RICOH COMPANY,LTD.
7752・Prime Market・Electric Appliances
Business
Ricoh Company, Ltd. is a comprehensive digital services company founded in 1936. The company is comprised of itself, 229 subsidiaries, and 17 affiliated companies, conducting business in approximately 200 countries and regions worldwide. In its core Digital Services segment, in addition to sales and maintenance of imaging equipment such as MFPs and printers, it provides Process Automation, Workplace Experience, and IT Services. In Digital Products, it develops and manufactures A3 color MFPs holding the world's top share, while Graphic Communications offers digital printing equipment for commercial and industrial printing. Industrial Solutions handles the thermal and industrial products businesses. Its main customers are BtoB customers such as corporations, government agencies, and printing companies, and the company is promoting its transformation into "a digital services company that supports the creativity of people who work."
Business Model
A structure that builds up stock-type recurring revenue—consumables, maintenance services, IT services, and application services—starting from hardware sales such as MFPs. Stock revenue in FY2026 (ending March 2026) was ¥419.6 billion (up 6% year on year). While securing cost competitiveness through common engine development and production optimization at Etrio (a joint venture with Toshiba Tec and OKI), the company aims to expand service revenue by broadening its Workplace Experience domain through M&A.
Company Strengths
In the Digital Products segment, the company holds the world's No.1 production volume of A3 color MFPs and has built a sales and service network spanning approximately 200 countries and regions worldwide. Synergies were created through common engine development and purchasing efficiencies via Etoria (a joint venture among Ricoh, Toshiba Tec, and OKI), resulting in net sales to external customers of ¥186,395 million, up 18.7% year on year.
The ScanSnap series handled by PFU (made a wholly owned subsidiary in March 2025) is the world's No.1 document scanner brand by sales value, having won the BCN AWARD's top prize in the scanner category for 16 consecutive years. The company maintains technological superiority, including the launch of a new flagship model equipped with its in-house developed SoC "iiGA," achieving continuous market share retention.
Stock revenue, a KPI for the Office Services business, reached ¥419.6 billion (up 6% year on year) in FY2026 (ending March 2026). In Japan, acquisition of service and support contracts driven by legal/regulatory compliance needs, security demand, and PC replacement cycles contributed to a 9.2% year-on-year increase in domestic net sales. Recurring revenue from IT Services and Application Services is enhancing the stability of the revenue base.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥1,758,587 million in FY2022 (ended March 2022) to ¥2,608,314 million in FY2026 (ending March 2026), up 3.2% year on year. Operating profit peaked at ¥78,740 million in FY2023 (ended March 2023), stagnated in FY2024 and FY2025, but rebounded to a record ¥90,713 million in FY2026 (ending March 2026), up 42.1% year on year. Net income attributable to owners of parent also improved to ¥55,669 million, up 21.8% year on year. As an external factor, yen depreciation against the euro of ¥10.95 year on year boosted the yen conversion value of overseas sales, while hardware sales declined due to the impact of US tariff policy. The effects of the corporate value enhancement project and growth in the domestic Office Services business led the profit improvement. For FY2027 (ending March 2027), the company forecasts revenue of ¥2,700,000 million (up 3.5% year on year) and operating profit of ¥95,000 million (up 4.7% year on year).
Growth Strategy
Under the new medium-term management strategy '26, the company aims to become the world's leading integrator in the Workplace domain
Accelerating the acquisition of recurring contracts for IT Services / Application Services, centered on the domestic Office Services business. Domestic sales in FY2026 (ending March 2026) increased 9.2% year on year. For FY2027 (ending March 2026), sales in the Workplace Services segment (new segmentation) are projected at ¥1,130,000 million (up 2.1% year on year).
Promoting common engine development, production optimization, and procurement efficiency improvements at Etria, a three-company joint venture with Toshiba Tec and OKI. OKI's participation in October 2025 strengthened the framework, improving the Digital Products operating margin from 4.9% in the previous fiscal year to 5.4%. OEM sales to Toshiba Tec and OKI also contributed to growth in external sales.
Strengthened the AV integration domain through the acquisitions of PPI in the United States and ET Group in Canada. In Europe, synergies with acquired companies materialized from the second half onward, leading to a recovery in IT Services. On the other hand, the U.S. managed IT services business was divested, concentrating management resources on growth areas.
Promoting improved capital efficiency through asset sales, including the transfer of equity in the Chinese subsidiary RAI-SZ (approximately ¥21,100 million, with a gain on transfer of equity of approximately ¥17,800 million expected to be recorded in FY2027, ending March 2026). Maintaining a target total payout ratio of 50% through share buybacks (up to 23 million shares / ¥25,000 million) and a dividend increase (annual dividend of ¥44).
Implementing measures to mitigate the impact of tariffs across multiple areas, including production, logistics, input products, pricing policy, and sales channels. For FY2027 (ending March 2026), the company has partially factored in cost increases due to rising prices of semiconductor memory and petroleum-related materials, while aiming to absorb the impact through pricing responses and cost structure reviews.
Last updated: July 19, 2026