Toppan Printing Ltd (TOPPY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Toppan Printing Ltd $14.90, price $14.58, upside +2.2%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $5.36 – $17.72 · fair‑value band $11.74 – $20.17 · the $14.58 price screens below the $14.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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TOPPAN Holdings Inc. develops solutions based on its printing technologies in Japan, Asia, and internationally. It operates through three segments: Information & Communication, Lifestyle & Industry, and Electronics.
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TOPPAN Holdings Inc. develops solutions based on its printing technologies in Japan, Asia, and internationally. It operates through three segments: Information & Communication, Lifestyle & Industry, and Electronics. The Information & Communication segment offers securities in general, bankbooks, cards, business forms, catalogs and other advertising and promotional printed materials, magazines, books, outsourcing, and other publications services. The Lifestyle & Industry segment provides soft packaging materials, paper containers and other packaging, plastic molded products, inks, transparent barrier films, decorative sheets, wallpaper, and other building materials. The Electronics segment offers LCD color filters, TFT LCDs, anti-reflection films, photomasks, and semiconductor package products. The company was formerly known as Toppan Inc. and changed its name to TOPPAN Holdings Inc. in October 2023. TOPPAN Holdings Inc. was founded in 1900 and is headquartered in Tokyo, Japan.
Stock analysis
Toppan Printing Ltd (TOPPY) currently trades at $14.58, while our model-based Fair Value estimate is $14.90, implying the stock looks roughly 2.1% fairly valued today.
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Valuation
How firm this estimate is: it rests on 13 models at a data quality of 92/100, which puts the evidence level at medium.
Scenario range: $11.74 (bear) to $20.17 (bull), the price of $14.58 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Toppan Printing Ltd reported revenue of ¥1.9T in FY2026 versus ¥1.5T in FY2022, a compound +5.5%/yr. Reported net income was ¥68.7B in FY2026, compounding −13.6%/yr from FY2022.
Key figures
Market cap $8.3B · P/E ratio 20.8 · P/S ratio 0.75 · EPS (TTM) $0.7000 · Dividend yield 1.2% · Net margin 3.6% · Return on equity 5.0% · Return on assets (EBIT) 3.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at 2%, TOPPY screens richer than that median.
Fair Value models
Bear $11.74Fair Value $14.90Bull $20.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Start year 2021 (pandemic). Over 10 years: +2.6% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.7%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.6%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2% vs 10%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 4%
News mood ⓘNews mood, the average tone of recent news (40 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 380 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−3% · Below median
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth11% · Above median
Dividend yield (TTM)1.2% · Below median
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Is Toppan Printing Ltd (TOPPY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.90 versus a price of $14.58, about +2% upside (fairly valued).
What is the fair value of TOPPY?
Our model-based fair value for Toppan Printing Ltd is $14.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: $14.58.
What is the quality score of TOPPY?
Toppan Printing Ltd has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Toppan Printing Ltd (TOPPY)?
Our model-based price target is the fair value of $14.90 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $11.74, optimistic scenario $20.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Toppan Printing Ltd stock forecast for 2026?
Our models put fair value at $14.90, about +2% upside versus a price of $14.58 (fairly valued). Cautious scenario $11.74, optimistic scenario $20.17. The calculation is refreshed regularly with new filings.
What is the revenue of Toppan Printing Ltd (TOPPY)?
Toppan Printing Ltd reported trailing-twelve-month revenue of about ¥1.8T (latest available figure, as of Sep 24, 2026).
Does Toppan Printing Ltd pay a dividend?
Toppan Printing Ltd currently shows a dividend yield of about 1.21% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Toppan Printing Ltd (TOPPY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Toppan Printing Ltd it is $14.90 per share (as of Sep 24, 2026), against a price of $14.58. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Toppan Printing Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TOPPY trades below its calculated fair value: price $14.58, fair value $14.90, a gap of about +2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TOPPY?
No. The price is what the market pays today ($14.58); the fair value is what the company's own numbers justify ($14.90). For Toppan Printing Ltd the two are $0.3200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Toppan Printing Ltd worth?
The market values Toppan Printing Ltd at about $8.3B (market capitalisation, as of Sep 24, 2026). Per share that is $14.58; our models calculate a fair value of $14.90 per share.
What do the bullish and bearish scenarios say about TOPPY?
Our models span a range for Toppan Printing Ltd: cautious scenario $11.74, base $14.90, optimistic $20.17 per share (as of Sep 24, 2026, price $14.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOPPY?
Toppan Printing Ltd trades at a price-to-earnings ratio of 20.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.90 is built from several models across several years. Other multiples: P/B 1.0, P/S 0.8, EV/EBITDA 7.0.
How solid is the balance sheet of Toppan Printing Ltd (TOPPY)?
Balance-sheet figures for Toppan Printing Ltd (as of Sep 24, 2026): return on equity 5.0%, debt of 0.10 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is TOPPY from its 52-week high?
Toppan Printing Ltd trades at $14.58, about 18% below its 52-week high of $17.72 and 23% above the low of $11.84 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $14.90 is for.
Which stocks are comparable to Toppan Printing Ltd?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Toppan Printing Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $14.58, calculated fair value $14.90 (+2%), Quality Score 56/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TOPPY calculated?
We run Toppan Printing Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $14.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Toppan Printing Ltd currently trades 2 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Toppan Printing Ltd (TOPPY)?
The closing price on Sep 23, 2026 was $14.58. Our model-based fair value is $14.90, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Toppan Printing Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Toppan Printing Ltd (TOPPY) come from?
Earnings per share at Toppan Printing Ltd grew +12.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +3.7 %, EBIT margin +3.5 %, tax rate −1.1 %, residual (interest, one-offs) +6.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Toppan Printing Ltd
How large is the market capitalisation of Toppan Printing Ltd (TOPPY)?
The market capitalisation of Toppan Printing Ltd is $8.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Toppan Printing Ltd (TOPPY)?
The price-to-sales ratio of Toppan Printing Ltd is 0.75 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Toppan Printing Ltd (TOPPY)?
Earnings per share at Toppan Printing Ltd are $0.7000 (price ÷ EPS = P/E 20.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Toppan Printing Ltd (TOPPY)?
The dividend yield of Toppan Printing Ltd is 1.2% (payout 25.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Toppan Printing Ltd (TOPPY)?
The net margin of Toppan Printing Ltd is 3.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Toppan Printing Ltd (TOPPY)?
The return on equity (ROE) of Toppan Printing Ltd is 5.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Toppan Printing Ltd (TOPPY)?
On an EBIT basis the return on assets of Toppan Printing Ltd is 3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Toppan Printing Ltd (TOPPY)?
The operating margin of Toppan Printing Ltd is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Toppan Printing Ltd (TOPPY)?
Revenue at Toppan Printing Ltd is growing +10.5% versus a year earlier (3y avg +5.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Toppan Printing Ltd (TOPPY)?
Earnings per share at Toppan Printing Ltd are growing −1.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Toppan Printing Ltd (TOPPY) generate?
The free cash flow of Toppan Printing Ltd is −¥45.2B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Toppan Printing Ltd (TOPPY) carry?
The net debt of Toppan Printing Ltd is ¥83.7B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 24, 2026