Can Nikon survive?

Sure. As much so as any company in business today, I'd say. While they have some modest long-term liabilities, they are quite manageable. When they've had sales drops in an area, they've been reasonably quick to regroup, restructure, and rebuild that part of their business. 

The camera side had a long, healthy rise in sales through 2013 with less decline in profit than many in the camera business. However, in 2019 Nikon showed a loss, mostly due to write-down of underperforming assets. 

The Nikon balance sheet looks reasonable for their size. There are tightly managed at the corporate level, and compared to some Japanese companies, they're relatively lean. They were one of the first to establish quality off-shore manufacturing, and they continue to invest strongly in R&D. None of these things are signs of an unhealthy company.

On the other hand, Nikon in 2015 was about two-thirds a camera company, and the camera market has continued shrinking (mostly at the lower end due to smartphones) and under considerable pressure. So by 2020 the camera side was just under half their business. The semiconductor equipment group is likewise experiencing its typically cyclical nature. Thus, Nikon will have to be very careful to manage the company in what is essentially two non-growth markets. One solution they’ve undertaken is acquiring new growth businesses, particularly in the medical optics area.

Investors like growth companies, and preferably predictable growth. Nikon is neither at the moment. That said, most of Nikon’s investors are Japanese banks and insurance companies, and they’re being compensated by Nikon’s dividends rather than stock appreciation.

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