# Tokushu Tokai Paper 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19期(2025/04/01－2026/03/31) (S100YHWR)
> Page: https://vizora.meequs.com/en/company/tokushu-tokai-paper
> Retrieved: 2026-09-30T20:38:50.406Z

## Company

Tokushu Tokai Paper, founded in 2006, is a company in Paper & Pulp listed on TSE Prime. It has 1,873 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokushu Tokai Paper Co., Ltd. |
| Ticker | 3708 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3708.T) |
| Listing | TSE Prime |
| Head office | 静岡県島田市向島町4379番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 木村 隆志 |
| Founded | Nov 2006 |
| Share capital | ¥11.5B |
| Employees (consolidated) | 1,873 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.tt-paper.co.jp (https://www.tt-paper.co.jp/) |
| Corporate number | 3080001014336 |
| EDINET | E00691 |
| Industries (Vizora) | Paper & Pulp, Waste Management & Recycling, Toiletries & Household Products |

> Profile source: annual securities report (S100YHWR, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 61.8 | 17 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 20.6 | 17 |
| Financial strength | 90 | 5 |

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 44% of Tokushu Tokai Paper's sales come from Industrial Material Business, with Special Material Business and Households Products Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +9.4%.

## Company structure

- Segment revenue mix: Industrial Material Business 43.9%、Special Material Business 20.7%、Households Products Business 19.7%、Environment Related Business Group 15.7%
- Revenue → net income: ¥95413000000 → ¥4548000000
- Net income → operating cash flow: ¥4548000000 → ¥9894000000（difference ¥5346000000）
- Main uses of operating cash flow: CapEx ¥8422000000 / dividends ¥1452000000 / buybacks ¥1000000
- Change in cash: ¥-3513000000
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 | ¥95.4B |  |
| Operating income | ¥4.3B | Margin 4.5% |
| Net income | ¥4.37B | Margin 4.6% |
| Free cash flow | ¥1.47B |  |
| Largest business | Industrial Material Business | of segment revenue 43.9% |
| Employees (consolidated) | 1,873 |  |
| EPS | ¥89.35 |  |
| Diluted EPS | ¥88.98 |  |
| Book value per share | ¥1866.76 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 39,000,000 |  |
| Treasury shares | 3,863,800 |  |
| Shareholders | 20,655 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 5.0% | Net cash -¥13.5B · Cash ÷ revenue 7.4% |
| Vs. industry median margin | +0.8 pp | Paper & Pulp |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76403000000 | ¥95413000000 | +24.9% |
| Operating income | ¥3227000000 | ¥4296000000 | +33.1% |
| Operating margin | 4.2% | 4.5% | +0.3 pp |
| Employees | 1,530 people | 1,873 people | +22.4% |
| Cash and equivalents | ¥13197000000 | ¥7085000000 | -46.3% |

### 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 |
| --- | ---: |
| 産業素材事業 → 産業素材事業 | 43.9% |
| 産業素材事業 → 事業再編・廃止 | 2.2% |
| 特殊素材事業 → 特殊素材事業 | 20.7% |
| 特殊素材事業 → 事業再編・廃止 | 3.0% |
| 生活商品事業 → 生活商品事業 | 19.7% |
| 生活商品事業 → 事業再編・廃止 | 1.8% |
| 環境関連事業 → 環境関連事業 | 8.7% |
| 新設・再編 → 環境関連事業 | 7.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Material Business | 5 years | +3.5% | ¥41867000000 | 2.8% | 2 |
| Special Material Business | 5 years | +1.7% | ¥19762000000 | 7.6% | 2 |
| Households Products Business | 5 years | +2.8% | ¥18781000000 | 4.2% | 2 |
| Environment Related Business Group | 5 years | +17.6% | ¥15002000000 | 5.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,413 | 100.0% | S100YHWR |
| Cost of revenue | 81,744 | 85.7% | S100YHWR |
| Gross profit | 13,669 | 14.3% | S100YHWR |
| SG&A | 9,372 | 9.8% | S100YHWR |
| Operating income | 4,296 | 4.5% | S100YHWR |
| Ordinary income | 5,728 | 6.0% | S100YHWR |
| Pretax income | 6,226 | 6.5% | S100YHWR |
| Income tax | 1,677 | 1.8% | S100YHWR |
| Net income | 4,548 | 4.8% | S100YHWR |
| Net income attributable to owners | 4,368 | 4.6% | S100YHWR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.3% → Operating margin 4.5% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +9.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.49×
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 | 94,800 | 95,413 | 613 | +0.6% |
| Gross profit | 12,702 | 13,669 | 967 | +7.6% |
| Operating income | 3,928 | 4,296 | 368 | +9.4% |
| Net income attributable to owners | 3,607 | 4,368 | 761 | +21.1% |
| Operating cash flow | 8,773 | 9,894 | 1,121 | +12.8% |
| Free cash flow | -1,322 | 1,472 | 2,794 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,603 | 2,870 | 3.6% | 3,694 | 11,014 | 4,740 | S100LG59 |
| FY ending Mar 2021 | 76,403 | 3,227 | 4.2% | 5,594 | 11,638 | 3,638 | S100OAU3 |
| FY ending Mar 2022 | 80,711 | 4,231 | 5.2% | 5,251 | 9,579 | 2,299 | S100R5K4 |
| FY ending Mar 2023 | 84,130 | 1,640 | 1.9% | 4,130 | 2,582 | -2,181 | S100TSW7 |
| FY ending Mar 2024 | 86,517 | 2,296 | 2.7% | 4,590 | 11,397 | 5,013 | S100VV7X |
| FY ending Mar 2025 | 94,800 | 3,928 | 4.1% | 3,607 | 8,773 | -1,322 | S100YHWR |
| FY ending Mar 2026 | 95,413 | 4,296 | 4.5% | 4,368 | 9,894 | 1,472 | S100YHWR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.9M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,537 | 1,506 | 1,750 | 1,863 | 1,873 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.7M | ¥7.2M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 41.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 18.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Material Business | 41,867 | 43.9% | 1,169 | 2.8% |
| Special Material Business | 19,762 | 20.7% | 1,494 | 7.6% |
| Households Products Business | 18,781 | 19.7% | 798 | 4.2% |
| Environment Related Business Group | 15,002 | 15.7% | 755 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Material Business | 43.9% | 27.7% | -16.2 | 2.8% |
| Special Material Business | 20.7% | 35.4% | 14.7 | 7.6% |
| Households Products Business | 19.7% | 18.9% | -0.8 | 4.2% |
| Environment Related Business Group | 15.7% | 17.9% | 2.2 | 5.0% |

Segment → industry: Households Products Business → Paper & Pulp / Special Material Business → Paper & Pulp / Industrial Material Business → Paper & Pulp / Environment Related Business Group → Waste Management & Recycling / Households Products Business → Toiletries & Household Products

## 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 | 9,894 | 10.4% | S100YHWR |
| Capital expenditure | 8,422 | 8.8% | S100YHWR |
| Free cash flow | 1,472 | 1.5% | 算出 |
| Investing cash flow | -7,921 | -8.3% | S100YHWR |
| Financing cash flow | -5,486 | -5.7% | S100YHWR |
| Dividends paid | 1,452 | 1.5% | S100YHWR |
| Share buyback | 1 | 0.0% | S100YHWR |
| Change in cash | -3,513 | -3.7% | S100YHWR |
| Cash and equivalents | 7,085 | 7.4% | S100YHWR |

## 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 | 11,722 | 9,974 | 12,687 | 10,599 | 7,085 | S100TSW7, S100VV7X, S100YHWR |
| Total assets | 125,430 | 123,347 | 132,978 | 139,436 | 141,310 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Net assets | 78,562 | 78,576 | 83,927 | 85,834 | 90,102 | S100TSW7, S100VV7X, S100YHWR |
| Share capital | 11,485 | 11,485 | 11,485 | 11,485 | 11,485 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Property, plant and equipment | 58,888 | 57,108 | 59,972 | 64,445 | 66,327 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Intangible assets excluding goodwill | 1,488 | 1,272 | 2,847 | 3,754 | 3,359 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Goodwill | 1,129 | 986 | 2,590 | 3,398 | 2,923 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Investment securities | 13,939 | 11,029 | 14,449 | 14,006 | 17,474 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Current assets | 49,423 | 51,479 | 54,151 | 54,397 | 50,983 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Current liabilities | 34,930 | 31,594 | 33,590 | 34,783 | 33,400 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Trade payables | 11,020 | 10,068 | 9,831 | 9,388 | 8,581 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Short-term borrowings | 10,615 | 10,065 | 9,550 | 8,976 | 8,450 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Long-term borrowings | 8,949 | 10,088 | 12,420 | 14,351 | 12,028 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Bonds | 350 | 280 | 230 | 195 | 80 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Interest-bearing debt | 19,914 | 20,433 | 22,200 | 23,522 | 20,558 | 算出 |
| Total liabilities | 46,867 | 44,771 | 49,050 | 53,602 | 51,208 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Non-controlling interests | 6,268 | 6,344 | 6,916 | 7,150 | 6,641 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Equity attributable to owners of parent | 69,502 | 70,967 | 74,038 | 75,462 | 77,758 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Retained earnings | 56,056 | 58,734 | 62,140 | 64,213 | 67,129 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |
| Treasury stock | -8,961 | -4,755 | -5,089 | -4,723 | -4,834 | S100R5K4, S100TSW7, S100VV7X, S100YHWR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YHWR |
| Property, plant and equipment | 47% | S100YHWR |
| Intangibles and goodwill | 5% | S100YHWR |
| Investment securities | 12% | S100YHWR |
| Other assets | 31% | S100YHWR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YHWR |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 16% | S100YHWR |
| Equity | 64% | S100YHWR |

### 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 | 125,430 | 123,347 | 132,978 | 139,436 | 141,310 |
| Equity | 78,562 | 78,576 | 83,927 | 85,834 | 90,102 |
| Interest-bearing debt | 19,914 | 20,433 | 22,200 | 23,522 | 20,558 |
| Cash | 11,722 | 9,974 | 12,687 | 10,599 | 7,085 |

## 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) | 69.5% | S100YHWR |
| Fixed assets ÷ total assets | 46.9% | S100YHWR |
| Goodwill ÷ parent equity | 3.8% | S100YHWR |

Goodwill over 4 years: 1,129 → 2,923 JPY; total investing cash flow: -29,238 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) | 5.0% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | -¥13.5B |
| Net debt ÷ operating cash flow | 1.36× |
| Cash conversion (operating CF ÷ operating income) | 230.3% |
| Cash vs. profit gap | 5,526 JPY mn (of net income 126.5%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | 98.7% |
| Shareholder payments — dividends / net income | 33.2% |
| Shareholder payments — dividends / FCF | 98.6% |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 80.1% |

## 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 | 6.5% | 0.64× | 4.2% | 1.80× | 7.6% | S100R5K4 |
| 2023 | 4.9% | 0.68× | 3.3% | 1.77× | 5.9% | S100TSW7 |
| 2024 | 5.3% | 0.68× | 3.6% | 1.77× | 6.3% | S100VV7X |
| 2025 | 3.8% | 0.70× | 2.6% | 1.82× | 4.8% | S100YHWR |
| 2026 | 4.6% | 0.68× | 3.1% | 1.83× | 5.7% | S100YHWR |

## 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)・(注１) | Major shareholder | 10.5% | 2026-03-31 |
| 中央建物株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 新生紙パルプ商事株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社竹尾 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口)・(注２) | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社トーモク | Major shareholder | 2.1% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 平和紙業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 王子ホールディングス株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YHWR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHWR,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100VV7X | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VV7X,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TSW7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSW7,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R5K4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5K4,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OAU3 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAU3,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LG59 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LG59,, |

## 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).