# MITSUBISHI PAPER MILLS LIMITED: 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161期(2025/04/01－2026/03/31) (S100YJLB)
> Page: https://vizora.meequs.com/en/company/mitsubishi-paper-mills
> Retrieved: 2026-09-30T21:13:34.078Z

## Company

Mitsubishi Paper Mills, founded in 1898, is a company in Paper & Pulp listed on TSE Prime. It has 2,513 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Paper Mills Limited |
| Ticker | 3864 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3864.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区両国二丁目10番14号 |
| Representative (per filing) | 代表取締役社長 木坂隆一 |
| Founded | Apr 1898 |
| Share capital | ¥36.6B |
| Employees (consolidated) | 2,513 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.mpm.co.jp (https://www.mpm.co.jp/) |
| Corporate number | 8010001008769 |
| EDINET | E00644 |
| Industries (Vizora) | Paper & Pulp, Chemicals, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YJLB, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 2.9 | 17 |
| Cash conversion | 91.2 | 17 |
| Efficiency | 38.2 | 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 50% of Mitsubishi Paper Mills's sales come from Functional Materials Business, with Sustainable Fiber Materials Business and Engineering Business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -10.5% from the prior year, operating profit -94.2%.

## Company structure

- Segment revenue mix: Functional Materials Business 49.8%、Sustainable Fiber Materials Business 49.6%、Engineering Business 0.6%
- Revenue → net income: ¥157455000000 → ¥1907000000
- Net income → operating cash flow: ¥1907000000 → ¥5223000000（difference ¥3316000000）
- Main uses of operating cash flow: CapEx ¥3688000000 / dividends ¥669000000 / buybacks ¥85000000
- Change in cash: ¥-1344000000
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 | ¥157.5B |  |
| Operating income | ¥264M | Margin 0.2% |
| Net income | ¥1.9B | Margin 1.2% |
| Free cash flow | ¥1.53B |  |
| Largest business | Functional Materials Business | of segment revenue 49.8% |
| Employees (consolidated) | 2,513 |  |
| EPS | ¥-7.18 |  |
| Book value per share | ¥1286.35 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 44,741,433 |  |
| Treasury shares | 110,200 |  |
| Shareholders | 13,684 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 2.2% | Cash ÷ revenue 3.1% |
| Vs. industry median margin | -3.5 pp | Paper & Pulp |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, segment profit share differs by 44 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥162325000000 | ¥157455000000 | -3.0% |
| Operating income | ¥-1770000000 | ¥264000000 | — |
| Operating margin | -1.1% | 0.2% | +1.3 pp |
| Employees | 3,579 people | 2,513 people | -29.8% |
| Cash and equivalents | ¥15701000000 | ¥4895000000 | -68.8% |

### 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 |
| --- | ---: |
| 紙・パルプ事業 → 事業再編・廃止 | 74.4% |
| イメージング事業 → 事業再編・廃止 | 13.5% |
| 機能材事業 → 事業再編・廃止 | 7.9% |
| その他 → 事業再編・廃止 | 1.3% |
| 倉庫・運輸事業 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 機能商品事業 | 49.8% |
| 新設・再編 → 紙素材事業 | 49.6% |
| 新設・再編 → エンジニアリング事業 | 0.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional Materials Business | 4 years | +16.3% | ¥78446000000 | 3.0% | 2 |
| Sustainable Fiber Materials Business | 4 years | -12.9% | ¥78086000000 | -2.7% | 2 |
| Engineering Business | — | — | ¥921000000 | 18.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 157,455 | 100.0% | S100YJLB |
| Cost of revenue | 137,211 | 87.1% | S100YJLB |
| Gross profit | 20,244 | 12.9% | S100YJLB |
| SG&A | 19,980 | 12.7% | S100YJLB |
| Operating income | 264 | 0.2% | S100YJLB |
| Ordinary income | 1,720 | 1.1% | S100YJLB |
| Pretax income | 2,825 | 1.8% | S100YJLB |
| Income tax | 917 | 0.6% | S100YJLB |
| Net income | 1,907 | 1.2% | S100YJLB |
| Net income attributable to owners | 1,900 | 1.2% | S100YJLB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 13 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.9% → Operating margin 0.2% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.5%; Core profit growth: -94.2%
Operating leverage (core profit growth ÷ revenue growth): 8.97×
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 | 175,942 | 157,455 | -18,487 | -10.5% |
| Gross profit | 25,162 | 20,244 | -4,918 | -19.5% |
| Operating income | 4,567 | 264 | -4,303 | -94.2% |
| Net income attributable to owners | 4,343 | 1,900 | -2,443 | -56.3% |
| Operating cash flow | 4,854 | 5,223 | 369 | +7.6% |
| Free cash flow | 2,226 | 1,535 | -691 | -31.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 194,575 | 1,976 | 1.0% | 801 | 9,976 | 2,733 | S100LO1R |
| FY ending Mar 2021 | 162,325 | -1,770 | -1.1% | -2,532 | 13,014 | 9,083 | S100OHGM |
| FY ending Mar 2022 | 181,920 | -248 | -0.1% | 1,096 | 1,698 | -4,557 | S100R82J |
| FY ending Mar 2023 | 209,542 | 968 | 0.5% | -571 | -2,721 | -7,267 | S100TVNI |
| FY ending Mar 2024 | 193,462 | 5,410 | 2.8% | 4,170 | 13,487 | 11,805 | S100W59P |
| FY ending Mar 2025 | 175,942 | 4,567 | 2.6% | 4,343 | 4,854 | 2,226 | S100YJLB |
| FY ending Mar 2026 | 157,455 | 264 | 0.2% | 1,900 | 5,223 | 1,535 | S100YJLB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.7M |
| Operating income per employee (consolidated) | ¥105.1K |
| Net income per employee (consolidated) | ¥756.1K |

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) | 3,384 | 3,171 | 2,832 | 2,720 | 2,513 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 47.5 years | 48.1 years | 47.9 years | 47.4 years | 47.5 years |
| Average tenure (parent company) | 25.9 years | 26.5 years | 25.7 years | 24.4 years | 24.2 years |

Year over year: Employees (consolidated) -7.6% · Revenue (consolidated) -10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional Materials Business | 78,446 | 49.8% | 2,370 | 3.0% |
| Sustainable Fiber Materials Business | 78,086 | 49.6% | -2,113 | -2.7% |
| Engineering Business | 921 | 0.6% | 166 | 18.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional Materials Business | 49.8% | 93.5% | 43.6 | 3.0% |
| Sustainable Fiber Materials Business | 49.6% | — | — | -2.7% |
| Engineering Business | 0.6% | 6.5% | 6.0 | 18.0% |

Loss-making segment (excluded from profit shares): Sustainable Fiber Materials Business -2,113 JPY mn

Segment → industry: Sustainable Fiber Materials Business → Paper & Pulp / Functional Materials Business → Paper & Pulp / Functional Materials Business → Chemicals / Engineering Business → Plant Engineering & Building Services

## 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 | 5,223 | 3.3% | S100YJLB |
| Capital expenditure | 3,688 | 2.3% | S100YJLB |
| Free cash flow | 1,535 | 1.0% | 算出 |
| Investing cash flow | 1,601 | 1.0% | S100YJLB |
| Financing cash flow | -8,303 | -5.3% | S100YJLB |
| Dividends paid | 669 | 0.4% | S100YJLB |
| Share buyback | 85 | 0.1% | S100YJLB |
| Change in cash | -1,344 | -0.9% | S100YJLB |
| Cash and equivalents | 4,895 | 3.1% | S100YJLB |

## 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 | 9,047 | 8,325 | 10,009 | 6,239 | 4,895 | S100TVNI, S100W59P, S100YJLB |
| Total assets | 215,879 | 227,058 | 235,380 | 208,217 | 222,776 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Net assets | 69,613 | 72,041 | 90,954 | 85,282 | 103,185 | S100TVNI, S100W59P, S100YJLB |
| Share capital | 36,561 | 36,561 | 36,561 | 36,561 | 36,561 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Property, plant and equipment | 84,590 | 78,256 | 71,301 | 66,684 | 65,668 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Intangible assets excluding goodwill | 1,864 | 2,379 | 1,954 | 1,338 | 882 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Investment securities | 19,868 | 21,605 | 26,376 | 24,813 | 24,397 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Current assets | 95,282 | 109,024 | 101,930 | 91,512 | 81,961 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Current liabilities | 102,720 | 110,457 | 104,272 | 88,882 | 82,286 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Trade payables | 24,617 | 28,710 | 24,779 | 21,258 | 17,596 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Short-term borrowings | 56,433 | 61,467 | 62,026 | 42,014 | 42,009 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Long-term borrowings | 29,960 | 32,603 | 22,281 | 19,864 | 19,558 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Total liabilities | 146,265 | 155,016 | 144,425 | 122,934 | 119,590 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Non-controlling interests | 5 | 13 | 22 | 26 | 31 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Equity attributable to owners of parent | 56,784 | 56,012 | 60,005 | 63,914 | 65,091 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Retained earnings | 13,962 | 13,357 | 17,336 | 21,233 | 22,464 | S100R82J, S100TVNI, S100W59P, S100YJLB |
| Treasury stock | -228 | -430 | -416 | -405 | -458 | S100R82J, S100TVNI, S100W59P, S100YJLB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YJLB |
| Property, plant and equipment | 30% | S100YJLB |
| Intangibles and goodwill | 0% | S100YJLB |
| Investment securities | 11% | S100YJLB |
| Other assets | 57% | S100YJLB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJLB |
| Other liabilities | 46% | S100YJLB |
| Equity | 46% | S100YJLB |
| Other liabilities | 0% | S100YJLB |

### 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 | 215,879 | 227,058 | 235,380 | 208,217 | 222,776 |
| Equity | 69,613 | 72,041 | 90,954 | 85,282 | 103,185 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,047 | 8,325 | 10,009 | 6,239 | 4,895 |

## 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) | 41.7% | S100YJLB |
| Fixed assets ÷ total assets | 29.5% | S100YJLB |
| Goodwill ÷ parent equity | — | —, S100YJLB |

### 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) | 2.2% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1978.4% |
| Cash vs. profit gap | 3,323 JPY mn (of net income 174.9%) |
| Shareholder returns / net income | 39.7% |
| Shareholder returns / FCF | 49.1% |
| Shareholder payments — dividends / net income | 35.2% |
| Shareholder payments — dividends / FCF | 43.6% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 30.7% |

## 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% | 0.84× | 0.5% | 3.80× | 1.9% | S100R82J |
| 2023 | — | —× | -0.3% | —× | — | S100TVNI |
| 2024 | 2.2% | 0.84× | 1.8% | 3.99× | 7.2% | S100W59P |
| 2025 | 2.5% | 0.79× | 2.0% | 3.58× | 7.0% | S100YJLB |
| 2026 | 1.2% | 0.73× | 0.9% | 3.34× | 2.9% | S100YJLB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 32.9% | 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 | 5.3% | 2026-03-31 |
| 那須 功一 | Major shareholder | 3.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 2.4% | 2026-03-31 |
| 三菱製紙取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬BIP信託口・76599口） | Major shareholder | 1.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 中原証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 寺田 英司 | Major shareholder | 1.6% | 2026-03-31 |
| 野村證券株式会社（常任代理人 株式会社三井住友銀行) | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第161期(2025/04/01－2026/03/31) | S100YJLB | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLB,, |
| 有価証券報告書－第160期(2024/04/01－2025/03/31) | S100W59P | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59P,, |
| 有価証券報告書－第159期(2023/04/01－2024/03/31) | S100TVNI | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVNI,, |
| 有価証券報告書－第158期(2022/04/01－2023/03/31) | S100R82J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R82J,, |
| 有価証券報告書－第157期(令和3年4月1日－令和4年3月31日) | S100OHGM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHGM,, |
| 有価証券報告書－第156期(令和2年4月1日－令和3年3月31日) | S100LO1R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO1R,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 王子ホールディングス | Capital alliance | 資本業務提携。王子HDの持分法適用会社となる | S100YJLB |

## 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).