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Commercial Services

Toppan, Inc.

Business Summary

Toppan, Inc. engages in the commercial printing business. It operates through the following segments: Information and Communication, Living and Industry, and Electronics. Information and Communication segment offers securities-related documents, cards, business forms, commercial printing, and publications printing. The Living and Industry segment plans, develops, manufactures, and sells packaging products, paper containers, plastic molded products, and ink. The Electronics segment produces and sells photomasks, lead frames, color filters for liquid crystal display, anti-reflection films, solar cell related materials, decorative paper/ film, and wallpaper. The company was co-founded by Enkichi Kimura, Ginjiro Furuya, Tatsutaro Kawai, Takashi Ito, and Shinjiro Miwa on January 17, 1900 and is headquartered in Tokyo, Japan.

Financial Highlights

Mar 2022 JPYUSD
Gross Profit341,765M3,041.35M
Operating income73,506M654.12M
Income before tax180,943M1,610.20M
Net income123,183M1,096.20M
Diluted EPS365.203.25
Dividends Per Share440.39
Total Assets2,288.18B18,852.21M
Total liabilities850,977M7,011.13M
Total equity1,365.98B11,254.22M
Operating cash flow64,748M576.18M
Currency in JPYCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 1,452.75B 1,464.75B 1,486.00B 1,466.93B 1,547.53B
Gross Profit 280,062M 280,068M 306,339M 307,674M 341,765M
Operating income 52,290M 45,727M 66,413M 58,791M 73,506M
Income before tax 65,484M 65,187M 134,854M 130,020M 180,943M
Net income 42,268M 41,050M 87,048M 81,998M 123,183M
EBITDA 113,724M 107,710M 124,124M 123,674M 140,087M
Diluted EPS 124.25 120.66 261.05 237.15 365.20
Dividends Per Share 40 40 60 40 44
Total Assets 2,147.93B 2,194.21B 2,143.45B 2,363.50B 2,288.18B
Total liabilities 844,254M 865,336M 833,218M 910,337M 850,977M
Total equity 1,136.47B 1,166.91B 1,182.62B 1,323.72B 1,365.98B
Operating cash flow 71,816M 76,759M 92,134M 76,858M 64,748M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 13,107.63M 13,208.52M 13,667.47M 13,831.51M 13,771.43M
Gross Profit 2,526.89M 2,525.53M 2,817.53M 2,901.01M 3,041.35M
Operating income 471.79M 412.34M 610.83M 554.33M 654.12M
Income before tax 590.83M 587.82M 1,240.31M 1,225.93M 1,610.20M
Net income 381.36M 370.17M 800.61M 773.14M 1,096.20M
EBITDA 1,026.08M 971.28M 1,141.62M 1,166.10M 1,246.62M
Diluted EPS 1.12 1.08 2.40 2.23 3.25
Dividends Per Share 0.36 0.36 0.55 0.37 0.39
Total Assets 20,196.81M 19,823.96M 19,855.06M 21,389.16M 18,852.21M
Total liabilities 7,938.44M 7,818.00M 7,718.19M 8,238.34M 7,011.13M
Total equity 10,686.17M 10,542.68M 10,954.81M 11,979.38M 11,254.22M
Operating cash flow 647.96M 692.17M 847.39M 724.68M 576.18M

Valuation Measures

Mar 2022
Operating margin4.74%
Profit margin7.95%

Key executives

  • President & Representative Director: Hideharu Maro
  • Director, Managing Executive Officer & GM-Finance: Takashi Kurobe
  • GM-Information Communications & Head-IR Promotions: Masanori Saito
  • Managing Executive Officer, Head-R&D Strategy: Jin Endo
  • Representative Director & Executive Vice President: Shinichi Okubo


  • Toppan, Inc. (5.5%)
  • Nippon Life Insurance Co. (4.6%)
  • Nomura Asset Management Co., Ltd. (3.8%)
  • Toyo Ink SC Holdings Co. Ltd. (2.7%)
  • Dai-ichi Life Holdings, Inc. (2.6%)
  • The Vanguard Group, Inc. (2.0%)
  • Toppan Printing Employee Stock Ownership Plan (1.9%)
  • Kodansha Ltd. (1.9%)
  • Nikko Asset Management Co., Ltd. (1.8%)
  • Daiwa Asset Management Co. Ltd. (1.8%)

Contact Details

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  • Toppan Vintage Ltd.
  • Shanghai Toppan International Trading Co. Ltd.
  • Toppan Printing Business Association


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Last Updated on 30 Sep, 2022

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