# RICOH LEASING COMPANY,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/04/01－2026/03/31) (S100YF3N)
> Page: https://vizora.meequs.com/en/company/ricoh-leasing
> Retrieved: 2026-09-30T21:04:05.832Z

## Company

Ricoh Leasing Company, founded in 1976, is a company in Electric Power & Gas listed on TSE Prime. It has 1,686 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RICOH LEASING COMPANY,LTD. |
| Ticker | 8566 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8566.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目5番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 中村 徳晴 |
| Founded | Dec 1976 |
| Share capital | ¥7.9B |
| Employees (consolidated) | 1,686 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.r-lease.co.jp (https://www.r-lease.co.jp/) |
| Corporate number | 7010601037788 |
| EDINET | E04946 |
| Industries (Vizora) | Electric Power & Gas, Leasing, Business Process Outsourcing |

> Profile source: annual securities report (S100YF3N, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 93% of Ricoh Leasing Company's sales come from Lease and Finance business, with Investment business and Service business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit -5.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥338.6B |  |
| Operating income | ¥20.6B | Margin 6.1% |
| Net income | ¥12.8B | Margin 3.8% |
| Free cash flow | — |  |
| Largest business | Lease and Finance business | of segment revenue 93.4% |
| Employees (consolidated) | 1,686 |  |
| EPS | ¥389.96 |  |
| Book value per share | ¥7630.73 |  |
| Equity ratio | 16.5% |  |
| Shares outstanding | 31,243,000 |  |
| Treasury shares | 324,000 |  |
| Shareholders | 53,102 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 0.5% | Net cash -¥845.6B · Cash ÷ revenue 2.1% |
| Vs. industry median margin | -1 pp | Leasing |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, cash is 0% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥326266000000 | ¥338579000000 | +3.8% |
| Operating income | ¥17471000000 | ¥20621000000 | +18.0% |
| Operating margin | 5.4% | 6.1% | +0.7 pp |
| Employees | 1,156 people | 1,686 people | +45.8% |
| Cash and equivalents | ¥11028000000 | ¥7208000000 | -34.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リース＆ファイナンス事業 → リース＆ファイナンス事業 | 93.4% |
| リース＆ファイナンス事業 → 事業再編・廃止 | 4.1% |
| サービス事業 → サービス事業 | 1.7% |
| インベストメント事業 → インベストメント事業 | 0.8% |
| 新設・再編 → サービス事業 | 1.3% |
| 新設・再編 → インベストメント事業 | 2.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lease and Finance business | 5 years | -0.1% | ¥316388000000 | 6.6% | 2 |
| Investment business | 5 years | +35.6% | ¥11892000000 | 15.0% | 2 |
| Service business | 5 years | +13.3% | ¥10298000000 | 10.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 338,579 | 100.0% | S100YF3N |
| Cost of revenue | 288,410 | 85.2% | S100YF3N |
| Gross profit | 50,169 | 14.8% | S100YF3N |
| SG&A | 29,547 | 8.7% | S100YF3N |
| Operating income | 20,621 | 6.1% | S100YF3N |
| Ordinary income | 21,043 | 6.2% | S100YF3N |
| Pretax income | 19,103 | 5.6% | S100YF3N |
| Income tax | 6,281 | 1.9% | S100YF3N |
| Net income | 12,821 | 3.8% | S100YF3N |
| Net income attributable to owners | 12,821 | 3.8% | S100YF3N |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.8% → Operating margin 6.1% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.5%; Core profit growth: -5.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.60×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 312,156 | 338,579 | 26,423 | +8.5% |
| Gross profit | 48,546 | 50,169 | 1,623 | +3.3% |
| Operating income | 21,729 | 20,621 | -1,108 | -5.1% |
| Net income attributable to owners | 15,658 | 12,821 | -2,837 | -18.1% |
| Operating cash flow | -94,396 | -51,725 | 42,671 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 332,256 | 17,018 | 5.1% | 11,827 | -79,364 | — | S100LU7C |
| FY ending Mar 2021 | 326,266 | 17,471 | 5.4% | 12,019 | 38,930 | — | S100OI2N |
| FY ending Mar 2022 | 303,853 | 19,280 | 6.3% | 13,481 | 9,138 | — | S100R5IU |
| FY ending Mar 2023 | 298,889 | 21,228 | 7.1% | 14,872 | -16,897 | — | S100TRVA |
| FY ending Mar 2024 | 308,335 | 21,010 | 6.8% | 11,278 | -753 | — | S100W11D |
| FY ending Mar 2025 | 312,156 | 21,729 | 7.0% | 15,658 | -94,396 | — | S100YF3N |
| FY ending Mar 2026 | 338,579 | 20,621 | 6.1% | 12,821 | -51,725 | — | S100YF3N |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥200.8M |
| Operating income per employee (consolidated) | ¥12.2M |
| Net income per employee (consolidated) | ¥7.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,227 | 1,588 | 1,641 | 1,657 | 1,686 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥7.6M | ¥7.7M | ¥8.1M |
| Average age (parent company) | 40.8 years | 41.1 years | 41.3 years | 41.5 years | 41.5 years |
| Average tenure (parent company) | 13.4 years | 13.7 years | 13.5 years | 13.5 years | 13.5 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +8.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lease and Finance business | 316,388 | 93.4% | 20,834 | 6.6% |
| Service business | 10,298 | 3.0% | 1,100 | 10.7% |
| Investment business | 11,892 | 3.5% | 1,787 | 15.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Lease and Finance business | 93.4% | 87.8% | -5.6 | 6.6% |
| Service business | 3.0% | 4.6% | 1.6 | 10.7% |
| Investment business | 3.5% | 7.5% | 4.0 | 15.0% |

Segment → industry: Investment business → Electric Power & Gas / Lease and Finance business → Leasing / Service business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -51,725 | -15.3% | S100YF3N |
| Investing cash flow | -13,229 | -3.9% | S100YF3N |
| Financing cash flow | 70,817 | 20.9% | S100YF3N |
| Dividends paid | 5,874 | 1.7% | S100YF3N |
| Share buyback | 0 | 0.0% | S100YF3N |
| Change in cash | 5,862 | 1.7% | S100YF3N |
| Cash and equivalents | 7,208 | 2.1% | S100YF3N |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,827 | 14,119 | 4,956 | 1,345 | 7,208 | S100TRVA, S100W11D, S100YF3N |
| Total assets | 1,177,723 | 1,236,921 | 1,247,276 | 1,376,211 | 1,465,563 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Net assets | 201,480 | 211,701 | 221,936 | 234,070 | 241,680 | S100TRVA, S100W11D, S100YF3N |
| Share capital | 7,896 | 7,896 | 7,896 | 7,896 | 7,896 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Trade receivables | 10 | 242 | 233 | 226 | 271 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Property, plant and equipment | 88,240 | 106,094 | 129,890 | 175,548 | 181,723 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Intangible assets excluding goodwill | 3,768 | 7,057 | 9,598 | 11,387 | 15,500 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Goodwill | — | 2,628 | 2,358 | 2,088 | 409 | S100TRVA, S100W11D, S100YF3N |
| Investment securities | 30,423 | 31,234 | 35,129 | 43,452 | 48,399 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Current assets | 1,041,848 | 1,077,120 | 1,051,425 | 1,119,425 | 1,194,563 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Current liabilities | 280,736 | 293,724 | 299,805 | 324,462 | 370,684 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Trade payables | 20,296 | 19,995 | 21,567 | 21,282 | 22,862 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Short-term borrowings | 283 | — | — | 7,000 | 15,500 | S100R5IU, S100YF3N |
| Long-term borrowings | 532,500 | 612,000 | 621,300 | 661,000 | 679,300 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Bonds | 115,000 | 85,000 | 80,000 | 140,000 | 158,000 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Interest-bearing debt | 647,783 | — | — | 808,000 | 852,800 | 算出 |
| Total liabilities | 976,243 | 1,025,219 | 1,025,339 | 1,142,141 | 1,223,882 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Equity attributable to owners of parent | 200,541 | 211,416 | 217,978 | 228,913 | 236,002 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Retained earnings | 184,175 | 195,040 | 201,540 | 212,421 | 219,368 | S100R5IU, S100TRVA, S100W11D, S100YF3N |
| Treasury stock | -1,690 | -1,680 | -1,674 | -1,777 | -1,681 | S100R5IU, S100TRVA, S100W11D, S100YF3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YF3N |
| Receivables | 0% | S100YF3N |
| Property, plant and equipment | 12% | S100YF3N |
| Intangibles and goodwill | 1% | S100YF3N |
| Investment securities | 3% | S100YF3N |
| Other assets | 83% | S100YF3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YF3N |
| Interest-bearing debt | 58% | 算出 |
| Other liabilities | 24% | S100YF3N |
| Equity | 16% | S100YF3N |
| Other liabilities | 0% | S100YF3N |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,177,723 | 1,236,921 | 1,247,276 | 1,376,211 | 1,465,563 |
| Equity | 201,480 | 211,701 | 221,936 | 234,070 | 241,680 |
| Interest-bearing debt | 647,783 | — | — | 808,000 | 852,800 |
| Cash | 4,827 | 14,119 | 4,956 | 1,345 | 7,208 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 53.7% | S100YF3N |
| Fixed assets ÷ total assets | 12.4% | S100YF3N |
| Goodwill ÷ parent equity | 0.2% | S100YF3N |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 0.5% |
| Cash ÷ revenue | 2.1% |
| Net cash (cash − interest-bearing debt) | -¥845.6B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -250.8% |
| Cash vs. profit gap | -64,546 JPY mn (of net income -503.4%) |
| Shareholder returns / net income | 45.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.4% | 0.26× | 1.1% | 5.87× | 6.7% | S100R5IU |
| 2023 | 5.0% | 0.25× | 1.2% | 5.86× | 7.2% | S100TRVA |
| 2024 | 3.7% | 0.25× | 0.9% | 5.79× | 5.3% | S100W11D |
| 2025 | 5.0% | 0.24× | 1.2% | 5.87× | 7.0% | S100YF3N |
| 2026 | 3.8% | 0.24× | 0.9% | 6.11× | 5.5% | S100YF3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リコー | Major shareholder | 33.6% | 2026-03-31 |
| みずほリース株式会社 | Major shareholder | 19.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS MORANT WRIGHT NIPPON YIELD FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS MORANT WRIGHT JAPAN FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| リコーリース社員持株会 | Major shareholder | 0.7% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥338.6B, up +8.5% from ¥312.2B.
- Gross profit rose +3.3% to ¥50.2B, but operating income slipped -5.1% to ¥20.6B.
- Net income attributable to owners fell -18.1%, from ¥15.7B to ¥12.8B.
- Operating cash flow stayed negative at -¥51.7B, though the outflow was smaller than the prior year's -¥94.4B.

### Drivers

- New contracts grew on PC replacement demand and on equipment spending to cope with labor shortages, and the larger asset base lifted revenue
- Funding costs rose with interest rates, but asset growth and better yields absorbed them, so gross profit still increased
- Spending on people and IT pushed operating income down, and an impairment of goodwill on Welfare Suzuran, a nursing-care subsidiary, weighed on net income

### Risks

- Leases and loans run for years, so an economic downturn could raise late payments and bankruptcies and push up credit costs
- Part of the borrowing is at floating rates, so higher market rates could squeeze profit; a rating downgrade could also make funding harder
- Eruptions, major earthquakes and other disasters could harm staff, offices and customers

Cited: Annual Securities Report, 50th term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 50th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YF3N | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF3N,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W11D | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W11D,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TRVA | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRVA,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R5IU | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5IU,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OI2N | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI2N,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LU7C | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU7C,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).