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- ¥7,851
- Volume
- 11M
Stock and sector context
Mediainflow- Sector comparison
- Of 2 covered Media stocks in Japanese, 2 rose; the average change was +2.48%. Nintendo had the largest rise at +3.76%. Estimated sector flow was inflow.
- Variables to watch
- Digital ad spendingSubscriber countsContent slate
- Risks to check
- -44% below the high, the downtrend may continue
- An ad spending slowdown
- Rising content costs
This compares price changes among covered stocks in the same market. It does not establish why prices moved. Variables and risks are sector reference lists.
Why a candidate
Match 78/100The match score marks how many conditions overlap on a 0 to 100 scale: the 52-week range, valuation metrics, price change and volume. It is not a probability of rising or a forecast return.
Today's read
Nintendo scores 78 out of 100 on today's InverseOne match ranking, 1 of 30 in the Japanese large-cap universe. The gap to its 52-week high is 80%. Today's move of +3.76% came with money flowing in, alongside the Media sector. Scores are estimates built from price and volume, a starting point for research rather than a trading signal.
Data basis: 2026-10-09 close, 10-14 00:20 KST updated, For reference only, not advice
Same-sector stocks, Media
Company research
Researched 2026-09-19 11:20 KSTNet sales went from 1,164.9 billion yen to 2,313.1 billion yen while the gross margin fell from 61.0% to 39.3%.
Nintendo's consolidated net sales for the fiscal year ended March 2026 were 2,313.1 billion yen, double the 1,164.9 billion yen of a year earlier. Operating profit over the same year rose from 282.6 billion yen to 360.1 billion yen, up 27.5%, and the gross margin fell from 61.0% to 39.3%. Nintendo Switch 2, released on June 5, 2025, had sold 23.68 million hardware units and 58.17 million software units as of June 30, 2026. The company's stated exchange rate assumption for the fiscal year ending March 2027 is 150.00 yen per dollar and 175.00 yen per euro.
Key figures
- Net sales
- 2,313.1 billion yen
- 2026-03-31
- Operating profit
- 360.1 billion yen
- 2026-03-31
- Gross margin
- 39.3%
- 2026-03-31
- Ordinary profit
- 542.2 billion yen
- 2026-03-31
- Switch 2 hardware, cumulative
- 23.68 million units
- 2026-06-30
- Switch 2 software, cumulative
- 58.17 million units
- 2026-06-30
What a launch year does to the income statement
Nintendo's fiscal year ends in March. The year ended March 2026 covers April 2025 through March 2026, and because Nintendo Switch 2 arrived on June 5, 2025, that year holds ten months of the new hardware. Consolidated net sales came to 2,313.1 billion yen, up 98.6% from 1,164.9 billion yen the year before. Operating profit went from 282.6 billion yen to 360.1 billion yen, up 27.5%. Ordinary profit went from 372.3 billion yen to 542.2 billion yen, and profit attributable to owners of parent from 278.8 billion yen to 424.1 billion yen. Sales doubled while operating profit grew 1.3 times, and that gap is the first thing this year's numbers say.
Net sales by fiscal year (billion yen)
The drop happens at the gross profit line
Gross margin fell 21.7 percentage points, from 61.0% to 39.3%. Operating margin fell from 24.3% to 15.6%. In money terms gross profit rose from 710.2 billion yen to 909.0 billion yen, up 28.0%. Gross profit minus operating profit, which is the selling, general and administrative line, rose from 427.6 billion yen to 548.8 billion yen, up 28.4%. Because those two moved at nearly the same rate, operating profit growth settled just below both, at 27.5%. The place where profit failed to follow sales is the gross margin, not the expense line, and the cost structure of a year weighted toward hardware shows up there directly.
Gross margin by fiscal year (%)
Where the first 19.86 million consoles went
The regional data is rounded to ten thousands of units. In the year ended March 2026 Nintendo Switch 2 hardware sold 5.66 million units in Japan, 6.73 million in the Americas, 4.40 million in Europe and 3.06 million in other regions, for 19.86 million in total. The Americas is the largest share at 33.9%, with Japan next at 28.5%. In the same file, first-generation Nintendo Switch hardware stands at 155.92 million units life to date, of which Japan accounts for 38.34 million, or 24.6%. Japan's share in the new console's first fiscal year is therefore running above the first generation's lifetime share. Software came to 13.17 million units in Japan, 17.48 million in the Americas, 12.37 million in Europe and 5.70 million elsewhere, for 48.71 million.
Nintendo Switch 2 hardware by region (million units, FY ended March 2026)
- Americas6.7
- Japan5.7
- Europe4.4
- Other3.1
Two and a half games per console
Dividing the 48.71 million Switch 2 software units through March 2026 by the 19.86 million consoles over the same period gives 2.45. Recomputed on the cumulative figures as of June 30, 2026, it is 58.17 million software over 23.68 million hardware, or 2.46. Subtracting the March cumulative from the June cumulative leaves 3.82 million consoles and 9.46 million software units added across April to June 2026, although both sides of that subtraction are rounded figures. By title, Mario Kart World leads at 15.39 million units, a single number equal to 65% of the 23.68 million consoles sold by the end of June. Donkey Kong Bananza follows at 4.78 million. Title names are written as the source material prints them.
Nintendo Switch 2 top selling titles, cumulative (million units)
The 182.1 billion yen below operating profit, and the conditions attached
Ordinary profit of 542.2 billion yen for the year ended March 2026 is 182.1 billion yen larger than operating profit of 360.1 billion yen. The only non-operating item broken out in the same file is a foreign exchange gain of 44.3 billion yen, and the remaining 137.8 billion yen is not itemized there. This is not the first year a large exchange gain has landed in the accounts: the same row shows 61.6 billion yen for the year ended March 2024 and 45.6 billion yen for the year ended March 2022. The exchange rate table gives an average of 150.72 yen per dollar and 174.80 yen per euro for the year ended March 2026, with period-end rates of 159.31 and 183.28. For the year ending March 2027 the company assumes 150.00 yen per dollar and 175.00 yen per euro, below the period-end rate, which is worth reading alongside how much of this company's profit sits in that line.
Common questions
- How many Nintendo Switch 2 consoles have been sold?
- 23.68 million units cumulatively as of June 30, 2026. Software on the same basis stands at 58.17 million units. The console launched on June 5, 2025, and the cumulative hardware figure through March 31, 2026 was 19.86 million. These are the worldwide consolidated unit figures Nintendo publishes on its investor relations pages.
- If sales doubled, why did operating profit rise only 27%?
- Because the gross margin fell from 61.0% to 39.3%. Net sales rose 98.6%, from 1,164.9 billion yen to 2,313.1 billion yen, while gross profit rose 28.0%, from 710.2 billion yen to 909.0 billion yen. Gross profit minus operating profit rose 28.4%, so both moved at a similar pace and operating profit growth settled at 27.5%.
- Why is Nintendo's ordinary profit larger than its operating profit?
- Ordinary profit of 542.2 billion yen for the year ended March 2026 is 182.1 billion yen above operating profit of 360.1 billion yen. The only non-operating item stated separately in the company file is a foreign exchange gain of 44.3 billion yen, and the rest is not broken out there. The same file shows a 61.6 billion yen exchange gain for the year ended March 2024.
Sources
- 1.Consolidated Statements of Income Transition Nintendo IR, as of 2026-03-31
- 2.Dedicated Video Game Sales Units Nintendo IR, as of 2026-06-30
- 3.Consolidated Sales Transition by Region Nintendo IR, as of 2026-03-31
- 4.Top Selling Title Sales Units Nintendo IR, as of 2026-06-30
- 5.Financial Highlights (Exchange Rate) Nintendo IR, as of 2026-03-31
Reference information compiled from public material. Not investment advice; decisions and their consequences rest with the investor.
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Today's talking points
- It sits low in its 52-week range (20).
- It is 80% below its 52-week high.
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These figures are reference estimates built from price and volume: a starting point for narrowing down ideas, not a buy or sell signal.