RICOH CO (7752) AI Stock Analysis

• Market Cap: ¥773.38B
• Dividend Yield: 2.78%
• Average Volume (3M): 2.12M
• Price to Earnings (P/E): 8.8
• 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): 105.48
• Revenue Forecast (FY): ¥2.55T

• Rating: 71 Outperform
• Price Target: ¥1,479.00 ▲(10.37% 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

A sustained step-up in free cash flow (~¥99.8B TTM) and solid operating cash flow provide durable internal funding for service expansion, product development and working capital. Reliable FCF improves financial flexibility, supports recurring-service investments and cushions cyclic hardware volatility over months.

Improving margins

Measured margin expansion (operating ~4.1%, net ~2.5%) alongside stable gross margins suggests improving operational leverage and better mix toward higher-margin services. If sustained, this increases earnings resilience, funds reinvestment, and supports modest return improvements over the next several quarters.

Recurring revenue base

Ricoh's business model—hardware plus consumables, maintenance contracts and software/subscriptions—creates predictable recurring revenue tied to a large installed base. This durable revenue mix supports stable cash flows, cross-sell of digital services, and long-term customer relationships beyond single device sales.

Negative Factors

Thin, volatile margins

Net margins remain thin and historically volatile, with an actual loss in FY2021. Such low margin buffers increase vulnerability to demand swings, price competition in printing hardware, and rising input costs, limiting long-term earnings stability and capacity to absorb shocks.

Inconsistent cash conversion

Although recent FCF improved, past negative free cash flow years show inconsistent cash conversion. This unpredictability complicates capital allocation planning, reduces certainty for sustained dividends or buybacks, and raises risk if recurring revenue growth slows over the coming months.

Rising leverage

Debt/equity creeping to ~0.52x from a lower two-year-ago base narrows financial flexibility. With only moderate returns and thin margins, a gradual uptick in leverage heightens refinancing and interest-rate risk, which can constrain investment in digital transitions or steady service expansion.

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 primarily makes money by selling and servicing office imaging and printing products and by providing recurring, contract-based services that support customers’ document and workplace workflows. Key revenue streams typically include: (1) Hardware sales: revenue from the sale of multifunction printers, printers, production/industrial printing systems, and related devices to businesses and other organizations. (2) Consumables and supplies: ongoing revenue from items used with installed equipment (e.g., toner, ink, and other supplies), supported by the company’s large installed base. (3) After-sales service and maintenance: recurring revenue from maintenance contracts, repairs, parts, and managed print services, where Ricoh can charge per device, per page/print volume, and/or via service subscriptions. (4) Software and digital services: revenue from software licenses and subscriptions and from professional/managed services that help customers digitize documents, automate workflows, manage content, and operate IT infrastructure supporting workplace productivity; these offerings often involve multi-year service contracts. (5) Production and industrial printing solutions: revenue from higher-end printing systems and associated service/consumables used by commercial printers and industrial customers. Profitability is influenced by the mix of hardware versus recurring consumables/services, the scale of the installed base, long-term service contract renewals, and the company’s ability to cross-sell digital workflow/IT services alongside device deployments. Specific partnership details and segment-level revenue figures are null.

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	805.14B	759.36B	688.67B	572.33B	517.88B
EBITDA	200.06B	164.20B	160.34B	154.77B	115.73B	104.53B
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	535.72B	516.22B	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	72.35B	21.25B	45.10B	84.81B
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: Negative
• Last Price: 1340.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7752, the sentiment is Negative. The current price of 1340 is below the 20-day moving average (MA) of 1391.00, below the 50-day MA of 1422.15, and below the 200-day MA of 1356.97, indicating a neutral trend. The MACD of -24.14 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 71.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥747.84B	8.32	7.77%	3.16%	4.30%	78.29%
8060	73 Outperform	¥759.14B	18.04	10.50%	2.03%	5.40%	23.70%
7752	71 Outperform	¥773.38B	8.78	6.04%	2.78%	4.46%	70.22%
7984	67 Neutral	¥348.26B	18.13	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	¥3.55T	13.78	7.81%	2.07%	5.39%	12.69%
4902	47 Neutral	¥245.72B	-71.33	-12.69%	0.71%	-11.22%	-731.07%

RICOH CO Corporate Events

Ricoh Overhauls Director Stock Incentive Plan to Tighten Governance and Align Pay With Long-Term Value

Ricoh will ask shareholders in June 2026 to approve a revision of its stock-based incentive system for directors, expanding the program and refining performance metrics to better link pay with shareholder value and sustainability goals. For internal directors, the company will adjust performance indicators for its performance share units and introduce restricted stock units that are not performance-linked, while outside directors will newly receive restricted stock units to further align their interests with long-term shareholder returns.

The revised plan raises the maximum contribution and share point cap per three-year target period and shifts the timing of share delivery to during directors’ tenure, reinforcing both incentives and oversight. Ricoh will also add a malus-type provision allowing it to restrict stock compensation for directors who commit materially inappropriate conduct causing damage to the company, signaling a stronger governance stance and tighter accountability at the board level.

The most recent analyst rating on (JP:7752) stock is a Buy with a Yen1496.00 price target. To see the full list of analyst forecasts on RICOH CO stock, see the JP:7752 Stock Forecast page.