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Oji Holdings
(3861)
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Rating:62Neutral
Price Target:
¥928.00
▲(7.79% Upside)
Action:Reiterated
Date:08/17/26
The score is primarily held back by uneven financial performance, including weaker profitability trends and inconsistent free cash flow, alongside moderately elevated and rising leverage. Offsetting this, the stock shows a constructive technical setup (price above key moving averages with positive MACD) and a supportive valuation profile with a moderate P/E and strong dividend yield.
Positive Factors
Diversified paper, packaging and forestry operations
Exposure across paper, packaging, consumer products and forestry gives Oji Holdings multiple demand channels and supply-chain capabilities. This diversification can reduce reliance on one end market and support resilience as product mix shifts toward packaging and other value-added applications.
Negative Factors
Persistent margin and earnings compression
The decline from 2022 profitability levels indicates weaker operating leverage and less stable earnings power. If pricing, product mix or input-cost recovery remain challenging, sustained margin pressure could limit reinvestment capacity and reduce the benefit of revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified paper, packaging and forestry operations
Exposure across paper, packaging, consumer products and forestry gives Oji Holdings multiple demand channels and supply-chain capabilities. This diversification can reduce reliance on one end market and support resilience as product mix shifts toward packaging and other value-added applications.
Read all positive factors
Oji Holdings (3861) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥736.03B
Dividend Yield4.15%
Average Volume (3M)4.22M
Price to Earnings (P/E)12.2
Beta (1Y)0.53
Revenue Growth0.22%
EPS Growth208.36%
CountryJP
Employees38,757
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)23.28
Shares Outstanding914,381,840
10 Day Avg. Volume5,020,360
30 Day Avg. Volume4,220,993
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)0.70
Price to Sales (P/S)0.41
P/FCF Ratio36.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)40.14
Revenue Forecast (FY)¥1.94T
Oji Holdings Business Overview & Revenue Model
Company Description
Oji Holdings Corporation, a prominent Japanese conglomerate, operates globally across the pulp and paper sector. Its diverse business activities are structured into four key segments. The Household and Industrial Materials division delivers a wide...
How the Company Makes Money
Oji Holdings makes money primarily by manufacturing and selling paper- and fiber-based products and related packaging materials through its consolidated subsidiaries. Key revenue streams typically include: (1) Paper and paperboard sales: revenue f...
Oji Holdings Financial Statement Overview
Summary
Income Statement
50
Neutral
Balance Sheet
60
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.87T | 1.86T | 1.85T | 1.70T | 1.71T | 1.47T |
| Gross Profit | 340.97B | 312.56B | 338.85B | 317.90B | 333.92B | 338.33B |
| EBITDA | 158.29B | 202.21B | 187.18B | 166.15B | 165.02B | 202.64B |
| Net Income | 23.35B | 55.58B | 46.17B | 50.81B | 56.48B | 87.51B |
Balance Sheet | ||||||
| Total Assets | 2.59T | 2.69T | 2.64T | 2.44T | 2.30T | 2.05T |
| Cash, Cash Equivalents and Short-Term Investments | 69.10B | 74.97B | 65.86B | 62.86B | 57.07B | 55.82B |
| Total Debt | 948.67B | 955.90B | 927.66B | 759.52B | 809.95B | 670.90B |
| Total Liabilities | 1.53T | 1.55T | 1.50T | 1.35T | 1.33T | 1.18T |
| Stockholders Equity | 1.04T | 1.10T | 1.10T | 1.07T | 937.08B | 851.39B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 20.93B | -49.51B | 87.88B | -75.85B | 44.93B |
| Operating Cash Flow | 0.00 | 113.38B | 94.42B | 202.90B | 18.26B | 143.59B |
| Investing Cash Flow | 0.00 | -10.18B | -154.91B | -118.00B | -123.27B | -92.57B |
| Financing Cash Flow | 0.00 | -95.91B | 60.97B | -84.90B | 101.79B | -136.00B |
Oji Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | ¥140.29B | 26.29 | ― | 3.19% | 9.61% | -3.44% | |
62 Neutral | ¥736.03B | 12.23 | 5.27% | 4.08% | 0.22% | 208.36% | |
62 Neutral | ¥161.29B | 16.79 | 2.43% | 0.99% | 2.22% | 27.47% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | ¥53.30B | 9.78 | 2.17% | 2.31% | -8.09% | 76.25% | |
53 Neutral | ¥143.20B | 22.14 | 2.79% | 2.81% | -5.23% | -55.21% | |
52 Neutral | ¥163.21B | 20.30 | 3.83% | 1.53% | 1.33% | ― |
* Basic Materials Sector Average
JP:3861
Oji Holdings
866.70
102.02
13.34%
JP:3864
Mitsubishi Paper Mills
1,199.00
499.04
71.30%
JP:3863
Nippon Paper
1,396.00
217.03
18.41%
JP:3865
Hokuetsu Corporation
905.00
-101.09
-10.05%
JP:3880
Daio Paper Corporation
983.00
121.43
14.09%
JP:8032
Japan Pulp and Paper Co. Ltd.
1,221.00
558.10
84.19%
Oji Holdings Corporate Events
Oji Holdings Posts Strong Q1, Reaffirms FY2026 Outlook and Portfolio Overhaul
Aug 5, 2026
Oji Holdings reported first-quarter fiscal 2026 operating profit of ¥3.9 billion and net profit of ¥3.2 billion, an improvement of ¥8.3 billion over the prior year, in line with its May guidance. The company reaffirmed its full-year...
Oji Holdings Returns to Profit as First-Quarter Sales Edge Higher
Aug 5, 2026
Oji Holdings reported first-quarter fiscal 2026 consolidated net sales of ¥468.5 billion, up 2.4% year on year, with operating profit rising 4.8% to ¥3.9 billion and profit attributable to owners of parent improving to ¥3.2 billion ...
Oji Holdings Completes JPY 100 Billion Share Buyback, Plans Further Repurchases
May 21, 2026
Oji Holdings has completed a share repurchase program authorized by its board in December 2025, buying 9,057,600 shares of common stock for approximately JPY 7.54 billion between May 1 and May 19, 2026 through market purchases on the Tokyo Stock E...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.