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Japanese printing group that also makes semiconductor photomasks, packaging and electronic materials.
Japanese printing group that also makes semiconductor photomasks, packaging and electronic materials.
Earns from large print and packaging contracts, document services for banks and governments, and from its electronics business, where photomasks (stencil plates used to print circuits onto chips) and display materials are made. It is organised as a holding company over operating subsidiaries, with the aim of growing beyond print.
In one line: A smaller RR Donnelley plus electronics materials.
Moat: narrow (process know-how, customer qualification). Photomask and electronics-materials know-how diversify beyond declining print demand.
Headquarters: Tokyo, Japan · Founded: 1900 · Employees: 54,371
Size Toppan (7911.T) is a Japan Industrials company (Commercial Printing/Forms) with a market value of $6.77B, the 187th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,843 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against -13.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +0.5%); the operating margin is 4.0% (peer median 7.8%).
Valuation It trades at 15.0× forward earnings against a peer median of 14.5× (8th cheapest of 15).
Capital Return on invested capital runs 3.3 points below its cost of capital (6.4% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.86T | ¥1.81T | ¥1.72T | ¥1.68T | ¥1.64T |
| Revenue growth | — | +5% | +2% | +2% | — |
| Gross profit | ¥440B | ¥431B | ¥420B | ¥393B | ¥368B |
| EBITDA | ¥161B | ¥155B | ¥167B | ¥161B | ¥152B |
| Net income | ¥77.1B | ¥64.8B | ¥90.1B | ¥74.2B | ¥60.9B |
| Free cash flow | n/a | -¥42.7B | -¥57.8B | ¥75.4B | ¥40.7B |
| Capital expenditure | n/a | ¥148B | ¥145B | ¥102B | ¥84.1B |
| Total debt | ¥544B | ¥528B | ¥488B | ¥223B | ¥239B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Toppan 7911.T | $6.77B | -3% | +9% | 4% | 15.0× | n/a |
| Dai Nippon Printing 7912.T | $6.96B | -14% | +4% | 7% | 11.8× | n/a |
| Photronics PLAB | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% |
| Hoya 7741.T | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% |
| Amcor AMCR | $20.7B | +14% | +57% | 9% | n/a | 5.8% |
| Toyo Seikan 5901.T | $3.69B | +34% | +6% | 6% | 20.4× | -2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 7911.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | -6.1% | 9th highest of 21 |
| 6-month return | -2.7% | -13.8% | 7th highest of 20 |
| Distance from 52-week high | -17.8% | -35.0% | 5th highest of 21 |
| Revenue growth (TTM) | +9.0% | +0.5% | 6th highest of 20 |
| Operating margin | 4.0% | 7.8% | 7th lowest of 20 |
| Forward P/E | 15.0× | 14.5× | 8th cheapest of 15 |
| ROIC minus cost of capital | -3.3 pp | +1.6 pp | 8th lowest of 18 |
| EV / EBITDA | 7.7× | 8.0× | 6th cheapest of 13 |
| Net debt / EBITDA | 0.6× | 1.6× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toppan 7911.T | Japan | $6.77B | -3% | +9% | 4% | 15.0× | n/a | n/a |
| Dai Nippon Printing 7912.T | Japan | $6.96B | -14% | +4% | 7% | 11.8× | n/a | n/a |
| Kanzhun 2076.HK | Hong Kong | $8.39B | +23% | +16% | 33% | 13.7× | 6.3% | +32.6% |
| COL Global 300364.SZ | China | $2.86B | -9% | +9% | -16% | 1,310.0× | n/a | n/a |
| 4imprint FOUR.L | United Kingdom | $1.65B | +23% | -4% | 10% | 16.7× | 10.2% | +18.5% |
| Cimpress CMPR | United States | $1.39B | -38% | +10% | 6% | 12.4× | 5.4% | +7.7% |
| Deluxe DLX | United States | $1.22B | 0% | 0% | 13% | 6.6× | 2.1% | +3.6% |
| Manipal Payment and Identity Solutions MPIMANIPAL.NS | India | $768M | n/a | n/a | n/a | n/a | n/a | n/a |
| Bestsun Energy 600681.SS | China | $696M | -15% | -7% | 10% | n/a | -8.3% | +3.9% |
| Hongbo 002229.SZ | China | $677M | -44% | -59% | -47% | n/a | n/a | n/a |
| Shenzhen Jinjia 002191.SZ | China | $674M | -16% | +32% | -16% | 33.1× | n/a | n/a |
| Beijing Shengtong Printing 002599.SZ | China | $552M | -17% | -4% | 0% | 40.8× | 28.4% | 0.0% |
| Tungkong 002117.SZ | China | $543M | -32% | -12% | 12% | 22.3× | 5.7% | +0.3% |
| Ennis EBF | United States | $528M | +1% | +2% | 14% | 13.3× | -12.4% | +1.9% |
| Yongji Printing 603058.SS | China | $492M | -28% | -15% | 8% | n/a | 25.0% | +15.1% |
| KOSAIDO 7868.T | Japan | $434M | -24% | -5% | 18% | 15.2× | -13.5% | +2.8% |
| TCPL Packaging TCPLPACK.NS | India | $427M | +58% | +5% | 12% | 28.0× | 22.0% | +15.0% |
| Shaanxi Jinye Science Technology and Education 000812.SZ | China | $406M | -13% | +1% | -8% | n/a | n/a | n/a |
| Quad/Graphics QUAD | United States | $388M | +2% | -5% | 5% | 5.8× | -7.0% | -3.8% |
| Tianjin Binhai Energy & Development 000695.SZ | China | $386M | -28% | +57% | -8% | n/a | n/a | n/a |
| Wirtualna Polska WPL.WA | Poland | $364M | -6% | +39% | 11% | 11.4× | -5.0% | +28.5% |