# THE PACK CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2025/01/01－2025/12/31) (S100XU2H)
> Page: https://vizora.meequs.com/en/company/pack
> Retrieved: 2026-09-30T20:23:33.203Z

## Company

THE Pack, founded in 1952, is a company in Paper & Pulp listed on TSE Prime. It has 1,223 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE PACK CORPORATION |
| Ticker | 3950 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3950.T) |
| Listing | TSE Prime |
| Head office | 大阪市東成区東小橋二丁目9番3号 |
| Representative (per filing) | 代表取締役社長 仲村直樹 |
| Founded | May 1952 |
| Share capital | ¥2.55B |
| Employees (consolidated) | 1,223 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.thepack.co.jp (https://www.thepack.co.jp/) |
| Corporate number | 5120001012382 |
| EDINET | E00674 |
| Industries (Vizora) | Paper & Pulp, Chemicals, Food Packaging, Printing |

> Profile source: annual securities report (S100XU2H, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 91.2 | 17 |
| Cash conversion | 20.6 | 17 |
| Efficiency | 85.3 | 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 73% of THE Pack's sales come from Paper products business, with Other and Chemical products business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit -10.0%.

## Company structure

- Segment revenue mix: Paper products business 73.5%、Other 13.6%、Chemical products business 12.9%
- Revenue → net income: ¥103125000000 → ¥6024000000
- Net income → operating cash flow: ¥6024000000 → ¥6862000000（difference ¥838000000）
- Main uses of operating cash flow: CapEx ¥3951000000 / dividends ¥2329000000 / buybacks ¥1001000000
- Change in cash: ¥6894000000
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 | ¥103.1B |  |
| Operating income | ¥7.21B | Margin 7.0% |
| Net income | ¥6.02B | Margin 5.8% |
| Free cash flow | ¥2.91B |  |
| Largest business | Paper products business | of segment revenue 73.5% |
| Employees (consolidated) | 1,223 |  |
| EPS | ¥96.09 |  |
| Diluted EPS | ¥96.05 |  |
| Book value per share | ¥1215.67 |  |
| Equity ratio | 73.9% |  |
| Shares outstanding | 59,700,000 |  |
| Treasury shares | 4,115,900 |  |
| Shareholders | 40,510 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | +3.3 pp | Paper & Pulp |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥78445000000 | ¥103125000000 | +31.5% |
| Operating income | ¥3275000000 | ¥7207000000 | +120.1% |
| Operating margin | 4.2% | 7.0% | +2.8 pp |
| Employees | 1,240 people | 1,223 people | -1.4% |
| Cash and equivalents | ¥15224000000 | ¥23551000000 | +54.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 紙加工品事業 → 紙加工品事業 | 65.5% |
| 化成品事業 → 化成品事業 | 12.9% |
| 化成品事業 → 事業再編・廃止 | 4.3% |
| その他 → その他 | 13.6% |
| その他 → 事業再編・廃止 | 3.7% |
| 新設・再編 → 紙加工品事業 | 8.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Paper products business | 5 years | +8.1% | ¥75754000000 | 8.7% | 2 |
| Other | 5 years | +0.7% | ¥14048000000 | 8.5% | 2 |
| Chemical products business | 5 years | -0.2% | ¥13322000000 | 6.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 103,125 | 100.0% | S100XU2H |
| Cost of revenue | 77,674 | 75.3% | S100XU2H |
| Gross profit | 25,451 | 24.7% | S100XU2H |
| SG&A | 18,243 | 17.7% | S100XU2H |
| Operating income | 7,207 | 7.0% | S100XU2H |
| Ordinary income | 7,532 | 7.3% | S100XU2H |
| Pretax income | 8,859 | 8.6% | S100XU2H |
| Income tax | 2,834 | 2.7% | S100XU2H |
| Net income | 6,024 | 5.8% | S100XU2H |
| Net income attributable to owners | 6,024 | 5.8% | S100XU2H |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.7% → Operating margin 7.0% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.6%; Core profit growth: -10.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.11×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 101,461 | 103,125 | 1,664 | +1.6% |
| Gross profit | 25,603 | 25,451 | -152 | -0.6% |
| Operating income | 8,009 | 7,207 | -802 | -10.0% |
| Net income attributable to owners | 6,316 | 6,024 | -292 | -4.6% |
| Operating cash flow | 7,101 | 6,862 | -239 | -3.4% |
| Free cash flow | 1,414 | 2,911 | 1,497 | +105.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 95,502 | 6,850 | 7.2% | 4,700 | 6,599 | 5,055 | S100L0UH |
| FY ending Dec 2020 | 78,445 | 3,275 | 4.2% | 2,392 | 3,155 | 157 | S100NSP3 |
| FY ending Dec 2021 | 79,690 | 4,144 | 5.2% | 2,824 | 7,217 | 3,484 | S100QH14 |
| FY ending Dec 2022 | 89,060 | 5,972 | 6.7% | 4,058 | 5,380 | 1,838 | S100T5K9 |
| FY ending Dec 2023 | 97,714 | 7,743 | 7.9% | 5,652 | 4,443 | -2,840 | S100VGTC |
| FY ending Dec 2024 | 101,461 | 8,009 | 7.9% | 6,316 | 7,101 | 1,414 | S100XU2H |
| FY ending Dec 2025 | 103,125 | 7,207 | 7.0% | 6,024 | 6,862 | 2,911 | S100XU2H |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.3M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,198 | 1,183 | 1,183 | 1,196 | 1,223 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥7.4M | ¥7.3M | ¥7.1M |
| Average age (parent company) | 41.3 years | 41.5 years | 41.3 years | 40.9 years | 40.4 years |
| Average tenure (parent company) | 18.2 years | 18.1 years | 17.5 years | 16.9 years | 16.3 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +1.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper products business | 75,754 | 73.5% | 6,567 | 8.7% |
| Chemical products business | 13,322 | 12.9% | 829 | 6.2% |
| Other | 14,048 | 13.6% | 1,199 | 8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paper products business | 73.5% | 76.4% | 2.9 | 8.7% |
| Chemical products business | 12.9% | 9.6% | -3.3 | 6.2% |
| Other | 13.6% | 13.9% | 0.3 | 8.5% |

Segment → industry: Paper products business → Paper & Pulp / Chemical products business → Chemicals / Chemical products business → Food Packaging / Other → Printing / Paper products business → Printing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,862 | 6.7% | S100XU2H |
| Capital expenditure | 3,951 | 3.8% | S100XU2H |
| Free cash flow | 2,911 | 2.8% | 算出 |
| Investing cash flow | 3,514 | 3.4% | S100XU2H |
| Financing cash flow | -3,553 | -3.4% | S100XU2H |
| Dividends paid | 2,329 | 2.3% | S100XU2H |
| Share buyback | 1,001 | 1.0% | S100XU2H |
| Change in cash | 6,894 | 6.7% | S100XU2H |
| Cash and equivalents | 23,551 | 22.8% | S100XU2H |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,067 | 18,653 | 17,812 | 16,656 | 23,551 | S100T5K9, S100VGTC, S100XU2H |
| Total assets | 87,422 | 94,365 | 98,847 | 103,292 | 104,212 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Net assets | 62,032 | 65,371 | 71,156 | 74,485 | 76,997 | S100T5K9, S100VGTC, S100XU2H |
| Share capital | 2,553 | 2,553 | 2,553 | 2,553 | 2,553 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Trade receivables | 21,003 | — | — | — | — | S100NSP3 |
| Property, plant and equipment | 22,658 | 23,729 | 27,401 | 30,166 | 30,352 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Intangible assets excluding goodwill | 643 | 1,044 | 2,679 | 3,384 | 4,310 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Goodwill | — | — | — | — | 83 | S100XU2H |
| Investment securities | 7,405 | 6,746 | 8,127 | 8,058 | 6,114 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Current assets | 55,438 | 61,484 | 59,080 | 60,043 | 61,667 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Current liabilities | 22,279 | 26,054 | 26,605 | 27,766 | 25,920 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Trade payables | 12,235 | 14,370 | 13,890 | 13,966 | 13,593 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Long-term borrowings | 60 | 34 | 9 | 49 | 334 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Total liabilities | 25,390 | 28,994 | 27,691 | 28,806 | 27,214 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Non-controlling interests | 13 | — | — | — | — | S100QH14 |
| Equity attributable to owners of parent | 60,654 | 63,713 | 68,092 | 71,437 | 74,186 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Retained earnings | 57,640 | 60,654 | 64,975 | 69,259 | 72,954 | S100QH14, S100T5K9, S100VGTC, S100XU2H |
| Treasury stock | -2,704 | -2,661 | -2,593 | -3,536 | -4,485 | S100QH14, S100T5K9, S100VGTC, S100XU2H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XU2H |
| Property, plant and equipment | 29% | S100XU2H |
| Intangibles and goodwill | 4% | S100XU2H |
| Investment securities | 6% | S100XU2H |
| Other assets | 38% | S100XU2H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XU2H |
| Other liabilities | 13% | S100XU2H |
| Equity | 74% | S100XU2H |
| Other liabilities | 0% | S100XU2H |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 87,422 | 94,365 | 98,847 | 103,292 | 104,212 |
| Equity | 62,032 | 65,371 | 71,156 | 74,485 | 76,997 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,067 | 18,653 | 17,812 | 16,656 | 23,551 |

## 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) | 29.4% | S100XU2H |
| Fixed assets ÷ total assets | 29.1% | S100XU2H |
| Goodwill ÷ parent equity | 0.1% | S100XU2H |

### 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) | 22.6% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.2% |
| Cash vs. profit gap | 838 JPY mn (of net income 13.9%) |
| Shareholder returns / net income | 55.3% |
| Shareholder returns / FCF | 114.4% |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | 80.0% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 51.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.5% | 0.91× | 3.2% | 1.44× | 4.7% | S100QH14 |
| 2022 | 4.6% | 0.98× | 4.5% | 1.46× | 6.5% | S100T5K9 |
| 2023 | 5.8% | 1.01× | 5.9% | 1.47× | 8.6% | S100VGTC |
| 2024 | 6.2% | 1.00× | 6.2% | 1.45× | 9.1% | S100XU2H |
| 2025 | 5.8% | 0.99× | 5.8% | 1.42× | 8.3% | S100XU2H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人森田記念福祉財団 | Major shareholder | 11.2% | 2025-12-31 |
| ザ・パック取引先持株会 | Major shareholder | 6.9% | 2025-12-31 |
| ビービーエイチ フオー フイデリテイ ロープライスド ストック フアンド（プリンシパル オールセクター サブポート フオリオ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 6.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（その他信託口） （注１） | Major shareholder | 5.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（りそな銀行再信託分・北越コーポレーション株式会社退職給付信託口） | Major shareholder | 3.9% | 2025-12-31 |
| 大王製紙株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| NIPPON ACTIVE VALUE FUND PLC（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| NAVF SELECT LLC （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| 七條紙商事株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（その他信託口）（注２） | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/01/01－2025/12/31) | S100XU2H | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU2H,, |
| 有価証券報告書－第73期(2024/01/01－2024/12/31) | S100VGTC | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGTC,, |
| 有価証券報告書－第72期(2023/01/01－2023/12/31) | S100T5K9 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5K9,, |
| 有価証券報告書－第71期(2022/01/01－2022/12/31) | S100QH14 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH14,, |
| 有価証券報告書－第70期(令和3年1月1日－令和3年12月31日) | S100NSP3 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSP3,, |
| 有価証券報告書－第69期(令和2年1月1日－令和2年12月31日) | S100L0UH | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0UH,, |

## 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).