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Toppan Printing Co
(7911)
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Rating:53Neutral
Price Target:
¥2,134.00
▼(-56.85% Downside)
Action:Reiterated
Date:09/30/26
The score is primarily held back by financial quality concerns, led by two consecutive years of negative free cash flow and weak cash conversion despite positive earnings, alongside some margin deterioration. Technicals also pressure the score with the stock trading below key moving averages and a negative MACD. Valuation and dividend are reasonable but not strong enough to offset the cash flow and trend headwinds.
Positive Factors
Steady Revenue Growth
A consistently expanding revenue base indicates resilient demand across the company’s established activities. The acceleration in 2026 supports continued scale and customer retention, giving Toppan a durable platform from which to invest in operations and pursue growth over the coming quarters.
Negative Factors
Persistent Negative Free Cash Flow
Two consecutive years of negative free cash flow indicate that reported earnings are not translating effectively into discretionary cash. This can constrain internally funded investment, dividends, and debt reduction, while making future funding needs more important to the company’s financial outlook.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
A consistently expanding revenue base indicates resilient demand across the company’s established activities. The acceleration in 2026 supports continued scale and customer retention, giving Toppan a durable platform from which to invest in operations and pursue growth over the coming quarters.
Read all positive factors
Toppan Printing Co (7911) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.19T
Dividend Yield2.09%
Average Volume (3M)2.34M
Price to Earnings (P/E)15.8
Beta (1Y)1.20
Revenue Growth8.97%
EPS Growth-9.58%
CountryJP
Employees54,371
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)136.18
Shares Outstanding589,412,500
10 Day Avg. Volume2,208,800
30 Day Avg. Volume2,341,403
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)125.76
Revenue Forecast (FY)¥1.92T
Toppan Printing Co Business Overview & Revenue Model
Company Description
Toppan Inc. delivers a wide array of global solutions, leveraging its sophisticated printing technologies. The company's portfolio features security documents, business forms, data processing services, and various card solutions, including smart c...
Toppan Printing Co Earnings Call Summary
Earnings Call Date:Nov 13, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Nov 13, 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 | 1.86T | 1.81T | 1.72T | 1.68T | 1.64T | 1.55T |
| Gross Profit | 439.69B | 424.25B | 413.04B | 387.41B | 362.16B | 334.76B |
| EBITDA | 202.91B | 201.99B | 258.59B | 218.12B | 189.33B | 251.51B |
| Net Income | 77.11B | 64.80B | 89.35B | 74.39B | 60.87B | 123.18B |
Balance Sheet | ||||||
| Total Assets | 2.57T | 2.56T | 2.52T | 2.43T | 2.24T | 2.29T |
| Cash, Cash Equivalents and Short-Term Investments | 443.65B | 441.37B | 778.59B | 558.03B | 504.92B | 464.65B |
| Total Debt | 544.21B | 522.24B | 487.83B | 227.22B | 239.04B | 262.80B |
| Total Liabilities | 1.12T | 1.15T | 1.10T | 865.58B | 786.65B | 850.98B |
| Stockholders Equity | 1.38T | 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
4946.00
Price Trends
2418.13
Negative
2388.63
Negative
2372.81
Negative
Market Momentum
-69.50
Positive
29.89
Positive
19.26
Positive
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 4946 is above the 20-day moving average (MA) of 2319.00, above the 50-day MA of 2418.13, and above the 200-day MA of 2372.81, indicating a bearish trend. The MACD of -69.50 indicates Positive momentum. The RSI at 29.89 is Positive, neither overbought nor oversold. The STOCH value of 19.26 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥44.32B | 11.03 | ― | 4.64% | -1.79% | 10.53% | |
66 Neutral | ¥1.21T | 15.13 | 7.01% | 1.45% | 3.56% | -7.20% | |
65 Neutral | ¥3.66B | 7.65 | ― | 3.62% | -3.57% | -2.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | ¥5.57B | 31.04 | ― | 2.75% | -3.93% | 11.47% | |
53 Neutral | ¥1.19T | 15.80 | 5.81% | 2.09% | 8.97% | -9.58% |
* Industrials Sector Average
JP:7911
Toppan Printing Co
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303.67
16.29%
JP:7912
Dai Nippon Printing Co
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JP:7914
Kyodo Printing Co., Ltd.
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JP:7919
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14.45%
Toppan Printing Co Corporate Events
TOPPAN Advances Share Buyback, Repurchases Over 4.5 Million Shares
Oct 1, 2026
TOPPAN Holdings is executing a share buyback program authorized by its board in May 2026, allowing up to 14 million shares, or 4.90% of its issued shares excluding treasury stock, to be repurchased for a maximum of 50 billion yen via market purcha...
Toppan Advances Share Buyback Program Under 50 Billion Yen Authorization
Sep 1, 2026
Toppan Holdings Inc. reported progress on its share buyback program authorized by its board in May 2026, under which it is permitted to repurchase up to 14 million shares, or 4.90% of its outstanding stock, for a maximum of 50 billion yen through ...
TOPPAN Holdings Moves to Acquire Shares of Unreachable Shareholders as Treasury Stock
Aug 27, 2026
TOPPAN Holdings has resolved to acquire 81,745 shares of its common stock as treasury shares, specifically those held by shareholders whose whereabouts are unknown. The move follows an earlier announcement in April 2026 and is conducted under Arti...
TOPPAN Announces Two-for-One Share Split and Aligns Dividends and Shareholder Perks
Aug 27, 2026
TOPPAN Holdings Inc. will implement a two-for-one share split of its common stock effective October 1, 2026, doubling issued shares to roughly 589 million and raising the authorized share cap to 2.35 billion to make its stock more affordable and i...
TOPPAN Advances Share Buyback, Acquires 2.7 Million Shares Under 2026 Program
Aug 3, 2026
TOPPAN Holdings Inc. has reported the latest status of its share buyback program authorized by its board on May 14, 2026, under Article 459 of the Companies Act. The company acquired 1,243,900 of its own common shares via market purchases on the T...
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.