A PWM signal generating circuit, printer, and PWM signal generating method are described. The PWM signal generating circuit includes: a single counter configured to count values expressed in N bits; and at least one arithmetic device configured to generate a PWM signal, each of the at least one arithmetic device including a pulse width data storage unit for storing N-bit pulse width data representing a pulse width of the PWM signal to be generated, and an adder for calculating a carry value from a most significant bit obtained when adding the count value and the pulse width data. A signal having a level corresponding to the carry value is output at every change in the count value so that the PWM signal having the pulse width of the pulse width data is generated.