at high share in mature IoT nodes, while FPD lithography leans on Korean panel makers. The real driver of FY2025's +2.7% was AI-related semiconductor investment, and against Nikon and ASML, Canon's hand is not leading-edge EUV but low-cost coverage of the mature and specialty layers beneath it.
- [confirms] Canon (JA, filing, published 2026-03-25) https://global.canon/ja/ir/annual/canon-annual-report-2025.pdf: "Industrial unit net sales JPY 361.1bn (+2.7%)."
- [confirms] Canon (EN, filing, published 2026-01-29) https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf: "Industrial Net Sales 361.1bn (+2.7%); growth on higher AI-related demand for semiconductor lithography and sputtering equipment."
- [mentions] SMBC Nikko (EN, research, published 2024-08-19) https://www.asktraders.com/analysis/canon-share-price-targeting-new-heights-analyst-revises-upwards/: "SMBC Nikko upgraded Canon to Outperform and set a ¥5,500 price target."
- [confirms] Canon Inc. (SEC EDGAR) (EN, filing, published 2023-03-30) https://www.sec.gov/Archives/edgar/data/16988/000119312523084415/d394490d20f.htm: "The main competitors in these markets are Nikon Corporation, for semiconductor and FPD lithography equipment, and ASML Holding N.V., for semiconductor lithography equipment."

### TIE (텍사스 전자연구소, NIL 1호기) (high)
- note: The first commercial NIL reference — in 2024 Canon shipped an FPA-1200NZ2C to a Texas consortium backed by AMD, Intel, Micron and Applied Materials. What matters is less the revenue than the proof that a real semiconductor ecosystem will take and run it: with 14nm (5nm-node-class) patterning demonstrated, it signals NIL leaving the lab for a commercial trajectory.
- [confirms] Canon (EN, ir, published 2025-03-01) https://global.canon/en/ir/annual/canon-annual-report-2024-03.pdf: "FY2024 net sales JPY 4,181bn: Printing 56.1%, Imaging 20.6%, Medical 13.2%, Industrial 7.5%."
- [confirms] TrendForce (EN, news, published 2024-09-30) https://www.trendforce.com/news/2024/09/30/news-canon-delivers-nanoimprint-lithography-system-to-tie-reportedly-capable-of-producing-2nm-chips/: "Canon delivered its FPA-1200NZ2C NIL system to TIE, reportedly capable of producing 2nm-class chips."
- [confirms] Canon (EN, ir, published 2024-09-26) https://global.canon/en/news/2024/20240926.html: "First NIL system delivered to TIE."
- [confirms] Canon (EN, ir, published 2023-10-13) https://global.canon/en/news/2023/20231013.html: "NIL at 14nm minimum linewidth, targeting 10nm."

### HP Inc. (high)  → /hp.md
- note: Canon supplies certain laser-printer engines and laser-toner cartridges on which HP relies, with no counterparty-specific purchase value or cost share disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2025-12-10) https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/hpq-20251031.htm: "We rely on Canon for certain laser printer engines and laser toner cartridges."

### 올림푸스 (high)  → /olympus.md
- note: Olympus sells and markets Canon Medical-developed and manufactured Aplio i800 EUS systems with Olympus ultrasound endoscopes. Transaction value is undisclosed.
- [confirms] Medical Times (KO, news, published 2026-04-08) https://medicaltimes.com/Main/News/NewsView.html?ID=1168143: "Medical Times confirms that the partners launched their first joint product, Aplio i800 EUS, in the U.S. in 2026."
- [confirms] Olympus Corporation (EN, ir, published 2024-01-15) https://www.olympus-global.com/news/2024/nr02606.html: "The official alliance states that Canon Medical develops and manufactures the diagnostic ultrasound system and Olympus handles sales and marketing."

### 키옥시아 (NIL 공동개발·NAND 적용) (mid)  → /kioxia.md
- note: NIL has no commercial future unless a major memory maker qualifies it on a production line — and Kioxia is that anchor customer. In the mutually dependent Canon (tool) / Kioxia (process) / DNP (mask) triangle, the NAND application does not exist without Kioxia. But it is still at tool-test/process-qualification stage, so what this relationship produces today is option value, not cash revenue.
- [confirms] IEEE Spectrum (EN, news, published 2024-03-01) https://spectrum.ieee.org/nanoimprint-lithography: "Kioxia has been testing NIL systems for several years and is evaluating the process for prototype memory chips."
- [confirms] Canon (EN, news, published 2023-10-13) https://global.canon/en/technology/nil-2023.html: "Canon has collaborated with Kioxia and DNP on NIL for a decade; Canon=imprint tool, Kioxia=production process, DNP=masks."

Reverse side: https://valuechain.wiki/canon/suppliers.md · Ripple: https://valuechain.wiki/canon/ripple.md

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