# AWA PAPER & TECHNOLOGICAL COMPANY, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第112期(2025/04/01－2026/03/31) (S100YL59)
> Page: https://vizora.meequs.com/en/company/awa-paper-and-technological
> Retrieved: 2026-09-30T22:33:42.416Z

## Company

AWA Paper & Technological Company, founded in 1916, is a company in Paper & Pulp listed on TSE Standard. It has 691 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AWA PAPER & TECHNOLOGICAL COMPANY, Inc. |
| Ticker | 3896 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3896.T) |
| Listing | TSE Standard |
| Head office | 徳島県徳島市南矢三町三丁目10番18号 |
| Representative (per filing) | 代表取締役会長兼社長 三木 康弘 |
| Founded | Feb 1916 |
| Share capital | ¥1.39B |
| Employees (consolidated) | 691 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.awapaper.co.jp (https://www.awapaper.co.jp/) |
| Corporate number | 8480001000084 |
| EDINET | E26914 |
| Industries (Vizora) | Paper & Pulp |

> Profile source: annual securities report (S100YL59, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.2 | 17 |
| Profitability | 8.8 | 17 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 8.8 | 17 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- AWA Paper & Technological Company brought in ¥18.5B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +8.0% from the prior year, operating profit -86.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18494493000 → ¥976422000
- Net income → operating cash flow: ¥976422000 → ¥2207071000（difference ¥1230649000）
- Main uses of operating cash flow: CapEx ¥2712360000 / dividends — / buybacks —
- Change in cash: ¥846411000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.5B |  |
| Operating income | ¥58.7M | Margin 0.3% |
| Net income | ¥753.8M | Margin 4.1% |
| Free cash flow | -¥505.3M |  |
| Employees (consolidated) | 691 |  |
| EPS | ¥63.04 |  |
| Diluted EPS | ¥62.51 |  |
| Book value per share | ¥490.22 |  |
| Equity ratio | 21.9% |  |
| Shares outstanding | 10,172,000 |  |
| Treasury shares | 170,700 |  |
| Shareholders | 5,482 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 5.5% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -3.4 pp | Paper & Pulp |
| ROE | 18.3% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12551062000 | ¥18494493000 | +47.4% |
| Operating income | ¥-153832000 | ¥58716000 | — |
| Operating margin | -1.2% | 0.3% | +1.5 pp |
| Employees | 649 people | 691 people | +6.5% |
| Cash and equivalents | ¥440998000 | ¥1585767000 | +259.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,494 | 100.0% | S100YL59 |
| Cost of revenue | 15,974 | 86.4% | S100YL59 |
| Gross profit | 2,521 | 13.6% | S100YL59 |
| SG&A | 2,462 | 13.3% | S100YL59 |
| Operating income | 59 | 0.3% | S100YL59 |
| Ordinary income | -96 | -0.5% | S100YL59 |
| Pretax income | 1,265 | 6.8% | S100YL59 |
| Income tax | 289 | 1.6% | S100YL59 |
| Net income | 976 | 5.3% | S100YL59 |
| Net income attributable to owners | 754 | 4.1% | S100YL59 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 13 |
| Operating income | 0 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 13.6% → Operating margin 0.3% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.0%; Core profit growth: -86.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.80×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,124 | 18,494 | 1,370 | +8.0% |
| Gross profit | 2,744 | 2,521 | -223 | -8.1% |
| Operating income | 432 | 59 | -374 | -86.4% |
| Net income attributable to owners | 36 | 754 | 718 | +2001.7% |
| Operating cash flow | 161 | 2,207 | 2,046 | +1272.0% |
| Free cash flow | -5,010 | -505 | 4,505 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,353 | 247 | 1.6% | -34 | 265 | -162 | S100LR0G |
| FY ending Mar 2021 | 12,551 | -154 | -1.2% | -445 | 199 | -440 | S100OGAD |
| FY ending Mar 2022 | 15,023 | 269 | 1.8% | 283 | 1,525 | 1,293 | S100R666 |
| FY ending Mar 2023 | 17,309 | 376 | 2.2% | 243 | 762 | 86 | S100TW0M |
| FY ending Mar 2024 | 16,116 | 355 | 2.2% | 52 | 792 | -2,970 | S100W4A3 |
| FY ending Mar 2025 | 17,124 | 432 | 2.5% | 36 | 161 | -5,010 | S100YL59 |
| FY ending Mar 2026 | 18,494 | 59 | 0.3% | 754 | 2,207 | -505 | S100YL59 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.8M |
| Operating income per employee (consolidated) | ¥85K |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 642 | 635 | 640 | 645 | 691 |
| Average salary (parent company) | ¥4.7M | ¥5M | ¥5.1M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 40.7 years | 41.0 years | 41.0 years | 40.7 years | 40.3 years |
| Average tenure (parent company) | 18.4 years | 18.8 years | 18.2 years | 17.7 years | 16.5 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +8.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,207 | 11.9% | S100YL59 |
| Capital expenditure | 2,712 | 14.7% | S100YL59 |
| Free cash flow | -505 | -2.7% | 算出 |
| Investing cash flow | -2,843 | -15.4% | S100YL59 |
| Financing cash flow | 1,380 | 7.5% | S100YL59 |
| Change in cash | 846 | 4.6% | S100YL59 |
| Cash and equivalents | 1,586 | 8.6% | S100YL59 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 361 | 329 | 885 | 739 | 1,586 | S100TW0M, S100W4A3, S100YL59 |
| Total assets | 15,535 | 16,274 | 21,246 | 27,189 | 28,997 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Net assets | 6,373 | 6,468 | 6,884 | 7,584 | 8,899 | S100TW0M, S100W4A3, S100YL59 |
| Share capital | 1,385 | 1,385 | 1,385 | 1,385 | 1,385 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Trade receivables | 2,874 | 3,099 | 2,751 | 3,020 | 3,263 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Property, plant and equipment | 8,308 | 7,796 | 12,645 | 17,047 | 16,524 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Intangible assets excluding goodwill | 8 | 13 | 31 | 121 | 291 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Investment securities | 172 | 164 | 213 | 200 | 364 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Current assets | 6,499 | 7,696 | 7,839 | 9,247 | 10,877 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Current liabilities | 5,144 | 5,752 | 10,190 | 9,256 | 9,215 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Trade payables | 1,309 | 1,483 | 1,260 | 1,468 | 1,778 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Short-term borrowings | 925 | 521 | 3,685 | 2,397 | 2,725 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Long-term borrowings | 2,783 | 2,727 | 2,852 | 9,074 | 9,640 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Total liabilities | 9,162 | 9,806 | 14,362 | 19,605 | 20,098 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Non-controlling interests | 1,836 | 1,519 | 1,751 | 2,206 | 2,501 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Equity attributable to owners of parent | 3,456 | 3,699 | 3,696 | 3,732 | 4,498 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Retained earnings | 810 | 1,052 | 1,050 | 1,086 | 1,838 | S100R666, S100TW0M, S100W4A3, S100YL59 |
| Treasury stock | -115 | -115 | -115 | -115 | -101 | S100R666, S100TW0M, S100W4A3, S100YL59 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YL59 |
| Receivables | 11% | S100YL59 |
| Property, plant and equipment | 57% | S100YL59 |
| Intangibles and goodwill | 1% | S100YL59 |
| Investment securities | 1% | S100YL59 |
| Other assets | 24% | S100YL59 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YL59 |
| Other liabilities | 63% | S100YL59 |
| Equity | 31% | S100YL59 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,535 | 16,274 | 21,246 | 27,189 | 28,997 |
| Equity | 6,373 | 6,468 | 6,884 | 7,584 | 8,899 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 361 | 329 | 885 | 739 | 1,586 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 89.3% | S100YL59 |
| Fixed assets ÷ total assets | 57.0% | S100YL59 |
| Goodwill ÷ parent equity | — | —, S100YL59 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 5.5% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 3758.9% |
| Cash vs. profit gap | 1,453 JPY mn (of net income 192.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.7% |
| Investing CF relative to operating CF | 128.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.9% | 0.97× | 1.8% | 4.49× | 8.2% | S100R666 |
| 2023 | 1.4% | 1.09× | 1.5% | 4.45× | 6.8% | S100TW0M |
| 2024 | 0.3% | 0.86× | 0.3% | 5.07× | 1.4% | S100W4A3 |
| 2025 | 0.2% | 0.71× | 0.1% | 6.52× | 1.0% | S100YL59 |
| 2026 | 4.1% | 0.66× | 2.7% | 6.83× | 18.3% | S100YL59 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社徳応舎 | Major shareholder | 20.2% | 2026-03-31 |
| 三木産業株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| 株式会社日伸 | Major shareholder | 8.0% | 2026-03-31 |
| 三木 富士彦 | Major shareholder | 4.3% | 2026-03-31 |
| 三木 康弘 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社阿波銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 東京濾器株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 三木 悠太郎 | Major shareholder | 2.5% | 2026-03-31 |
| 阿波製紙従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社徳島大正銀行 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YL59 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL59,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W4A3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4A3,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TW0M | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW0M,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R666 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R666,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OGAD | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGAD,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LR0G | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR0G,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).