# Oji Holdings Corporation: 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102期(2025/04/01－2026/03/31) (S100YJ8J)
> Page: https://vizora.meequs.com/en/company/oji-holdings
> Retrieved: 2026-09-30T20:32:07.436Z

## Company

Oji Holdings, founded in 1873, is a company in Paper & Pulp listed on TSE Prime. It has 38,757 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oji Holdings Corporation |
| Ticker | 3861 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3861.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座四丁目7番5号 |
| Representative (per filing) | 代表取締役 社長執行役員 磯野裕之 |
| Founded | Feb 1873 |
| Share capital | ¥103.9B |
| Employees (consolidated) | 38,757 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.ojiholdings.co.jp (https://www.ojiholdings.co.jp/) |
| Corporate number | 5010001034743 |
| EDINET | E00642 |
| Industries (Vizora) | Paper & Pulp, Toiletries & Household Products, Chemicals, Electric Power & Gas |

> Profile source: annual securities report (S100YJ8J, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 10 |
| Profitability | 5.6 | 9 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 25 | 10 |

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 47% of Oji Holdings's sales come from Household and Industrial Materials, with Forest Resources and Environmental Marketing and Functional Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -48.9%.

## Company structure

- Segment revenue mix: Household and Industrial Materials 47.0%、Forest Resources and Environmental Marketing 18.6%、Functional Materials 11.9%、Printing and Communications Media 11.5%、Other 11.1%
- Revenue → net income: ¥1861709000000 → ¥56932000000
- Net income → operating cash flow: ¥56932000000 → ¥113376000000（difference ¥56444000000）
- Main uses of operating cash flow: CapEx ¥92445000000 / dividends ¥27706000000 / buybacks ¥47691000000
- Change in cash: ¥9599000000
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 | ¥1.86T |  |
| Operating income | ¥34.6B | Margin 1.9% |
| Net income | ¥55.6B | Margin 3.0% |
| Free cash flow | ¥20.9B |  |
| Largest business | Household and Industrial Materials | of segment revenue 47.0% |
| Employees (consolidated) | 38,757 |  |
| EPS | ¥152.97 |  |
| Diluted EPS | ¥152.94 |  |
| Book value per share | ¥546.88 |  |
| Equity ratio | 41.0% |  |
| Shares outstanding | 1,014,381,817 |  |
| Treasury shares | 136,577,900 |  |
| Shareholders | 157,853 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 2.8% | Net cash -¥814.7B · Cash ÷ revenue 4.0% |
| Vs. industry median margin | -1.8 pp | Paper & Pulp |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, buybacks were 1.7× dividends
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1358985000000 | ¥1861709000000 | +37.0% |
| Operating income | ¥84793000000 | ¥34582000000 | -59.2% |
| Operating margin | 6.2% | 1.9% | -4.4 pp |
| Employees | 36,034 people | 38,757 people | +7.6% |
| Cash and equivalents | ¥135669000000 | ¥74247000000 | -45.3% |

### 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 |
| --- | ---: |
| 生活産業資材 → 生活産業資材 | 23.4% |
| 生活産業資材 → 事業再編・廃止 | 23.4% |
| 機能材 → 機能材 | 6.7% |
| 機能材 → 事業再編・廃止 | 6.7% |
| 資源環境ビジネス → 資源環境ビジネス | 8.4% |
| 資源環境ビジネス → 事業再編・廃止 | 8.4% |
| 印刷情報メディア → 印刷情報メディア | 8.3% |
| 印刷情報メディア → 事業再編・廃止 | 8.3% |
| その他 → その他 | 6.6% |
| 新設・再編 → 生活産業資材 | 23.6% |
| 新設・再編 → 機能材 | 5.2% |
| 新設・再編 → 資源環境ビジネス | 10.2% |
| 新設・再編 → 印刷情報メディア | 3.2% |
| 新設・再編 → その他 | 4.5% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Household and Industrial Materials | 5 years | +8.0% | ¥874117000000 | 2.3% | 2 |
| Forest Resources and Environmental Marketing | 5 years | +10.0% | ¥346317000000 | 1.9% | 2 |
| Functional Materials | 5 years | +5.4% | ¥220941000000 | 4.9% | 2 |
| Printing and Communications Media | 5 years | +0.3% | ¥213194000000 | 3.5% | 2 |
| Other | 5 years | +4.3% | ¥207137000000 | -5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,861,709 | 100.0% | S100YJ8J |
| Cost of revenue | 1,538,252 | 82.6% | S100YJ8J |
| Gross profit | 323,456 | 17.4% | S100YJ8J |
| SG&A | 288,874 | 15.5% | S100YJ8J |
| Operating income | 34,582 | 1.9% | S100YJ8J |
| Ordinary income | 40,529 | 2.2% | S100YJ8J |
| Pretax income | 91,637 | 4.9% | S100YJ8J |
| Income tax | 34,704 | 1.9% | S100YJ8J |
| Net income | 56,932 | 3.1% | S100YJ8J |
| Net income attributable to owners | 55,582 | 3.0% | S100YJ8J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.4% → Operating margin 1.9% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -48.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -72.68×
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 | 1,849,264 | 1,861,709 | 12,445 | +0.7% |
| Gross profit | 349,395 | 323,456 | -25,939 | -7.4% |
| Operating income | 67,686 | 34,582 | -33,104 | -48.9% |
| Net income attributable to owners | 46,171 | 55,582 | 9,411 | +20.4% |
| Operating cash flow | 94,420 | 113,376 | 18,956 | +20.1% |
| Free cash flow | -49,514 | 20,931 | 70,445 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,507,607 | 106,125 | 7.0% | 58,181 | 124,491 | 32,037 | S100LTXX |
| FY ending Mar 2021 | 1,358,985 | 84,793 | 6.2% | 49,635 | 127,107 | 32,433 | S100OK9E |
| FY ending Mar 2022 | 1,470,161 | 120,119 | 8.2% | 87,509 | 143,587 | 44,928 | S100R87F |
| FY ending Mar 2023 | 1,706,641 | 84,818 | 5.0% | 56,483 | 18,262 | -75,847 | S100TW27 |
| FY ending Mar 2024 | 1,696,268 | 72,600 | 4.3% | 50,812 | 202,897 | 87,878 | S100W463 |
| FY ending Mar 2025 | 1,849,264 | 67,686 | 3.7% | 46,171 | 94,420 | -49,514 | S100YJ8J |
| FY ending Mar 2026 | 1,861,709 | 34,582 | 1.9% | 55,582 | 113,376 | 20,931 | S100YJ8J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48M |
| Operating income per employee (consolidated) | ¥892.3K |
| Net income per employee (consolidated) | ¥1.4M |

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) | 35,608 | 37,845 | 38,322 | 39,136 | 38,757 |
| Average salary (parent company) | ¥8.6M | ¥8.3M | ¥8.4M | ¥8.4M | ¥8.5M |
| Average age (parent company) | 47.5 years | 45.2 years | 48.3 years | 45.1 years | 44.5 years |
| Average tenure (parent company) | 18.1 years | 18.6 years | 19.7 years | 17.2 years | 15.6 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Household and Industrial Materials | 874,117 | 47.0% | 19,694 | 2.3% |
| Functional Materials | 220,941 | 11.9% | 10,756 | 4.9% |
| Forest Resources and Environmental Marketing | 346,317 | 18.6% | 6,726 | 1.9% |
| Printing and Communications Media | 213,194 | 11.5% | 7,511 | 3.5% |
| Other | 207,137 | 11.1% | -11,676 | -5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Household and Industrial Materials | 47.0% | 44.1% | -2.9 | 2.3% |
| Functional Materials | 11.9% | 24.1% | 12.2 | 4.9% |
| Forest Resources and Environmental Marketing | 18.6% | 15.1% | -3.6 | 1.9% |
| Printing and Communications Media | 11.5% | 16.8% | 5.4 | 3.5% |
| Other | 11.1% | — | — | -5.6% |

Loss-making segment (excluded from profit shares): Other -11,676 JPY mn

Segment → industry: Household and Industrial Materials → Paper & Pulp / Household and Industrial Materials → Toiletries & Household Products / Functional Materials → Paper & Pulp / Functional Materials → Chemicals / Forest Resources and Environmental Marketing → Paper & Pulp / Forest Resources and Environmental Marketing → Electric Power & Gas / Printing and Communications Media → Paper & Pulp

## 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 | 113,376 | 6.1% | S100YJ8J |
| Capital expenditure | 92,445 | 5.0% | S100YJ8J |
| Free cash flow | 20,931 | 1.1% | 算出 |
| Investing cash flow | -12,475 | -0.7% | S100YJ8J |
| Financing cash flow | -93,618 | -5.0% | S100YJ8J |
| Dividends paid | 27,706 | 1.5% | S100YJ8J |
| Share buyback | 47,691 | 2.6% | S100YJ8J |
| Change in cash | 9,599 | 0.5% | S100YJ8J |
| Cash and equivalents | 74,247 | 4.0% | S100YJ8J |

## 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 | 55,474 | 56,837 | 62,472 | 65,508 | 74,247 | S100TW27, S100W463, S100YJ8J |
| Total assets | 2,053,752 | 2,296,018 | 2,442,482 | 2,635,030 | 2,686,944 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Net assets | 875,470 | 964,564 | 1,095,597 | 1,132,791 | 1,136,882 | S100TW27, S100W463, S100YJ8J |
| Share capital | 103,880 | 103,880 | 103,880 | 103,880 | 103,880 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Property, plant and equipment | 1,127,315 | 1,208,234 | 1,273,504 | 1,381,399 | 1,404,836 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Intangible assets excluding goodwill | 11,552 | 25,988 | 34,455 | 110,507 | 149,576 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Goodwill | 3,472 | 11,868 | 18,081 | 58,303 | 97,103 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Investment securities | 168,545 | 180,067 | 217,870 | 197,835 | 191,730 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Current assets | 645,795 | 788,670 | 773,287 | 806,504 | 803,726 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Current liabilities | 533,020 | 687,070 | 668,183 | 738,818 | 750,700 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Trade payables | 234,650 | 251,176 | 274,659 | 263,763 | 245,150 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Short-term borrowings | 166,445 | 226,739 | 216,476 | 236,227 | 281,458 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Long-term borrowings | 329,062 | 320,599 | 335,240 | 445,161 | 492,444 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Bonds | 155,000 | 155,000 | 145,000 | 115,000 | 115,000 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Interest-bearing debt | 650,507 | 702,338 | 696,716 | 796,388 | 888,902 | 算出 |
| Total liabilities | 1,178,282 | 1,331,453 | 1,346,884 | 1,502,238 | 1,550,061 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Non-controlling interests | 24,080 | 27,480 | 29,049 | 30,967 | 34,515 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Equity attributable to owners of parent | 756,918 | 784,418 | 818,383 | 816,060 | 797,427 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Retained earnings | 567,150 | 607,593 | 645,337 | 671,980 | 700,535 | S100R87F, S100TW27, S100W463, S100YJ8J |
| Treasury stock | -13,277 | -12,949 | -16,575 | -45,836 | -93,383 | S100R87F, S100TW27, S100W463, S100YJ8J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJ8J |
| Property, plant and equipment | 52% | S100YJ8J |
| Intangibles and goodwill | 9% | S100YJ8J |
| Investment securities | 7% | S100YJ8J |
| Other assets | 29% | S100YJ8J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YJ8J |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 16% | S100YJ8J |
| Equity | 42% | S100YJ8J |
| Other liabilities | 0% | S100YJ8J |

### 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 | 2,053,752 | 2,296,018 | 2,442,482 | 2,635,030 | 2,686,944 |
| Equity | 875,470 | 964,564 | 1,095,597 | 1,132,791 | 1,136,882 |
| Interest-bearing debt | 650,507 | 702,338 | 696,716 | 796,388 | 888,902 |
| Cash | 55,474 | 56,837 | 62,472 | 65,508 | 74,247 |

## 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) | 75.5% | S100YJ8J |
| Fixed assets ÷ total assets | 52.3% | S100YJ8J |
| Goodwill ÷ parent equity | 12.2% | S100YJ8J |

Goodwill over 4 years: 3,472 → 97,103 JPY; total investing cash flow: -501,230 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) | 2.8% |
| Cash ÷ revenue | 4.0% |
| Net cash (cash − interest-bearing debt) | -¥814.7B |
| Net debt ÷ operating cash flow | 7.19× |
| Cash conversion (operating CF ÷ operating income) | 327.8% |
| Cash vs. profit gap | 57,794 JPY mn (of net income 104.0%) |
| Shareholder returns / net income | 135.7% |
| Shareholder returns / FCF | 360.2% |
| Shareholder payments — dividends / net income | 49.8% |
| Shareholder payments — dividends / FCF | 132.4% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 11.0% |

## 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 | 6.0% | 0.72× | 4.3% | 2.71× | 11.6% | S100R87F |
| 2023 | 3.3% | 0.78× | 2.6% | 2.82× | 7.3% | S100TW27 |
| 2024 | 3.0% | 0.72× | 2.1% | 2.96× | 6.3% | S100W463 |
| 2025 | 2.5% | 0.73× | 1.8% | 3.11× | 5.6% | S100YJ8J |
| 2026 | 3.0% | 0.70× | 2.1% | 3.30× | 6.9% | S100YJ8J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 王子グループ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 藤定 智恵子 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.5% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥1.86T, up +0.7% from ¥1.85T, so sales were close to flat.
- Operating income dropped -48.9% to ¥34.6B, and gross profit slipped -7.4%.
- Net income attributable to owners still rose +20.4%, from ¥46.2B to ¥55.6B.
- Operating cash flow grew to ¥113.4B, and free cash flow turned positive at ¥20.9B after a negative year.

### Drivers

- Lower sales volumes in Japan and weaker pulp prices overseas pulled operating income down.
- The acquisition of Finland's Walki added to revenue.
- A gain on selling rental real estate outweighed restructuring charges, which lifted net income.

### Risks

- Pulp selling prices track global markets, and costs for wood chips, fuel oil and other inputs can swing.
- A shrinking population and economic swings in Japan could reduce demand for paper products.
- Higher yen interest rates could raise borrowing costs, with a bigger effect if debt grows.

Cited: Annual Securities Report (102nd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (102nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YJ8J | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ8J,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W463 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W463,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TW27 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW27,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R87F | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R87F,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OK9E | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK9E,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LTXX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTXX,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 三菱製紙 | 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).