# RICOH COMPANY,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2025/04/01－2026/03/31) (S100YBFF)
> Page: https://vizora.meequs.com/en/company/ricoh
> Retrieved: 2026-09-30T20:59:23.308Z

## Company

Ricoh Company, founded in 1936, is a company in Printers & Office Equipment listed on TSE Prime. It has 75,635 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RICOH COMPANY,LTD. |
| Ticker | 7752 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7752.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区中馬込一丁目3番6号 |
| Representative (per filing) | 代表取締役 社長執行役員・CEO 大山 晃 |
| Founded | Feb 1936 |
| Share capital | ¥135.4B |
| Employees (consolidated) | 75,635 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | jp.ricoh.com (https://jp.ricoh.com/) |
| Corporate number | 2010801012579 |
| EDINET | E02275 |
| Industries (Vizora) | Printers & Office Equipment |

> Profile source: annual securities report (S100YBFF, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 12 |
| Profitability | 13.6 | 11 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 79.2 | 12 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Ricoh Company brought in ¥2.61T in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +42.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2608314000000 → ¥57111000000
- Net income → operating cash flow: ¥57111000000 → ¥158120000000（difference ¥101009000000）
- Main uses of operating cash flow: CapEx ¥81645000000 / dividends ¥22199000000 / buybacks ¥7000000
- Change in cash: ¥11606000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.61T |  |
| Operating income | ¥90.7B | Margin 3.5% |
| Net income | ¥55.7B | Margin 2.1% |
| Free cash flow | ¥76.5B |  |
| Employees (consolidated) | 75,635 |  |
| EPS | ¥97.8 |  |
| Diluted EPS | ¥97.66 |  |
| Book value per share | ¥798.19 |  |
| Equity ratio | 45.5% | Derived from disclosed figures |
| Shares outstanding | 569,733,100 |  |
| Treasury shares | 95,900 |  |
| Shareholders | 43,727 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | -2.2 pp | Printers & Office Equipment |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, employees -4% while operating income rose 42%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1682069000000 | ¥2608314000000 | +55.1% |
| Operating income | ¥-45429000000 | ¥90713000000 | — |
| Operating margin | -2.7% | 3.5% | +6.2 pp |
| Employees | 81,184 people | 75,635 people | -6.8% |
| Cash and equivalents | ¥334810000000 | ¥204855000000 | -38.8% |

### 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 |
| --- | ---: |
| オフィスプリンティング分野 → 事業再編・廃止 | 16.6% |
| デジタルサービス → 事業再編・廃止 | 28.0% |
| オフィスサービス分野 → 事業再編・廃止 | 10.8% |
| デジタルプロダクツ → 事業再編・廃止 | 7.3% |
| オフィス → 事業再編・廃止 | 27.4% |
| グラフィックコミュニケーションズ → 事業再編・廃止 | 3.2% |
| 商用印刷分野 → 事業再編・廃止 | 2.7% |
| インダストリアルソリューションズ → 事業再編・廃止 | 2.3% |
| 産業印刷分野 → 事業再編・廃止 | 0.5% |
| サーマル分野 → 事業再編・廃止 | 1.2% |

Segment revenue source references: 10 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,608,314 | 100.0% | S100YBFF |
| Cost of revenue | 1,719,166 | 65.9% | S100YBFF |
| Gross profit | 889,148 | 34.1% | S100YBFF |
| SG&A | 815,166 | 31.3% | S100YBFF |
| Operating income | 90,713 | 3.5% | S100YBFF |
| Pretax income | 92,273 | 3.5% | S100YBFF |
| Income tax | 35,162 | 1.3% | S100YBFF |
| Net income | 57,111 | 2.2% | S100YBFF |
| Net income attributable to owners | 55,669 | 2.1% | S100YBFF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Other operating | -1 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.1% → Operating margin 3.5% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +42.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.24×
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 | 2,527,876 | 2,608,314 | 80,438 | +3.2% |
| Gross profit | 868,608 | 889,148 | 20,540 | +2.4% |
| Operating income | 63,829 | 90,713 | 26,884 | +42.1% |
| Net income attributable to owners | 45,709 | 55,669 | 9,960 | +21.8% |
| Operating cash flow | 136,877 | 158,120 | 21,243 | +15.5% |
| Free cash flow | 55,295 | 76,475 | 21,180 | +38.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 2,028,899 | — | — | 3,489 | 88,299 | — | S100LKDZ |
| FY ending Mar 2018 | 2,063,363 | — | — | -135,372 | 110,288 | — | S100OQHH |
| FY ending Mar 2019 | 2,013,228 | — | — | 49,526 | 81,947 | — | S100R29T |
| FY ending Mar 2020 | 2,008,580 | 79,040 | 3.9% | 39,546 | 116,701 | 2,917 | S100LKDZ |
| FY ending Mar 2021 | 1,682,069 | -45,429 | -2.7% | -32,730 | 126,962 | 60,028 | S100OQHH |
| FY ending Mar 2022 | 1,758,587 | 40,052 | 2.3% | 30,371 | 82,462 | 11,420 | S100R29T |
| FY ending Mar 2023 | 2,134,180 | 78,740 | 3.7% | 54,367 | 66,708 | -13,907 | S100TPAP |
| FY ending Mar 2024 | 2,348,987 | 62,023 | 2.6% | 44,176 | 125,617 | 37,212 | S100VZRZ |
| FY ending Mar 2025 | 2,527,876 | 63,829 | 2.5% | 45,709 | 136,877 | 55,295 | S100YBFF |
| FY ending Mar 2026 | 2,608,314 | 90,713 | 3.5% | 55,669 | 158,120 | 76,475 | S100YBFF |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥736K |

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) | 78,360 | 81,017 | 79,544 | 78,665 | 75,635 |
| Average salary (parent company) | ¥8M | ¥8.4M | ¥8.6M | ¥8.6M | ¥9.1M |
| Average age (parent company) | 45.3 years | 45.6 years | 45.7 years | 45.4 years | 45.4 years |
| Average tenure (parent company) | 20.5 years | 20.7 years | 20.5 years | 20.0 years | 20.0 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +3.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 158,120 | 6.1% | S100YBFF |
| Capital expenditure | 81,645 | 3.1% | S100YBFF |
| Free cash flow | 76,475 | 2.9% | 算出 |
| Investing cash flow | -72,530 | -2.8% | S100YBFF |
| Financing cash flow | -83,093 | -3.2% | S100YBFF |
| Dividends paid | 22,199 | 0.9% | S100YBFF |
| Share buyback | 7 | 0.0% | S100YBFF |
| Change in cash | 11,606 | 0.4% | S100YBFF |
| Cash and equivalents | 204,855 | 7.9% | S100YBFF |

## 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 | 240,308 | 221,890 | 177,050 | 190,657 | 204,855 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Total assets | 1,853,254 | 2,149,956 | 2,286,175 | 2,357,118 | 2,540,181 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Net assets | 905,825 | 958,082 | 1,065,127 | 1,054,750 | 1,187,463 | S100TPAP, S100VZRZ, S100YBFF |
| Share capital | 135,364 | 135,364 | 135,364 | 135,364 | 135,364 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Property, plant and equipment | 188,439 | 196,512 | 203,568 | 204,009 | 212,084 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Goodwill | 165,865 | 200,616 | 228,649 | 238,886 | 259,975 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Current assets | 1,012,422 | 1,175,299 | 1,203,301 | 1,213,449 | 1,324,415 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Total liabilities | 947,429 | 1,191,874 | 1,221,048 | 1,302,368 | 1,352,718 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Equity attributable to owners of parent | 902,042 | 931,556 | 1,038,722 | 1,030,107 | 1,156,141 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Retained earnings | 459,855 | 470,722 | 501,142 | 472,090 | 508,144 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |
| Treasury stock | -460 | -427 | -7,926 | -734 | -658 | S100R29T, S100TPAP, S100VZRZ, S100YBFF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YBFF |
| Property, plant and equipment | 8% | S100YBFF |
| Intangibles and goodwill | 10% | — |
| Other assets | 74% | S100YBFF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YBFF |
| Equity | 47% | S100YBFF |

### 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 | 1,853,254 | 2,149,956 | 2,286,175 | 2,357,118 | 2,540,181 |
| Equity | 905,825 | 958,082 | 1,065,127 | 1,054,750 | 1,187,463 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 240,308 | 221,890 | 177,050 | 190,657 | 204,855 |

## 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) | 8.1% | S100YBFF |
| Fixed assets ÷ total assets | 8.3% | S100YBFF |
| Goodwill ÷ parent equity | 22.5% | S100YBFF |

Goodwill over 4 years: 165,865 → 259,975 JPY; total investing cash flow: -443,007 JPY. This does not imply causation.

### 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) | 8.1% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 174.3% |
| Cash vs. profit gap | 102,451 JPY mn (of net income 184.0%) |
| Shareholder returns / net income | 39.9% |
| Shareholder returns / FCF | 29.0% |
| Shareholder payments — dividends / net income | 39.9% |
| Shareholder payments — dividends / FCF | 29.0% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 45.9% |

## 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 | 1.7% | 0.95× | 1.6% | 2.05× | 3.4% | S100R29T |
| 2023 | 2.5% | 1.07× | 2.7% | 2.18× | 5.9% | S100TPAP |
| 2024 | 1.9% | 1.06× | 2.0% | 2.25× | 4.5% | S100VZRZ |
| 2025 | 1.8% | 1.09× | 2.0% | 2.24× | 4.4% | S100YBFF |
| 2026 | 2.1% | 1.07× | 2.3% | 2.24× | 5.1% | S100YBFF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.0% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| SUNTERA（CAYMAN）LIMITED AS TRUSTEE OF ECM MASTER FUND(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 5.2% | 2026-03-31 |
| 新生信託銀行株式会社ECM MF信託口8299004 | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT(常任代理人 BofA証券株式会社 ) | Major shareholder | 3.1% | 2026-03-31 |
| 公益財団法人市村清新技術財団 | Major shareholder | 2.8% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥2.61T, up +3.2% from ¥2.53T.
- Operating income rose much faster, from ¥63.8B to ¥90.7B (+42.1%), and net income attributable to owners grew +21.8% to ¥55.7B.
- Operating cash flow reached ¥158.1B (+15.5%) and free cash flow ¥76.5B (+38.3%).

### Drivers

- Office services grew in Japan, helped by PC replacements and security upgrades that brought new IT service contracts
- Sales from the ETRIA joint venture to Toshiba Tec and Oki Electric added to revenue
- SG&A fell as last year's restructuring costs dropped away, and gains from selling the US managed IT services business and domestic property added to profit

### Risks

- If printing volumes fall faster than expected, growth businesses may not fill the gap and profitability could improve more slowly
- US tariff policy has already cut hardware sales, mainly in the Americas
- Wider use of generative AI brings risks of data leaks and decisions based on wrong AI output

Cited: Annual Securities Report, FY ending 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, FY ending Mar 2026 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YBFF | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBFF,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100VZRZ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZRZ,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TPAP | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPAP,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R29T | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R29T,, |
| 訂正有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OQHH | 2022-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQHH,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LKDZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKDZ,, |

## 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).