# Okayama Paper Industries Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第185期(2025/06/01－2026/05/31) (S100YYF7)
> Page: https://vizora.meequs.com/en/company/okayama-paper-industries
> Retrieved: 2026-09-30T20:32:04.038Z

## Company

Okayama Paper Industries, founded in 1907, is a company in Paper & Pulp listed on TSE Standard. It has 204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Okayama Paper Industries Co.,Ltd. |
| Ticker | 3892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3892.T) |
| Listing | TSE Standard |
| Head office | 岡山市南区浜野1丁目4番34号 |
| Representative (per filing) | 代表取締役社長 宮田 正樹 |
| Founded | Feb 1907 |
| Share capital | ¥821.1M |
| Employees (consolidated) | 204 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | May |
| Corporate number | 1260001001078 |
| EDINET | E00687 |
| Industries (Vizora) | Paper & Pulp |

> Profile source: annual securities report (S100YYF7, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 17 |
| Profitability | 97.1 | 17 |
| Cash conversion | 50 | 17 |
| Efficiency | 2.9 | 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 88% of Okayama Paper Industries's sales come from Paperboard, with Decorative Corrugated Packaging making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit -8.9%.

## Company structure

- Segment revenue mix: Paperboard 87.5%、Decorative Corrugated Packaging 12.5%
- Revenue → net income: ¥11221529000 → ¥821737000
- Net income → operating cash flow: ¥821737000 → ¥1661088000（difference ¥839351000）
- Main uses of operating cash flow: CapEx ¥779988000 / dividends ¥231541000 / buybacks ¥15000
- Change in cash: ¥796355000
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 | ¥11.2B |  |
| Operating income | ¥940.8M | Margin 8.4% |
| Net income | ¥821.7M | Margin 7.3% |
| Free cash flow | ¥881.1M |  |
| Largest business | Paperboard | of segment revenue 87.5% |
| Employees (consolidated) | 204 |  |
| EPS | ¥177 |  |
| Book value per share | ¥3117.68 |  |
| Equity ratio | 78.2% |  |
| Shares outstanding | 5,500,000 |  |
| Treasury shares | 855,000 |  |
| Shareholders | 2,427 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 28.4% | Cash ÷ revenue 46.9% |
| Vs. industry median margin | +4.7 pp | Paper & Pulp |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9401584000 | ¥11221529000 | +19.4% |
| Operating income | ¥824600000 | ¥940808000 | +14.1% |
| Operating margin | 8.8% | 8.4% | -0.4 pp |
| Employees | 190 people | 204 people | +7.4% |
| Cash and equivalents | ¥4367399000 | ¥5262362000 | +20.5% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 板紙事業 → 板紙事業 | 87.5% |
| 美粧段ボール事業 → 美粧段ボール事業 | 12.5% |
| 美粧段ボール事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 板紙事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,222 | 100.0% | S100YYF7 |
| Cost of revenue | 8,481 | 75.6% | S100YYF7 |
| Gross profit | 2,741 | 24.4% | S100YYF7 |
| SG&A | 1,800 | 16.0% | S100YYF7 |
| Operating income | 941 | 8.4% | S100YYF7 |
| Ordinary income | 1,093 | 9.7% | S100YYF7 |
| Pretax income | 1,133 | 10.1% | S100YYF7 |
| Income tax | 312 | 2.8% | S100YYF7 |
| Net income | 822 | 7.3% | S100YYF7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.4% → Operating margin 8.4% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.6%; Core profit growth: -8.9%
Operating leverage (core profit growth ÷ revenue growth): 3.40×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,523 | 11,222 | -301 | -2.6% |
| Gross profit | 2,860 | 2,741 | -119 | -4.2% |
| Operating income | 1,033 | 941 | -92 | -8.9% |
| Operating cash flow | -1,569 | 1,661 | 3,230 | — |
| Free cash flow | -2,016 | 881 | 2,897 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 10,032 | 1,351 | 13.5% | 973 | 1,087 | 813 | S100MCUK |
| FY ending May 2021 | 9,402 | 825 | 8.8% | 617 | 859 | 67 | S100P3HY |
| FY ending May 2022 | 10,084 | 688 | 6.8% | 591 | 878 | 602 | S100RROO |
| FY ending May 2023 | 10,870 | 614 | 5.6% | 495 | 552 | 267 | S100UJ7E |
| FY ending May 2024 | 11,512 | 1,682 | 14.6% | 1,157 | 1,924 | 1,658 | S100WKVW |
| FY ending May 2025 | 11,523 | 1,033 | 9.0% | 799 | -1,569 | -2,016 | S100YYF7 |
| FY ending May 2026 | 11,222 | 941 | 8.4% | 822 | 1,661 | 881 | S100YYF7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 188 | 192 | 196 | 192 | 204 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.5M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 42.4 years | 42.8 years | 43.0 years | 43.3 years | 43.1 years |
| Average tenure (parent company) | 17.4 years | 17.5 years | 17.3 years | 17.5 years | 16.0 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paperboard | 9,823 | 87.5% | 941 | 9.6% |
| Decorative Corrugated Packaging | 1,398 | 12.5% | 0 | 0.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paperboard | 87.5% | 100.0% | 12.5 | 9.6% |
| Decorative Corrugated Packaging | 12.5% | 0.0% | -12.5 | 0.0% |

Segment → industry: Decorative Corrugated Packaging → Paper & Pulp / Paperboard → Paper & Pulp

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,661 | 14.8% | S100YYF7 |
| Capital expenditure | 780 | 7.0% | S100YYF7 |
| Free cash flow | 881 | 7.9% | 算出 |
| Investing cash flow | -612 | -5.5% | S100YYF7 |
| Financing cash flow | -253 | -2.3% | S100YYF7 |
| Dividends paid | 232 | 2.1% | S100YYF7 |
| Share buyback | 0 | 0.0% | S100YYF7 |
| Change in cash | 796 | 7.1% | S100YYF7 |
| Cash and equivalents | 5,262 | 46.9% | S100YYF7 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,029 | 4,964 | 6,595 | 4,466 | 5,262 | S100UJ7E, S100WKVW, S100YYF7 |
| Total assets | 14,877 | 14,991 | 17,823 | 16,594 | 18,519 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Net assets | 10,455 | 10,534 | 12,236 | 12,944 | 14,481 | S100UJ7E, S100WKVW, S100YYF7 |
| Share capital | 821 | 821 | 821 | 821 | 821 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Property, plant and equipment | 2,395 | 2,290 | 2,429 | 2,780 | 3,063 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Intangible assets excluding goodwill | 6 | 4 | 3 | 5 | 4 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Investment securities | 2,701 | 2,672 | 3,565 | 3,656 | 5,019 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Current assets | 9,735 | 9,996 | 11,809 | 10,140 | 10,418 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Current liabilities | 3,552 | 3,626 | 4,473 | 2,907 | 2,962 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Total liabilities | 4,422 | 4,456 | 5,586 | 3,649 | 4,037 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Equity attributable to owners of parent | 8,809 | 8,912 | 9,996 | 10,668 | 11,267 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Retained earnings | 7,415 | 7,830 | 8,904 | 9,564 | 10,153 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |
| Treasury stock | -191 | -509 | -503 | -497 | -494 | S100RROO, S100UJ7E, S100WKVW, S100YYF7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YYF7 |
| Property, plant and equipment | 17% | S100YYF7 |
| Intangibles and goodwill | 0% | S100YYF7 |
| Investment securities | 27% | S100YYF7 |
| Other assets | 28% | S100YYF7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YYF7 |
| Equity | 78% | S100YYF7 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,877 | 14,991 | 17,823 | 16,594 | 18,519 |
| Equity | 10,455 | 10,534 | 12,236 | 12,944 | 14,481 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,029 | 4,964 | 6,595 | 4,466 | 5,262 |

## 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) | 27.3% | S100YYF7 |
| Fixed assets ÷ total assets | 16.5% | S100YYF7 |
| Goodwill ÷ parent equity | — | —, S100YYF7 |

### 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) | 28.4% |
| Cash ÷ revenue | 46.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.6% |
| Cash vs. profit gap | 839 JPY mn (of net income 102.1%) |
| Shareholder returns / net income | 28.2% |
| Shareholder returns / FCF | 26.3% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 26.3% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 36.9% |

## 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 | 5.9% | 0.68× | 4.0% | 1.69× | 6.7% | S100RROO |
| 2023 | 4.6% | 0.73× | 3.3% | 1.69× | 5.6% | S100UJ7E |
| 2024 | 10.1% | 0.70× | 7.1% | 1.74× | 12.2% | S100WKVW |
| 2025 | 6.9% | 0.67× | 4.6% | 1.67× | 7.7% | S100YYF7 |
| 2026 | 7.3% | 0.64× | 4.7% | 1.60× | 7.5% | S100YYF7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 48.8% | 2026-05-31 |
| 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 | 5.1% | 2026-05-31 |
| 株式会社中国銀行 | Major shareholder | 4.6% | 2026-05-31 |
| USBK NA JP I&W TS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.7% | 2026-05-31 |
| 須山木材株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 岡﨑 達也 | Major shareholder | 1.1% | 2026-05-31 |
| 細羽 強 | Major shareholder | 1.1% | 2026-05-31 |
| 岡﨑 直也 | Major shareholder | 1.1% | 2026-05-31 |
| 岡山製紙従業員持株会 | Major shareholder | 1.1% | 2026-05-31 |
| 津川 孝太郎 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第185期(2025/06/01－2026/05/31) | S100YYF7 | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYF7,, |
| 有価証券報告書－第184期(2024/06/01－2025/05/31) | S100WKVW | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKVW,, |
| 訂正有価証券報告書－第183期(2023/06/01－2024/05/31) | S100UJ7E | 2024-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UJ7E,, |
| 有価証券報告書－第182期(2022/06/01－2023/05/31) | S100RROO | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RROO,, |
| 有価証券報告書－第181期(令和3年6月1日－令和4年5月31日) | S100P3HY | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3HY,, |
| 有価証券報告書－第180期(令和2年6月1日－令和3年5月31日) | S100MCUK | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCUK,, |

## 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).