# Who are Nikon's customers? Who does Nikon earn revenue from?
Canonical: https://valuechain.wiki/nikon · Facet: customers · Updated: 2026-07-12T03:30:27.982+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Nikon's confirmed revenue counterparties include Intel plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 2 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).

### 반도체·FPD 패널 제조사 (정밀장비 고객) (high)
- note: Precision Equipment (semiconductor & FPD lithography) is the legacy of Nikon's onetime dominance, but with value having migrated to EUV, it has ceded leading-edge logic to ASML and is confined to ArF dry/immersion and mid-small FPD scanners. FY2026 revenue JPY 167.3bn (-17.2%) and a JPY 4.6bn operating loss map that retreat — the crux of this edge is that Nikon has no seat where the market is growing (EUV).
- [mentions] MarketScreener (EN, research, published 2026-06-01) https://www.marketscreener.com/quote/stock/NIKON-CORPORATION-6491168/consensus/: "10-analyst consensus 'Neutral'; avg 12-month target roughly JPY 1,432-1,659."
- [confirms] Nikon Corporation (EN, filing, published 2026-05-08) https://www.nikon.com/content/dam/web-assets/nikoncom/company/local/global/en/ir/ir_library/result/pdf/2026/26_4qf_c_e.pdf: "Precision Equipment revenue JPY 167,258m (-17.2%), operating loss JPY 4,565m."

### Intel (mid)  → /intel.md
- note: Intel was once Nikon's single largest customer at ~80% of ArF lithography orders — so when Intel cut capex, Nikon's Precision Equipment revenue snapped -17.2% in FY2026; the very concentration that was a strength became the risk. The only structural opening: only ASML and Nikon volume-produce ArF immersion, so as chipmakers seek to avoid sole-sourcing ASML, Nikon eyes a 'dual-source' re-entry — but with no EUV, confined to mature nodes.
- [confirms] ChoiceStock (KO, news, published 2026-06-15) https://choicestock.co.kr/stock/news_view/147846: "Nikon, once ~80% dependent on Intel, saw lithography sales fall on Intel's weakness."
- [confirms] Nikon Corporation (EN, filing, published 2026-05-08) https://www.nikon.com/content/dam/web-assets/nikoncom/company/local/global/en/ir/ir_library/result/pdf/2026/26_4qf_c_e.pdf: "Precision Equipment: unit sales of ArF dry and immersion lithography systems decreased; revenue JPY 167,258m (-17.2%), operating loss JPY 4,565m."
- [confirms] PetaPixel (EN, news, published 2026-02-06) https://petapixel.com/2026/02/06/nikon-posts-big-losses-and-cuts-projections/: "Precision revenue JPY 167.2bn (-17.2%), operating loss JPY 4.5bn; company-wide net loss JPY 86bn."
- [mentions] Tom's Hardware (EN, news, published 2025-11-01) https://www.tomshardware.com/tech-industry/nikon-plans-to-undercut-asml-on-price-to-win-back-chipmaking-lithography-customers: "Intel was once 80% of Nikon's ArF orders; 11 tools FY24, none in 9M FY25."

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

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Full node: https://valuechain.wiki/nikon.md · JSON: https://valuechain.wiki/nikon.json