Toppan Printing Co Ltd (JP:7911)
:7911
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Toppan Printing Co
(7911)
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Rating:55Neutral
Price Target:
¥4,592.00
▼(-1.54% Downside)
Action:Reiterated
Date:05/16/26
The score is primarily constrained by weakening profitability and a significant deterioration in cash generation (negative free cash flow in 2025–2026). Technicals are mixed with positive momentum but price trading below key moving averages, and valuation is middling with a moderate P/E and low dividend yield.
Positive Factors
Steady revenue growth
Consistent revenue gain through 2021–2026, with 5.48% growth in 2026, indicates durable demand and a diversified client base across packaging, commercial print, security, and digital services. This steady top-line provides scale, supports long-term contracts, and underpins reinvestment capacity.
Negative Factors
Weak cash conversion
Free cash flow turned negative in 2025 and stayed negative in 2026, and operating cash flow covered only ~13.7% of net income in 2026. Persistent cash conversion weakness limits internal funding for capex, deleveraging, dividends, or M&A and raises reliance on external financing.
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Positive Factors
Negative Factors
Steady revenue growth
Consistent revenue gain through 2021–2026, with 5.48% growth in 2026, indicates durable demand and a diversified client base across packaging, commercial print, security, and digital services. This steady top-line provides scale, supports long-term contracts, and underpins reinvestment capacity.
Read all positive factors
Toppan Printing Co (7911) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.24T
Dividend Yield1.07%
Average Volume (3M)1.05M
Price to Earnings (P/E)19.5
Beta (1Y)1.05
Revenue Growth5.07%
EPS Growth-24.11%
CountryJP
Employees53,712
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)298.16
Shares Outstanding294,706,240
10 Day Avg. Volume1,089,770
30 Day Avg. Volume1,053,650
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)0.88
Price to Sales (P/S)0.65
P/FCF Ratio-27.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥6,500.00Price Target Upside39.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)254.39
Revenue Forecast (FY)¥1.88T
Toppan Printing Co Business Overview & Revenue Model
Company Description
Toppan Inc. develops solutions based on its printing technologies worldwide. The company offers security documents, business forms, data printing services, smart and other cards, in-store instant smart cards, gift card ASP services, RFID tags and ...
How the Company Makes Money
Toppan generates revenue primarily by manufacturing and selling printed and processed products and by providing related services across several major business areas. (1) Packaging and related materials: the company earns sales from supplying packa...
Toppan Printing Co Earnings Call Summary
Earnings Call Date:Nov 13, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While the semiconductor segment showed significant growth and there was an improvement in cash flow, the overall decline in profit and challenges in the Information & Communications segment are concerning. The strategic reduction of shareholdings and confidence in achieving full-year targets provide a positive outlook.Positive Updates
Growth in Semiconductor Segment
Semiconductor profits expanded by JPY 7.4 billion, led mainly by FC-BGA and photomasks. Sales of FC-BGA substrates and photomasks increased significantly.
Negative Updates
Decline in Overall Profit
Operating profit was down 11.4% to JPY 25.3 billion, and ordinary profit was down 13.4% to JPY 32.5 billion. Profit attributable to owners of the parent decreased by 66.1% to JPY 18 billion.
Read all updates
Q2-2024 Updates
Positive
Negative
Growth in Semiconductor Segment
Semiconductor profits expanded by JPY 7.4 billion, led mainly by FC-BGA and photomasks. Sales of FC-BGA substrates and photomasks increased significantly.
Read all positive updates
Company Guidance
During the earnings call for the first half of fiscal 2023, the company reported a slight decline in net sales by 0.2% year-on-year to JPY 800.2 billion, with operating profit decreasing by 11.4% to JPY 25.3 billion. Ordinary profit fell by 13.4% to JPY 32.5 billion, and profit attributable to owners of the parent plunged by 66.1% to JPY 18 billion. Despite these declines, the semiconductor segment saw a significant profit boost of JPY 7.4 billion, driven by increased sales of FC-BGA substrates and photomasks. The Information & Communications segment experienced a 2.4% drop in sales to JPY 414 billion, with operating profit down 7.8% to JPY 11 billion. Conversely, the Electronics business segment reported a 4.1% increase in sales to JPY 133.8 billion and a 7.4% rise in operating profit to JPY 22.4 billion. The company maintained a positive outlook for the full fiscal year, revising the profit attributable to owners of the parent upwards to JPY 68 billion, influenced by currency fluctuations and strategic business expansions. They also announced cash flow from operating activities at JPY 65.2 billion, a year-on-year increase of JPY 26.7 billion, and a free cash flow of JPY 32.7 billion.Toppan Printing Co Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
35
Negative
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.71T | 1.81T | 1.72T | 1.68T | 1.64T | 1.55T |
| Gross Profit | 415.57B | 424.25B | 413.04B | 387.41B | 362.16B | 334.76B |
| EBITDA | 253.70B | 154.86B | 258.59B | 218.12B | 189.33B | 251.51B |
| Net Income | 88.73B | 64.80B | 89.35B | 74.39B | 60.87B | 123.18B |
Balance Sheet | ||||||
| Total Assets | 2.44T | 2.56T | 2.52T | 2.43T | 2.24T | 2.29T |
| Cash, Cash Equivalents and Short-Term Investments | 376.26B | 441.37B | 778.59B | 558.03B | 504.92B | 464.65B |
| Total Debt | 476.68B | 522.24B | 487.83B | 227.22B | 239.04B | 262.80B |
| Total Liabilities | 1.04T | 1.15T | 1.10T | 865.58B | 786.65B | 850.98B |
| Stockholders Equity | 1.27T | 1.34T | 1.29T | 1.42T | 1.33T | 1.37T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -42.67B | -58.33B | 75.35B | 40.69B | 22.21B |
| Operating Cash Flow | 0.00 | 86.12B | 64.80B | 157.13B | 106.08B | 64.75B |
| Investing Cash Flow | 0.00 | -382.16B | 47.02B | -3.78B | -29.95B | 32.80B |
| Financing Cash Flow | 0.00 | -28.93B | 120.33B | -90.17B | -51.59B | -186.96B |
Toppan Printing Co Technical Analysis
Negative
4664.00
Price Trends
4666.97
Negative
4743.62
Negative
4392.62
Positive
Market Momentum
-50.10
Positive
45.64
Neutral
40.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7911, the sentiment is Negative. The current price of 4664 is below the 20-day moving average (MA) of 4823.50, below the 50-day MA of 4666.97, and above the 200-day MA of 4392.62, indicating a neutral trend. The MACD of -50.10 indicates Positive momentum. The RSI at 45.64 is Neutral, neither overbought nor oversold. The STOCH value of 40.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:7911.
Toppan Printing Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥115.23B | 35.67 | 19.59% | 0.16% | 19.44% | 45.06% | |
66 Neutral | ¥1.20T | 11.45 | 7.04% | 1.47% | 3.77% | -0.57% | |
64 Neutral | ¥39.70B | 10.84 | ― | 3.71% | -1.77% | 22.86% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | ¥1.24T | 19.52 | 6.28% | 1.07% | 5.07% | -24.11% | |
55 Neutral | ¥3.26B | 8.55 | ― | 3.69% | -3.80% | -29.59% | |
54 Neutral | ¥5.72B | 16.20 | ― | 2.72% | -4.22% | 400.40% |
* Industrials Sector Average
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Toppan Printing Co Corporate Events
TOPPAN to Sell Shares of Untraceable Shareholders and Convert Them to Treasury Stock
Apr 28, 2026
TOPPAN Holdings has resolved to sell shares held by shareholders whose whereabouts are unknown, as defined under Japan’s Companies Act, to streamline and optimize its share administration. The company will publicly disclose details of the re...
TOPPAN Completes ¥30 Billion Share Buyback Program
Mar 26, 2026
TOPPAN Holdings has completed a board-approved share buyback program, acquiring 252,300 of its own common shares on the Tokyo Stock Exchange between March 1 and March 24, 2026, for about 1.27 billion yen. This latest tranche brings the total repur...
TOPPAN Advances Share Buyback, Nears Cap on ¥30 Billion Program
Mar 2, 2026
TOPPAN Holdings Inc., a major Japanese printing and information solutions group, is continuing its shareholder return program through the acquisition of its own common shares on the Tokyo Stock Exchange. The latest purchases were conducted under a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.