# OHISHI SANGYO 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80期(2025/04/01－2026/03/31) (S100YE9U)
> Page: https://vizora.meequs.com/en/company/ohishi-sangyo
> Retrieved: 2026-09-30T20:00:09.400Z

## Company

Ohishi Sangyo, founded in 1947, is a company in Paper & Pulp listed on TSE Standard. It has 594 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHISHI SANGYO CO.,LTD. |
| Ticker | 3943 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3943.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市八幡東区桃園二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 山口 博章 |
| Founded | Feb 1947 |
| Share capital | ¥466M |
| Employees (consolidated) | 594 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.osk.co.jp (https://www.osk.co.jp/) |
| Corporate number | 9290801009087 |
| EDINET | E00677 |
| Industries (Vizora) | Paper & Pulp, Food Packaging |

> Profile source: annual securities report (S100YE9U, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 38.2 | 17 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 67.6 | 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 Ohishi Sangyo's sales come from Cushioning functional materials, with Packing materials and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit -20.7%.

## Company structure

- Segment revenue mix: Cushioning functional materials 49.6%、Packing materials 48.5%、Other 1.9%
- Revenue → net income: ¥23487000000 → ¥719000000
- Net income → operating cash flow: ¥719000000 → ¥2292000000（difference ¥1573000000）
- Main uses of operating cash flow: CapEx ¥2513000000 / dividends ¥481000000 / buybacks —
- Change in cash: ¥-1301000000
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 | ¥23.5B |  |
| Operating income | ¥717M | Margin 3.1% |
| Net income | ¥724M | Margin 3.1% |
| Free cash flow | -¥221M |  |
| Largest business | Cushioning functional materials | of segment revenue 49.6% |
| Employees (consolidated) | 594 |  |
| EPS | ¥94.51 |  |
| Book value per share | ¥2171.88 |  |
| Equity ratio | 69.7% |  |
| Shares outstanding | 9,328,000 |  |
| Treasury shares | 1,386,200 |  |
| Shareholders | 8,932 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | -0.6 pp | Paper & Pulp |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18595354000 | ¥23487000000 | +26.3% |
| Operating income | ¥1212099000 | ¥717000000 | -40.8% |
| Operating margin | 6.5% | 3.1% | -3.5 pp |
| Employees | 560 people | 594 people | +6.1% |
| Cash and equivalents | ¥6831000000 | ¥6009000000 | -12.0% |

### 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 |
| --- | ---: |
| 緩衝機能材事業 → 緩衝機能材事業 | 46.5% |
| 包装機能材事業 → 包装機能材事業 | 48.5% |
| 包装機能材事業 → 事業再編・廃止 | 2.8% |
| その他 → その他 | 1.9% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 緩衝機能材事業 | 3.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cushioning functional materials | 5 years | +6.1% | ¥11638000000 | 10.1% | 2 |
| Packing materials | 5 years | +3.6% | ¥11401000000 | 5.5% | 2 |
| Other | 5 years | +3.1% | ¥447000000 | -7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,487 | 100.0% | S100YE9U |
| Cost of revenue | 19,047 | 81.1% | S100YE9U |
| Gross profit | 4,440 | 18.9% | S100YE9U |
| SG&A | 3,723 | 15.9% | S100YE9U |
| Operating income | 717 | 3.1% | S100YE9U |
| Ordinary income | 991 | 4.2% | S100YE9U |
| Pretax income | 1,121 | 4.8% | S100YE9U |
| Income tax | 401 | 1.7% | S100YE9U |
| Net income | 719 | 3.1% | S100YE9U |
| Net income attributable to owners | 724 | 3.1% | S100YE9U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.9% → Operating margin 3.1% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.0%; Core profit growth: -20.7%
Growth quality: revenue-led
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 | 23,485 | 23,487 | 2 | +0.0% |
| Gross profit | 4,327 | 4,440 | 113 | +2.6% |
| Operating income | 904 | 717 | -187 | -20.7% |
| Net income attributable to owners | 944 | 724 | -220 | -23.3% |
| Operating cash flow | 2,160 | 2,292 | 132 | +6.1% |
| Free cash flow | 394 | -221 | -615 | -156.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,145 | 997 | 5.2% | 828 | 2,167 | 1,235 | S100LIYH |
| FY ending Mar 2021 | 18,595 | 1,212 | 6.5% | 946 | 1,680 | 1,247 | S100OE35 |
| FY ending Mar 2022 | 19,752 | 1,288 | 6.5% | 1,056 | 1,748 | 997 | S100R4GA |
| FY ending Mar 2023 | 21,788 | 1,125 | 5.2% | 902 | 1,240 | 102 | S100TOE7 |
| FY ending Mar 2024 | 21,964 | 1,086 | 4.9% | 1,065 | 1,864 | 489 | S100VZYK |
| FY ending Mar 2025 | 23,485 | 904 | 3.8% | 944 | 2,160 | 394 | S100YE9U |
| FY ending Mar 2026 | 23,487 | 717 | 3.1% | 724 | 2,292 | -221 | S100YE9U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 531 | 545 | 579 | 582 | 594 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.7M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 40.9 years | 40.7 years | 40.6 years | 40.4 years | 40.6 years |
| Average tenure (parent company) | 16.5 years | 16.3 years | 15.8 years | 15.7 years | 14.9 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cushioning functional materials | 11,638 | 49.6% | 1,181 | 10.1% |
| Packing materials | 11,401 | 48.5% | 626 | 5.5% |
| Other | 447 | 1.9% | -33 | -7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cushioning functional materials | 49.6% | 65.4% | 15.8 | 10.1% |
| Packing materials | 48.5% | 34.6% | -13.9 | 5.5% |
| Other | 1.9% | — | — | -7.4% |

Loss-making segment (excluded from profit shares): Other -33 JPY mn

Segment → industry: Packing materials → Paper & Pulp / Cushioning functional materials → Paper & Pulp / Packing materials → Food Packaging

## 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 | 2,292 | 9.8% | S100YE9U |
| Capital expenditure | 2,513 | 10.7% | S100YE9U |
| Free cash flow | -221 | -0.9% | 算出 |
| Investing cash flow | -2,967 | -12.6% | S100YE9U |
| Financing cash flow | -665 | -2.8% | S100YE9U |
| Dividends paid | 481 | 2.0% | S100YE9U |
| Change in cash | -1,301 | -5.5% | S100YE9U |
| Cash and equivalents | 6,009 | 25.6% | S100YE9U |

## 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 | 7,621 | 7,418 | 7,289 | 7,311 | 6,009 | S100TOE7, S100VZYK, S100YE9U |
| Total assets | 24,205 | 25,544 | 26,072 | 26,692 | 28,054 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Net assets | 15,728 | 16,549 | 17,740 | 18,724 | 19,611 | S100TOE7, S100VZYK, S100YE9U |
| Share capital | 466 | 466 | 466 | 466 | 466 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Property, plant and equipment | 7,069 | 7,849 | 8,284 | 8,914 | 11,076 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Intangible assets excluding goodwill | 170 | 224 | 221 | 213 | 203 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Goodwill | 27 | 15 | 3 | — | — | S100R4GA, S100TOE7, S100VZYK |
| Investment securities | 1,192 | 1,234 | 1,617 | 1,528 | 2,029 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Current assets | 15,056 | 15,536 | 15,406 | 15,506 | 14,345 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Current liabilities | 6,557 | 7,223 | 6,575 | 6,310 | 6,819 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Trade payables | 1,961 | 1,851 | 1,915 | 1,729 | 1,800 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Short-term borrowings | 829 | 929 | 580 | 525 | 385 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Long-term borrowings | 85 | 10 | — | — | — | S100R4GA, S100TOE7 |
| Total liabilities | 8,477 | 8,994 | 8,332 | 7,968 | 8,442 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Non-controlling interests | 43 | 52 | 56 | 64 | 66 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Equity attributable to owners of parent | 15,653 | 16,313 | 17,125 | 17,858 | 18,156 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Retained earnings | 15,831 | 16,469 | 17,281 | 17,973 | 18,214 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |
| Treasury stock | -1,062 | -1,039 | -1,039 | -998 | -960 | S100R4GA, S100TOE7, S100VZYK, S100YE9U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YE9U |
| Property, plant and equipment | 40% | S100YE9U |
| Intangibles and goodwill | 1% | S100YE9U |
| Investment securities | 7% | S100YE9U |
| Other assets | 31% | S100YE9U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YE9U |
| Other liabilities | 24% | S100YE9U |
| Equity | 70% | S100YE9U |
| Other liabilities | 0% | S100YE9U |

### 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 | 24,205 | 25,544 | 26,072 | 26,692 | 28,054 |
| Equity | 15,728 | 16,549 | 17,740 | 18,724 | 19,611 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,621 | 7,418 | 7,289 | 7,311 | 6,009 |

## 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) | 47.2% | S100YE9U |
| Fixed assets ÷ total assets | 39.5% | S100YE9U |
| Goodwill ÷ parent equity | — | —, S100YE9U |

### 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) | 21.4% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 319.7% |
| Cash vs. profit gap | 1,568 JPY mn (of net income 216.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.7% |
| Investing CF relative to operating CF | 129.5% |

## 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 | 5.3% | 0.82× | 4.4% | 1.55× | 6.7% | S100R4GA |
| 2023 | 4.1% | 0.88× | 3.6% | 1.56× | 5.6% | S100TOE7 |
| 2024 | 4.8% | 0.85× | 4.1% | 1.54× | 6.4% | S100VZYK |
| 2025 | 4.0% | 0.89× | 3.6% | 1.51× | 5.4% | S100YE9U |
| 2026 | 3.1% | 0.86× | 2.6% | 1.52× | 4.0% | S100YE9U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 9.6% | 2026-03-31 |
| OSK社員持株会 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社北九州銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ニシキ | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 西日本ユウコー商事株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 中越パルプ工業株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YE9U | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE9U,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VZYK | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZYK,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TOE7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOE7,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R4GA | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4GA,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OE35 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE35,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LIYH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIYH,, |

## 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).