# Daio Paper vs Nippon Paper Industries vs Oji Holdings vs Rengo

> Unit: JPY millions (ratios in %)
> Periods: Daio Paper = FY ending Mar 2026, consolidated, J-GAAP / Nippon Paper Industries = FY ending Mar 2026, consolidated, J-GAAP / Oji Holdings = FY ending Mar 2026, consolidated, J-GAAP / Rengo = FY ending Mar 2026, consolidated, J-GAAP
> Retrieved: 2026-09-30T20:46:45.726Z

| Metric | Daio Paper | Nippon Paper Industries | Oji Holdings | Rengo |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 666,770 | 1,192,606 | 1,861,709 | 1,008,337 |
| Operating income | 24,032 | 25,205 | 34,582 | 37,090 |
| Net income | 8,886 | 11,743 | 55,582 | 21,005 |
| COGS ratio | 76.2% | 83.3% | 82.6% | 81.4% |
| Operating margin | 3.6% | 2.1% | 1.9% | 3.7% |
| Net margin | 1.3% | 1.0% | 3.0% | 2.1% |
| FCF margin | 5.0% | 1.7% | 1.1% | -1.3% |
| Period | FY ending Mar 2026 | FY ending Mar 2026 | FY ending Mar 2026 | FY ending Mar 2026 |
| Source | S100YJ8D | S100YJ5X | S100YJ8J | S100YI9N |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | Daio Paper | Nippon Paper Industries | Oji Holdings | Rengo |
| --- | ---: | ---: | ---: | ---: |
| Revenue growth | 32.4 (17 peers) | 26.5 (17 peers) | 75 (10 peers) | 97.1 (17 peers) |
| Profitability | 44.1 (17 peers) | 14.7 (17 peers) | 5.6 (9 peers) | 50 (17 peers) |
| Cash conversion | 73.5 (17 peers) | 79.4 (17 peers) | 94.4 (9 peers) | 61.8 (17 peers) |
| Efficiency | 44.1 (17 peers) | 32.4 (17 peers) | 25 (10 peers) | 50 (17 peers) |
| Financial strength | 50 (5 peers) | 10 (5 peers) | — | 30 (5 peers) |

## Company details

- https://vizora.meequs.com/en/company/daio-paper/md
- https://vizora.meequs.com/en/company/nipponpapergroup/md
- https://vizora.meequs.com/en/company/oji-holdings/md
- https://vizora.meequs.com/en/company/rengo/md

## 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).