# Chuetsu Pulp & Paper Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第110期(2025/04/01－2026/03/31) (S100YYQ0)
> Page: https://vizora.meequs.com/en/company/chuetsu-pulp-and-paper
> Retrieved: 2026-09-30T19:01:47.022Z

## Company

Chuetsu Pulp & Paper, founded in 1947, is a company in Paper & Pulp listed on TSE Prime. It has 1,273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chuetsu Pulp & Paper Co., Ltd. |
| Ticker | 3877 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3877.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座二丁目10番6号 |
| Representative (per filing) | 代表取締役社長 福本 亮治 |
| Founded | Feb 1947 |
| Share capital | ¥18.9B |
| Employees (consolidated) | 1,273 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.chuetsu-pulp.co.jp (https://www.chuetsu-pulp.co.jp/) |
| Corporate number | 3010001034877 |
| EDINET | E00649 |
| Industries (Vizora) | Paper & Pulp, Electric Power & Gas |

> Profile source: annual securities report (S100YYQ0, filed 2026-08-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.3 | 17 |
| Profitability | 20.6 | 17 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 79.4 | 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)

- About 91% of Chuetsu Pulp & Paper's sales come from Paper pulp and paper manufacturing, with Electric utility industry and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -43.4%.

## Company structure

- Segment revenue mix: Paper pulp and paper manufacturing 91.0%、Electric utility industry 5.1%、Other 3.8%
- Revenue → net income: ¥110386000000 → ¥2476000000
- Net income → operating cash flow: ¥2476000000 → ¥4671000000（difference ¥2195000000）
- Main uses of operating cash flow: CapEx ¥4645000000 / dividends ¥937000000 / buybacks ¥0
- Change in cash: ¥-4123000000
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 | ¥110.4B |  |
| Operating income | ¥2.74B | Margin 2.5% |
| Net income | ¥2.44B | Margin 2.2% |
| Free cash flow | ¥26M |  |
| Largest business | Paper pulp and paper manufacturing | of segment revenue 91.0% |
| Employees (consolidated) | 1,273 |  |
| EPS | ¥157.73 |  |
| Book value per share | ¥4047.15 |  |
| Equity ratio | 50.3% |  |
| Shares outstanding | 13,354,000 |  |
| Treasury shares | 789,300 |  |
| Shareholders | 8,315 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 4.4% |
| Vs. industry median margin | -1.2 pp | Paper & Pulp |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by -28 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81938000000 | ¥110386000000 | +34.7% |
| Operating income | ¥-347000000 | ¥2741000000 | — |
| Operating margin | -0.4% | 2.5% | +2.9 pp |
| Employees | 1,404 people | 1,273 people | -9.3% |
| Cash and equivalents | ¥15575000000 | ¥4882000000 | -68.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 紙・パルプ製造事業 → 紙・パルプ製造事業 | 82.2% |
| 発電事業 → 発電事業 | 5.1% |
| 発電事業 → 事業再編・廃止 | 3.6% |
| その他 → その他 | 3.8% |
| その他 → 事業再編・廃止 | 5.3% |
| 新設・再編 → 紙・パルプ製造事業 | 8.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Paper pulp and paper manufacturing | 5 years | +8.3% | ¥100504000000 | 1.7% | 2 |
| Electric utility industry | 5 years | -4.5% | ¥5660000000 | 9.0% | 2 |
| Other | 5 years | -10.7% | ¥4221000000 | 11.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 110,386 | 100.0% | S100YYQ0 |
| Cost of revenue | 95,436 | 86.5% | S100YYQ0 |
| Gross profit | 14,950 | 13.5% | S100YYQ0 |
| SG&A | 12,208 | 11.1% | S100YYQ0 |
| Operating income | 2,741 | 2.5% | S100YYQ0 |
| Ordinary income | 3,375 | 3.1% | S100YYQ0 |
| Pretax income | 3,309 | 3.0% | S100YYQ0 |
| Income tax | 832 | 0.8% | S100YYQ0 |
| Net income | 2,476 | 2.2% | S100YYQ0 |
| Net income attributable to owners | 2,440 | 2.2% | S100YYQ0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.5% → Operating margin 2.5% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -43.4%
Operating leverage (core profit growth ÷ revenue growth): 77.34×
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 | 111,009 | 110,386 | -623 | -0.6% |
| Gross profit | 17,098 | 14,950 | -2,148 | -12.6% |
| Operating income | 4,843 | 2,741 | -2,102 | -43.4% |
| Net income attributable to owners | 1,761 | 2,440 | 679 | +38.6% |
| Operating cash flow | 10,360 | 4,671 | -5,689 | -54.9% |
| Free cash flow | 4,004 | 26 | -3,978 | -99.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 95,140 | 2,057 | 2.2% | 919 | 8,344 | 2,673 | S100LN7E |
| FY ending Mar 2021 | 81,938 | -347 | -0.4% | -1,052 | 5,965 | 1,189 | S100OGZC |
| FY ending Mar 2022 | 90,104 | 2,352 | 2.6% | 1,268 | 8,257 | 4,436 | S100R7Q8 |
| FY ending Mar 2023 | 105,668 | 2,594 | 2.5% | 3,050 | 2,662 | -3,317 | S100TVLW |
| FY ending Mar 2024 | 107,826 | 6,172 | 5.7% | 3,701 | 13,564 | 5,528 | S100W24I |
| FY ending Mar 2025 | 111,009 | 4,843 | 4.4% | 1,761 | 10,360 | 4,004 | S100YYQ0 |
| FY ending Mar 2026 | 110,386 | 2,741 | 2.5% | 2,440 | 4,671 | 26 | S100YYQ0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,365 | 1,318 | 1,299 | 1,282 | 1,273 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6.2M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 45.1 years | 45.0 years | 45.6 years | 46.4 years | 46.9 years |
| Average tenure (parent company) | 23.0 years | 23.3 years | 23.9 years | 24.5 years | 24.7 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -0.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper pulp and paper manufacturing | 100,504 | 91.0% | 1,692 | 1.7% |
| Electric utility industry | 5,660 | 5.1% | 509 | 9.0% |
| Other | 4,221 | 3.8% | 491 | 11.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Paper pulp and paper manufacturing | 91.0% | 62.9% | -28.2 | 1.7% |
| Electric utility industry | 5.1% | 18.9% | 13.8 | 9.0% |
| Other | 3.8% | 18.2% | 14.4 | 11.6% |

Segment → industry: Other → Paper & Pulp / Paper pulp and paper manufacturing → Paper & Pulp / Electric utility industry → Electric Power & Gas

## 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 | 4,671 | 4.2% | S100YYQ0 |
| Capital expenditure | 4,645 | 4.2% | S100YYQ0 |
| Free cash flow | 26 | 0.0% | 算出 |
| Investing cash flow | -4,003 | -3.6% | S100YYQ0 |
| Financing cash flow | -4,792 | -4.3% | S100YYQ0 |
| Dividends paid | 937 | 0.8% | S100YYQ0 |
| Share buyback | 0 | 0.0% | S100YYQ0 |
| Change in cash | -4,123 | -3.7% | S100YYQ0 |
| Cash and equivalents | 4,882 | 4.4% | S100YYQ0 |

## 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 | 14,861 | 8,110 | 10,670 | 9,005 | 4,882 | S100TVLW, S100W24I, S100YYQ0 |
| Total assets | 122,029 | 122,751 | 128,923 | 121,888 | 119,086 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Net assets | 48,620 | 51,633 | 55,601 | 55,941 | 59,952 | S100TVLW, S100W24I, S100YYQ0 |
| Share capital | 18,864 | 18,864 | 18,864 | 18,864 | 18,864 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Property, plant and equipment | 52,688 | 52,080 | 54,152 | 50,894 | 49,265 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Intangible assets excluding goodwill | 386 | 291 | 274 | 192 | 223 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Investment securities | 8,256 | 9,449 | 10,792 | 11,651 | 15,287 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Current assets | 53,301 | 53,943 | 57,939 | 54,612 | 51,586 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Current liabilities | 46,569 | 47,239 | 50,404 | 52,103 | 42,668 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Trade payables | 12,979 | 15,548 | 17,644 | 16,928 | 14,678 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Short-term borrowings | 27,328 | 26,175 | 24,774 | 28,603 | 21,865 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Long-term borrowings | 20,442 | 17,757 | 16,862 | 8,494 | 11,411 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Total liabilities | 73,408 | 71,118 | 73,322 | 65,946 | 59,134 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Non-controlling interests | 35 | 18 | 0 | -945 | — | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Equity attributable to owners of parent | 48,015 | 50,132 | 53,056 | 53,370 | 53,987 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Retained earnings | 12,905 | 15,422 | 18,347 | 19,267 | 20,766 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |
| Treasury stock | -7 | -408 | -409 | -1,014 | -993 | S100R7Q8, S100TVLW, S100W24I, S100YYQ0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YYQ0 |
| Property, plant and equipment | 41% | S100YYQ0 |
| Intangibles and goodwill | 0% | S100YYQ0 |
| Investment securities | 13% | S100YYQ0 |
| Other assets | 42% | S100YYQ0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YYQ0 |
| Other liabilities | 37% | S100YYQ0 |
| Equity | 51% | S100YYQ0 |

### 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 | 122,029 | 122,751 | 128,923 | 121,888 | 119,086 |
| Equity | 48,620 | 51,633 | 55,601 | 55,941 | 59,952 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,861 | 8,110 | 10,670 | 9,005 | 4,882 |

## 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) | 44.6% | S100YYQ0 |
| Fixed assets ÷ total assets | 41.4% | S100YYQ0 |
| Goodwill ÷ parent equity | — | —, S100YYQ0 |

### 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) | 4.1% |
| Cash ÷ revenue | 4.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.4% |
| Cash vs. profit gap | 2,231 JPY mn (of net income 91.4%) |
| Shareholder returns / net income | 38.4% |
| Shareholder returns / FCF | 3603.8% |
| Shareholder payments — dividends / net income | 38.4% |
| Shareholder payments — dividends / FCF | 3603.8% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 85.7% |

## 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 | 1.4% | 0.74× | 1.0% | 2.54× | 2.6% | S100R7Q8 |
| 2023 | 2.9% | 0.86× | 2.5% | 2.49× | 6.2% | S100TVLW |
| 2024 | 3.4% | 0.86× | 2.9% | 2.44× | 7.2% | S100W24I |
| 2025 | 1.6% | 0.89× | 1.4% | 2.36× | 3.3% | S100YYQ0 |
| 2026 | 2.2% | 0.92× | 2.0% | 2.24× | 4.5% | S100YYQ0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 21.9% | 2026-03-31 |
| 日本紙パルプ商事株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 新生紙パルプ商事株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.5% | 2026-03-31 |
| KPPグループホールディングス株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.4% | 2026-03-31 |
| 中越パルプ工業従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| MURAKAMI TAKATERU | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YYQ0 | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYQ0,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W24I | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W24I,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TVLW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVLW,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R7Q8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7Q8,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OGZC | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZC,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LN7E | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN7E,, |

## 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).