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Japan's largest paper and pulp company, making packaging, printing paper and owning global pulp plantations.
Japan's largest paper and pulp company, making packaging, printing paper and owning global pulp plantations.
Sells paper and packaging into a Japanese market where printing-paper demand is shrinking, so growth has been steered toward corrugated and other packaging and household paper such as tissue, plus pulp from overseas plantations in places such as Brazil and Oceania. Pulp and energy prices swing earnings.
In one line: Japan's International Paper.
Moat: narrow (scale, distribution). Largest integrated paper/pulp producer in Japan with owned global forestry/pulp plantations.
Headquarters: Tokyo, Japan · Founded: 1873 · Employees: 38,757
Size Oji (3861.T) is a Japan Materials company (Containers/Packaging) with a market value of $4.31B, the 272nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥800 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against +1.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +4.0%); the operating margin is 1.9% (peer median 8.2%).
Valuation It trades at 20.6× forward earnings against a peer median of 16.6× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.87T | ¥1.86T | ¥1.85T | ¥1.70T | ¥1.71T |
| Revenue growth | — | +1% | +9% | -1% | — |
| Gross profit | ¥326B | ¥313B | ¥339B | ¥318B | ¥334B |
| EBITDA | ¥136B | ¥134B | ¥162B | ¥154B | ¥159B |
| Net income | ¥63.9B | ¥55.6B | ¥46.2B | ¥50.8B | ¥56.5B |
| Free cash flow | n/a | ¥20.9B | -¥49.5B | ¥87.9B | -¥75.8B |
| Capital expenditure | n/a | ¥92.4B | ¥144B | ¥115B | ¥94.1B |
| Total debt | ¥1.03T | ¥985B | ¥934B | ¥765B | ¥815B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oji 3861.T | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% |
| YFY 1907.TW | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% |
| Nine Dragons Paper 2689.HK | $2.76B | -29% | +22% | 9% | 4.4× | n/a |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3861.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | +2.8% | 3rd lowest of 21 |
| 6-month return | -2.7% | +1.2% | 7th lowest of 21 |
| Distance from 52-week high | -17.5% | -18.9% | 10th highest of 21 |
| Revenue growth (TTM) | +0.2% | +4.0% | 7th lowest of 21 |
| Operating margin | 1.9% | 8.2% | 2nd lowest of 21 |
| Forward P/E | 20.6× | 16.6× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 20.4% | 4.2% | most demanding of 17 |
| Growth delivered (Del g) | +6.5% | +6.1% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | +13.9 pp | -6.8 pp | most demanding of 17 |
| ROIC minus cost of capital | -3.9 pp | +1.1 pp | 4th lowest of 21 |
| EV / EBITDA | 12.3× | 8.3× | 3rd most expensive of 15 |
| Net debt / EBITDA | 7.1× | 2.9× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oji 3861.T | Japan | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% | +6.5% |
| Silgan SLGN | United States | $4.34B | +2% | +4% | 10% | 10.2× | -5.8% | +5.7% |
| Mondi MNDI.L | United Kingdom | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% | +2.1% |
| Greif GEF | United States | $3.95B | +7% | -2% | 8% | 16.1× | 7.9% | -4.7% |
| Sonoco Products SON | United States | $4.99B | -2% | +4% | 10% | 9.0× | -1.9% | +7.5% |
| Toyo Seikan 5901.T | Japan | $3.69B | +34% | +6% | 6% | 20.4× | -2.7% | +5.2% |
| Vidrala VID.MC | Spain | $3.63B | +18% | -3% | 21% | 14.6× | 5.8% | +8.2% |
| Shenzhen YUTO Packaging Technology 002831.SZ | China | $5.19B | 0% | +1% | 11% | 20.8× | -0.4% | +7.9% |
| Jiangsu Sidike New Materials Science & Technology 300806.SZ | China | $5.33B | -17% | +12% | 4% | 154.7× | n/a | n/a |
| Graphic Packaging GPK | United States | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% | +5.6% |
| Huhtamaki HUH1V.HE | Finland | $3.12B | -1% | -2% | 9% | 11.0× | -6.3% | +3.7% |
| China International Marine Containers (Group) 2039.HK | Hong Kong | $6.11B | -35% | +6% | 4% | 12.7× | -8.1% | +9.9% |
| Viscofan VIS.MC | Spain | $2.86B | -5% | +3% | 15% | 16.6× | -3.4% | +6.5% |
| Ardagh Metal Packaging AMBP | United States | $2.82B | +18% | +17% | 5% | 17.0× | 4.1% | +9.8% |
| Nine Dragons Paper 2689.HK | Hong Kong | $2.76B | -29% | +22% | 9% | 4.4× | n/a | n/a |
| SIG SIGN.SW | Switzerland | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% | +9.4% |
| Verallia SAS VRLA.PA | France | $2.56B | -10% | -3% | 9% | 14.7× | 5.6% | +5.6% |
| Yunnan Energy New Material (Group) 002812.SZ | China | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% | +26.1% |
| Stora Enso STEAV.HE | Finland | $8.58B | 0% | -1% | -4% | 18.4× | n/a | n/a |
| AptarGroup ATR | United States | $9.03B | +18% | +9% | 12% | 23.4× | 4.3% | +5.2% |
| Jia Yao 1626.HK | Hong Kong | $2.05B | +175% | +161% | 6% | n/a | n/a | n/a |