RICOH CO (7752) AI Stock Analysis

• Market Cap: ¥820.06B
• Dividend Yield: 2.78%
• Average Volume (3M): 2.12M
• Price to Earnings (P/E): 12.7
• Beta (1Y): 1.01
• Revenue Growth: 4.46%
• EPS Growth: 70.22%
• Country: JP
• Employees: 79,544
• Sector: Industrials
• Sector Strength: 72
• Industry: Business Equipment & Supplies
• EPS (TTM): 39.12
• Shares Outstanding: 569,733,150
• 10 Day Avg. Volume: 2,349,960
• 30 Day Avg. Volume: 2,123,176
• PEG Ratio: 2.65
• Price to Book (P/B): 0.90
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 10.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 104.88
• Revenue Forecast (FY): ¥2.55T

• Rating: 71 Outperform
• Price Target: ¥1,660.00 ▲(23.88% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven primarily by improving financial performance—especially the sharp step-up in free cash flow and modest margin expansion—tempered by thin/volatile profitability history and some leverage creep. Technicals add support with price above key moving averages and positive momentum indicators, while valuation is reasonable with a ~12.6 P/E and ~2.6% yield.

Positive Factors

Strong free cash flow generation

Sustained, materially higher FCF (TTM ~¥99.8B) and strong operating cash (~¥147.5B) improve the company's ability to fund capex, service debt, invest in services/software, and return cash to shareholders. Durable cash generation strengthens financial flexibility versus prior weak years.

Recurring revenue from services and consumables

Ricoh's business model includes durable, contract-based revenue streams—consumables, maintenance, managed print, and multi-year software/services—which smooth demand cyclicality, raise lifetime customer value, and enable cross-selling of higher-margin digital workflow services over time.

Improving margins and revenue trend

Sequential margin improvement (operating margin ~4.1%, net ~2.5%) alongside modest revenue growth suggests operational leverage and early benefits from a shift toward services/software. If sustained, this expands earnings quality and funds reinvestment into higher-margin offerings.

Negative Factors

Thin, volatile profitability history

Historically thin and inconsistent margins (including a prior loss) mean limited earnings resilience. During downturns or hardware-volume swings, low net margins provide less cushion for fixed costs, increasing sensitivity of profits to demand shifts and pricing pressure.

Inconsistent cash conversion across years

While recent FCF improved, historical volatility and at least one year of negative FCF reduce confidence in permanency. Inconsistent cash conversion complicates long-term planning for capex, acquisitions, and service investments, and raises refinancing or dividend sustainability risk if patterns revert.

Leverage uptick and only moderate returns

A gradual rise in leverage versus prior years combined with modest ROE (~6%) constrains strategic optionality. Higher debt levels reduce balance sheet flexibility for M&A or cyclical shocks, and moderate returns limit the pace at which equity can compound to meaningfully lower leverage over time.

RICOH CO Business Overview & Revenue Model

Company Description

RICOH CO (7752) is a global technology company headquartered in Tokyo, Japan, specializing in imaging and electronics solutions. The company operates in various sectors, including office printing, production printing, document management, and IT services. RICOH is known for its range of multifunction printers, digital printing systems, and software solutions that enhance workflow efficiency and document management for businesses. Additionally, RICOH provides consulting services and cloud-based solutions to facilitate digital transformation for organizations.

How the Company Makes Money

RICOH generates revenue through multiple streams, primarily from the sale of imaging equipment, including multifunction printers and production printing systems. Recurring revenue is also significant, coming from consumables such as ink and toner, maintenance services, and software solutions. The company has established partnerships with various businesses to provide integrated document solutions and IT services, which contribute to its earnings. Additionally, RICOH's focus on digital services and workflow automation aids in expanding its market reach and enhancing customer loyalty, further boosting its revenue potential.

RICOH CO Financial Statement Overview

Summary

Financials are improving: TTM revenue grew modestly (~1.1%) with better profitability (operating margin ~4.1%, net margin ~2.5%) and strong recent cash generation (TTM FCF ~¥99.8B; OCF ~¥147.5B). Offsetting factors are thin/volatile historical margins (including a loss in FY2021), inconsistent cash conversion (negative FCF in FY2023), and moderate leverage (~0.52x debt/equity) that has ticked up versus two years ago.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up modestly (~1.1%), and profitability has improved versus recent annual periods, with operating margin rising to ~4.1% (from ~3.0% in FY2025) and net margin improving to ~2.5% (from ~1.8%). Gross margin is steady in the low-to-mid 30% range, indicating a stable core cost structure. Key weakness is that net margins remain thin and have been volatile historically (including a loss in FY2021), which limits earnings quality and downside protection if demand softens.

Balance Sheet

Leverage looks manageable with debt at ~0.52x equity in TTM (Trailing-Twelve-Months), broadly in line with FY2025, though higher than FY2024 levels. Equity has grown over time, supporting balance sheet resilience, and returns have improved with return on equity at ~6.0% in TTM (Trailing-Twelve-Months) versus ~4.4% in FY2025. The main constraint is only moderate returns and a gradual uptick in leverage versus the lower-debt profile seen two years ago.

Cash Flow

Cash generation is a clear positive: TTM (Trailing-Twelve-Months) free cash flow is ~¥99.8B and up sharply (strong growth versus the prior period provided), and free cash flow covers a meaningful portion of earnings (about 68% of net income). Operating cash flow is also solid in absolute terms (~¥147.5B). The key watch-out is that cash conversion has been inconsistent across years (including negative free cash flow in FY2023), so sustainability of the current step-up matters.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.57T	2.53T	2.35T	2.13T	1.76T	1.68T
Gross Profit	877.31B	868.61B	820.10B	745.42B	622.67B	572.31B
EBITDA	220.81B	188.68B	180.50B	179.38B	133.03B	63.51B
Net Income	64.70B	45.71B	44.18B	54.37B	30.37B	-32.73B
Balance Sheet
Total Assets	2.52T	2.36T	2.29T	2.15T	1.85T	1.89T
Cash, Cash Equivalents and Short-Term Investments	182.88B	192.29B	177.32B	222.10B	240.39B	335.05B
Total Debt	594.08B	540.87B	420.08B	427.27B	302.55B	294.62B
Total Liabilities	1.35T	1.30T	1.22T	1.19T	947.43B	964.02B
Stockholders Equity	1.14T	1.03T	1.04T	931.56B	902.04B	920.25B
Cash Flow
Free Cash Flow	99.81B	87.89B	37.21B	-13.91B	11.42B	60.03B
Operating Cash Flow	147.45B	136.88B	125.62B	66.71B	82.46B	126.96B
Investing Cash Flow	-71.30B	-79.36B	-97.82B	-133.94B	-59.35B	-63.56B
Financing Cash Flow	-86.33B	-45.57B	-82.92B	35.45B	-131.69B	-4.08B

RICOH CO Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1340.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7752, the sentiment is Positive. The current price of 1340 is below the 20-day moving average (MA) of 1462.00, below the 50-day MA of 1424.19, and below the 200-day MA of 1363.87, indicating a neutral trend. The MACD of 9.62 indicates Positive momentum. The RSI at 49.15 is Neutral, neither overbought nor oversold. The STOCH value of 6.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7752.

RICOH CO Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6448	76 Outperform	¥803.55B	14.15	7.77%	3.16%	4.30%	78.29%
8060	73 Outperform	¥753.22B	18.01	10.63%	2.03%	5.40%	23.70%
7752	71 Outperform	¥820.06B	12.67	5.91%	2.78%	4.46%	70.22%
7984	67 Neutral	¥386.11B	18.63	8.83%	2.33%	6.29%	8.74%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
4901	58 Neutral	¥3.60T	13.22	7.92%	2.07%	5.39%	12.69%
4902	47 Neutral	¥293.09B	-23.42	-12.69%	0.71%	-11.22%	-731.07%