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Employees: 462
Size Nippon Kodoshi (3891.T) is a Japan Materials company (Pulp & Paper) with a market value of $324M, the 1319th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,855 on 6 Nov 2026.
Performance Over six months the shares fell 23.7%, against -17.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 26.8% over the last twelve months (peer median +0.9%); the operating margin is 25.6% (peer median 1.4%).
Valuation It trades at 9.9× forward earnings against a peer median of 20.3× (cheapest of 8).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +7 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 0.4 points below its cost of capital (14.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥21.8B | ¥18.6B | ¥16.0B | ¥14.8B | ¥17.6B |
| Revenue growth | — | +16% | +8% | -16% | — |
| Gross profit | ¥9.02B | ¥6.04B | ¥4.94B | ¥4.06B | ¥5.89B |
| EBITDA | n/a | ¥4.95B | ¥3.49B | ¥3.15B | ¥4.74B |
| Net income | ¥4.01B | ¥2.64B | ¥1.78B | ¥1.48B | ¥2.47B |
| Free cash flow | n/a | ¥3.74B | -¥2.14B | -¥1.48B | -¥2.86B |
| Capital expenditure | n/a | ¥1.63B | ¥5.97B | ¥3.41B | ¥3.57B |
| Total debt | ¥4.64B | ¥5.79B | ¥8.29B | ¥8.19B | ¥5.75B |
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 | 3891.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.3% | -13.3% | lowest of 21 |
| 6-month return | -23.7% | -17.8% | 9th lowest of 21 |
| Distance from 52-week high | -56.3% | -41.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +26.8% | +0.9% | 2nd highest of 21 |
| Operating margin | 25.6% | 1.4% | highest of 20 |
| Forward P/E | 9.9× | 20.3× | cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 10.0% | 17.2% | 6th least demanding of 11 |
| Growth delivered (Del g) | +3.2% | +0.4% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | +6.8 pp | +19.5 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -0.4 pp | -5.2 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Kodoshi 3891.T | Japan | $324M | -24% | +27% | 26% | 9.9× | 10.0% | +3.2% |
| Mitsubishi Paper Mills 3864.T | Japan | $319M | +21% | -8% | 1% | 16.2× | 25.8% | -0.6% |
| 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 |
| Guangdong Songyang Recycle Resources 603863.SS | China | $351M | -37% | +14% | -26% | 23.3× | 58.3% | -2.3% |
| Kukil Paper Mfg 078130.KS | South Korea | $293M | +9% | -15% | -2% | n/a | 27.7% | -7.5% |
| 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 |