# Dynapac Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/01/01－2025/12/31) (S100XT1X)
> Page: https://vizora.meequs.com/en/company/dynapac
> Retrieved: 2026-09-30T19:05:53.645Z

## Company

Dynapac, founded in 1962, is a company in Paper & Pulp listed on TSE Standard. It has 2,418 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dynapac Co.,Ltd. |
| Ticker | 3947 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3947.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区錦三丁目14番15号(カゴメビル) |
| Representative (per filing) | 代表取締役社長 齊藤 光次 |
| Founded | Aug 1962 |
| Share capital | ¥4B |
| Employees (consolidated) | 2,418 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Corporate number | 1180001037535 |
| EDINET | E00668 |
| Industries (Vizora) | Paper & Pulp, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XT1X, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 55.9 | 17 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 55.9 | 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 99% of Dynapac's sales come from Packaging Business, with Real Estate-Leasing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +68.1%.

## Company structure

- Segment revenue mix: Packaging Business 99.5%、Real Estate-Leasing Business 0.5%
- Revenue → net income: ¥67083405000 → ¥3206040000
- Net income → operating cash flow: ¥3206040000 → ¥5108246000（difference ¥1902206000）
- Main uses of operating cash flow: CapEx ¥1935612000 / dividends ¥696323000 / buybacks ¥508220000
- Change in cash: ¥1178975000
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 | ¥67.1B |  |
| Operating income | ¥2.88B | Margin 4.3% |
| Net income | ¥3.18B | Margin 4.7% |
| Free cash flow | ¥3.17B |  |
| Largest business | Packaging Business | of segment revenue 99.5% |
| Employees (consolidated) | 2,418 |  |
| EPS | ¥291.8 |  |
| Diluted EPS | ¥291.59 |  |
| Book value per share | ¥4029.95 |  |
| Equity ratio | 55.2% |  |
| Shares outstanding | 10,322,591 |  |
| Treasury shares | 571,900 |  |
| Shareholders | 2,164 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 7.6% |
| Vs. industry median margin | +0.6 pp | Paper & Pulp |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52277769000 | ¥67083405000 | +28.3% |
| Operating income | ¥725340000 | ¥2881978000 | +297.3% |
| Operating margin | 1.4% | 4.3% | +2.9 pp |
| Employees | 2,307 people | 2,418 people | +4.8% |
| Cash and equivalents | ¥2228264000 | ¥5100333000 | +128.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 包装材関連事業 → 事業再編・廃止 | 99.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 包装材関連事業 | 99.5% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,083 | 100.0% | S100XT1X |
| Cost of revenue | 53,384 | 79.6% | S100XT1X |
| Gross profit | 13,700 | 20.4% | S100XT1X |
| SG&A | 10,818 | 16.1% | S100XT1X |
| Operating income | 2,882 | 4.3% | S100XT1X |
| Ordinary income | 3,558 | 5.3% | S100XT1X |
| Pretax income | 4,955 | 7.4% | S100XT1X |
| Income tax | 1,749 | 2.6% | S100XT1X |
| Net income | 3,206 | 4.8% | S100XT1X |
| Net income attributable to owners | 3,178 | 4.7% | S100XT1X |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 16 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.4% → Operating margin 4.3% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +68.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 62,531 | 67,083 | 4,553 | +7.3% |
| Gross profit | 11,846 | 13,700 | 1,854 | +15.6% |
| Operating income | 1,714 | 2,882 | 1,168 | +68.1% |
| Net income attributable to owners | 2,982 | 3,178 | 196 | +6.6% |
| Operating cash flow | 1,075 | 5,108 | 4,033 | +375.2% |
| Free cash flow | -1,104 | 3,173 | 4,276 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 55,381 | 354 | 0.6% | 559 | 2,663 | 1,216 | S100L0M0 |
| FY ending Dec 2020 | 52,278 | 725 | 1.4% | 934 | 2,764 | 1,478 | S100NP7W |
| FY ending Dec 2021 | 56,300 | 1,217 | 2.2% | 1,396 | 4,299 | 2,824 | S100QGSP |
| FY ending Dec 2022 | 56,787 | 1,352 | 2.4% | 1,612 | 3,065 | 1,142 | S100T50D |
| FY ending Dec 2023 | 58,026 | 1,932 | 3.3% | 1,607 | 5,783 | 2,438 | S100VGLT |
| FY ending Dec 2024 | 62,531 | 1,714 | 2.7% | 2,982 | 1,075 | -1,104 | S100XT1X |
| FY ending Dec 2025 | 67,083 | 2,882 | 4.3% | 3,178 | 5,108 | 3,173 | S100XT1X |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,257 | 2,193 | 2,143 | 2,281 | 2,418 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.7M | ¥6M | ¥6.4M |
| Average age (parent company) | 42.3 years | 42.4 years | 42.5 years | 43.1 years | 43.4 years |
| Average tenure (parent company) | 19.3 years | 19.4 years | 19.5 years | 20.2 years | 20.4 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +7.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Packaging Business | 66,717 | 99.5% | 3,097 | 4.6% |
| Real Estate-Leasing Business | 366 | 0.5% | 339 | 92.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Packaging Business | 99.5% | 90.1% | -9.3 | 4.6% |
| Real Estate-Leasing Business | 0.5% | 9.9% | 9.3 | 92.6% |

Segment → industry: Packaging Business → Paper & Pulp / Real Estate-Leasing Business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,108 | 7.6% | S100XT1X |
| Capital expenditure | 1,936 | 2.9% | S100XT1X |
| Free cash flow | 3,173 | 4.7% | 算出 |
| Investing cash flow | -5,757 | -8.6% | S100XT1X |
| Financing cash flow | 1,909 | 2.8% | S100XT1X |
| Dividends paid | 696 | 1.0% | S100XT1X |
| Share buyback | 508 | 0.8% | S100XT1X |
| Change in cash | 1,179 | 1.8% | S100XT1X |
| Cash and equivalents | 5,100 | 7.6% | S100XT1X |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,264 | 4,479 | 6,243 | 3,921 | 5,100 | S100T50D, S100VGLT, S100XT1X |
| Total assets | 66,192 | 68,050 | 73,027 | 76,805 | 84,875 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Net assets | 39,176 | 40,657 | 42,910 | 46,132 | 47,841 | S100T50D, S100VGLT, S100XT1X |
| Share capital | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Trade receivables | 16,414 | — | — | — | — | S100QGSP |
| Property, plant and equipment | 21,016 | 21,810 | 23,358 | 24,422 | 28,442 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Intangible assets excluding goodwill | 691 | 648 | 577 | 2,963 | 6,041 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Goodwill | 429 | 368 | 306 | 1,831 | 4,944 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Investment securities | 20,023 | 19,886 | 21,067 | 21,482 | 19,318 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Current assets | 23,410 | 25,342 | 27,665 | 27,505 | 30,613 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Current liabilities | 19,037 | 20,291 | 23,116 | 23,728 | 30,119 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Trade payables | 11,517 | 11,293 | 12,163 | 12,476 | 12,912 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Short-term borrowings | 145 | 1,062 | 865 | 3,556 | 6,776 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Long-term borrowings | 395 | 132 | 389 | — | — | S100QGSP, S100T50D, S100VGLT |
| Total liabilities | 27,016 | 27,392 | 30,117 | 30,674 | 37,034 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Non-controlling interests | 56 | 71 | 86 | 272 | 975 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Equity attributable to owners of parent | 30,380 | 31,516 | 32,644 | 35,046 | 37,029 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Retained earnings | 10,287 | 11,393 | 12,490 | 14,872 | 17,348 | S100QGSP, S100T50D, S100VGLT, S100XT1X |
| Treasury stock | -893 | -863 | -833 | -813 | -1,306 | S100QGSP, S100T50D, S100VGLT, S100XT1X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100XT1X |
| Property, plant and equipment | 33% | S100XT1X |
| Intangibles and goodwill | 13% | S100XT1X |
| Investment securities | 23% | S100XT1X |
| Other assets | 25% | S100XT1X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100XT1X |
| Other liabilities | 29% | S100XT1X |
| Equity | 56% | S100XT1X |
| Other liabilities | 0% | S100XT1X |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 66,192 | 68,050 | 73,027 | 76,805 | 84,875 |
| Equity | 39,176 | 40,657 | 42,910 | 46,132 | 47,841 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,264 | 4,479 | 6,243 | 3,921 | 5,100 |

## 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) | 42.4% | S100XT1X |
| Fixed assets ÷ total assets | 33.5% | S100XT1X |
| Goodwill ÷ parent equity | 13.4% | S100XT1X |

Goodwill over 4 years: 429 → 4,944 JPY; total investing cash flow: -16,601 JPY. This does not imply causation.

### 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) | 6.0% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.2% |
| Cash vs. profit gap | 1,930 JPY mn (of net income 60.7%) |
| Shareholder returns / net income | 37.9% |
| Shareholder returns / FCF | 38.0% |
| Shareholder payments — dividends / net income | 21.9% |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 112.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.5% | 0.85× | 2.1% | 2.18× | 4.6% | S100QGSP |
| 2022 | 2.8% | 0.85× | 2.4% | 2.17× | 5.2% | S100T50D |
| 2023 | 2.8% | 0.82× | 2.3% | 2.20× | 5.0% | S100VGLT |
| 2024 | 4.8% | 0.83× | 4.0% | 2.21× | 8.8% | S100XT1X |
| 2025 | 4.7% | 0.83× | 3.9% | 2.24× | 8.8% | S100XT1X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| カゴメ株式会社 | Major shareholder | 16.8% | 2025-12-31 |
| ダイナパック取引先持株会 | Major shareholder | 9.0% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2025-12-31 |
| 伊藤忠紙パルプ株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 丸紅フォレストリンクス株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| レンゴー株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| 王子マテリア株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 大王製紙株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| あいおいニッセイ同和損害保険株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.1% | 2025-12-31 |
| ダイナパック社員持株会 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/01/01－2025/12/31) | S100XT1X | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT1X,, |
| 有価証券報告書－第63期(2024/01/01－2024/12/31) | S100VGLT | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGLT,, |
| 有価証券報告書－第62期(2023/01/01－2023/12/31) | S100T50D | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T50D,, |
| 有価証券報告書－第61期(2022/01/01－2022/12/31) | S100QGSP | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGSP,, |
| 有価証券報告書－第60期(令和3年1月1日－令和3年12月31日) | S100NP7W | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP7W,, |
| 有価証券報告書－第59期(令和2年1月1日－令和2年12月31日) | S100L0M0 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0M0,, |

## 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).