Canon vs L'Oreal: Revenue, Profit and Business Model
Canon reported ~$31B of revenue in FY2025 and ~$2.2B of net income. L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income.
Latest financial snapshot
Financial summary
Canon
Canon's sales fell from ~$27.3 billion (¥4,080.0 billion) in 2017, the first full year with Toshiba Medical, to ~$21.2 billion (¥3,160.2 billion) in 2020 as cameras and office printing shrank and the pandemic hit. They have grown every year since, reaching a record ~$31 billion (¥4,624.7 billion) in 2025 (+2.5%). Operating profit was ~$3.05 billion (¥455.4 billion) in 2025, a 9.8% margin, up from ~$1.87 billion (¥279.8 billion) in 2024, when a ~$1.11 billion (¥165.1 billion) goodwill impairment on the medical business cut net income to ~$1.07 billion (¥160.0 billion). Net income attributable to Canon Inc. more than doubled to ~$2.23 billion (¥332.1 billion) and EPS rose to ¥367.48. Canon paid a ¥160 dividend (42.9% payout), generated ~$1.6 billion (¥238.5 billion) of free cash flow and ended 2025 with ~$6.34 billion (¥946.2 billion) of interest-bearing debt, up from ~$4.45 billion (¥663.5 billion). By region, the Americas supplied 32% of 2025 sales, Europe 26%, Japan 21% and Asia and Oceania 21%. In July 2026, after record second-quarter sales, Canon guided to ~$32.2 billion (¥4,800.0 billion) of 2026 sales and ~$3.12 billion (¥465.0 billion) of operating profit.
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
Revenue and profit by year
Canon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$31B | ~$2.2B | 7.2% | +2.5% | Source |
| FY2024 | ~$30.2B | ~$1.1B | 3.5% | +7.9% | Source |
| FY2023 | ~$28B | ~$1.8B | 6.3% | +3.7% | Source |
| FY2022 | ~$27B | ~$1.6B | 6.1% | +14.7% | Source |
| FY2021 | ~$23.5B | ~$1.4B | 6.1% | +11.2% | Source |
| FY2020 | ~$21.2B | ~$558.2M | 2.6% | -12.1% | Source |
| FY2019 | ~$24.1B | ~$837.3M | 3.5% | -9.1% | Source |
| FY2018 | ~$26.5B | ~$1.7B | 6.4% | -3.1% | Source |
| FY2017 | ~$27.3B | ~$1.6B | 5.9% | +19.9% | Source |
| FY2016 | ~$22.8B | ~$1B | 4.4% | — | Source |
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | Source |
Where the revenue comes from
Canon
- Printing54%
Office multifunction devices, prosumer laser and inkjet printers and production presses, with recurring toner, ink and service revenue. ~$16.7 billion (¥2,494.4 billion) in 2025.
- Imaging23%
Cameras and lenses (~$4.19 billion (¥625.5 billion)) and network cameras and video software (~$2.88 billion (¥429.4 billion)). ~$7.07 billion (¥1,054.9 billion) in 2025.
- Medical13%
CT, MRI, ultrasound and X-ray equipment and service. ~$3.89 billion (¥580.6 billion) in 2025.
- Industrial8%
Semiconductor and flat-panel lithography, nanoimprint, OLED deposition and sputtering equipment. ~$2.42 billion (¥361.1 billion) in 2025.
- Others & Corporate5%
Other businesses and corporate items, ~$1.59 billion (¥237.1 billion) in 2025, before eliminations of intersegment sales.
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
Business model and strategy
Canon
How it makes money
Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Growth strategy
Phase VII sets 2030 sales targets for each unit: Printing ~$18.8 billion (¥2.8 trillion) (about 2% a year), Imaging ~$8.98 billion (¥1.34 trillion) (5%), Medical ~$5.03 billion (¥750 billion) (5%) and Industrial ~$4.02 billion (¥600 billion) (10%). Growth products named in the plan are nanoimprint lithography, photon-counting CT and industrial printing equipment.
Competitive advantage
Canon's edge is vertical integration in optics and imaging. It designs its own lenses, CMOS image sensors, print engines and image-processing chips, and builds much of its own production equipment. That depth shows in its patent output (seventh in U.S. patent grants in 2025 and in the top 10 for 42 straight years, according to IFI Claims) and in a camera business that has held the No.
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Questions about Canon vs L'Oreal
Which company has higher revenue — Canon Inc. or L'Oréal SA?
Canon Inc. reported ~$31B (FY2025), while L'Oréal SA reported ~$49.8B (FY2025). By last reported revenue, L'Oréal SA is the larger business, with Canon Inc. reporting a smaller revenue base.
What is the market cap of Canon Inc. vs L'Oréal SA?
Canon Inc.'s market capitalisation stands at $25.6B, while L'Oréal SA's is $204.9B. L'Oréal SA carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Canon Inc..
Which is more financially efficient — Canon Inc. or L'Oréal SA?
Canon Inc. generates $187k / employee in revenue per employee, while L'Oréal SA generates $524k / employee. L'Oréal SA shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Canon Inc. and L'Oréal SA make money?
Canon Inc. and L'Oréal SA generate revenue in fundamentally different ways. Canon Inc.: Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Which company is valued higher relative to revenue — Canon Inc. or L'Oréal SA?
On a price-to-sales (P/S) basis, Canon Inc. trades at 0.8x P/S and L'Oréal SA at 4.1x P/S. L'Oréal SA commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Canon Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Canon Inc. bigger than L'Oréal SA?
By last reported revenue, L'Oréal SA (~$49.8B (FY2025)) is the larger company compared to Canon Inc. (~$31B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Canon vs L'Oreal overview