# HEIWA PAPER CO., LTD.: 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93期(2025/04/01－2026/03/31) (S100YGD5)
> Page: https://vizora.meequs.com/en/company/heiwa-paper
> Retrieved: 2026-09-30T21:53:17.423Z

## Company

Heiwa Paper, founded in 1946, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEIWA PAPER CO.,LTD. |
| Ticker | 9929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9929.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川1丁目22番11号 |
| Representative (per filing) | 代表取締役社長 清家 義雄 |
| Founded | Mar 1946 |
| Share capital | ¥2.11B |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.heiwapaper.co.jp (https://www.heiwapaper.co.jp/) |
| Corporate number | 5120001089074 |
| EDINET | E02759 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGD5, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.3 | 179 |
| Profitability | 6.8 | 185 |
| Cash conversion | 98.6 | 179 |
| Efficiency | 11.1 | 185 |

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 100% of Heiwa Paper's sales come from Paper wholesale, with Real estate rental making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -30.3%.

## Company structure

- Segment revenue mix: Paper wholesale 99.9%、Real estate rental 0.1%
- Revenue → net income: ¥15796925000 → ¥78633000
- Net income → operating cash flow: ¥78633000 → ¥1046578000（difference ¥967945000）
- Main uses of operating cash flow: CapEx ¥538582000 / dividends ¥113514000 / buybacks ¥92574000
- Change in cash: ¥-179578000
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 | ¥15.8B |  |
| Operating income | ¥99.4M | Margin 0.6% |
| Net income | ¥78.6M | Margin 0.5% |
| Free cash flow | ¥508M |  |
| Largest business | Paper wholesale | of segment revenue 99.9% |
| Employees (consolidated) | 188 |  |
| EPS | ¥16.57 |  |
| Book value per share | ¥1076.36 |  |
| Equity ratio | 57.6% |  |
| Shares outstanding | 10,116,000 |  |
| Treasury shares | 865,800 |  |
| Shareholders | 1,737 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | -2.2 pp | Specialty Trading & Wholesale |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.3× net income
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14611427000 | ¥15796925000 | +8.1% |
| Operating income | ¥8743000 | ¥99407000 | +1037.0% |
| Operating margin | 0.1% | 0.6% | +0.6 pp |
| Employees | 209 people | 188 people | -10.0% |
| Cash and equivalents | ¥3219576000 | ¥2194226000 | -31.8% |

### 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 |
| --- | ---: |
| 和洋紙卸売業 → 和洋紙卸売業 | 99.8% |
| 不動産賃貸業 → 不動産賃貸業 | 0.1% |
| 不動産賃貸業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 和洋紙卸売業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,797 | 100.0% | S100YGD5 |
| Cost of revenue | 12,510 | 79.2% | S100YGD5 |
| Gross profit | 3,287 | 20.8% | S100YGD5 |
| SG&A | 3,188 | 20.2% | S100YGD5 |
| Operating income | 99 | 0.6% | S100YGD5 |
| Ordinary income | 146 | 0.9% | S100YGD5 |
| Pretax income | 141 | 0.9% | S100YGD5 |
| Income tax | 63 | 0.4% | S100YGD5 |
| Net income | 79 | 0.5% | S100YGD5 |
| Net income attributable to owners | 79 | 0.5% | S100YGD5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 20 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 20.8% → Operating margin 0.6% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -30.3%
Operating leverage (core profit growth ÷ revenue growth): 20.68×
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 | 16,032 | 15,797 | -235 | -1.5% |
| Gross profit | 3,274 | 3,287 | 13 | +0.4% |
| Operating income | 143 | 99 | -43 | -30.3% |
| Net income attributable to owners | 117 | 79 | -38 | -32.8% |
| Operating cash flow | 261 | 1,047 | 786 | +301.3% |
| Free cash flow | -265 | 508 | 773 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,388 | 191 | 1.0% | 155 | 277 | 136 | S100LUB6 |
| FY ending Mar 2021 | 14,611 | 9 | 0.1% | -35 | 314 | 260 | S100OHJ0 |
| FY ending Mar 2022 | 15,619 | 162 | 1.0% | 87 | 234 | 226 | S100RCGR |
| FY ending Mar 2023 | 16,069 | 138 | 0.9% | 875 | 121 | -1,138 | S100TVAZ |
| FY ending Mar 2024 | 16,124 | 158 | 1.0% | 136 | 123 | 78 | S100W7P9 |
| FY ending Mar 2025 | 16,032 | 143 | 0.9% | 117 | 261 | -265 | S100YGD5 |
| FY ending Mar 2026 | 15,797 | 99 | 0.6% | 79 | 1,047 | 508 | S100YGD5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84M |
| Operating income per employee (consolidated) | ¥528.8K |
| Net income per employee (consolidated) | ¥418.3K |

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) | 200 | 204 | 195 | 192 | 188 |
| Average salary (parent company) | ¥5M | ¥5.4M | ¥6M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 45.2 years | 45.2 years | 46.1 years | 46.3 years | 46.9 years |
| Average tenure (parent company) | 19.7 years | 20.0 years | 20.3 years | 22.0 years | 22.5 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper wholesale | 15,787 | 99.9% | 92 | 0.6% |
| Real estate rental | 10 | 0.1% | 7 | 69.7% |

### 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 wholesale | 99.9% | 92.8% | -7.2 | 0.6% |
| Real estate rental | 0.1% | 7.2% | 7.2 | 69.7% |

Segment → industry: Real estate rental → Real Estate Development & Leasing / Paper wholesale → Specialty Trading & Wholesale

## 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 | 1,047 | 6.6% | S100YGD5 |
| Capital expenditure | 539 | 3.4% | S100YGD5 |
| Free cash flow | 508 | 3.2% | 算出 |
| Investing cash flow | -384 | -2.4% | S100YGD5 |
| Financing cash flow | -838 | -5.3% | S100YGD5 |
| Dividends paid | 114 | 0.7% | S100YGD5 |
| Share buyback | 93 | 0.6% | S100YGD5 |
| Change in cash | -180 | -1.1% | S100YGD5 |
| Cash and equivalents | 2,194 | 13.9% | S100YGD5 |

## 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 | 3,317 | 3,073 | 2,839 | 2,374 | 2,194 | S100TVAZ, S100W7P9, S100YGD5 |
| Total assets | 15,766 | 17,565 | 18,834 | 17,971 | 17,774 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Net assets | 8,531 | 9,410 | 10,098 | 9,917 | 10,247 | S100TVAZ, S100W7P9, S100YGD5 |
| Share capital | 2,108 | 2,108 | 2,108 | 2,108 | 2,108 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Trade receivables | 3,903 | 3,831 | 3,918 | 3,401 | 2,716 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Property, plant and equipment | 810 | 1,953 | 2,134 | 2,746 | 2,910 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Intangible assets excluding goodwill | 58 | 40 | 35 | 25 | 43 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Investment securities | 2,268 | 2,439 | 3,296 | 3,074 | 3,710 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Current assets | 12,217 | 12,478 | 12,756 | 11,807 | 10,693 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Current liabilities | 6,824 | 7,543 | 7,715 | 7,142 | 6,513 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Trade payables | 4,335 | 4,361 | 4,721 | 3,950 | 3,934 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Short-term borrowings | 2,126 | 2,371 | 2,210 | 2,244 | 1,722 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Total liabilities | 7,236 | 8,155 | 8,736 | 8,054 | 7,528 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Equity attributable to owners of parent | 8,047 | 8,750 | 8,773 | 8,777 | 8,649 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Retained earnings | 3,827 | 4,605 | 4,628 | 4,631 | 4,597 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |
| Treasury stock | -219 | -294 | -294 | -294 | -387 | S100RCGR, S100TVAZ, S100W7P9, S100YGD5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGD5 |
| Receivables | 15% | S100YGD5 |
| Property, plant and equipment | 17% | S100YGD5 |
| Intangibles and goodwill | 0% | S100YGD5 |
| Investment securities | 21% | S100YGD5 |
| Other assets | 35% | S100YGD5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YGD5 |
| Other liabilities | 20% | S100YGD5 |
| Equity | 58% | S100YGD5 |

### 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 | 15,766 | 17,565 | 18,834 | 17,971 | 17,774 |
| Equity | 8,531 | 9,410 | 10,098 | 9,917 | 10,247 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,317 | 3,073 | 2,839 | 2,374 | 2,194 |

## 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) | 18.4% | S100YGD5 |
| Fixed assets ÷ total assets | 16.4% | S100YGD5 |
| Goodwill ÷ parent equity | — | —, S100YGD5 |

### 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) | 12.3% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1052.8% |
| Cash vs. profit gap | 968 JPY mn (of net income 1231.0%) |
| Shareholder returns / net income | 262.1% |
| Shareholder returns / FCF | 40.6% |
| Shareholder payments — dividends / net income | 144.4% |
| Shareholder payments — dividends / FCF | 22.3% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 36.7% |

## 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 | 0.6% | 0.99× | 0.6% | 1.96× | 1.1% | S100RCGR |
| 2023 | 5.4% | 0.96× | 5.2% | 1.98× | 10.4% | S100TVAZ |
| 2024 | 0.8% | 0.89× | 0.7% | 2.08× | 1.6% | S100W7P9 |
| 2025 | 0.7% | 0.87× | 0.6% | 2.10× | 1.3% | S100YGD5 |
| 2026 | 0.5% | 0.88× | 0.4% | 2.05× | 0.9% | S100YGD5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 特種東海製紙株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| 平和紙業取引先持株会 | Major shareholder | 7.1% | 2026-03-31 |
| 王子エフテックス株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 日本製紙株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 北越コーポレーション株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 富士共和製紙株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 東京製紙株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 小島 勝正 | Major shareholder | 2.5% | 2026-03-31 |
| 清家 義雄 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社Kasuga | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YGD5 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGD5,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W7P9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7P9,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TVAZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVAZ,, |
| 訂正有価証券報告書－第90期(2022/04/01－2023/03/31) | S100RCGR | 2023-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCGR,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OHJ0 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHJ0,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LUB6 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUB6,, |

## 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).