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Employees: 2,513
Size Mitsubishi Paper Mills (3864.T) is a Japan Materials company (Pulp & Paper) with a market value of $319M, the 1328th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,132 on 6 Nov 2026.
Performance Over six months the shares gained 21.5%, against -19.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 8.1% over the last twelve months (peer median +1.5%); the operating margin is 1.2% (peer median 1.9%).
Valuation It trades at 16.2× forward earnings against a peer median of 20.3× (4th cheapest of 8).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +26 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 4.7 points below its cost of capital (5.5% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥157B | ¥157B | ¥176B | ¥193B | ¥210B |
| Revenue growth | — | -11% | -9% | -8% | — |
| Gross profit | ¥21.4B | ¥20.2B | ¥25.2B | ¥28.1B | ¥27.3B |
| EBITDA | ¥7.31B | ¥5.79B | ¥10.9B | ¥13.1B | ¥9.26B |
| Net income | ¥5.38B | ¥1.90B | ¥4.34B | ¥4.17B | -¥570M |
| Free cash flow | n/a | ¥1.53B | ¥2.23B | ¥11.8B | -¥7.27B |
| Capital expenditure | n/a | ¥3.69B | ¥2.63B | ¥1.68B | ¥4.55B |
| Total debt | ¥68.8B | ¥64.9B | ¥72.3B | ¥85.1B | ¥100B |
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.
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 | 3864.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | -13.8% | 2nd highest of 21 |
| 6-month return | +21.5% | -19.0% | 2nd highest of 21 |
| Distance from 52-week high | -10.0% | -41.5% | 2nd highest of 21 |
| Revenue growth (TTM) | -8.1% | +1.5% | 5th lowest of 21 |
| Operating margin | 1.2% | 1.9% | 9th lowest of 20 |
| Forward P/E | 16.2× | 20.3× | 4th cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 25.8% | 9.3% | 5th most demanding of 11 |
| Growth delivered (Del g) | -0.6% | +2.3% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +26.4 pp | +9.7 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -4.7 pp | -5.2 pp | 10th highest of 20 |
| Net debt / EBITDA | 8.7× | 0.2× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitsubishi Paper Mills 3864.T | Japan | $319M | +21% | -8% | 1% | 16.2× | 25.8% | -0.6% |
| Nippon Kodoshi 3891.T | Japan | $324M | -24% | +27% | 26% | 9.9× | 10.0% | +3.2% |
| Norske Skog NSKOG.OL | Norway | $328M | -18% | +23% | 3% | 13.5× | n/a | n/a |
| Cre8 Direct (Ningbo) 300703.SZ | China | $310M | -35% | +2% | 3% | 24.3× | n/a | n/a |
| Kukil Paper Mfg 078130.KS | South Korea | $293M | +9% | -15% | -2% | n/a | 27.7% | -7.5% |
| Guangdong Songyang Recycle Resources 603863.SS | China | $351M | -37% | +14% | -26% | 23.3× | 58.3% | -2.3% |
| Longchen Paper & Packaging 1909.TW | Taiwan | $364M | +1% | +4% | 1% | n/a | 36.9% | +1.5% |
| Yibin Paper Industry 600793.SS | China | $366M | -15% | -24% | 5% | n/a | 4.1% | +4.4% |
| Chung Hwa Pulp 1905.TW | Taiwan | $373M | -11% | -7% | -9% | n/a | n/a | n/a |
| Zhejiang Kan Specialities Material 002012.SZ | China | $387M | -17% | +9% | 1% | n/a | 41.0% | -16.5% |
| Anhui Linping Circular Development 603284.SS | China | $395M | -26% | +7% | n/a | n/a | n/a | n/a |
| Shanghai NAR Industrial 002825.SZ | China | $400M | -20% | +19% | 3% | n/a | n/a | n/a |
| Mudanjiang Hengfeng Paper 600356.SS | China | $435M | -11% | -2% | 8% | n/a | -1.6% | +9.0% |
| Qifeng New Material 002521.SZ | China | $445M | -37% | -3% | 4% | 16.1× | -2.0% | +3.6% |
| Guangdong Ganhua Science & Industry 000576.SZ | China | $469M | -17% | +81% | 10% | 20.3× | n/a | n/a |
| Tokushu Tokai Paper 3708.T | Japan | $494M | +34% | 0% | 5% | n/a | 8.5% | +4.5% |
| Zhangjiagang Freetrade Science & Technology 600794.SS | China | $533M | -17% | -35% | -32% | 22.8× | -9.2% | -21.8% |
| Shandong Chenming Paper 000488.SZ | China | $536M | -27% | 0% | -37% | n/a | n/a | n/a |
| Anhui Genuine New Materials 603429.SS | China | $539M | -33% | -37% | -46% | n/a | n/a | n/a |
| Zhejiang Rongsheng Environmental Protection Paper 603165.SS | China | $554M | -32% | +10% | 2% | n/a | n/a | n/a |
| Xiamen Anne 002235.SZ | China | $593M | -38% | +1% | -9% | n/a | n/a | n/a |