# Dai Nippon Printing (7912.JP)

Canonical: https://gigainvestors.com/s/7912.JP

Analysis as of: 2026-10-15T07:11:34.518Z. 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 2,783.00 per share; close as of 2026-10-15.

Estimated value: low JPY 3,350.82 per share, central JPY 4,072.62 per share, high JPY 4,654.01 per share. Buy at or below the central value JPY 4,072.62 per share. Valuation as of 2026-10-15T07:11:34.518Z; scenarios are not confidence intervals.

Expected annual return: 14.1% at the stated quote. About 14.1% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.06×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 21.1%

- Recent gross margin (lower of latest and 3-year median): 23.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 2.2%

- FY2018: 3.1%

- FY2019: 4.5%

- FY2020: 5.3%

- FY2021: 3.6%

- FY2022: 5.6%

- FY2023: 4.7%

- FY2024: 5.3%

- FY2025: 6.0%

- FY2026: 6.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 480B

- Net income, five-year total: JPY 508B

- Return on incremental invested capital: 32.5%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 20.3%

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

- FY2022: 0.88×

- FY2023: 0.98×

- FY2024: 0.98×

- FY2025: 0.92×

- FY2026: 0.97×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.1% vs 6.0%

- Per-share earnings: 81.57 to 235.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: 9.5%

- Market cap gain: JPY 877B

- Cumulative retained earnings: JPY 45B

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: 9.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.2%

- Per-share value change: JPY 153.91

- Per-share value, starting three-year median: JPY 81.57

- Per-share value, ending three-year median: JPY 235.48

- Buybacks concentrated in cheaper years (correlation): 0.85

- Average buyback yield: 5.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 49B

- Cumulative net income, 10 years: JPY 620B

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 81.57

- FY2018: JPY 90.76

- FY2019: JPY -118.22

- FY2020: JPY 235.18

- FY2021: JPY 89.31

- FY2022: JPY 355.84

- FY2023: JPY 321.31

- FY2024: JPY 221.56

- FY2025: JPY 238.90

- FY2026: JPY 235.48

### accounting: pass

- Sloan accruals: 3.1%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -1.2%

- FY2019: -5.9%

- FY2020: -1.4%

- FY2021: -2.0%

- FY2022: 0.8%

- FY2023: 2.6%

- FY2024: 2.0%

- FY2025: -1.1%

- FY2026: 3.1%

## Holders

## Price story

Price needs cash profits to shrink 2.4% a year for ten years · sales +3.8%

Story as of 2026-10-16T10:00:14.657Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.4% a year for ten years

### Sales · FY2025–2026

sales +3.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf; observed 2026-06-23.

- FY2017: JPY 1.41T 

- FY2018: JPY 1.41T 

- FY2019: JPY 1.40T 

- FY2020: JPY 1.40T 

- FY2021: JPY 1.34T 

- FY2022: JPY 1.34T 

- FY2023: JPY 1.37T 

- FY2024: JPY 1.42T 

- FY2025: JPY 1.46T 

- FY2026: JPY 1.51T 

### Gross margin · FY2026

gross margin 24.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf; observed 2026-06-23.

- FY2017: 18.9% 

- FY2018: 19.9% 

- FY2019: 20.1% 

- FY2020: 20.9% 

- FY2021: 20.7% 

- FY2022: 21.8% 

- FY2023: 21.3% 

- FY2024: 22.0% 

- FY2025: 23.2% 

- FY2026: 24.2% 

## Owner memo

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

### How it makes money

Annual sales are JPY 1.5 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); FY2026: revenue 1512571000000; grossProfit 365983000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 22% to 24.2% during 2024–26; it earns 5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: grossProfit / revenue = 23.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); FY2026: grossProfit / revenue = 24.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.021563981200255506],[2018,0.03056729677105306],[2019,0.044662432246252014],[2020,0.05324485669577774],[2021,0.03649091010073188],[2022,0.05610970341929676],[2023,0.04734493346438834],[2024,0.05328813877217174],[2025,0.06023508580917599],[2026,0.060934407383572996]]; median 0.050294895080083044. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); Gross margin observations: [[2021,0.2073580298313888],[2022,0.21792854501776962],[2023,0.2125852656077844]]; range within 2 percentage points.

### Where the cash goes

Spends 16.5% of cash earnings on expansion; earns 32.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2017: growth capex 0; upkeep 61243000000; owner earnings 25444000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 0; upkeep 42983000000; owner earnings 45588000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2020: growth capex 0; upkeep 49707000000; owner earnings 74264000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2021: growth capex 0; upkeep 61984000000; owner earnings 13997000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 2736155674.5920715; upkeep 63083844325.40793; owner earnings 85252155674.59207. Growth capex / owner earnings = 0.032094856170394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2023: growth capex 9026424647.316437; upkeep 53098575352.68356; owner earnings 84362424647.31644. Growth capex / owner earnings = 0.10699579445531698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: growth capex 16064490881.43277; upkeep 58688509118.56723; owner earnings 108230490881.43277. Growth capex / owner earnings = 0.14842851354182185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 10115657625.42566; upkeep 62766342374.57434; owner earnings 101624657625.42566. Growth capex / owner earnings = 0.0995394017730477.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); FY2026: growth capex 16557720353.419662; upkeep 56425279646.58034; owner earnings 100348720353.41966. Growth capex / owner earnings = 0.16500180864394462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Incremental return on capital 0.32527708439416764, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Dividend observations: [[2017,19918000000],[2018,19524000000],[2019,19324000000],[2020,19283000000],[2021,17976000000],[2022,17642000000],[2023,17142000000],[2024,16431000000],[2025,15031000000],[2026,17877000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); FY2026: cash repurchases 50752000000 JPY.

### What could break it

"②サプライチェーンに関するリスクへの取り組み" (7912 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf (filed 2026-06-23); ②サプライチェーンに関するリスクへの取り組み

### What the price says

The price assumes cash profits shrink 2.4% yearly over ten years; actual growth was 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate -0.0463988553390505. Price 2783; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 40.751281448179355 → FY2026 227.30226982582806. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,082.00 per share

- 2016-12: JPY 1,155.00 per share

- 2017-01: JPY 1,149.00 per share

- 2017-02: JPY 1,222.00 per share

- 2017-03: JPY 1,200.00 per share

- 2017-04: JPY 1,240.00 per share

- 2017-05: JPY 1,231.00 per share

- 2017-06: JPY 1,248.00 per share

- 2017-07: JPY 1,217.00 per share

- 2017-08: JPY 1,298.00 per share

- 2017-09: JPY 1,346.50 per share

- 2017-10: JPY 1,352.50 per share

- 2017-11: JPY 1,227.50 per share

- 2017-12: JPY 1,256.50 per share

- 2018-01: JPY 1,215.00 per share

- 2018-02: JPY 1,125.50 per share

- 2018-03: JPY 1,099.00 per share

- 2018-04: JPY 1,179.00 per share

- 2018-05: JPY 1,171.00 per share

- 2018-06: JPY 1,239.50 per share

- 2018-07: JPY 1,218.50 per share

- 2018-08: JPY 1,246.50 per share

- 2018-09: JPY 1,321.00 per share

- 2018-10: JPY 1,267.50 per share

- 2018-11: JPY 1,313.00 per share

- 2018-12: JPY 1,148.50 per share

- 2019-01: JPY 1,258.00 per share

- 2019-02: JPY 1,289.00 per share

- 2019-03: JPY 1,323.50 per share

- 2019-04: JPY 1,316.50 per share

- 2019-05: JPY 1,177.50 per share

- 2019-06: JPY 1,148.00 per share

- 2019-07: JPY 1,147.00 per share

- 2019-08: JPY 1,149.50 per share

- 2019-09: JPY 1,395.50 per share

- 2019-10: JPY 1,454.00 per share

- 2019-11: JPY 1,463.50 per share

- 2019-12: JPY 1,480.00 per share

- 2020-01: JPY 1,522.50 per share

- 2020-02: JPY 1,297.50 per share

- 2020-03: JPY 1,150.50 per share

- 2020-04: JPY 1,145.00 per share

- 2020-05: JPY 1,224.50 per share

- 2020-06: JPY 1,234.50 per share

- 2020-07: JPY 1,147.00 per share

- 2020-08: JPY 1,127.00 per share

- 2020-09: JPY 1,063.00 per share

- 2020-10: JPY 969.50 per share

- 2020-11: JPY 978.00 per share

- 2020-12: JPY 927.50 per share

- 2021-01: JPY 900.00 per share

- 2021-02: JPY 957.00 per share

- 2021-03: JPY 1,159.50 per share

- 2021-04: JPY 1,085.50 per share

- 2021-05: JPY 1,179.50 per share

- 2021-06: JPY 1,174.50 per share

- 2021-07: JPY 1,283.00 per share

- 2021-08: JPY 1,308.00 per share

- 2021-09: JPY 1,354.50 per share

- 2021-10: JPY 1,405.00 per share

- 2021-11: JPY 1,331.50 per share

- 2021-12: JPY 1,446.50 per share

- 2022-01: JPY 1,373.50 per share

- 2022-02: JPY 1,493.50 per share

- 2022-03: JPY 1,439.00 per share

- 2022-04: JPY 1,359.50 per share

- 2022-05: JPY 1,470.00 per share

- 2022-06: JPY 1,463.00 per share

- 2022-07: JPY 1,465.00 per share

- 2022-08: JPY 1,468.50 per share

- 2022-09: JPY 1,450.00 per share

- 2022-10: JPY 1,491.50 per share

- 2022-11: JPY 1,420.50 per share

- 2022-12: JPY 1,325.00 per share

- 2023-01: JPY 1,530.00 per share

- 2023-02: JPY 1,825.00 per share

- 2023-03: JPY 1,852.50 per share

- 2023-04: JPY 1,950.00 per share

- 2023-05: JPY 1,987.50 per share

- 2023-06: JPY 2,039.00 per share

- 2023-07: JPY 2,019.50 per share

- 2023-08: JPY 1,991.50 per share

- 2023-09: JPY 1,945.00 per share

- 2023-10: JPY 1,954.50 per share

- 2023-11: JPY 2,076.50 per share

- 2023-12: JPY 2,086.50 per share

- 2024-01: JPY 2,146.00 per share

- 2024-02: JPY 2,183.50 per share

- 2024-03: JPY 2,342.50 per share

- 2024-04: JPY 2,303.00 per share

- 2024-05: JPY 2,442.00 per share

- 2024-06: JPY 2,706.00 per share

- 2024-07: JPY 2,485.00 per share

- 2024-08: JPY 2,624.50 per share

- 2024-09: JPY 2,552.00 per share

- 2024-10: JPY 2,670.00 per share

- 2024-11: JPY 2,285.00 per share

- 2024-12: JPY 2,219.50 per share

- 2025-01: JPY 2,298.00 per share

- 2025-02: JPY 2,177.00 per share

- 2025-03: JPY 2,119.50 per share

- 2025-04: JPY 1,991.00 per share

- 2025-05: JPY 2,131.50 per share

- 2025-06: JPY 2,190.00 per share

- 2025-07: JPY 2,330.50 per share

- 2025-08: JPY 2,478.50 per share

- 2025-09: JPY 2,515.50 per share

- 2025-10: JPY 2,579.50 per share

- 2025-11: JPY 2,640.00 per share

- 2025-12: JPY 2,694.00 per share

- 2026-01: JPY 2,767.50 per share

- 2026-02: JPY 3,250.00 per share

- 2026-03: JPY 2,827.50 per share

- 2026-04: JPY 2,968.00 per share

- 2026-05: JPY 2,770.50 per share

- 2026-06: JPY 2,957.00 per share

- 2026-07: JPY 2,921.50 per share

- 2026-08: JPY 3,101.00 per share

- 2026-09: JPY 2,952.00 per share

- 2026-10: JPY 2,849.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 2,163.92 per share, central JPY 2,292.92 per share, high JPY 2,464.65 per share

- FY2021: low JPY 1,982.22 per share, central JPY 2,111.49 per share, high JPY 2,283.58 per share

- FY2022: low JPY 2,755.74 per share, central JPY 2,995.17 per share, high JPY 3,313.91 per share

- FY2023: low JPY 3,887.91 per share, central JPY 4,298.97 per share, high JPY 4,846.19 per share

- FY2024: low JPY 2,454.43 per share, central JPY 2,900.08 per share, high JPY 3,311.60 per share

- FY2025: low JPY 2,875.28 per share, central JPY 3,475.75 per share, high JPY 3,975.40 per share

- FY2026: low JPY 3,350.82 per share, central JPY 4,072.62 per share, high JPY 4,654.01 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

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF74.pdf); period 2026-03-31, filed 2026-06-23.

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.

## Reported holder observations