Should Konica Minolta & Ricoh - Exit Industrial Print? I Think YES!
Over the last couple of years, I have been intrigued by the industrial print space. The amount of money spent and the number of analysts covering this space are interesting.
I have spent over 35 years in the office business and light production printing industry. The one thing it seems the analysts in the Industrial space never pay attention to is the reality of how small the industrial print market is for some of the OEMs that also manufacture A3-A4 office business printing equipment.
The two OEMs I question remaining in the industrial print space are Konica Minolta and Ricoh. Both these organizations are extremely small in the industrial print space. Additionally, in the case of Konica Minolta, we have all seen their financials, and over the last half-decade, one could easily describe Konica Minolta as a financial train wreck.
Let's examine the numbers starting with Ricoh, for FY24, which ended in March 2025. Ricoh reported revenues in its industrial print space of around $296 million. Ricoh also recorded a total company (all business units') revenue of $17.4 billion. So, the math shows that industrial print for Ricoh is only 1.7%, yes, only one point seven percent.
Ricoh has also consistently been one of the lowest operating profit producers in the industry. In FY 2024, Ricoh reported an operating profit of 2.5% on revenues of $17.4 million.
In Ricoh's financial presentation for FY 2024, Ricoh reported an operating profit of 8% for its graphics communications business. Unfortunately, this operating profit also includes Ricoh's production equipment. Of course as a whole company again Ricoh is one of the worst in total operating profit. Ricoh has not achieved an operating profit of over 4% in years.
Ricoh and Konica Minolta share the revenues separately between industrial and production sales. However, both companies only share the operating profit of those two deliverables combined. In the case of Konica Minolta, their marketing business is also included. leaving me to ask, are they both hiding the realities of terrible financial performance in the industrial print space?
Now, let's examine the Konica Minolta numbers. In FY 2024, which ended in March of 2025, Konica Minolta reported revenues in its industrial print business unit of around $303 million. Konica Minolta also reported total revenues of $7.7 billion across all business units. So, the math shows that industrial print for Konica Minolta is only 4% yes, Only Four Percent!
In Konica Minolta's financial presentation for FY 2024, Konica Minolta also showed an Operating Profit LOSS of Around $438 Million. Yes, unfortunately just another disastrous year!
Konica Minolta, like Ricoh, combines its industrial print business with its production print business. Konica Minolta shares the revenues separately but combines the operating profit, again which includes not only production print but also its marketing business. Konica Minolta for FY 2024 showed an Operating Profit Loss of Over $90 Million in the professional print business unit.
I believe both Ricoh and Konica Minolta are too weak to be serious contenders. They both seem to be in a perpetual state of on-the-job training. If one listens to their leaders within their industrial business units, one can only recognize hope as the foundation of their business strategy, and we all know that hope doesn't pay the bills!
In a few weeks, the industrial print industry will have its BIG show in Orlando (Print United). So, perhaps the industrial print analyst should question both Ricoh & Konica Minolta regarding their revenues and operating profits. After all, it's irrelevant what and how these industrial machines print if the financials are full of red ink or are on the verge of turning red.
As the entire industry just witnessed the absolute disaster of Landa Digital Print. I think the analyst within the industrial print industry should question both Konica Minolta and Ricoh regarding their lackluster financials and the extremely low revenues of both their industrial print businesses.
It's a fair question to ask why any business would put so much focus and cost into a business unit that, in Ricoh's case, is less than 2% and, in the case of Konica Minolta, only represents 4% of their total revenues. Especially considering how long they both have been in the industrial print business.
The industrial print space needs consolidation just as the business printing space. Ricoh and Konica Minolta should seriously consider exiting from the industrial print space. They have both been in the space for a long time, and based on their revenues and profitability, the business model of hopes and dreams doesn’t seem to be panning out.
"In the distance between ambition and accomplishment is where accountability was welcomed."
Ray Stasieczko, Host of The End Of The Day With Ray!
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