# Ricoh Company (7752.JP)

Canonical: https://gigainvestors.com/s/7752.JP

Analysis as of: 2026-10-15T06:42:46.194Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,761.50 per share; close as of 2026-10-15.

Estimated value: low JPY 1,237.82 per share, central JPY 1,511.34 per share, high JPY 1,720.97 per share. Buy at or below the central value JPY 1,511.34 per share. Valuation as of 2026-10-15T06:42:46.194Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 1.99×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.06×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: -0.03×

- FY2022: 0.02×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.03×

- FY2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: -5.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 2.5%

- Typical minus recent gross margin: 2.1 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -6.1%

- FY2019: 3.8%

- FY2020: 7.3%

- FY2021: -5.4%

- FY2022: 3.7%

- FY2023: 6.1%

- FY2024: 4.1%

- FY2025: 3.8%

- FY2026: 4.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 193B

- Net income, five-year total: JPY 230B

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, final three-year average: 21.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.61×

- FY2023: 0.72×

- FY2024: 0.76×

- FY2025: 0.96×

- FY2026: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 4.81 to 78.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.4%

- Ordinary dilution, 5-year annual growth: -4.7%

- Market cap gain: JPY 83B

- Cumulative retained earnings: JPY -152B

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: -4.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 41.7%

- Per-share value change: JPY 73.30

- Per-share value, starting three-year median: JPY 4.81

- Per-share value, ending three-year median: JPY 78.11

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 6.3%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: JPY 155B

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 4.81

- FY2018: JPY -186.75

- FY2019: JPY 68.32

- FY2020: JPY 54.58

- FY2021: JPY -45.20

- FY2022: JPY 45.35

- FY2023: JPY 88.13

- FY2024: JPY 72.58

- FY2025: JPY 78.11

- FY2026: JPY 97.80

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.1%

- FY2018: -9.3%

- FY2019: -1.2%

- FY2020: -2.7%

- FY2021: -8.5%

- FY2022: -2.8%

- FY2023: -0.6%

- FY2024: -3.6%

- FY2025: -3.9%

- FY2026: -4.0%

## Holders

## Price story

Price needs cash profits to grow 6.1% a year for ten years · sales +3.2%

Story as of 2026-10-16T10:00:08.534Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

### Sales · FY2025–2026

sales +3.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf; observed 2026-06-16.

- FY2017: JPY 2.03T 

- FY2018: JPY 2.06T 

- FY2019: JPY 2.01T 

- FY2020: JPY 2.01T 

- FY2021: JPY 1.68T 

- FY2022: JPY 1.76T 

- FY2023: JPY 2.13T 

- FY2024: JPY 2.35T 

- FY2025: JPY 2.53T 

- FY2026: JPY 2.61T 

### Gross margin · FY2026

gross margin 34.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf; observed 2026-06-16.

- FY2018: 38.3% 

- FY2019: 38.1% 

- FY2020: 35.9% 

- FY2021: 34.0% 

- FY2022: 35.4% 

- FY2023: 34.9% 

- FY2024: 34.9% 

- FY2025: 34.4% 

- FY2026: 34.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in business equipment & supplies; annual sales are JPY 2.6 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf (filed 2026-06-16); FY2026: revenue 2608314000000; grossProfit 889148000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); RICO.LSE: Ricoh Company, Ltd., together with its subsidiaries, engages in the digital services, digital products, graphic communications, industrial solutions, and other businesses in Japan, the Americas, Europe, the Middle East, Africa, and internationally. The company is involved in the production, OEM, and sale of multifunctional printers (MFPs) laser printers, digital duplicators, wide format printers, facsimile machine, scanners, personal computers, servers, and network equipment; production and sales of electronic components; and provision of related parts and supplies, services, support, software, and service and solutions related to documents. It also produces and sells cut sheet printers, continuous feed printer, inkjet heads, imaging systems, and industrial printers, as well as thermal paper and thermal media, industrial optical component/module and precision mechanical component; and digital and 360-degree cameras; and environment and healthcare activities. The company was formerly known as Riken Optical Co., Ltd. and changed its name to Ricoh Company, Ltd. in 1963. Ricoh Company, Ltd. was incorporated in 1936 and is headquartered in Tokyo, Japan.

### Why customers stay

Margins ranged from 34.1% to 34.9% during 2024–26; it earns 3.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 34.4%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 34.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2018,-0.06052147629316054],[2019,0.03815610723124124],[2020,0.07324267338038831],[2021,-0.05384327216207782],[2022,0.03746427668966913],[2023,0.06102380816491203],[2024,0.04072217171717172],[2025,0.0375904257567203],[2026,0.04866424625176827]]; median 0.03815610723124124. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf (filed 2026-06-16); Gross margin observations: [[2021,0.3402399069241511],[2022,0.3540723319346726],[2023,0.3492779428164447]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 0; upkeep 102051000000; owner earnings 41763000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2020: growth capex 0; upkeep 113784000000; owner earnings 16385000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 0; upkeep 71042000000; cash acquisitions 9422000000; owner earnings 18662000000. Growth capex plus acquisitions / owner earnings = 0.5048762190547637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 0; upkeep 80615000000; cash acquisitions 58453000000; owner earnings 38991000000. Growth capex plus acquisitions / owner earnings = 1.4991408273704188.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 0; upkeep 88405000000; cash acquisitions 14232000000; owner earnings 33392000000. Growth capex plus acquisitions / owner earnings = 0.4262098706276953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 0; upkeep 81582000000; owner earnings 43675000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf (filed 2026-06-16); FY2026: growth capex 0; upkeep 81645000000; owner earnings 58229000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2018,14498000000],[2019,12685000000],[2020,18841000000],[2021,14851000000],[2022,14058000000],[2023,18635000000],[2024,21318000000],[2025,22003000000],[2026,22199000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); RICO.LSE SharesStats.PercentInsiders = 3.6700000000000004 percentage points; cache date 2026-09-29.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate 0.07470022511242758. Price 1761.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 921.00 per share

- 2016-12: JPY 988.00 per share

- 2017-01: JPY 1,009.00 per share

- 2017-02: JPY 979.00 per share

- 2017-03: JPY 916.00 per share

- 2017-04: JPY 928.00 per share

- 2017-05: JPY 934.00 per share

- 2017-06: JPY 992.00 per share

- 2017-07: JPY 1,037.00 per share

- 2017-08: JPY 1,101.00 per share

- 2017-09: JPY 1,094.00 per share

- 2017-10: JPY 1,046.00 per share

- 2017-11: JPY 996.00 per share

- 2017-12: JPY 1,047.00 per share

- 2018-01: JPY 1,072.00 per share

- 2018-02: JPY 1,156.00 per share

- 2018-03: JPY 1,051.00 per share

- 2018-04: JPY 1,071.00 per share

- 2018-05: JPY 986.00 per share

- 2018-06: JPY 1,016.00 per share

- 2018-07: JPY 1,088.00 per share

- 2018-08: JPY 1,165.00 per share

- 2018-09: JPY 1,220.00 per share

- 2018-10: JPY 1,129.00 per share

- 2018-11: JPY 1,102.00 per share

- 2018-12: JPY 1,077.00 per share

- 2019-01: JPY 1,158.00 per share

- 2019-02: JPY 1,130.00 per share

- 2019-03: JPY 1,157.00 per share

- 2019-04: JPY 1,123.00 per share

- 2019-05: JPY 1,054.00 per share

- 2019-06: JPY 1,076.00 per share

- 2019-07: JPY 1,002.00 per share

- 2019-08: JPY 983.00 per share

- 2019-09: JPY 973.00 per share

- 2019-10: JPY 970.00 per share

- 2019-11: JPY 1,127.00 per share

- 2019-12: JPY 1,192.00 per share

- 2020-01: JPY 1,259.00 per share

- 2020-02: JPY 1,005.00 per share

- 2020-03: JPY 794.00 per share

- 2020-04: JPY 740.00 per share

- 2020-05: JPY 796.00 per share

- 2020-06: JPY 769.00 per share

- 2020-07: JPY 675.00 per share

- 2020-08: JPY 793.00 per share

- 2020-09: JPY 706.00 per share

- 2020-10: JPY 682.00 per share

- 2020-11: JPY 697.00 per share

- 2020-12: JPY 677.00 per share

- 2021-01: JPY 790.00 per share

- 2021-02: JPY 922.00 per share

- 2021-03: JPY 1,124.00 per share

- 2021-04: JPY 1,162.00 per share

- 2021-05: JPY 1,298.00 per share

- 2021-06: JPY 1,247.00 per share

- 2021-07: JPY 1,191.00 per share

- 2021-08: JPY 1,120.00 per share

- 2021-09: JPY 1,148.00 per share

- 2021-10: JPY 1,106.00 per share

- 2021-11: JPY 1,003.00 per share

- 2021-12: JPY 1,071.00 per share

- 2022-01: JPY 965.00 per share

- 2022-02: JPY 979.00 per share

- 2022-03: JPY 1,062.00 per share

- 2022-04: JPY 951.00 per share

- 2022-05: JPY 1,084.00 per share

- 2022-06: JPY 1,061.00 per share

- 2022-07: JPY 1,066.00 per share

- 2022-08: JPY 1,097.00 per share

- 2022-09: JPY 1,056.00 per share

- 2022-10: JPY 1,090.00 per share

- 2022-11: JPY 1,086.00 per share

- 2022-12: JPY 1,007.00 per share

- 2023-01: JPY 1,005.00 per share

- 2023-02: JPY 1,058.00 per share

- 2023-03: JPY 991.00 per share

- 2023-04: JPY 1,121.00 per share

- 2023-05: JPY 1,166.00 per share

- 2023-06: JPY 1,222.50 per share

- 2023-07: JPY 1,263.50 per share

- 2023-08: JPY 1,188.00 per share

- 2023-09: JPY 1,290.50 per share

- 2023-10: JPY 1,212.50 per share

- 2023-11: JPY 1,207.00 per share

- 2023-12: JPY 1,083.00 per share

- 2024-01: JPY 1,168.00 per share

- 2024-02: JPY 1,245.00 per share

- 2024-03: JPY 1,357.50 per share

- 2024-04: JPY 1,366.50 per share

- 2024-05: JPY 1,403.50 per share

- 2024-06: JPY 1,375.50 per share

- 2024-07: JPY 1,411.50 per share

- 2024-08: JPY 1,520.00 per share

- 2024-09: JPY 1,542.50 per share

- 2024-10: JPY 1,672.50 per share

- 2024-11: JPY 1,702.00 per share

- 2024-12: JPY 1,811.50 per share

- 2025-01: JPY 1,786.50 per share

- 2025-02: JPY 1,624.50 per share

- 2025-03: JPY 1,577.00 per share

- 2025-04: JPY 1,506.00 per share

- 2025-05: JPY 1,350.50 per share

- 2025-06: JPY 1,365.50 per share

- 2025-07: JPY 1,330.50 per share

- 2025-08: JPY 1,315.00 per share

- 2025-09: JPY 1,306.50 per share

- 2025-10: JPY 1,324.00 per share

- 2025-11: JPY 1,401.00 per share

- 2025-12: JPY 1,374.00 per share

- 2026-01: JPY 1,362.00 per share

- 2026-02: JPY 1,470.00 per share

- 2026-03: JPY 1,313.50 per share

- 2026-04: JPY 1,316.50 per share

- 2026-05: JPY 1,458.50 per share

- 2026-06: JPY 1,406.00 per share

- 2026-07: JPY 1,579.50 per share

- 2026-08: JPY 1,697.50 per share

- 2026-09: JPY 1,651.00 per share

- 2026-10: JPY 1,794.00 per share

## Annual estimated value (JPY per share)

- FY2022: low JPY 531.06 per share, central JPY 563.34 per share, high JPY 606.31 per share

- FY2023: low JPY 690.18 per share, central JPY 768.04 per share, high JPY 849.26 per share

- FY2024: low JPY 685.70 per share, central JPY 799.82 per share, high JPY 899.41 per share

- FY2025: low JPY 984.53 per share, central JPY 1,185.56 per share, high JPY 1,344.57 per share

- FY2026: low JPY 1,237.82 per share, central JPY 1,511.34 per share, high JPY 1,720.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:46.194Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YBFF.pdf); period 2026-03-31, filed 2026-06-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.