# KYODO PAPER HOLDINGS: 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75期(2025/04/01－2026/03/31) (S100YM2W)
> Page: https://vizora.meequs.com/en/company/kyodo-paper-holdings
> Retrieved: 2026-09-30T22:29:17.271Z

## Company

Kyodo Paper Holdings, founded in 1974, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYODO PAPER HOLDINGS |
| Ticker | 9849 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9849.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区北上野一丁目9番12号 |
| Representative (per filing) | 代表取締役会長 郡司 勝美 |
| Founded | May 1974 |
| Share capital | ¥100M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.kyodopaper.com (https://www.kyodopaper.com/) |
| Corporate number | 3010501032728 |
| EDINET | E02711 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YM2W, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.1 | 179 |
| Profitability | 2.4 | 185 |
| Efficiency | 60.8 | 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 99% of Kyodo Paper Holdings's sales come from wholesale business-western style paper, with logistics business and leasing business-real estate making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -2.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.4B |  |
| Operating income | -¥30.3M | Margin -0.2% |
| Net income | ¥37.8M | Margin 0.2% |
| Free cash flow | ¥59.3M |  |
| Largest business | wholesale business-western style paper | of segment revenue 99.4% |
| Employees (consolidated) | 137 |  |
| EPS | ¥23.87 |  |
| Book value per share | ¥5674.61 |  |
| Equity ratio | 41.7% |  |
| Shares outstanding | 735,000 |  |
| Treasury shares | 59,300 |  |
| Shareholders | 2,242 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -3.1 pp | Specialty Trading & Wholesale |
| ROE | 1.0% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13224906000 | ¥16446674000 | +24.4% |
| Operating income | ¥4503000 | ¥-30253000 | -771.8% |
| Operating margin | 0.0% | -0.2% | -0.2 pp |
| Employees | 145 people | 137 people | -5.5% |
| Cash and equivalents | ¥1536400000 | ¥1412936000 | -8.0% |

### 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 |
| --- | ---: |
| 洋紙卸売事業 → 洋紙卸売事業 | 99.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.1% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.2% |
| 物流事業 → 物流事業 | 0.5% |
| 物流事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 洋紙卸売事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| wholesale business-western style paper | 5 years | +4.5% | ¥16352264000 | 1.5% | 2 |
| logistics business | 5 years | +2.0% | ¥79859000 | 36.9% | 2 |
| leasing business-real estate | 5 years | -19.6% | ¥14551000 | 239.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,447 | 100.0% | S100YM2W |
| Cost of revenue | 14,516 | 88.3% | S100YM2W |
| Gross profit | 1,931 | 11.7% | S100YM2W |
| SG&A | 1,961 | 11.9% | S100YM2W |
| Operating income | -30 | -0.2% | S100YM2W |
| Ordinary income | -2 | -0.0% | S100YM2W |
| Pretax income | 96 | 0.6% | S100YM2W |
| Income tax | 58 | 0.4% | S100YM2W |
| Net income | 38 | 0.2% | S100YM2W |
| Net income attributable to owners | 38 | 0.2% | S100YM2W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 12 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 11.7% → Operating margin -0.2% → Net margin 0.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,888 | 16,447 | -442 | -2.6% |
| Gross profit | 2,004 | 1,931 | -73 | -3.7% |
| Operating income | -10 | -30 | -20 | — |
| Net income attributable to owners | 28 | 38 | 10 | +34.9% |
| Operating cash flow | -258 | 61 | 319 | — |
| Free cash flow | -288 | 59 | 348 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,749 | 154 | 1.0% | 103 | 133 | 98 | S100LSDP |
| FY ending Mar 2021 | 13,225 | 5 | 0.0% | 39 | 98 | 28 | S100OL0W |
| FY ending Mar 2022 | 14,086 | 5 | 0.0% | 172 | -325 | -429 | S100R9IM |
| FY ending Mar 2023 | 17,024 | 153 | 0.9% | 101 | 164 | 151 | S100TW9H |
| FY ending Mar 2024 | 16,725 | 94 | 0.6% | 59 | 333 | 302 | S100W59R |
| FY ending Mar 2025 | 16,888 | -10 | -0.1% | 28 | -258 | -288 | S100YM2W |
| FY ending Mar 2026 | 16,447 | -30 | -0.2% | 38 | 61 | 59 | S100YM2W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120M |
| Operating income per employee (consolidated) | -¥220.8K |
| Net income per employee (consolidated) | ¥275.8K |

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) | 160 | 158 | 157 | 141 | 137 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.9M | ¥5.2M | ¥5M |
| Average age (parent company) | 48.7 years | 49.6 years | 50.1 years | 50.4 years | 51.7 years |
| Average tenure (parent company) | 22.7 years | 22.2 years | 22.1 years | 23.1 years | 24.1 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| wholesale business-western style paper | 16,352 | 99.4% | 253 | 1.5% |
| leasing business-real estate | 15 | 0.1% | 35 | 239.8% |
| logistics business | 80 | 0.5% | 29 | 36.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| wholesale business-western style paper | 99.4% | 79.8% | -19.7 | 1.5% |
| leasing business-real estate | 0.1% | 11.0% | 10.9 | 239.8% |
| logistics business | 0.5% | 9.3% | 8.8 | 36.9% |

Segment → industry: leasing business-real estate → Real Estate Development & Leasing / wholesale business-western style paper → Specialty Trading & Wholesale / logistics business → Warehouses & Logistics Facilities

## 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 | 61 | 0.4% | S100YM2W |
| Capital expenditure | 2 | 0.0% | S100YM2W |
| Free cash flow | 59 | 0.4% | 算出 |
| Investing cash flow | 585 | 3.6% | S100YM2W |
| Financing cash flow | -42 | -0.3% | S100YM2W |
| Dividends paid | 29 | 0.2% | S100YM2W |
| Share buyback | 0 | 0.0% | S100YM2W |
| Change in cash | 605 | 3.7% | S100YM2W |
| Cash and equivalents | 1,413 | 8.6% | S100YM2W |

## 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 | 782 | 869 | 1,063 | 808 | 1,413 | S100TW9H, S100W59R, S100YM2W |
| Total assets | 9,692 | 10,199 | 9,978 | 9,521 | 9,530 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Net assets | 3,691 | 3,834 | 3,982 | 3,899 | 3,974 | S100TW9H, S100W59R, S100YM2W |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Trade receivables | 3,416 | 3,482 | 2,939 | 2,831 | 2,596 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Property, plant and equipment | 1,797 | 1,741 | 1,709 | 1,690 | 1,210 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Intangible assets excluding goodwill | 317 | 266 | 211 | 157 | 98 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Goodwill | 239 | 199 | 159 | 120 | 80 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Investment securities | 375 | 495 | 700 | 582 | 636 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Current assets | 6,790 | 7,362 | 7,031 | 6,785 | 7,240 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Current liabilities | 5,576 | 6,043 | 5,646 | 5,306 | 5,246 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Trade payables | 5,266 | 5,638 | 5,253 | 5,006 | 4,852 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Total liabilities | 6,000 | 6,365 | 5,996 | 5,622 | 5,556 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Non-controlling interests | 1 | 1 | 1 | 1 | 1 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Equity attributable to owners of parent | 3,727 | 3,794 | 3,849 | 3,843 | 3,847 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Retained earnings | 802 | 870 | 895 | 889 | 893 | S100R9IM, S100TW9H, S100W59R, S100YM2W |
| Treasury stock | -239 | -239 | -216 | -216 | -216 | S100R9IM, S100TW9H, S100W59R, S100YM2W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YM2W |
| Receivables | 27% | S100YM2W |
| Property, plant and equipment | 13% | S100YM2W |
| Intangibles and goodwill | 2% | S100YM2W |
| Investment securities | 6% | S100YM2W |
| Other assets | 37% | S100YM2W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 51% | S100YM2W |
| Other liabilities | 7% | S100YM2W |
| Equity | 42% | S100YM2W |

### 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 | 9,692 | 10,199 | 9,978 | 9,521 | 9,530 |
| Equity | 3,691 | 3,834 | 3,982 | 3,899 | 3,974 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 782 | 869 | 1,063 | 808 | 1,413 |

## 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) | 7.4% | S100YM2W |
| Fixed assets ÷ total assets | 12.7% | S100YM2W |
| Goodwill ÷ parent equity | 2.1% | S100YM2W |

Goodwill over 4 years: 239 → 80 JPY; total investing cash flow: 236 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) | 14.8% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 23 JPY mn (of net income 62.0%) |
| Shareholder returns / net income | 78.2% |
| Shareholder returns / FCF | 49.9% |
| Shareholder payments — dividends / net income | 78.1% |
| Shareholder payments — dividends / FCF | 49.8% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 956.8% |

## 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 | 1.2% | 1.45× | 1.8% | 2.60× | 4.6% | S100R9IM |
| 2023 | 0.6% | 1.71× | 1.0% | 2.64× | 2.7% | S100TW9H |
| 2024 | 0.4% | 1.66× | 0.6% | 2.64× | 1.5% | S100W59R |
| 2025 | 0.2% | 1.73× | 0.3% | 2.53× | 0.7% | S100YM2W |
| 2026 | 0.2% | 1.73× | 0.4% | 2.48× | 1.0% | S100YM2W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製紙株式会社 | Major shareholder | 18.7% | 2026-03-31 |
| 日本紙通商株式会社 | Major shareholder | 11.6% | 2026-03-31 |
| 日本紙パルプ商事株式会社 | Major shareholder | 10.6% | 2026-03-31 |
| KPPグループホールディングス株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 巣鴨信用金庫 | Major shareholder | 2.7% | 2026-03-31 |
| 郡司 光太 | Major shareholder | 1.6% | 2026-03-31 |
| 新生紙パルプ商事株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 郡司 勝美 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 堀川産業株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YM2W | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM2W,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W59R | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59R,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TW9H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW9H,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R9IM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9IM,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OL0W | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL0W,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LSDP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSDP,, |

## 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).