Loading…
Japan's largest maker of corrugated cardboard and packaging materials for consumer and industrial goods.
Japan's largest maker of corrugated cardboard and packaging materials for consumer and industrial goods.
Makes its own paper from recycled waste and converts it into boxes, so margins depend on the gap between waste-paper and energy costs and the prices it can win from customers. Its customers span food, consumer and e-commerce makers, so volumes track general consumption. Price rises to pass on costs tend to follow with a delay.
In one line: Japan's WestRock / International Paper (packaging).
Moat: narrow (scale, distribution). Largest scale in Japan's packaging market gives cost and distribution advantages in a commodity product.
Headquarters: Osaka, Japan · Founded: 1909 · Employees: 25,573
Size Rengo (3941.T) is a Japan Materials company (Pulp & Paper) with a market value of $2.29B, the 448th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,456 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against -7.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +1.4%); the operating margin is 4.3% (peer median 2.4%).
Valuation It trades at 11.0× forward earnings against a peer median of 15.6× (5th cheapest of 17).
Capital Return on invested capital runs 1.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.03T | ¥1.01T | ¥993B | ¥901B | ¥846B |
| Revenue growth | — | +2% | +10% | +6% | — |
| Gross profit | ¥194B | ¥184B | ¥178B | ¥172B | ¥139B |
| EBITDA | ¥108B | ¥99.8B | ¥97.1B | ¥101B | ¥73.6B |
| Net income | ¥26.6B | ¥21.0B | ¥29.0B | ¥33.0B | ¥20.4B |
| Free cash flow | n/a | -¥10.8B | -¥19.1B | ¥25.7B | ¥3.46B |
| Capital expenditure | n/a | ¥90.9B | ¥98.3B | ¥65.0B | ¥44.2B |
| Total debt | ¥500B | ¥484B | ¥449B | ¥438B | ¥404B |
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 |
|---|---|---|---|---|---|---|
| Rengo 3941.T | $2.29B | +18% | +4% | 4% | 11.0× | n/a |
| Oji 3861.T | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% |
| Nippon Paper Industries 3863.T | $899M | -6% | +2% | 2% | 11.8× | 15.4% |
| Daio Paper 3880.T | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% |
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 | 3941.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | -4.6% | 10th highest of 21 |
| 6-month return | +18.5% | -7.7% | 2nd highest of 21 |
| Distance from 52-week high | -12.6% | -29.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +3.7% | +1.4% | 8th highest of 21 |
| Operating margin | 4.3% | 2.4% | 9th highest of 21 |
| Forward P/E | 11.0× | 15.6× | 5th cheapest of 17 |
| ROIC minus cost of capital | -1.9 pp | -2.8 pp | 8th highest of 21 |
| EV / EBITDA | 7.5× | 10.8× | 3rd cheapest of 9 |
| Net debt / EBITDA | 3.8× | 4.2× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% | +11.2% |
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 10.9× | n/a | n/a |
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% | +0.6% |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 9.6× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 15.5× | -9.8% | +5.0% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 21.7× | -2.1% | +2.3% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% | +0.1% |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | n/a | 16.7% | -1.2% |
| Holmen HOLM-A.ST | Sweden | $4.73B | -1% | -5% | 9% | 22.2× | 7.7% | +6.2% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 19.9× | n/a | n/a |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | n/a | -11.8% | +2.9% |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | n/a | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 11.8× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 12.1× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 15.3× | 3.5% | +5.6% |
| Shandong Sunpaper 002078.SZ | China | $6.02B | -4% | +9% | 11% | 10.4× | n/a | n/a |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 38.0× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | n/a | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 17.2× | n/a | n/a |