RICOH LEASING COMPANY,LTD.
8566・Prime Market・Other Financing Business
Business
Ricoh Leasing Company, Ltd. was established in 1976 as an equity-method affiliate of the Ricoh Group and is listed on the Prime Market of the Tokyo Stock Exchange. Its core business is the Lease & Finance Business (approximately 93% of net sales), which centers on finance leases, installment sales, and loans for office and information-related equipment, medical equipment, industrial machinery, vehicles, and other assets. The company also operates in two other segments: the Service Business, which includes Collection Agency Service (BPO), Medical & Long-Term Care Receivables Factoring Service, and other BPO services, and the Investment Business, which covers solar power generation and real estate-related investments. Its main customers are approximately 400,000 corporate clients, primarily small and medium-sized enterprises, and it provides a diverse range of financial and other services originating from vendor leases through its nationwide sales network. In April 2026, the company absorbed Techno Rent Co., Ltd. through a merger, promoting integration with its as a Service business.
Business Model
The core business is asset-utilizing finance, whereby operating asset balances (¥1,244,252 million as of FY2026 (ending March 2026)) are accumulated through lease, installment sales, and loan contracts, generating profit from the spread between asset yields and funding costs. In addition, the company combines this with asset-independent fee businesses such as collection agency services, factoring, and BPO, giving it a structure that diversifies interest rate fluctuation risk to a certain extent. Funding is sourced through a diverse mix of financial institution borrowings, corporate bonds, CP, and receivables securitization, aiming to control funding costs.
Company Strengths
The customer base of approximately 400,000 companies built nationwide, originating from Ricoh Group's vendor leasing, is a unique asset that competitors cannot easily replicate in a short period. Finance Lease contract execution volume expanded to ¥249,647 million (up 8.4% year on year) in FY2026 (ending March 2026), with years of accumulated transaction data and expertise serving as the foundation for acquiring new contracts.
The company has entered into overdraft and loan commitment agreements totaling ¥165,600 million with 24 financial institutions, and holds diverse funding methods combining borrowings from financial institutions, corporate bonds, commercial paper, and receivables securitization. The balance of interest-bearing debt funding as of the end of FY2026 (ending March 2026) stood at ¥1,096,451 million, maintaining an average funding rate of 1.00%, thereby building a stable in-house funding base to support large-scale expansion of operating assets.
The company quantitatively discloses non-financial targets such as a 25.9% ratio of female managers (achieving the 25% target) and per-capita training expenditure of ¥60,771 (exceeding the ¥55,000 target). It maintains a progressive dividend policy as its basic principle, and to mark its 50th anniversary, has decided on additional shareholder returns over a six-year period starting FY2026 (ending March 2026). The annual dividend per share for FY2026 (ending March 2026) was ¥185 (up ¥5 year on year), achieving a dividend payout ratio of 44.5%.
ENVALITH's Perspective
Performance Trend
Revenue grew from ¥303,853 million in FY2022 (ending March 2022) to ¥338,579 million in FY2026 (ending March 2026), a +11.4% increase over five fiscal years, with FY2026 (ending March 2026) in particular accelerating to +8.5% year on year. Operating profit, however, peaked at ¥21,729 million in FY2025 (ending March 2025) before declining to ¥20,621 million in FY2026 (ending March 2026). Net income attributable to owners of parent also declined by -18.1%, from ¥15,658 million to ¥12,821 million. The factors behind the profit decline were an increase in selling, general and administrative expenses (provision for allowance for doubtful accounts increased from ¥1,143 million to ¥2,018 million), a sharp rise in cost of funds and interest expense (reflecting the external factor of rising interest rates), and the recording of extraordinary losses of ¥1,939 million, including a goodwill impairment of ¥1,410 million in the Service Business. Profit is expected to continue declining in the FY2027 (ending March 2027) forecast, making the timing of a profitability recovery a key point to watch.
Growth Strategy
Under the new mid-term management plan "Expanding the Possibilities of Leasing to Become a Foundation Supporting SMEs," the company is creating new businesses across five fields
Capturing demand from the end of Windows 10 support and corporate investment in efficiency and labor-saving, the company steadily expanded, with Finance Lease contract execution volume of ¥249,647 million (up 8.4% year on year) and loan balance of ¥294,596 million (up 6.5% year on year). The buildup of operating asset balance to ¥1,084,914 million is building a foundation for future earnings.
Net sales reached ¥10,298 million (up 9.9% year on year), driven by new customer acquisition in the Collection Agency Service (BPO), growth in new areas such as school collection fees, and increased transaction volume in the Medical & Long-Term Care Receivables Factoring Service. However, segment profit declined to ¥1,100 million (down 12.7% year on year), partly due to recording goodwill impairment of ¥1,410 million, making profitability improvement a challenge.
Continued investment in Solar Power Generation, Residential Leasing, and real estate-related areas expanded the operating asset balance to ¥159,338 million (up 6.2% year on year). Contract execution volume decreased to ¥49,098 million (down 41.8% year on year) due to a rebound from the significant growth in trust beneficiary interest investments for logistics facilities in the prior period, but net sales secured growth to ¥11,892 million (up 19.9% year on year) owing to the increase in asset balance.
A new mid-term management plan will start from April 2026. Under the new mid- to long-term vision, "Expanding the Possibilities of Leasing to Become a Foundation Supporting SMEs," the company will pursue strategies and measures aimed at achieving sustainable growth backed by competitive advantages. It also announced a policy to implement special dividends from FY2027 (ending March 2027) through FY2032 (ending March 2032), clearly indicating enhanced shareholder returns.
Last updated: July 19, 2026